More cards - More Credit | Question

[Anonymous]

So.  I've been rebuilding my credit from a BK7 a year ago this month.  My score is 650.  I'm trying to reach 700 as fast as possible. 

My questions are:

• Does your total amount of credit you have effect your score? I saw this was a 'red' category and considered below average on a credit report site I used.   I only have a total of $2500 with all my cards combined. 
• How long should I wait between applications?
• Should I apply for more cards (good cards) if I'm prequalified to raise that?  
• Does it look good to have more cards and open lines of credit? 
• Does it increase my CL chances when I have more credit as a whole?
• I understand only utlizing one card and keeping a minimum balance on it to positivey effect your credit score...  so I'm not looking to use all the cards at once... maybe round robin them?

More info just to share:

Missed Payments in History (1) -- Student Laon
Remarks on Accounts (7) -- Deragatory due to BK7.   Maybe get removed?
Recently Opened (2)
Recent Inquiries (1)

Again ---  THANK YOU TO ALL WHO RESPOND AND THIS GREAT COMMUNITY!

[Anonymous]

• Does your total amount of credit you have effect your score? I saw this was a 'red' category and considered below average on a credit report site I used.   I only have a total of $2500 with all my cards combined. No, it does not. Just the amount of what you have that reports as being used (utilization). The lower the better
• How long should I wait between applications? 6 months
• Should I apply for more cards (good cards) if I'm prequalified to raise that?  Apply for a card that would suit your needs, or not at all. Only three are needed for 'optimal' scoring
• Does it look good to have more cards and open lines of credit? Personal preference. If you have too much available you could be denied for exposure
• Does it increase my CL chances when I have more credit as a whole? Having good cards with decent limits can help. Opening a bunch of score cards with low limits will most definitely hurt in the long run
• I understand only utlizing one card and keeping a minimum balance on it to positivey effect your credit score...  so I'm not looking to use all the cards at once... maybe round robin them? Use them all you want. Utilization only figures in what is reported on each statement. For most of mine the statement cuts 3 days after my due date. As long as you have it paid down by your statement date, use all of the line you'd like to

[MrsCHX]

I would only tweak one part of Tiger's answer...

There is some benefit in targeted mini-sprees. You don't want to apply for a bunch of credit willy-nilly (most of us rebuilders are GUILTY! LOL!!!), but waiting 6 months between every app guarantees you always have inquiries. If you know you want XYZ card, apply for them together and let the cards and inquiries age together. 

E.g., AMEX was my 'final frontier' in my rebuild. I added BCE and Delta Gold at once (well, 10 days apart). 

[Anonymous]

Awesome!  

Thank you for the response Tiger.  Very appreciated. 

MrcCHX...  that makes perfect sense.  I will take that little tidbit of advice!

[Anonymous]

I was actually thinking about going after the Discover it card... it seems to have a TON of benefits. Any experience or thoughts on that?

[germese1975]

I've got a Discover It card and absolutely love it. I haven't asked for a CLI yet, but i've had it for 4 years. I've seen some folks on here with some ridiculously high CL with Discover. They seem to take good care of their customers as well. I just found out this past week that if you're active duty and have the card, they give you 5.9% interest and no late fee charges during your time on active duty. In fact, I didn't know they did this the entire time I had their card until last week. I signed up for their SCRA benefits and wound up receiving back $1200 in interest and fees from the last 4 years! They've got my business for the forseeable future!

[Anonymous]

without knowing much more than the 650 score you mentioned, it's hard to say. I may be safer to apply for the Discover secured card. It can unsecure in 6 months and could be easier to get with your score

[Anonymous]

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@germese1975 wrote:

I've got a Discover It card and absolutely love it. I haven't asked for a CLI yet, but i've had it for 4 years. I've seen some folks on here with some ridiculously high CL with Discover. They seem to take good care of their customers as well. I just found out this past week that if you're active duty and have the card, they give you 5.9% interest and no late fee charges during your time on active duty. In fact, I didn't know they did this the entire time I had their card until last week. I signed up for their SCRA benefits and wound up receiving back $1200 in interest and fees from the last 4 years! They've got my business for the forseeable future!

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This is actually the law. All pre-existing debt while on active duty is capped at 5.9%. It is why it is very important to notify creditors if you are being deployed on active duty.

[germese1975]

Correct. Pre-existing debt accrued prior to active duty. I've been on active duty since 1994....I should have clarified better. They backed up the 5.9% to the start of my active duty service, or the opening of the CL, whichever occured later. Definitely above and beyond what's required by law.