Is my Wallet Big Enough?

[Anonymous]

My CK scores are current 664 and 655.

My wallet currently looks like this:

- Capital One $300 CL, never charging over $29 a month, always paid off to 0% before statement cut off. CLI auto hits in 2 months to $500

- $500 1yr Shared Loan with PenFed - first payment not due until 7/12

- Capital One Car Loan $13k - 2 months old, paid on time

My points have been creeping up from where i started after my BK discharge in 3/2019 from 575 so Im very pleased. 

However Im wondering if I have enough in my wallet. Should I app for 1 or 2 more cards.. and do the AZEO as well to help get my points up? I know CK is not a perfect representation of your score, and realistically those scores are 30 points lesser on each but I dont want to get hard inquiries if I should just sit where I am at for now.

Here is who I burned in the BK... Merrick, Discover, NFCU, USAA, Exxon, Total, CreditOne (all were collections except NFCU/USAA/Discover)

If im being impatient, please tell me. I can sit and wait it out but I want to make sure Im getting the max amount possible point wise here so after 24 months I can get a home loan. 

[FireMedic1]

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@Anonymous wrote:

My CK scores are current 664 and 655.

My wallet currently looks like this:

- Capital One $300 CL, never charging over $29 a month, always paid off to 0% before statement cut off. CLI auto hits in 2 months to $500 Is it the Platinum? You can charge more then 29 bucks. Its what is reported at statement date that matters. Cap 1 likes heavy usage and PIF since its your only card. You try for the Open Sky secured. No HP.  Everyone is approved. Then have 1 card report 10 bucks and the other 0. Then your on the border of 50% of cards reporting. Wait another 6 months and start hitting Cap1 pre-qual or Disco a yr out.

- $500 1yr Shared Loan with PenFed - first payment not due until 7/12 Good

- Capital One Car Loan $13k - 2 months old, paid on time Good. Theres you installment loan. So you can pay off PenFed i little sooner. More than 1 installment doesnt do much scorewise but helps show on time payments.

My points have been creeping up from where i started after my BK discharge in 3/2019 from 575 so Im very pleased. 

However Im wondering if I have enough in my wallet. Should I app for 1 or 2 more cards.. and do the AZEO as well to help get my points up? I know CK is not a perfect representation of your score, and realistically those scores are 30 points lesser on each but I dont want to get hard inquiries if I should just sit where I am at for now.

Here is who I burned in the BK... Merrick, Discover, NFCU, USAA, Exxon, Total, CreditOne (all were collections except NFCU/USAA/Discover)

If im being impatient, please tell me. I can sit and wait it out but I want to make sure Im getting the max amount possible point wise here so after 24 months I can get a home loan. 

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Let what you have grow. Wait up to 6-8 months after getting the Open Sky. Then hit up the pre-qual sites for the 3rd card. Then its a growing time then. That should do it for now. Good Luck!

[Jannelo]

After I received my Cap One Platinum, once it hit six months, after automatic CLI from credit steps to $500 CL, I waited until I hit the six-month mark from opening that card and then prequal'd for another card with Cap One.  This time I put that I wanted a cash-back card.  Cap One Quicksilver1 popped up for me.   Now, I had burned Cap One for cards just like this and was still paying for a charge-off on my old Quicksilver1.  But not only was I approved, but I got a $1000 SL.  I didn't  expect that amount with credit scores in the mid 500s.    I am several months into my credit steps program and asked for a CLI, and they automatically gave me $100.  So now it's $1100.  So I assume in September, when my credit steps CLI comes, I will just get $400 CLI, instead of the $500, bringing me up to the $1500.   But I'm happy.

That might be an option for you, but you will have to wait four months to do that .  You have to wait six months in between apping for Cap One cards.