@Malsori wrote:
Hello everyone! I just turned 32 and started my credit building journey 2 months ago after deciding I want to apply for my first ever auto loan. I have no credit history or any fico scores. A total clean slate. I opened a secured discover card and a self credit builder account in March. I then opened a capital one secured plat card in April (2 weeks after disco). So I have one secured card that's 2 months old and a second card that's 1 month old. Along with a secured installment loan that's 2 months old (24 month term).
I assume I have 4 months left (September) before I generate a fico score. I hear having 3 cards is optimal for the fico scoring algorithm so I'm debating on how I should go about obtaining a 3rd card. I'm looking for a auto loan as soon as possible once the new year (2023) comes around. Maybe by February or March. I want to build my fico scores as high as possible in the meantime and apply through PenFed CU. I'm currently working on becoming a member with them. I got denied for a couple of bank secured cards (new/thin file) so those are a no-go. The open sky is pretty much my only option right now, and it doesn't take a HP which is nice. However, it's not a card I'd keep once it serves it's purpose so I'd hate to open a card that I know I will close after the first year.
The logical part of me says to wait until I qualify for a unsecured card from Amex (I hear they like thin files with good scores) but I worry that adding a new card after 6 months of building my oldest card, that my score will take a big hit with the average age dropping and it won't recover in time for my loan app. Hence why I'm debating if it's worth getting the open sky now as it's only 2 months since my oldest card and age it out alongside it. Or is having 2 cards simply enough to raise my scores high enough for a good loan?
Any advice/opinions would be great!
You are the perfect customer for US Bank's two graduating secured cards, Cash + and their Altitude Go.
Great rewards, no annual fee and they graduate typically within one year, plus US Bank loves people with few accounts and few inquiries.
https://www.usbank.com/credit-cards/altitude-go-secured-visa-credit-card.html
https://www.usbank.com/credit-cards/cash-plus-secured-visa-credit-card.html
Don't worry about average age of accounts when your oldest account is one year. Hefting up your profile will do more good than harm.
