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Letting cards grow together...

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Anonymous
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Letting cards grow together...

Just got my Citi Double Cash approval...as I am trying to grow my numbers am I better off trying for 1 more card and letting them grow together or should I wait like 6 months and try for another...not the thickest file but have an auto loan and 2 cards 0-1% utilization. Wondering if getting another one and letting my AAoA grow together would be better or just sit on the 3 I have. Thanks for any imput or ideas!!

 

-Sin

Message 1 of 7
6 REPLIES 6
RonM21
Valued Contributor

Re: Letting cards grow together...

I think you could do either. If you haven't had credit long, then maybe garden it a bit. But if you do go for another card, for a better chance of approval and decent limit, I'd go with someone that pulls EX, as clearly that is your best score.

At the same time, I'm curious as to why that score is significantly higher than the others? If something is dragging the other scores down, that may need factored in also.


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 2 of 7
Anonymous
Not applicable

Re: Letting cards grow together...

I think the argument can be made both for getting another card right away or waiting 6 months.  There are pros and cons to both, but the important thing to know is that a year from now, 2 years from now, etc. it really doesn't matter.  If you DO decide to get another relatively soon, I personally would recommend doing it before your other new card reports and the inqury or inquiries show.  Not that it would be a deal breaker, but the new card you apply for may not like seeing the recent inquiry and new CC account opened prior to you apping for theirs. 

 

 

Message 3 of 7
Anonymous
Not applicable

Re: Letting cards grow together...

Inquiries show immediately, new account won't show until lender reports it which could be a month or two
Message 4 of 7
Anonymous
Not applicable

Re: Letting cards grow together...


@RM21 wrote:
I think you could do either. If you haven't had credit long, then maybe garden it a bit. But if you do go for another card, for a better chance of approval and decent limit, I'd go with someone that pulls EX, as clearly that is your best score.

At the same time, I'm curious as to why that score is significantly higher than the others? If something is dragging the other scores down, that may need factored in also.

I still can't figure out why it is so much higher...some things reporting on my EQ and TU don't seem to be reporting on my EX. The other two seem to have more inq's and that may be the reason...before I knew anything about credit or understood it even in the slightest I got a Kay Jewlers card and then broke up with my fiancee so I closed it >> wish I had left it open but hindsight is 20/20 I guess.

 

Sadly the card I just got has already reported so that won't really help me...super dissapointed with the CL on it but oh well got a card I really wanted.

 

-Sin

Message 5 of 7
Anonymous
Not applicable

Re: Letting cards grow together...


@Anonymous wrote:
Inquiries show immediately, new account won't show until lender reports it which could be a month or two

Oh? I didn't know that...so it will appear as an inquiry and won't be as worrying to a CC company then?

 

-Sin

Message 6 of 7
Anonymous
Not applicable

Re: Letting cards grow together...

Depends how the bank looks at it. An inquiry without a new account might look like a denied application.
Message 7 of 7
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