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Established Contributor
Posts: 569
Registered: ‎11-10-2012
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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 (11/7/14): TU 664 | EX 605 (no update) | EQ 661
Goals: Removing a $30 30-day late mark on my CR in November 2014 because I was too nice to a friend. Last app 7/16/14 (auto loan)
*** Homeowner 9/27/13*** All but 2 CCs are in the sock drawer!***
Valued Contributor
Posts: 1,497
Registered: ‎08-30-2012
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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
Current Score: TU 712|EQ 695|EXP 723 (FICO)
What's in my wallet? Cap1 PLAT AU $4.25k; Cap1 QS AU $2k; NFCU Siggy $45k; $5k WalMart MC; CFNA Firestone $1.8k; Amazon $3k; NFCU Cash Rewards $22K; AMEX BCE $21k; NavCheck $15k; Lowe's $10k; Citi DP $7.7k; AMEX ED $8.5k; Chase Freedom $4.5k
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Valued Contributor
Posts: 1,206
Registered: ‎02-19-2012
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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!! 


Starting Score: 0
Current Score: TR??FICOEQ ?? FICO
Goal Score: 760

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Established Contributor
Posts: 569
Registered: ‎11-10-2012
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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 (11/7/14): TU 664 | EX 605 (no update) | EQ 661
Goals: Removing a $30 30-day late mark on my CR in November 2014 because I was too nice to a friend. Last app 7/16/14 (auto loan)
*** Homeowner 9/27/13*** All but 2 CCs are in the sock drawer!***
Established Contributor
Posts: 573
Registered: ‎02-12-2011
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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: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700


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Registered: ‎04-15-2011
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Re: I don't need anymore credit cards, right?

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


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
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EQ:809 TU 777 EX 790 Now it's just garden time!

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