should I get another card?

[Anonymous]

I'd like some advice as to whether I should apply for another card now or wait. 

Currently open I have:

Cap One Secured $500  

Cap One Quicksilver One $1000

AU on Wells Fargo Card $8000, but this only reports to TU and EQ

Shared Secured loan at CU $500 (just opened this  today so I could have a mix of types of credit)

I've read on the forum that 3 cards is a good number, but wasn't sure if I should get another as the Wells Fargo only reports to 2 CRA. And does FICO score AU accounts lower or equal to individual accounts?

I have 2 HP on my CR's from April 2015 and Sept 2014 for the above 2 Cap One cards.

If I do get a card, any suggestions? Should I wait for a HP to fall off?? I was also considering approaching my CU after the 6 month secured loan is paid to try to get a card with them. 

Thanks!

[Anonymous]

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@Anonymous wrote:

I'd like some advice as to whether I should apply for another card now or wait. 

Currently open I have:

Cap One Secured $500  

Cap One Quicksilver One $1000

AU on Wells Fargo Card $8000, but this only reports to TU and EQ

Shared Secured loan at CU $500 (just opened this  today so I could have a mix of types of credit)

I've read on the forum that 3 cards is a good number, but wasn't sure if I should get another as the Wells Fargo only reports to 2 CRA. And does FICO score AU accounts lower or equal to individual accounts?

I have 2 HP on my CR's from April 2015 and Sept 2014 for the above 2 Cap One cards.

If I do get a card, any suggestions? Should I wait for a HP to fall off?? I was also considering approaching my CU after the 6 month secured loan is paid to try to get a card with them. 

Thanks!

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Yes, get another card. Don't rely on AU, it should only be used as temproary measure to get your first account going if you're getting turned down. Once you get your initial accounts going you should remove yourself from that account.

[Anonymous]

Do you think I should wait for the secured loan to hit my CR before applying? I'm hoping it will boost my score. Not sure if that would help me qualify for any better cards or not. lol

Does anyone have any recommendations for cards to try given my FICO's? Don't want a HP without the satisfaction of a card. 

I've been looking at some prequal sites, but not sure if I trust them.  

Thanks!

[Anonymous]

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@Anonymous wrote:

Do you think I should wait for the secured loan to hit my CR before applying? I'm hoping it will boost my score. Not sure if that would help me qualify for any better cards or not. lol

Does anyone have any recommendations for cards to try given my FICO's? Don't want a HP without the satisfaction of a card. 

I've been looking at some prequal sites, but not sure if I trust them.  

Thanks!

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Hard to say without knowing your full profile. Barclays is not too hard to get, but they do like to see a little payment history. You've already got a second Cap One, so I don't think they will issue a third - they keep turning me down for a third card, saying I have too manyCap One accounts already. You might just see about getting a seucred card from the same CU you got the loan with.

[Anonymous]

Thanks for the input!

I think I'll wait a few months for some payment history to build up with my CU and then get a card with them.

The share secured loan was a great idea. I ended up bringing $500 to my bank with they used to secure the loan, and then they deposited it in my checking out and set up auto payments to pay off the loan. So basically I don't have to do anything. When the 6 month loan is up, I will have paid around $6 total in intrest, which I am happy to pay to help my score!

[Anonymous]

Well, I just got an card offer in the mail that is somewhat reasonable!

It's for the Merrick Bank "Double Your Line" Visa. CL starts at $700, then auto increase to $1,400 after 7 months. No annual fee, no set up fee, plus a free FICO score monthly. Plus 1% cash back on purchases. APR is horrible at 25.45%, but I plan to never carry a balance. I view this only as a credit building tool. (Finally learned my lesson. lol!)

Was wondering if I should app for this? It says I'm "pre-approved" in the letter, but what does that even mean? I have two HP on my current report. The oldest is Sept 24, 2014, and the newer one is from April 22, 2015.

The offer is good until Oct 1st, so technically I could wait until the 12 month date of the older inquiry has passed to apply, which would be at the end of this month. Or does it even matter if I wait? Also, how much will getting this new card affect my AAoA?

Does anyone have any comments on this card?

Should I app, or just wait and see if I can get a card with my credit union one my secured loan is paid off, like I mentioned in my earlier post?

Thanks

[Tomgon1981]

I'd stay away from that card was your cap one card from April in credit steps if so did you get a cli yet sorry I'm on my phone so I don't see your scores if they are listed if not what are they and what's your AAOA and do you have any baddies on your reports

[crrredit]

Before you apply for the Merrick card, I'd go talk to your credit union. They're pretty good about discussing things. Worst they can say is come back after you've built some history. It would be good to further build your relationship with them. They might have a secured card that doesn't require a hard pull. But even if it does, I wouldn't worry about it being your third pull. That's not that many for someone rebuilding. I have 10 and I'm up nearly 200 points in less than a year. The affects of opening and building positive history on tradelines far outweigh the slight hit from a pull. 

[Anonymous]

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@Tomgon1981 wrote:
I'd stay away from that card was your cap one card from April in credit steps if so did you get a cli yet sorry I'm on my phone so I don't see your scores if they are listed if not what are they and what's your AAOA and do you have any baddies on your reports

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The cap one card from April is the Quicksilver one card with a $1000 CL. Not sure if it is in a auto step program.

My other card from cap one was in credit steps and auto increased after 6 months to the current CL of $500.  

Current scores: EQ 637 TU 629 EX 609

AAofA: 3 years with 4 open accounts. Oldest account is one that I am a AU on, opened Dec 2004. 

I have a BK from Oct 2005 that should fall off this or next month.

2 collections, and several other baddies (charge offs and lates). Most will fall off within the next 2 years. 

Thanks for your input!

[Anonymous]

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@crrredit wrote:

Before you apply for the Merrick card, I'd go talk to your credit union. They're pretty good about discussing things. Worst they can say is come back after you've built some history. It would be good to further build your relationship with them. They might have a secured card that doesn't require a hard pull. But even if it does, I wouldn't worry about it being your third pull. That's not that many for someone rebuilding. I have 10 and I'm up nearly 200 points in less than a year. The affects of opening and building positive history on tradelines far outweigh the slight hit from a pull. 

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Thanks for the feedback!

Congrats on 200 points in a year! That's awesome! I've managed to climb 100 in a year. (My TU was at 530 a year ago!) 100 more to go!