@babygirl1256 wrote:@Anonymous Welcome to the forum . . . I have been able to gain so much knowledge and guidance from many of our myFICO forum experts (copied below) that I follow -and- perhaps in order for someone to provide guidance, you may need to share some additional information:
- How old are your inquiries (TU 8, EQ 7, EX 8)?
- What are you trying to accomplish with your approvals (i.e. future home purchase, credit rebuild, etc.)?
- What other cards/trade lines do you have other than the recently added BoA and AmEx?
- Considering your current FICO 8 scores TU 695, EQ 685, EX 694 . . . Are there any adverse items are on your credit report (i.e. collections, charge-offs, bankruptcy)?
@Brian_Earl_Spilner ; @Anonymous , @AllZero , @M_Smart007 , @blindambition Thanks all.
Some good questions by @babygirl1256!!! What are you looking for? Cash back or points? List all accounts... Any derogs? When were Amex and BoA opened? The community can better help with better understanding of your profile.
Yes we need to know what your goals are. Otherwise we can all just list off our personal favorite cards, but they may not be a good fit for you.
@Anonymous wrote:Current Inquiries are TU 8, EQ 7, EX 8. Account recently added was BofA and Amex. Current FICO 8 scores TU 695, EQ 685, EX 694. Please help if you can.
Welcome to Forums, Ron!
From the looks of your score right now, not bad for a thin file; but as noted a few more Datapoints would be helpful, especially if you have a specific need/goal that better credit can give you.
A generic answer to your OP, I'd say that having minimum 3 cards (1 each V & MC, and either AMEX/DISCO or both if finances support it) will give you the best range that will cover majority of merchants/services.
Since you already have, IMO a higher tier card (Amex, way to go!), I'd would consider getting either V/MC if you already have one from BofA (Get MC if they gave you V, or vice versa). Plus you have (I hope) the perk that you may not even get another HP applying for 3rd card, since you're already in with the bank.
Depending on what card they gave you, I would suggest that your opposing card has a different reward class (Hotel, Travel/Airline, Points, Cash Back, 0% BT). Personally I would suggest (barring any new datapoints you post) that at least have one cashback card; any other noncash rewards (BofA has Perks, Amex calls them MR, etc) you can customize for your needs.
Last and hardest, once you get the new card...STOP APPING for new cards (Credit or Store cards) for at LEAST 6 months - 1 year. This should also give time for those HP's you mentioned in your post to drop off (the more, the better!).
Use the ones you got (try to stick to 9-30% rule of thumb using avalible credit), rotate thier usage, PIF before statement cuts OR carry only <=10% of your total credit line to next statement and try to Pay In Full (PIF) as soon as able.
Most importanly; KNOW going in, you'll have some setbacks (financial life is like that) while you learn the ins and outs of all this but don't overthink or obsess with it too much. When in doubt, do the reasearch ask and you'll be surprised how much you'll learn and how far you'll get!
Good luck, and keep us informed!
