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When should I apply for more credit lines?

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Anonymous
Not applicable

When should I apply for more credit lines?

I'm currently working on rebuilding my credit. I recently did some GW letters and calls on some paid collection accounts that are now in the process of being removed (thanks to this forum and the helpful info from so many great individuals!!). And besides waiting for a satisfied judgment to be removed as well, the only things that will be left on my credit report is a paid off auto loan and two secured credit cards ($300 limit with First Progress, and $200 limit with Capital One). My credit scores (before 5 negative accounts are removed) are currently: EQ. 634, EX. 627, and TU 666. I just got both of the secured credit cards in the middle of last month, 8/14, but neither of them will graduate to unsecured, and they're the only two items that I'll have reporting on my credit report- both with low credit limits. Should I apply for a unsecured credit card now so I can have 3 credit cards, one of them having a slightly higher credit limit, as well as use them to boost my FICO score a little more? Or should I just wait, and manage these 2 that I already have now. Won't my credit file be considered "thin", with having just the paid off auto loan and the two low limit, credit cards? Any thoughts/ advice will be helpful. Thanks
Message 1 of 9
8 REPLIES 8
eric19k
Established Contributor

Re: When should I apply for more credit lines?

Hi. You do everything right. Do not apply for now, just wait another 6 months and then go ahead.
As of now, keep balances 0% and 1-9% on your current cards.
You might want store card without hard inquiry, so you could try shopping cart trick. But new tradeline will affect your Average age of you credit.
Honestly, in your position I would wait for 6-12 months and then apply for prime cards, the ones we all want.
I wish you good luck
TU Scores:
May 2014- 466
July 2014- 537
September 2014- 602
Goal Scores- 720 by March 2014
Message 2 of 9
Anonymous
Not applicable

Re: When should I apply for more credit lines?

Ok, thanks. I know about keeping the utilization low, but I don't know anything about the shopping cart trick. What is that, and how does it work?
Message 3 of 9
Anonymous
Not applicable

Re: When should I apply for more credit lines?

http://ficoforums.myfico.com/t5/Credit-Cards/List-Of-Shopping-Cart-Trick-Credit-Cards/m-p/2325199/hi...

There are other threads also. Just search for Shopping cart trick.

 

Good Luck

Message 4 of 9
Anonymous
Not applicable

Re: When should I apply for more credit lines?

Thanks Danijoy, that's what I'm looking into right now. 😊👍
Message 5 of 9
Anonymous
Not applicable

Re: When should I apply for more credit lines?

Smiley Happy No Problem... I sent you a PM

Message 6 of 9
Anonymous
Not applicable

Re: When should I apply for more credit lines?

Ok, thank you!! 😊👍
Message 7 of 9
creditprotector
Contributor

Re: When should I apply for more credit lines?

Apply for credit when you need it only. Don't close any good standing accounts secured or unsecured, long credit history will raise your score " new credit behavior and habits" is the key.Consider those secured credit credit cards an investment., leave them there.. please... pay them off in full, let them die in your report. Forget about them. Take care of those negative accounts and fight them as a hobby, believe me they will surrender with the word "deleted". And wait more time to seach for your "DREAM CARD".

Patience is everything in credit except when paying a bill on time. Good luck...

Starting Score: 601
Current Score: 626
Goal Score: 800


Take the myFICO Fitness Challenge
Message 8 of 9
Anonymous
Not applicable

Re: When should I apply for more credit lines?

Thank you all for the wise words of advice! I'm really looking forward to having good credit again
Message 9 of 9
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