How many cards should I apply for ?

[Jerel82TX]

So, recently, I applied for 2 new cards ( both with capital one) and got approved for both ( credit score is 621). Currently, I have 5 inquries on my credit report, hence, I'm wondering should I apply for one additiona card? Alternatively, should I simply build my scores higher in order to get a better card in the future? Thanks!

[Anonymous]

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@Jerel82TX wrote:

So, recently, I applied for 2 new cards ( both with capital one) and got approved for both ( credit score is 621). Currently, I have 5 inquries on my credit report, hence, I'm wondering should I apply for one additiona card? Alternatively, should I simply build my scores higher in order to get a better card in the future? Thanks!

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Can you tell us a bit about your credit profile?  What cards do you have now and what are their limits?  Do you have any baddies on your reports?  What are your FICO scores for EX, TU and EQ?

[Jerel82TX]

Sure! Experian is 621, and 602, 600 ( Trans/Eq).  Currently, I have a Wells Fargo Secured Card ( $300 Limit), which is almost 3 years old (long time for secured I know).  The two new capital one cards both have $1,000 limits.  I still have 3-4 baddies ( small amount med collections) that I will get removed within in the next 2-3 months via PFD.  Additionally, I have a judgement ($1,800), which is 6 years old reporting on both Trans/EQ. 

[Anonymous]

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@Jerel82TX wrote:

Sure! Experian is 621, and 602, 600 ( Trans/Eq).  Currently, I have a Wells Fargo Secured Card ( $300 Limit), which is almost 3 years old (long time for secured I know).  The two new capital one cards both have $1,000 limits.  I still have 3-4 baddies ( small amount med collections) that I will get removed within in the next 2-3 months via PFD.  Additionally, I have a judgement ($1,800), which is 6 years old reporting on both Trans/EQ. 

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Thanks for the detailed info.  Don't apply for any more cards until the 3-4 baddies come off your report in the next 2-3 months.  Once those come off, you will see a rise in score which will make you be able to get some really good cards.

For now, work on the baddies.  Congrats on the 2 CAP 1 approvals...

[Jerel82TX]

Thanks for the advice. I will surely take it 

[Anonymous]

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@Jerel82TX wrote:

Thanks for the advice. I will surely take it 

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You are welcome!! Once the baddies are off your report, update the thread with your new scores and we will go from there..