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Where do I go from here? (only have 1 cc)

Valued Contributor

Re: Where do I go from here? (only have 1 cc)

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.

In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Message 11 of 13
Frequent Contributor

Re: Where do I go from here? (only have 1 cc)


If a man empties his purse into his head, no one can take it from him. An investment in knowledge always pays the best interest. - Benjamin Franklin |Capital One Quicksilver Cash Rewards|Chase Amazon Visa Rewards|BOA Cash Rewards|Walmart Mastercard|Commence MC| Citi Double Cash| Amazon Prime Store Card|Discover It|Chase Freedom|Chase Freedom Unlimited|Amex BCE|Wells Fargo Cash Wise|Barclays Cashforward
$85,300 total card credit FICO Equifax-816, FICO Transunion-769, FICO Experian-769, DTI-20.4%
Message 12 of 13
Regular Contributor

Re: Where do I go from here? (only have 1 cc)

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)
Current Score: EQ 760, TU 740, EX 750 (myfico July 2015)
Goal Score: 800 across the board

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Message 13 of 13