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Should I apply

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DomaneRider
Valued Member

Should I apply

My credit has recently jumped the past few months due to some bad accounts falling off.  My question is do I apply for a new CC.  Currently have 2 cards.  $3300 and $1750 limit on each.  Does applying for an additional CC increase my score?  Or should I just sit tight?  Also, I'm not planning on making any large purchases or taking out a loan anytime in the near future.  

 

Credit scores are sitting at:

Ex 692

Eq 720

Tu 694

Any and all feed back will be greatly appreciated.

Thanks

Message 1 of 11
10 REPLIES 10
OmarGB9
Community Leader
Super Contributor

Re: Should I apply

Adding a card in itself wouldn't improve your scores, but there's the old "have less than 50% of cards reporting a balance" rule, hence why a minimum of 3 cards is *recommended,* but not required. It's totally up to you.


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 2 of 11
CYBERSAM
Senior Contributor

Re: Should I apply


@DomaneRider wrote:

My credit has recently jumped the past few months due to some bad accounts falling off.  My question is do I apply for a new CC.  Currently have 2 cards.  $3300 and $1750 limit on each.  Does applying for an additional CC increase my score?  Or should I just sit tight?  Also, I'm not planning on making any large purchases or taking out a loan anytime in the near future.  

 

Credit scores are sitting at:

Ex 692

Eq 720

Tu 694

Any and all feed back will be greatly appreciated.

Thanks


just sit tight! Your on the right path improving your credit, another 20 points would qualify you for much better cards and decent SL. 👍







                
Message 3 of 11
DomaneRider
Valued Member

Re: Should I apply


@OmarGB9 wrote:

Adding a card in itself wouldn't improve your scores, but there's the old "have less than 50% of cards reporting a balance" rule, hence why a minimum of 3 cards is *recommended,* but not required. It's totally up to you.


Thank you.  Looks like there is no rush to apply anytime soon.

Thanks

Message 4 of 11
DomaneRider
Valued Member

Re: Should I apply


@CYBERSAM wrote:

@DomaneRider wrote:

My credit has recently jumped the past few months due to some bad accounts falling off.  My question is do I apply for a new CC.  Currently have 2 cards.  $3300 and $1750 limit on each.  Does applying for an additional CC increase my score?  Or should I just sit tight?  Also, I'm not planning on making any large purchases or taking out a loan anytime in the near future.  

 

Credit scores are sitting at:

Ex 692

Eq 720

Tu 694

Any and all feed back will be greatly appreciated.

Thanks


just sit tight! Your on the right path improving your credit, another 20 points would qualify you for much better cards and decent SL. 👍


Thank you so much.  I guess in another 6-9 months everything being what it is today.  My score should increase some.

Thanks again

Message 5 of 11
DomaneRider
Valued Member

Re: Should I apply

Update:

Scores sitting at

Ex 705

Eq 729

TU 710

Slowly inching my way to 750.  I'm assuming several more months and I could possibly be there.  Followed advice and didnt apply for any new credit.    Thanks for everyone who provided positive feedback.  

Message 6 of 11
SouthJamaica
Mega Contributor

Re: Should I apply


@DomaneRider wrote:

My credit has recently jumped the past few months due to some bad accounts falling off.  My question is do I apply for a new CC.  Currently have 2 cards.  $3300 and $1750 limit on each.  Does applying for an additional CC increase my score?  Or should I just sit tight?  Also, I'm not planning on making any large purchases or taking out a loan anytime in the near future.  

 

Credit scores are sitting at:

Ex 692

Eq 720

Tu 694

Any and all feed back will be greatly appreciated.

Thanks


1. Applying does not help your scores, it hurts them. You get an inquiry, and if you're approved you get a new account which lowers your average age of accounts and resets your age of youngest account.

2. The passage of time helps your scores.

3.  So the longer you wait, the higher your scores will be, and the higher your chance of approval and the larger the selection of cards that will be available to you.


Total revolving limits 657200 (536700 reporting) FICO 8: EQ 712 TU 710 EX 708

Message 7 of 11
49erFaithful85
Valued Member

Re: Should I apply

Appreciate the update. Incentive to sit tight and not impulse app over minor score jumps. Which I may have done before locating this forum. Smiley Very Happy

SavorOne $700 | TD Double Up $800 | Target $1100 | Wayfair $4300 | Discover (AU) $12,000

EX - 638 | TU - 670 | EQ 720
Message 8 of 11
Blender
Established Contributor

Re: Should I apply


@DomaneRider wrote:

My credit has recently jumped the past few months due to some bad accounts falling off.  My question is do I apply for a new CC.  Currently have 2 cards.  $3300 and $1750 limit on each.  Does applying for an additional CC increase my score?  Or should I just sit tight?  Also, I'm not planning on making any large purchases or taking out a loan anytime in the near future.  

 

Credit scores are sitting at:

Ex 692

Eq 720

Tu 694

Any and all feed back will be greatly appreciated.

Thanks


when did you open those cards?

4/2024


Message 9 of 11
Bill77
Regular Contributor

Re: Should I apply

I would wait at least 6 months and until all 3 scores are in 700s for multiple months.  Nothing wrong with responsibly adding cards as your scores improve.  But you also don't want to be one of these guys with 25 cards with an average CL of 2k lol because they went on sprees and didn't climb the CL ladder the right way.

 

Message 10 of 11
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