Should we app for more or garden?

[lmfields84]

My husband just got approved for a $5k NFCU cash rewards card and a walmart store card.  We also refinanced his truck and took out a consolidation loan.  I want to garden, but i read somewhere that if you have 2 installment loans, you should have 4 ctedit cards for a good mix of credit... Is that true?  If we need a couple more cards before heading to the garden, i would like to do it now before the new loan and card report.  Thoughts?  If we should app for more, what cards are reccomended for a FICO of 633 or around that (dont know his EX or TU FICO right now)? 

[Airforcekid]

You could try for a Discover IT and Amex everyday you will probably be rejected for one but you might as well take a few more HPs since they are all going to be grouped together. I dont really see any other good cards worth trying for with that score though.

[mountainmom]

Why is the score low?

[Dw4250]

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@Airforcekid wrote:

You could try for a Discover IT and Amex everyday you will probably be rejected for one but you might as well take a few more HPs since they are all going to be grouped together. I dont really see any other good cards worth trying for with that score though.

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With those scores I wouldnt waste the HP trying for those cards as it's almost 100% you'll be declined.

Why are the scores so low?  Is it utilization?  Baddies?

EDIT:  I should add it's not that your scores are dreadful; just not (yet) in the AMEX or even Discover ballpark.  Most people need ~680+ for Discover and ~700+ for AMEX.  There are exceptions of course, but I hate to see people waste hard pulls when chances are very slim.  Another option might be the eBay/Paypal MC.  They are easier to get, and if you don't qualify for the Mastercard, you would pobably get the store version (this is assuming you use paypal or ebay).

[takeshi74]

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@lmfields84 wrote:

 but i read somewhere that if you have 2 installment loans, you should have 4 ctedit cards for a good mix of credit... Is that true?

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Never heard that.  Where is it from (always consider the source)?  The general advice is at least 2-3 cards for optimal scoring but I've never seen a card to installment ratio.

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@mountainmom wrote:
Why is the score low?

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@Dw4250 wrote:

Why are the scores so low?

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OP has a rebuilding log linked in signature that you can read if you're curious.

[myjourney]

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@takeshi74 wrote:

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@lmfields84 wrote:

 but i read somewhere that if you have 2 installment loans, you should have 4 ctedit cards for a good mix of credit... Is that true?

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Never heard that.  Where is it from (always consider the source)?  The general advice is at least 2-3 cards for optimal scoring but I've never seen a card to installment ratio.

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@mountainmom wrote:
Why is the score low?

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@Dw4250 wrote:

Why are the scores so low?

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OP has a rebuilding log linked in signature that you can read if you're curious.

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+1 takeshi74

 I've never heard of a set number of installments either 

[lmfields84]

I believe the score isn't moving because of no revolving credit reporting (yet)... Just a student loan and auto loan.

[DaveSignal]

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@Airforcekid wrote:

You could try for a Discover IT and Amex everyday you will probably be rejected for one but you might as well take a few more HPs since they are all going to be grouped together. I dont really see any other good cards worth trying for with that score though.

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craziness.  HPs for credit cards don't get grouped together like that.

OP, you don't need more credit cards to match your installment loans.  But, having more than 1 credit card is proven beneficial, most recommend two or three.  If you are going to apply for another card, I would try for the Discover, but you will be prepped for better future approvals if you garden what you currently have to get your scores up and put some positive history on your reports.