Established Contributor
Posts: 578
Registered: ‎11-10-2012
I don't need anymore credit cards, right?
[ Edited ]

So during my recent app spree, I applied for a Wells Fargo credit card. I just received my denial letter and was invited to open a secured card with them for a minimum of $300. I opened all the cards in my siggie last month, except for Capital One. I'm tempted to open with Wells Fargo, but I really don't think I need it, especially since it's a secured card and I already have 2 unsecured Visa cards. PLUS, my AAoA would go down even more. I've never heard Wells Fargo be referred to as being a prime card, so I don't think it will really help me.

 

I guess I just answered my own question. Lol! Woman LOL


Starting Scores: (4/16/12 lender pull) TU 596 | EX 550 | EQ 576
Current Score (9/3/15): Wally TU 639 | Amex EX 628 | DCU EQ 639
Goals: Homeowner as of 9/27/2013. Last app 8/1/15. TU-5; EX-16; EQ-13. Aiming for ZERO inqs.
Valued Contributor
Posts: 1,587
Registered: ‎08-30-2012
Re: I don't need anymore credit cards, right?
Ideally you only need 2-3 cards for rebuilding. From what I hear, the WG card reports as secured and wouldn't look all that great on a manual review.
Scores: about 700 across the board
Total CL: $275k
Valued Contributor
Posts: 1,206
Registered: ‎02-19-2012
Re: I don't need anymore credit cards, right?

If I was u Id get my hinney in the garden and let all those accounts age!! 


Starting Score: 0
Current Score: TR??FICOEQ ?? FICO
Goal Score: 760

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Established Contributor
Posts: 578
Registered: ‎11-10-2012
Re: I don't need anymore credit cards, right?

annielorie wrote:

If I was u Id get my hinney in the garden and let all those accounts age!! 


My hiney is in the garden as of 11/25/12. I was just curious. Woman Happy


Starting Scores: (4/16/12 lender pull) TU 596 | EX 550 | EQ 576
Current Score (9/3/15): Wally TU 639 | Amex EX 628 | DCU EQ 639
Goals: Homeowner as of 9/27/2013. Last app 8/1/15. TU-5; EX-16; EQ-13. Aiming for ZERO inqs.
Established Contributor
Posts: 601
Registered: ‎02-12-2011
Re: I don't need anymore credit cards, right?

I'd say you're in good shape to just continue nurturing the cards you do have. If you did want the other card it would be best to do it quickly so your AAoA doesn't take a huge hit. I have 4 secured cards working for me right now that will be phased out as I get real cards/better credit overall. 3 is the magic number, but 4 seemed to work for me.



Starting Score: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700


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Moderator
Posts: 14,051
Registered: ‎04-15-2011
Re: I don't need anymore credit cards, right?

You're good, just garden and grow!!!

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!