topic Re: Re-establishing a Credit Portfolio with 2 or 3 credit cards in Credit Cards

Re-establishing a Credit Portfolio with 2 or 3 credit cards

Anonymous — Tue, 13 Aug 2013 21:07:47 GMT

I started new career 3 years ago and I currently hold 2 major credit cards - Card 1 has a credit limit of $3,500 and Card 2 has a limit of $1,500. I have been approved for 1 card during each of the past 2 years, after applying at several banks. I would like to up my credit portfolio to 3 cards with a total credit line of $10,000, before I begin shopping for a good mortgate rate. When, I first started out in my professional career, I know that all payments were reported for 2 years on the CR and Inquiries were reported for 1 year by all three CB's. My question is if I need to wait 2 more years to apply for my next card?

Re: Re-establishing a Credit Portfolio with 2 or 3 credit cards

myjourney — Tue, 13 Aug 2013 21:16:56 GMT

@Anonymous wrote:
I started new career 3 years ago and I currently hold 2 major credit cards - Card 1 has a credit limit of $3,500 and Card 2 has a limit of $1,500. I have been approved for 1 card during each of the past 2 years, after applying at several banks. I would like to up my credit portfolio to 3 cards with a total credit line of $10,000, before I begin shopping for a good mortgate rate. When, I first started out in my professional career, I know that all payments were reported for 2 years on the CR and Inquiries were reported for 1 year by all three CB's. My question is if I need to wait 2 more years to apply for my next card?

Welcome to the forum

In order to better help we will need more info and INQ's stay on CR's for 2 years

From what I can tell you should be ok to apply but please answers these

INQ's in the last year?

AAoA?

Any baddies?

Lender of card 2?

Re: Re-establishing a Credit Portfolio with 2 or 3 credit cards

Anonymous — Tue, 13 Aug 2013 21:22:06 GMT

Question #1: Just INQ's

Question #2: Chase Bank Slate Card

Re: Re-establishing a Credit Portfolio with 2 or 3 credit cards

myjourney — Tue, 13 Aug 2013 21:27:50 GMT

@Anonymous wrote:
Question #1: Just INQ's

Question #2: Chase Bank Slate Card

So no baddies?

Still not sure how many INQ's (applications for credit) in the last year?

Scores all 3?

Re: Re-establishing a Credit Portfolio with 2 or 3 credit cards

Anonymous — Tue, 13 Aug 2013 21:33:35 GMT

3 INQ's in last year.

Approval Letter: 700 Experian

Re: Re-establishing a Credit Portfolio with 2 or 3 credit cards

myjourney — Tue, 13 Aug 2013 21:50:16 GMT

@Anonymous wrote:
3 INQ's in last year.

Approval Letter: 700 Experian

Rich,

EX score is good and hopefully the 3 INQ's were spread across all CB's

If and only if you have no baddies and EQ TU scores are within the same range You should be good for other cards

What type cards are you seeking cash back....... miles....?

Re: Re-establishing a Credit Portfolio with 2 or 3 credit cards

Anonymous — Tue, 13 Aug 2013 21:54:22 GMT

Chase Loyalty Rewards Card

Re: Re-establishing a Credit Portfolio with 2 or 3 credit cards

myjourney — Tue, 13 Aug 2013 22:00:27 GMT

@Anonymous wrote:
Chase Loyalty Rewards Card

IMHO you should be ok

Good luck should you app

Re: Re-establishing a Credit Portfolio with 2 or 3 credit cards

09Lexie — Tue, 13 Aug 2013 22:23:03 GMT

When you say Loyalty Rewards; are you referring to Freedom, CSP, Explorer? How long have you had the Slate?