I have bad credit and i just started the rebuilding be paying off deleting etc,
I have 2 secured card :
Applied Bank
Capital one
Do i need more to have better chances of getting AMEX or any of the good cards at later stages , I heard that you need to have at least 3 revolving creditr cards for AMEX or chase to consider your application , That will be done in a year from now but i want to make sure that I have the correct amount of cards.
Thanks
Do they have to be high limit or should i stay where they are $200 each , I can increase Applied to $5K and Cap1 to $3K
Thank you
Thanks you very much :-)
@guiness56 wrote:It isn't the number of cards you have but how you manage them. Putting more to increase your CL will help with utilization as long as you apply the same 9% or under for optimum scoring.
+1
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
@DiabolicallyRandom wrote:I agree with all of the above posters. Your off to a good start. I would probably just keep the limits where they are at until I was able to get an unsecured card, just be careful with utilization. Also, I wouldnt pay too much attention to what some say about numbers of cards. I think, though unconfirmed, that this credit repair business becomes a bit addictive and can lead in compulsive credit card hoarding. People be coming on these forums with credit card statements stuck to their backs.
Isn't that the truth. I have seen some being told 6 - 7 minimum cards and ONLY apply for prime cards. When you are in the process of rebuilding (not credit repair
) your credit, you sometimes cannot get prime cards. Why even try if you know, at this point, you can't. Give yourself time to build up and rebuild then go for the big guys.