To improve credit score should I.........................

[haapril]

Hi, everyone. Since I join the Forum I have became very in tune to my credit. I started at 523 in Oct/08 EQ and Now  Nov/08 631 EQ. I applied for a credit card first one in 11 years. It increased my credit about 39+. Now  I use it and pay it off immedety since I got it in NOV. It has  a CL 500. Now I was think that if apply for another one and my score will go up. I am trying to buy a home. And trying to get the best rates. I was amaze at how hoe of point increase I got. I have a BOA Platiunum Visa. I know people say not to apply for a CC to increase Credit score, But I really need to. Which is best secured or non secured?  I was thinking about applying for another one. any sugestions. Thanks you to all for advise.

[Chopbrocoli]

Congrats on the score increase. Probably one of the reasons why you saw a score increase is because your debt to credit ratio decreased. How long have you had the BOA card? Is this the only CC you have on your report?

[haapril]

I had the card since NOV. 2008.  I have a BOA card and a target card that it.

Message Edited by haapril on 01-05-2009 04:07 PM

[PayYouNever]

You don't need a new CC, you just need to increase the CL on the current card that you have. Might be difficult in today's climate when banks are routinely slahsing people's CL. But that's a bargaining point, call up BofA and say that you want to increase you CL but you're wondering if you should get Cap1 card or get another $500 of Credit on your current card... ask for a manual review, too, before they go ahead and do that computer review (which you have a higher propensity of failing).

I'd continue to PIF and ask for the CLI early next month, right after your pay off the card.

[Anonymous]

If you have a CC and a store card and you PIF, then increasing your CL isn't going to affect your score, because your util will be the same.

However, I would let about 1% report on one card. This might give you a small increase.

Having those two cards already, I wouldn't apply for any others until you are done shining up your report.

Those who go from no revolving to adding revolving or no CC to adding a CC, usually see an increase due to "mix of credit".

You say you really need to apply.....for what reason? If for your score, I doubt you see an increase, possibly a decrease due to the new inq/new account and lowering of AAoA.

Since you are asking about secured vs nonsecured, I don't think you mean you need the available credit for use, right?

I would read Credit Scoring 101.