Rebuilding health and credit . . .

[Anonymous]

Looking to rebuild credit history GMAC 35k 60 mos paid perfect closed 2008.Capital One paid perfect closed 2005. One medical CO drops off 2016.  New Capital one platinum 500.00 CL 2 hard inquiries last 6 mos. trans 650 exp 650 equ 643 besides paying on time and keeping utilizations under 30 % any advice. Goal 700+ CS first of this new year!

[Anonymous]

App for a second Cap One card. For effective rebuilding you need to establish at least three active credit card accounts.

[Anonymous]

I applied for 2 end Capital one card turned down. 2 hard inq have been advised not to have any more H I this year!. Any thoughts?

[Anonymous]

---

@Anonymous wrote:

I applied for 2 end Capital one card turned down. 2 hard inq have been advised not to have any more H I this year!. Any thoughts?

---

Yes, whoever told you that is an idiot. You need to establish more accounts, and thats going to mean some hard inquiries. Don't sweat them, they are not that bad. They only effect scores for 12 months and they fall off after 24 months. How old is your Cap One account? Do you have any current installment (auto, student or personal) loans?

[Anonymous]

Capt one has been open 5/15. Old GMAC 2008 35k - 60 mos perfect looking to finance a vehicle in Nov or Dec. the guy who told me about keepin hard inquiries low was Mark Clayburn lol he wrote a book on it. Was thinking I needed more traction with capital one before applying for more like Amazon or other cc?. Thanks

[Anonymous]

---

@Anonymous wrote:

Capt one has been open 5/15. Old GMAC 2008 35k - 60 mos perfect looking to finance a vehicle in Nov or Dec. the guy who told me about keepin hard inquiries low was Mark Clayburn lol he wrote a book on it. Was thinking I needed more traction with capital one before applying for more like Amazon or other cc?. Thanks

---

Its good to keep inquiries low, no doubt about that - BUT - they are a small impact on scores and during rebuilding, they just are not a big concern. You can't apply for credit with out getting them, and you can't rebuild your credit without applying for credit. They are an unavoidable part of the rebuilding process.

I'm surprised Cap One turned you down, but it may just still be a little soon. They may want to see one more month of activity.

How much have you used the card since you got it?