Should I apply for a new card?

[Anonymous]

Hi all,

Having been without any credit cards for nearly 30 years (other than cards through my employment) , I finally got a secured card from my bank, Fifth Third. It has been seven months now and I have used it very sparingly, always paying it off every month. My utililization has always been very low (2% - 6%) with a $500 limit.

The Experian site says I have a FICO 8 score of 769. Credit Karma shows me with a TU score of 705 and an EQ score of 720. I have no derogatory remarks and just the one HP from Fifth Third.

It's not that I need another card, but I would like to get away from the annual $24 while getting some rewards. Since my credit history is so new, I'm a little gun shy of applying for a new card anywhere.

Should I wait longer to start applying and build more credit history or am I good to go now?

Thanks.

[Anonymous]

Check for prequals! 

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Credit-Card-Pre-Qualification-Links/td-p/4...

Some lenders (Chase, Barclays.. sometimes Citi) want to see at least a year of credit history but others (Discover, Amex) are friendlier to new, thin files. You've got enough time under your belt, no recent inquiries and a good score so you'd likely have a few decent prequals. Choose a card that will suit your needs and check for a prequal. No harm in checking. 

[Medic981]

Welcome to the myFICO forums!

Can you build credit with just one credit card? Yes, however, your FICO credit scores will not be optimal as you will not have the credit mix the FICO credit scoring algorithm looks at. What is the FICO credit scoring algorithm you ask? Only FICO knows as it is proprietary information and a closely guarded secret.

Ultimately, what you need to build credit and improve your FICO scores are three (3) open revolving credit card accounts in good standing and one (1) open installment account in good standing such as a car, home, student, personal, share secured, or credit building loan. This combination is what the myFICO credit scoring theorists on the myFICO forums have determined is what you need for optimal credit building and FICO credit scores. You can have more credit cards and more installment loans, however, this will not increase your FICO credit scores.

[Anonymous]

Thank you for your reply. Does a prequal count as a hard pull?
Thanks again

[Anonymous]

Nope and welcome! 

[Anonymous]

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@Anonymous wrote:
Thank you for your reply. Does a prequal count as a hard pull?
Thanks again

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Nope. Prequals on the links in the thread provided are soft pulls. When you fill out the form it will say something like "No Impact to Your Credit Score!"

[pinkandgrey]

 Check Amex and Discover prequal sites. Also try Capital One! Good luck! You’re bound to get something...