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Want to apply for credit cards

Valued Member

Want to apply for credit cards

Guys. Curreently I have 2 credit cards totalling to 1500 credit limit. I recently bought a car and at the dealership the finance guy said that the low credit limit is hurting my fico score. My scores are TU-657 EX-669 EQ-635. I have 3+ years total history. Can I apply for new credit cards(if so when?)? I will pay off my balances this week. So will be less that 10% util(which shd improve my score further). How to look for a good credit card with low apr and decent credit limit?
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Senior Contributor

Re: Want to apply for credit cards

a low CL does not impact score.  the score  hit comes from allowing balances to report (utilization of the CL) which dings score.  if you already have major cc's and you want to app a new card i highly recommend checking out a CU of your choice.

 

also, if you do not yet have a pure store card (one without mastercard/ visa/ amex/ discover logo on the card) please note that getting one can help your 'credit mix' and give you a score bump as well.


jay_s wrote:
Guys. Curreently I have 2 credit cards totalling to 1500 credit limit. I recently bought a car and at the dealership the finance guy said that the low credit limit is hurting my fico score. My scores are TU-657 EX-669 EQ-635. I have 3+ years total history. Can I apply for new credit cards(if so when?)? I will pay off my balances this week. So will be less that 10% util(which shd improve my score further). How to look for a good credit card with low apr and decent credit limit?
DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 2 of 4
Valued Member

Re: Want to apply for credit cards

Score Builder, Thanks..

I just bought a car last week and so would have 7-8 enquiries on my report. How long should I wait to apply for a cc? 

Message 3 of 4
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Senior Contributor

Re: Want to apply for credit cards

apparently some compelling data used by issuers shows that 6 or more inqs on a single report within a year makes you about 8Xs more likely to default.  so as a general rule you want to stay below that cut off if you are in app mode.  keep in mind that some issuers are more sensitive to inqs than others.  also, there can be mitigating factors for eg. a 7 figure income etc. that may soften the lenders perspective on inqs.  YMMV.

 

i believe that multiple automobile inqs technically will count as only one inq if posted in the same week.  GL!


jay_s wrote:

Score Builder, Thanks..

I just bought a car last week and so would have 7-8 enquiries on my report. How long should I wait to apply for a cc? 


 

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
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