I think you might have the opposite problem, steelersboy. You have too many tradelines, and I know that for some reason there are mortgage lenders out there that get nervous with so many open credit lines. Your AAoA is also likely suffering with the new accounts. I would wait it out if I were you. Interest rates seem to be rising slowly, and you're going to want your credit score as high as possible to qualify for the best rate.
thanks
@myjourney wrote:
@DrMac210 wrote:I currently only have one credit card, the PayPal Smart Connect, that I have had for 6+ years
When I initially received the card, I had a credit line of $600. Unfortunately, at that time, I thought it was best to run up the card and make minimum monthly payments to show the ability to handle credit.
I then had a Capital 1 judgement hit me six months later and Paypal did a CLD to $400+, which is where the limit has been for the last 5 years.
I came across this site last month and have paid down my utilization to 26% currently, and will have it down to less than 9% by next week.
I am looking at getting my first ever mortgage next summer and am wondering if I need additional credit lines.
My current myFico scores are 661 EQ and 696 TU.
With that background, where do I go from here??
1) Should I ask GE for a GLI?
2) Apply for different unsecured credit cards?
3) Go for a secure card from local CU?
4) Do Nothing??
Until you can make your CR more attractive I would start with options 1 & 3 to build positive history while working on your CR...IMHO
Paid the balance down to 5% utilization earlier this month, tried today for CLI to $1500, DENIED with no counter offer.
Looks like I'll be waiting to see what the letter says..............
Starting Score: EQ 641, TU ???, EX ??? (myfico 6/7/13)