Should i open more credit cards?

[Anonymous]

My scores are 758 equifax, 779 tu 756 experian. I am only 21 and have a chase freedom 3500 cl and boa 1500 cl. Also, I have a loan for furniture which is about 2300. I just opened a capital one qs 3000 limit today. I want to build my credit history.

I have no missed or late payments. Combined history is 1 year 5 months. 2 tu inquiries and 5 equifax. I know the inquiries arent well.

Because I am only 21 and want to be able to have a bright credit future. This means having more accounts and a longer history.

What is the best way to achieve this? I am looking to buying a car/house in the future at a young age. My score is well for just starting off my my problem is the history. Should I get more cards now before I need the history to get apporoved in the long run?

Thanks!

[kdm31091]

If a car loan or mortgage is in your semi-immediate future, as in within the next 6 months, I'd avoid any credit card apps. If not, determine your wants/needs from a card (low APR, 0% period, cash back, etc) and go from there to narrow down your options. There's no need to app just to app. You have 3 cards which is plenty of build with (and your scores are already very good anyway!).

[Anonymous]

Thank you! I most likely wont be going for anymore loans within the next 6 months. Im thinking about a car loan in a year. Im trying to reach the 800 zone. Just applied for captial one today because I figured I needed at least one other account. This will make a total of 4 accounts. Thanks!

[Callandra]

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@Anonymous wrote:
Thank you! I most likely wont be going for anymore loans within the next 6 months. Im thinking about a car loan in a year. Im trying to reach the 800 zone. Just applied for captial one today because I figured I needed at least one other account. This will make a total of 4 accounts. Thanks!

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Seems like you already have enough card to max out your score (3+ is recommended for optimal scoring which you have!) so I would hold off on any more accounts until you get the auto loan. Just pay on time and keep doing what you're doing. 

[Anonymous]

seems to me you have enough unless you NEED another. don't app just to app. it's better to be patient and get what you want than be impulsive and regret half your apps.

[Anonymous]

HMM... I thought sure I had answered this post.

[Anonymous]

Yes you did. Thank you very much. I wasnt sure which forum to post in since it was about credit cards. Sorry im new here.

[Anonymous]

The first thing I did when turning 18 was open a credit card. My history was lowered because July of last year I took out a furniture loan. November of last year applied for chase freedom card. Now ill have to add the capital one.

[NRB525]

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@Anonymous wrote:
Thank you! I most likely wont be going for anymore loans within the next 6 months. Im thinking about a car loan in a year. Im trying to reach the 800 zone. Just applied for captial one today because I figured I needed at least one other account. This will make a total of 4 accounts. Thanks!

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With an average age of 1.5 years, you don't need more accounts to reach 800. You need time. You are already off to a good start, with no negatives, 3 revolving accounts, and already keeping utilization under control. The only other factor that is missing is time; lots of months of no missed payments strung together.

You could look into one of the share-secured term loans, set that up for $500 for 5 years, then pay it down to $400 or so to accelerate the score benefit, and it will serve to help your score after a few months because it adds a Term Loan. The car loan will help in a similar way, presuming you have to have a new car and can afford it, after it ages a few months because of the high initial utilization effect.

[Anonymous]

anything over 760 is a waste anyway. you get the best rates on anything with 760.