Question regarding new credit card

[Anonymous]

Hello, 

To start, please understand that my knowledge is very limited and I just started a few months back to build my credit back up.

I just today received a pre approval letter from Credit One Bank in the mail. Currently the only credit card that I have is a secured card from Capital One.

I'd hate to jump on another card if it would just be wiser to wait until I am eligible for approval on a credit card with a lower APR, better rewards, etc.

With that being said, is it harmful to my score to have more then a few credit cards? I am tempted to apply for this card or maybe choosing to apply for an unsecured card with Capital One. 

Thank you for your help!

Equifax: 604 

TransUnion: 583

Experian: 608

[Anonymous]

it's good to have a few cards and diversified lines of credit.  not knowing your history, your scores look like they can easily increase in time with good behavior.  i would check the chase and cap one pre qual screens, they seem to be the most reliable.  unless you're in a rush, i would wait instead of getting credit one etc.  if nothing is coming up and you are not in immediate need of increased credit, keep nursing that cap one secured until your scores grow.  

[Anonymous]

Few credit cards is all you really need. I'd say you'd be eligible for unsecured cap one. Once you approve for that, I'd garden for least a year or two. Get the scores 650+ across the boards. Clean up whatever needs to be cleaned up.

Stay away from credit one. Cap one will help you get there.

[Blodreina]

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@Anonymous wrote:

Hello, 

To start, please understand that my knowledge is very limited and I just started a few months back to build my credit back up.

I just today received a pre approval letter from Credit One Bank in the mail. Currently the only credit card that I have is a secured card from Capital One.

I'd hate to jump on another card if it would just be wiser to wait until I am eligible for approval on a credit card with a lower APR, better rewards, etc.

With that being said, is it harmful to my score to have more then a few credit cards? I am tempted to apply for this card or maybe choosing to apply for an unsecured card with Capital One. 

Thank you for your help!

Equifax: 604 

TransUnion: 583

Experian: 608

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To answer your question, no.  Obtaining new credit only temporarily lowers your Average Age of Accounts (AAoA), which may lower your score for a few months.  While that's not really harmful, I would be extremely hesitant to apply for one of their cards; secured is always a better option, in my opinion.  Lenders such as Credit One are borderline predatory with the fees that they charge.  If I were you, I would let your secured card age more and go for one of Capital One's lower tier, unsecured cards (check the prequalifier).  How long have you had the secured card?  Letting that get some age and addressing other issues in your credit report is a better route than going for Credit One, in my opinion.

[CountryLivin]

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@Falere wrote:

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To answer your question, no.  Obtaining new credit only temporarily lowers your Average Age of Accounts (AAoA), which may lower your score for a few months.  While that's not really harmful, I would be extremely hesitant to apply for one of their cards; secured is always a better option, in my opinion.  Lenders such as Credit One are borderline predatory with the fees that they charge.  If I were you, I would let your secured card age more and go for one of Capital One's lower tier, unsecured cards (check the prequalifier).  How long have you had the secured card?  Letting that get some age and addressing other issues in your credit report is a better route than going for Credit One, in my opinion.

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+1

[Anonymous]

Definitely do not go for Credit One. Are those your current scores? I would just try to get those up first.

[RonM21]

I agree. I's grow your scores a bit first and avoid Credit One. On the amount of cards, it all depends on your overall profile. Each situation is different.