Trying to lessen the blow and improve scores...

[Anonymous]

So, I just opened my first credit card a few months ago and decided to check my credit scores... Only to find out there has been a collection on my Experian since 2010 that I never knew about. ANYWAY in the next few years I want to buy a house (the collection falls off Experian in 2016) and I know I need at least one more line of credit to look for rounded. The only items on my report are my student loans (which make utilization look high but will be paid WAY down in her next 2-3 years... At least half way). Do you think applying for the Sallie Mae card will help some of my scores in the long run? 

EQ: 717 (was 744 last year. Only difference in reports seems to be 2 inquiries. One to open bank account at my credit union and one to get a platinum rewards credit card at my credit union) 

EX: 670 (because of collection unbeknownst to me) 

TU: 752 

No late payments on anything. AAoA is about 4 years on all reports because of student loans (oldest account is 6 years old.

and all I have is one credit card (2500 limit) and one student loan. 

[-Cal-]

Welcome to the site!

Another positive tradeline can help in the long run. Is the collection a valid debt/accurate? If not, you should investigate if it belongs on your report or try goodwilling it off if the debt has been paid.

[Anonymous]

Apparently it is. I went to the doctor in '09 in college with no insurance and they forgave me balance for the hospital visit but not the doctor? Anyway, I nver received a bill and never knew it existed. >.> when I called the hospital they were like "holy crap, that was so long ago we have to go in the archives" it will be time barred in two years as well. 

[Anonymous]

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@Anonymous wrote:

EQ: 717 (was 744 last year. Only difference in reports seems to be 2 inquiries. One to open bank account at my credit union and one to get a platinum rewards credit card at my credit union) 

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Please don't say things like this, it makes people who regard inquiries as insignificant feel silly.  Sure they are silly, but we are not supposed to tell them that since in this forum we are all about being supportive (except against vegetarians, they are fair game).

Anyway, I would get 3 or 4 more cards if I were you.  The farther away from the time you are going for your home the better.  So, as soon as you do your research and find what suits you, go for it.  This is not standard advice for me, because I do know the importance of inquires, but sometimes it's time to apply.  Like now, for you.

[Anonymous]

Thanks for the advice! And to be honest, the ONLY reason the inquiries hit so hard was because of my thin file. Nearly 100% sure it would never hit others that hard.

As an update I took the leap and was auto-approved for a $6,300 limit for the Sallie Mae WMC.