topic Re: Should I apply in Credit Card Applications

Should I apply

DomaneRider — Sun, 15 Jan 2023 21:22:58 GMT

My credit has recently jumped the past few months due to some bad accounts falling off. My question is do I apply for a new CC. Currently have 2 cards. $3300 and $1750 limit on each. Does applying for an additional CC increase my score? Or should I just sit tight? Also, I'm not planning on making any large purchases or taking out a loan anytime in the near future.

Credit scores are sitting at:

Ex 692

Eq 720

Tu 694

Any and all feed back will be greatly appreciated.

Thanks

Re: Should I apply

OmarGB9 — Sun, 15 Jan 2023 21:27:35 GMT

Adding a card in itself wouldn't improve your scores, but there's the old "have less than 50% of cards reporting a balance" rule, hence why a minimum of 3 cards is *recommended,* but not required. It's totally up to you.

Re: Should I apply

CYBERSAM — Sun, 15 Jan 2023 22:01:41 GMT

@DomaneRider wrote:
My credit has recently jumped the past few months due to some bad accounts falling off. My question is do I apply for a new CC. Currently have 2 cards. $3300 and $1750 limit on each. Does applying for an additional CC increase my score? Or should I just sit tight? Also, I'm not planning on making any large purchases or taking out a loan anytime in the near future.

Credit scores are sitting at:
Ex 692
Eq 720
Tu 694
Any and all feed back will be greatly appreciated.
Thanks

just sit tight! Your on the right path improving your credit, another 20 points would qualify you for much better cards and decent SL. 👍

Re: Should I apply

DomaneRider — Sun, 15 Jan 2023 23:01:28 GMT

@OmarGB9 wrote:
Adding a card in itself wouldn't improve your scores, but there's the old "have less than 50% of cards reporting a balance" rule, hence why a minimum of 3 cards is *recommended,* but not required. It's totally up to you.

Thank you. Looks like there is no rush to apply anytime soon.

Thanks

Re: Should I apply

DomaneRider — Sun, 15 Jan 2023 23:01:49 GMT

@CYBERSAM wrote:
@DomaneRider wrote:
My credit has recently jumped the past few months due to some bad accounts falling off. My question is do I apply for a new CC. Currently have 2 cards. $3300 and $1750 limit on each. Does applying for an additional CC increase my score? Or should I just sit tight? Also, I'm not planning on making any large purchases or taking out a loan anytime in the near future.

Credit scores are sitting at:
Ex 692
Eq 720
Tu 694
Any and all feed back will be greatly appreciated.
Thanks
just sit tight! Your on the right path improving your credit, another 20 points would qualify you for much better cards and decent SL. 👍

Thank you so much. I guess in another 6-9 months everything being what it is today. My score should increase some.

Thanks again

Re: Should I apply

DomaneRider — Wed, 01 Feb 2023 07:48:47 GMT

Update:

Scores sitting at

Ex 705

Eq 729

TU 710

Slowly inching my way to 750. I'm assuming several more months and I could possibly be there. Followed advice and didnt apply for any new credit. Thanks for everyone who provided positive feedback.

Re: Should I apply

SouthJamaica — Wed, 01 Feb 2023 18:31:20 GMT

@DomaneRider wrote:
My credit has recently jumped the past few months due to some bad accounts falling off. My question is do I apply for a new CC. Currently have 2 cards. $3300 and $1750 limit on each. Does applying for an additional CC increase my score? Or should I just sit tight? Also, I'm not planning on making any large purchases or taking out a loan anytime in the near future.

Credit scores are sitting at:
Ex 692
Eq 720
Tu 694
Any and all feed back will be greatly appreciated.
Thanks

1. Applying does not help your scores, it hurts them. You get an inquiry, and if you're approved you get a new account which lowers your average age of accounts and resets your age of youngest account.

2. The passage of time helps your scores.

3. So the longer you wait, the higher your scores will be, and the higher your chance of approval and the larger the selection of cards that will be available to you.

Re: Should I apply

49erFaithful85 — Sat, 04 Feb 2023 00:08:01 GMT

Appreciate the update. Incentive to sit tight and not impulse app over minor score jumps. Which I may have done before locating this forum.

Re: Should I apply

Blender — Sun, 05 Feb 2023 10:14:49 GMT

@DomaneRider wrote:
My credit has recently jumped the past few months due to some bad accounts falling off. My question is do I apply for a new CC. Currently have 2 cards. $3300 and $1750 limit on each. Does applying for an additional CC increase my score? Or should I just sit tight? Also, I'm not planning on making any large purchases or taking out a loan anytime in the near future.

Credit scores are sitting at:
Ex 692
Eq 720
Tu 694
Any and all feed back will be greatly appreciated.
Thanks

when did you open those cards?

Re: Should I apply

Bill77 — Sun, 05 Feb 2023 13:23:53 GMT

I would wait at least 6 months and until all 3 scores are in 700s for multiple months. Nothing wrong with responsibly adding cards as your scores improve. But you also don't want to be one of these guys with 25 cards with an average CL of 2k lol because they went on sprees and didn't climb the CL ladder the right way.

Re: Should I apply

DomaneRider — Mon, 06 Feb 2023 02:34:00 GMT

Blender,

I have had 1 card for about 8 years and the other about 2 years.