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1 more card to raise score?

ktfoster
New Member

1 more card to raise score?

Hi I'm seeking advice and knowledge. I've been looking for a card with cashback/benefits, but I don't think my Experian/Equifax are high enough. Recently got approved for a Barclays Visa 3.5K and Marvel Mastercard 3K.  My Fico scores jumped up 12-30 points each as a result. Next the Fico simulator says my experian score will increase another 20 points if I get another card with 1K limit. So if I have Eq672, Trans718, Ex644, what cards should I apply for? (as this is my last card I will get for a while). Also, I gathered not to charge but half the limit, but I'm confused as to how long I should stretch payments for the maximum score benefit. I have a tendency to pay things off right away, but I'm learning to be patient. Thanks for your help in advance. 

12 REPLIES 12
Belfanm
Regular Contributor

Re: 1 more card to raise score?

I would recommend Discover It or Chase Freedom for cash back rewards and with those credit scores. Both are exceptionally great cards to have. Discover may approve you with a low SL, but that will grow quick.
Exp 745 Trans 738 Eq 760 Gardening since 3/6/2016

Message 2 of 13
tridente
Regular Contributor

Re: 1 more card to raise score?

I think Belfanm's suggestions of Discover it and Chase Freedom are great suggestions. Both are great cards, and I'm not sure which bureaus those two pull in your area, but Discover seems to favor TransUnion in my area (Northern CA).

 

A bit of additional info would be helpful, though: how long is your credit history? Average age of accounts? Any baddies?

 

If your credit history is thin, Discover (and AMEX) are favorable towards thinner (but clean) files.

 


@ktfoster wrote:

Also, I gathered not to charge but half the limit, but I'm confused as to how long I should stretch payments for the maximum score benefit. I have a tendency to pay things off right away, but I'm learning to be patient.


The conventional wisdom I've seen on here (and which I follow) is to report 1-9% utilization on one card, and 0% utilization (i.e. 0 balance reporting) on all other cards. Carrying a balance from month to month, or making only minimum payments, does not really help your score.

 

Good luck!

Message 3 of 13
SouthJamaica
Super Contributor

Re: 1 more card to raise score?


@ktfoster wrote:

Hi I'm seeking advice and knowledge. I've been looking for a card with cashback/benefits, but I don't think my Experian/Equifax are high enough. Recently got approved for a Barclays Visa 3.5K and Marvel Mastercard 3K.  My Fico scores jumped up 12-30 points each as a result. Next the Fico simulator says my experian score will increase another 20 points if I get another card with 1K limit. So if I have Eq672, Trans718, Ex644, what cards should I apply for? (as this is my last card I will get for a while). Also, I gathered not to charge but half the limit, but I'm confused as to how long I should stretch payments for the maximum score benefit. I have a tendency to pay things off right away, but I'm learning to be patient. Thanks for your help in advance. 


1. I don't think you need any more cards at the moment. And I am highly doubtful that adding another card will increase your scores.

 

2. The best thing you can do to raise your scores is to manage the cards you have at this point.

 

3. Your TU score is MUCH higher than your EQ and EX. Unfortunately, you've exhausted my list of TU-pullers, Barclays and Synchrony.

 

4. There's no reward for "patience" in terms of your credit card balances; the best thing to do is pay them off as fast as possible. That will encourage the banks to give you CLI's. The best way to manage your cards for score optimization is to let all but one of the cards report a zero balance, and for one card to report a balance of 9% or less.


Total revolving limits 677500 (584500 reporting) FICO 8: EQ 758 TU 777 EX 749

Message 4 of 13
ktfoster
New Member

Should I use 1K on 1 card and let 2 others report $0?

Hi, I'm looking for advice  .. So, I just got a Barclays 3.5K and Marvel MC 3K. (My first two cards in a long time). My FICO simulator says my EXP scores will go up 20 points if I get one more card with 1K limit.  I'm wondering if I should apply for the Discover it or pre-approved Capitol one (these will make 3 cards total). Then, I won't use two cards while I use only $1K of the limit on the Marvel mastercard as I need to have some dental work done asap. I'm thinking it might not be smart to apply for a separate care credit account for dental work at this point. 

