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New Contributor
Posts: 68
Registered: ‎06-20-2012
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Would getting 1 more card help me or hurt even more?

Hi everyone !!

 Ok, a  few months ago, I began on the rebuilding path with the hopes of purchasing my first house next year. I have already began working on removing negative items from my CR. I had 2 paid collections ( so far, I have had 1 removed via GW)  and some more negative TLs have been removed through dispute (they were listing  incorrect info) . So I know I need to get the rest of the negative TLs removed also.


My positive TLs that I have, I have 1 installment TL (my car) that I will have had for 1 year this December, but I have 2 more car loans before that that are positive and closed. ( they were paid off) still on my CR.


Currently I have 2 cc reporting on my CR, one from 2008 and also 1 that I just opened last month. I opened it BC I was told I needed more revolving credit. So I currently have the 2 cc, one has a $250 CL and the other $300 cl.


On the Transunion credit monitoring site ( I believe) they said that 1 of the things that is hurting me on my credit file is the fact that my credit limit on my revolving credit is too low. It said that the low amount of credit available doesn't really show that I can handle credit, lenders like to see larger amounts ( I believe it said about or around $2000) So I was thinking about applying for a Capitol One Secured Card. That way I  would have some sort of control regarding my credit limit, since it based upon the amount that I deposit. I was planning to deposit $1500, so that way I would have a CL of $1500 in the Cap 1 and along with my other 2 cards, it would total about $2050 in available credit. Also I believe I read the magic number of CC to have for a good mix of credit is between 2-3. 


 Would getting that card  help me or would it hurt me more?


Thanks in advance!

Valued Contributor
Posts: 2,000
Registered: ‎04-07-2009
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Re: Would getting 1 more card help me or hurt even more?

[ Edited ]

The trans Union web site I think uses a Vantage score model.  I would not follow the advice of that socre model.  The socre model is used by a few lenders but not by mortgage lenders. I would suggest you pull you credit report from here and you will get your FICO score. This will give you a much more accurate picture were score stand in regards to a mortgage loan and  other loans as well.. I would not get a another credit card at this point.  If my memory is correct lenders at least three lines of credit which you have. now.

Equifax My FICO score 814 11/29/2016, Discover TU FICO 807 12/29/2016 Citibank Equifax Bankcard FICO score 827 12/27/2016 Average of Accounts 13 years and no Installment accounts, 1 TU inquiry in 2015
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Posts: 14,122
Registered: ‎04-15-2011
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Re: Would getting 1 more card help me or hurt even more?

+1  Garden what you have.  Keep working on cleaning up the baddies. 

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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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.

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