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Established Contributor
Ravensfan2001
Posts: 544
Registered: ‎11-10-2012

I don't need anymore credit cards, right?

[ Edited ]

So during my recent app spree, I applied for a Wells Fargo credit card. I just received my denial letter and was invited to open a secured card with them for a minimum of $300. I opened all the cards in my siggie last month, except for Capital One. I'm tempted to open with Wells Fargo, but I really don't think I need it, especially since it's a secured card and I already have 2 unsecured Visa cards. PLUS, my AAoA would go down even more. I've never heard Wells Fargo be referred to as being a prime card, so I don't think it will really help me.

 

I guess I just answered my own question. Lol! :womanlol:


Starting Scores: (4/16/12 lender pull) TU 596 | EX 550 | EQ 576
Mortgage Scores:(7/24/13 lender pull) TU 663 | EX 635 | EQ 649
Current Score (4/16/14): TU 675 | EX 654 | EQ 661
Goals: 680 across the board by 10/2014. Credit freeze x 3 on 10/16/13. Inqs - EX(31); EQ(36); TU(27)
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Valued Contributor
madmann26
Posts: 1,313
Registered: ‎08-30-2012

Re: I don't need anymore credit cards, right?

Ideally you only need 2-3 cards for rebuilding. From what I hear, the WG card reports as secured and wouldn't look all that great on a manual review.

Starting Score: EQ 511 TU 552 EX 545 8/29/2012
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Valued Contributor
annielorie
Posts: 1,207
Registered: ‎02-19-2012

Re: I don't need anymore credit cards, right?

If I was u Id get my hinney in the garden and let all those accounts age!! 


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Established Contributor
Ravensfan2001
Posts: 544
Registered: ‎11-10-2012

Re: I don't need anymore credit cards, right?


annielorie wrote:

If I was u Id get my hinney in the garden and let all those accounts age!! 


My hiney is in the garden as of 11/25/12. I was just curious. :womanhappy:


Starting Scores: (4/16/12 lender pull) TU 596 | EX 550 | EQ 576
Mortgage Scores:(7/24/13 lender pull) TU 663 | EX 635 | EQ 649
Current Score (4/16/14): TU 675 | EX 654 | EQ 661
Goals: 680 across the board by 10/2014. Credit freeze x 3 on 10/16/13. Inqs - EX(31); EQ(36); TU(27)
*** Homeowner 9/27/13***
Established Contributor
sphinx313
Posts: 562
Registered: ‎02-12-2011

Re: I don't need anymore credit cards, right?

I'd say you're in good shape to just continue nurturing the cards you do have. If you did want the other card it would be best to do it quickly so your AAoA doesn't take a huge hit. I have 4 secured cards working for me right now that will be phased out as I get real cards/better credit overall. 3 is the magic number, but 4 seemed to work for me.



Starting Score: 532/564 10/21/12
Current Score: TU: 594 EQ: 628 EX: 617 BoA Credit Pull Denial Letter 2/20/2013
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Shogun
Posts: 10,925
Registered: ‎04-15-2011

Re: I don't need anymore credit cards, right?

You're good, just garden and grow!!!


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