 

OR I can just keep the two cards I have and use the MCard and let the Barclays report $0. Which would be better?

 

I have over 158 months history, average age of accounts is 3 years, a few lates are reporting that I will start a dispute on today. My current FICO EQ672, TU718, EQ644. When I got secured loans from the bank in the past, the loan officer would fuss at me for paying them off too quick.  Does credit cards work differently? Some say I should pay them off every month like an AMEX (which I don't have).  I can pay the $1000 master card dental bill off in 1 month but in my mind keep hearing the loan officer urging me to stretch it out to build credit.

 

I'm learning SO MUCH on this forum... Thanks Again!!

Message 5 of 13
RonM21
Valued Contributor

Re: Should I use 1K on 1 card and let 2 others report $0?

I'n not sure what to tell you to do on that. The options you mentioned do not seem too bad.

I was going to say, if you do app, I'm with the Discover suggestion also. Just the fact that it will grow alone, makes me favor them.
                

Total CL: $314.7kUTL: 2%AAoA: 6.8yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | DISC-40.6k | PENFED-38.4k | AMEX-37k | LOWES-35k | ALLIANT-25k | BARCLAYS-15k | CITI-13.7k | CHASE-10k

Message 6 of 13
SouthJamaica
Super Contributor

Re: Should I use 1K on 1 card and let 2 others report $0?


@ktfoster wrote:

Hi, I'm looking for advice  .. So, I just got a Barclays 3.5K and Marvel MC 3K. (My first two cards in a long time). My FICO simulator says my EXP scores will go up 20 points if I get one more card with 1K limit.  I'm wondering if I should apply for the Discover it or pre-approved Capitol one (these will make 3 cards total). Then, I won't use two cards while I use only $1K of the limit on the Marvel mastercard as I need to have some dental work done asap. I'm thinking it might not be smart to apply for a separate care credit account for dental work at this point. 

 

OR I can just keep the two cards I have and use the MCard and let the Barclays report $0. Which would be better?

 

I have over 158 months history, average age of accounts is 3 years, a few lates are reporting that I will start a dispute on today. My current FICO EQ672, TU718, EQ644. When I got secured loans from the bank in the past, the loan officer would fuss at me for paying them off too quick.  Does credit cards work differently? Some say I should pay them off every month like an AMEX (which I don't have).  I can pay the $1000 master card dental bill off in 1 month but in my mind keep hearing the loan officer urging me to stretch it out to build credit.

 

I'm learning SO MUCH on this forum... Thanks Again!!


1.  I don't know why you keep repeating much of the same information.

 

2. You should keep the 2 cards, let one report at zero, the other at a zero balance.

 

3. Disregard what you were told about stretching it out. That's only applicable to installments loans.

 

4. You should not apply for anything else at this time.

 

 


Total revolving limits 677500 (584500 reporting) FICO 8: EQ 758 TU 777 EX 749

Message 7 of 13
gdale6
Moderator

Re: 1 more card to raise score?

Hi there OP,

 

I have removed your duplicate threads from this forum on the same subjects. Please refrain from doing this in the future it leads to confusion by the members and its not inline with our TOS. I thank you for your understanding on this.

Message 8 of 13
ktfoster
New Member

Re: 1 more card to raise score?

That was way harsh... the subject of my previous post got cut off and a responder asked me for additional history information... that's why I re-posted it. You know, it takes a while to learn what the language & abbreviations mean on this forum along with trying to learn the credit game... I also stumbled with navigating between sending announcements vs. private messages... so excuse me for making a mistake while I'm trying to learn. I will never look for information here again.
Message 9 of 13
Anonymous
Not applicable

Re: 1 more card to raise score?

Not sure why the OP believes that his FICO scores increased by opening two new CC's?

Message 10 of 13
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