Is it better to wait 3 months ?

[Mdowning30]

My Chase Freedom Unlimited is my newest account I opened in mid January. Would it be best to let that age this month which it will hit the 3 month mark and FICO should award me some extra points ? Before I apply for another card...

[bigseegar]

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@Mdowning30 wrote:

My Chase Freedom Unlimited is my newest account I opened in mid January. Would it be best to let that age this month which it will hit the 3 month mark and FICO should award me some extra points ? Before I apply for another card...

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Personally I'd wait 6 months. I mean according to your profile you only have 2 cards and one of those is a Secured card and with only a $500 on your Chase Freedom, and your low FICO scores you barely got in. Then add that other card which is your oldest line isn't even a year old yet. So I'd let them both esp the Chase age longer. Remember rebuilding is a marathon not a sprint such there's no rush.

[dragontears]

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@Mdowning30 wrote:

My Chase Freedom Unlimited is my newest account I opened in mid January. Would it be best to let that age this month which it will hit the 3 month mark and FICO should award me some extra points ? Before I apply for another card...

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What are your short-term credit goals?

If it is to just aquire another low limit card, apply whenever you want. 

If it is to start acquiring rewards cards that fit your spending and are "keepers" you should wait longer than 3 months. 

[FishingGuy]

I agree with both of the comments above I would wait before applying.  If I was to do anything I would do a "self lender loan" for the highest amount allowed.This is where you make a "deposit" monthly for let's say 12 months like a holiday club...... at the end of the 12 months you get your money back less fees.... so it's like forced savings.   

However it's set up and reports as a loan, and as long as you make those monthly deposits/payments on-time it will greatly help build your credit..... this along with ageing I believe will help build your credit and acquire larger lines in the future.     

[Mdowning30]

I actually want to raise my credit limit to decrease my Debt to loan ratio, to keep my utilization low and increase my score.

[SouthJamaica]

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@Mdowning30 wrote:

I actually want to raise my credit limit to decrease my Debt to loan ratio, to keep my utilization low and increase my score.

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OK well your best bet to do that is to use the Chase Freedom Card frequently and pay it down frequently during the cycle. That will often get you a credit limit increase from Chase.

I agree with those who advise you to wait even longer than 3 months to apply for a new card.

To optimize your scores (a) let the Capital One card report a $10 balance each month, then pay it right off after the statement; and (b) keep paying the Chase card down to zero.

When your scores have improved, then go for an Amex Blue Cash Everyday, or a Discover IT card, or a credit union card.

[GatorGuy]

I'd recommend waiting 6 months or longer. 

As mentioned, use your Chase card as much as possible and pay it in full to help your chances at an auto CLI. 

[CYBERSAM]

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@Mdowning30 wrote:

I actually want to raise my credit limit to decrease my Debt to loan ratio, to keep my utilization low and increase my score.

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Loan utilization is not the same as credit card utilization!

Based on your profile, you probably can get some store cards with low SL! But that would probably lower your score because of HP and new account etc..

As others have said, just garden for few months before getting another CC.

Also look for a CCs that can grow easily with SP CLI.

[Mdowning30]

Thats why im hoping to get in with AmEx for my 3rd revolver.

[bigseegar]

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@Mdowning30 wrote:

Thats why im hoping to get in with AmEx for my 3rd revolver.

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As I mentioned to you in another post you did where you mentioned you have a collection and some 30 day late pays on your EX. The likelihood of you getting a "higher" SL with such a thin file and baddies on it as well is very unlikely yet. Those things along with your scores are going to work against you even getting approved with AmEx and especially a higher SL. You'll be very fortunate if you get approved with their lowest SL of $1,000. As I've said in those other posts. You need to wait on AmEx and look elsewhere.