Credit Cards

[tooyoungforbadcredit]

I'm in the process of rebulding my credit. I have a cap 1 secured that I deposited 49 dollars for a 200 credit line, and I have an unsecured card with a 300 limit. I have two inquiries on experian and four on TU and equifax, but one of them is a year old on each report. Should I apply for one more card, or should I leave it alone and increase my credit limit on the cap 1 by making more deposits?

[DaveSignal]

Increase your credit limit.  In general, you have to have big limits to get big limits.

[jamesdwi]

Minimum of 2 cards, with 3 being better. most prime companies want to see you handle at least 2 cards for at least 6 months, with 12 months being prefered. More cards make the impact of a new card on AAoA. Too  build CL's over time a card that is CLI friendly such as the GE Money bank  (Amazon, Walmart, jcpenny to name a few) that give CLI every 4 months or so. 

[CreditScholar]

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DaveSignal wrote:

Increase your credit limit.  In general, you have to have big limits to get big limits.

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+1. You'll need to increase your AAoA too

[tooyoungforbadcredit]

What's an easy to get card that's not secured ,or if it is secured doesn't cost 200-300 dollars to open?

[Cdnewmanpac]

At this score level, there is really no difference between 2 and 3 cards. ANY cards you get with sub 600 scores are going to have fees. You are better off sticking with the cards you have and working on fixing whatever is killing your score. Then, when you hit 650 (which you can easily do with only 2 cards), post again and you will have lots of options.

[tooyoungforbadcredit]

I have two late payments in the last seven years one 30 days and one 90 days on student loans. They are all current now, and I have four baddies which should fall off in 3 years.

[tooyoungforbadcredit]

Well I decided to app for a walmart store card which leave me with at the most five inquiries. We'll see how that goes, but that is the most I'm going for. 

[Wolf3]

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tooyoungforbadcredit wrote:

Well I decided to app for a walmart store card which leave me with at the most five inquiries. We'll see how that goes, but that is the most I'm going for. 

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A store card for 3rd card is a good choice.   

IMO, Better to increase deposit on secured card than to get a 2nd secured card.    Of course, you can do that slowly as your funds allow.

[tooyoungforbadcredit]

Yeah that's my next step. I got the whole 7-10 day until a response from walmart, but my income to debt ratio is 98% income not used for debt to 2% used for debt, so we will see