Should I apply for more cards?? If so, which ones?

[Anonymous]

 I've been rebuilding since April 2015, my fico is now over 670. Ive had a Cap1 SC that was recently raised to $500 and within the past few wks I've gotten a Quicksilver, Barclaycard, Cap1 Platinum, and a VS card all with a $500 limit. Also I recently applied for a Walmart card and was approved for $3500. We also refinanced my car and was offered a 1.99% interest rate!

Wanting to see if I should garden for a while or should I apply for a few more cards. I've thought about adding an Amazon card and/or a PayPal MC to my list. Just tired of the toy $500 limits and feel like I should have a more worthy CL to garden with. 

Advice would definitely be appreciated!

[coldnmn]

In my opinion let your current cards grow at least 6 months preferably a year before applying for anything else. Your chances of getting a PayPal MC are slim to none. If your approved for PayPal it would be smart connect and your chances are also slim to none of ever getting an upgrade. Remember credit is a journey not a race. If anyone gives you unsecured credit your chances of a larger CL are slim without showing some age with your current cards.

[Anonymous]

You're good where you are and the limits you have, even though you call them toy limits, are where you are with such a short tenure of rebuilding. Speed kills. Trying to do too much too fast will only result in too many inquiries and hold your score down. You need to manage what you have down to no more than 10-20% utilization and let the magic of time work for you. I'm in the "you need six more months" camp.

[SouthJamaica]

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@Anonymous wrote:

 I've been rebuilding since April 2015, my fico is now over 670. Ive had a Cap1 SC that was recently raised to $500 and within the past few wks I've gotten a Quicksilver, Barclaycard, Cap1 Platinum, and a VS card all with a $500 limit. Also I recently applied for a Walmart card and was approved for $3500. We also refinanced my car and was offered a 1.99% interest rate!

Wanting to see if I should garden for a while or should I apply for a few more cards. I've thought about adding an Amazon card and/or a PayPal MC to my list. Just tired of the toy $500 limits and feel like I should have a more worthy CL to garden with. 

Advice would definitely be appreciated!

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I agree, chill for awhile. You just got a bunch of cards, now you need to age them.

[Anonymous]

Congrats on working on your rebuild. I'm a rebuilder myself and it takes time. I know you call them "toy" limits and they are BUT that pretty much means that you were barely approved. They gave you the lowest limit possible pretty much so it's unlikely that you will be approved for other cards or if you are, it will be with be with the same "toy" limits. Garden for a while. I know that's probably not what you want to hear, I didn't want to hear it either but it helps so much. I was turned down for AMEX 3 times before I finally decided gardening was my only option. Finally got approved a couple of weeks ago after gardening for several months. It does pay off. Good luck with whatever you decide.

[takeshi74]

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@Anonymous wrote:

Wanting to see if I should garden for a while or should I apply for a few more cards.

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What are you specifically looking to accomplish?  With a FICO of 670 there's definitely room for improvement.  Have you addressed the issues with your credit profile that you intended to address?  Don't just choose to garden for X timeframe.  Review your credit profile, identify deficiencies and work on addressing them while not applying for new credit.

What cards do you need/want and how did you determine that you need/want those cards or are you just looking to app for the sake of apping?

Keep in mind that you don't have just one score.  FICO has many scoring models used by creditors.  For many of them you have a score with each of the 3 major CRA's.

Also always consider the specific scoring model when refereincing scores.  Also consider the relevance of a model/CRA combo to a given creditor.  For example, a TU FICO 8 isn't going to matter to a creditor that uses an EX FICO 8 Bankcard or any model/CRA combo that is not EX and FICO 8 Bankcard.

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@Anonymous wrote:

Ive had a Cap1 SC that was recently raised to $500 and within the past few wks I've gotten a Quicksilver, Barclaycard, Cap1 Platinum, and a VS card all with a $500 limit.

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These limits to me indicate that your creditors have concerns with your credit profile.  Have you received letters with scores and reasons?  If so, use them as a starting point on what to address with your credit profile during your rebuild.

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@Anonymous wrote:

Just tired of the toy $500 limits and feel like I should have a more worthy CL to garden with. 

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You're putting the cart before the horse.  Your credit profle and income determine the limits and CL's that you qualify for.  If you want better limits then you need to have a profile and income that supports them.  Don't just rely on apping to improve your limits.  Make sure your reports are in good shape and then apply.  Don't rely on time by itself.

If you want help with assessing your reports then you'll need to be willing to disclose enough for use to review.  However, if you have dergos then you should definitely hit Rebuilding and see what you can do to address them.  If your reported revolving utilization isn't in check (i.e. do not exceed 30%) then get it in check.

tl;dr -- it doesn't seem to me like you should be applying for more cards at this point.

[Anonymous]

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@Anonymous wrote:

 I've been rebuilding since April 2015, my fico is now over 670. Ive had a Cap1 SC that was recently raised to $500 and within the past few wks I've gotten a Quicksilver, Barclaycard, Cap1 Platinum, and a VS card all with a $500 limit. Also I recently applied for a Walmart card and was approved for $3500. We also refinanced my car and was offered a 1.99% interest rate!

Wanting to see if I should garden for a while or should I apply for a few more cards. I've thought about adding an Amazon card and/or a PayPal MC to my list. Just tired of the toy $500 limits and feel like I should have a more worthy CL to garden with. 

Advice would definitely be appreciated!

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I've been rebuilding since May myself.... If you shop regularly on Amazon, an Amazon store card maybe, for the 5% (statement credit). I got one with scores in the same range as yours... they offered me $1,800 original CL, but I called in and was able to get it bumped up to $5K immediately, which helped my utilization. I was also able to get a Discover with lower scores than my current ones, but based on others' experiences, it's basically a crapshoot at this score level.

How about calling in to Synchrony to see if you can get your Walmart CL bumped up? If you decide to, ask for $10K CL ... if your experience is like mine, they'll give you $5K, and like the Amazon card, they did it right away, when the card was brand-new to me.