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What card should i get as my third and final card for rebuild???

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Anonymous
Not applicable

Re: What card should i get as my third and final card for rebuild???


@NRB525 wrote:

So you know you are rebulding, good to hear.

 

There's no rush to get another CC. Spend some time reviewing here what cards are available and consider what your spend patterns are, what your card requirements are, because you want to select carefully. You will get a lot of suggestions here about a next card to get, but take your time, those cards aren't going anywhere, your scores are improving even with just the two cards and mortgage you have, and more cards will come into your range soon.

 

Good luck!


Thank You for the advice! I am thinking that maybe I will just hold teh 2 I have. I just thought that 3 cards would maximize the potential to raise the scores, but after reading the responses I guess thats all on who you ask?

Message 11 of 14
L-TWT
Established Contributor

Re: What card should i get as my third and final card for rebuild???


@Anonymous wrote:

@L-TWT wrote:

@Anonymous wrote:

We got the Home Depot card because we do want to do some home renovations. I apologize for not giving enough information and I definately have not declared victory quite yet lol. I have had credit before when I was younger and wasted that opportunity. I have been working years to get it to a level to get my home loan. I understand that Home Depot is a store card but it was definately needed. My credit scores are in the mid 600's I dont remember the exact scores off the top of my head i apologize. I am really just looking for something to help rebuild. I feel like im on the right path just trying to take some advice to do it correctly this time. Im ok with using just the 2 cards, I just read on this site that 3 cards was the magic number to fully max the potential. Maybe that didnt count store cards?


that varies depending on who u talk to, most lenders like to see at least two majo CC's on file. Back tracking some what since you have not received the keys to a place yet, you do not want to alter your chances by opening a new account. just rebuild with your Cap 1 QuickSilver, B/c with your $500 CL, I'm quite sure your in their "steps program"



I have already received the keys to my new home. If thats not what you were trying to say then i apologize for misinterpretation.


no need to apologize, u just lost me with that statement!


Message 12 of 14
Anonymous
Not applicable

Re: What card should i get as my third and final card for rebuild???

If you are concerned about getting cards for the home, tethering the Citi Dividend with the Discover It card I think is a great way to go.  2nd quarter with Citi is 5% cashback on home/garden, then Discover It gives 5% cashback on this category in 3rd quarter.  Other than that I would want a 2% cashback card for the 1st and 4th quarters, unless there's another quarterly card out there. 

Message 13 of 14
Anonymous
Not applicable

Re: What card should i get as my third and final card for rebuild???


@Anonymous wrote:

 

Home Depot Card - Approved $5,000 CL

Capital One QuickSilver Card - Approved $500 CL

Lowe's Card - Denied - Still dont know why, they wouldn't tell me

 

I just closed on a house a few days ago 


Lowe's is one of the easiest cards to get so if they denied you, it's not likely to get other cards.

 

However, the good news is you just closed on a home... and in the process probably cleared up your credit of major baddies.  

 

Now you need to let that baby marinate for 6 months and then you'll see a nice score boost from having a mortgage on your credit profile.

 

In the meantime, if you have some spare cash, I'd open up a secured credit card. 

 

After 6 months, your credit should be much improved.  The 3 card is a minimum, I don't really see why people limit themselves to 3 when they could just as easily have 5.  5 maturing credit cards is better than 3 maturing cards for AAoA reasons....it's the law of averages.

Message 14 of 14
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