Which card(s) should I apply for next?

[midwestsunshine]

I have 3 cards that I applied for last year when my FICOs were 650ish Discover (10K), Capital One (10k), Amex (1k).  My only other card I have had for 15 years and it is a very low limit US Bank Visa ($1,500).  One year later, my FICOs are 690ish.  For inquiries, Experian (4), Equifax (1) & Transunion (3).  All but 1 inquiry will fall off in 2022.  I have 2 paid charge-offs from 6 years ago.  I use a variety of the credit monitoring apps & they tell me I have too few accounts so I wish to add a few.  

Don't have much of a plan except to request a product change from US BANK to the Cash+ Visa.  The card I presently have is bucketed, but has a good, long history (15+ years) As a customer with checking and savings accounts with them and no lates, I am hopeful I will get the cash+.  Also, they sent me a pre-selected mailer for it.    

These forums have really helped me improve my credit (and life!) Thank you! I am now hesitant to make any applications without checking here first.  Any suggestions would be greatly appreciated.

[KLEXH25]

Well you don't really *need* more accounts to have a good score or improve it. Only time and on time payments will really get you there. However, if you're determined to open another card or two, it would help to know what your spending habits are. Do you prefer cash back? Do you travel? Has your youngest card hit 1 year yet? Which Cap1 and Amex do you have? If you apply for another Amex it should be a soft pull approval. Have you tried getting a CLI on your current AMEX?

[midwestsunshine]

Thank you for your reply.  Cap1 Venture & Amex Delta Gold.  Cash back or travel are my preferences.  My youngest card is over 1 yr old this month.  I was declined a cli on my amex 8 months ago and since the limit on that card is so low (1k) I haven't considered getting another amex card this year.  In 2023 I will be traveling quite a bit, 40+ flights & have thought about getting the amex platinum in 2 years as the benefits would be worth much more than the annual fee.    

[randomguy1]

When do your 6+ year charge offs drop off? I would venture to think that having them off your record will yield better starting SL, APR, and approval chances. If you don't need a card immediately and can wait, that might be a good idea.

[midwestsunshine]

@Anonymous in about 15 months

[Anonymous]

Keep in mind that the monitor sites tell you that you need more cards because they get referral fees every time you app through them. It's a cash grab pure and simple. They say you need at least 21 cards for optimum scoring - untrue. Girlfriend dumped you? Get a new card. Dog ran away? A credit card is the ticket. Don't like the color of the sky? The only way to change it is with another new card...and on and on, ad infinitum.

Get a card if you have need of one and can benefit from its perks.

[midwestsunshine]

i have 4 credit card accounts open, house is paid for, no car note & no other loans so my only debt is the balances on those cards.  my utilization is under 15% year round.  what should i do next to improve my credit?  thanks for your reply!

[Anonymous]

Probably wait till your charge off drops off. No need to rush to apply for another card at this moment. Keep working on paying off the cards you have, keep decreasing your utilization, ask for CLI on the cards you got and if you might wanna get a nice mix get an installment loan the ones from CU and in 15 months your scores will be great to app for travel cards

[midwestsunshine]

@Anonymous

ok, i'll go with this & maybe get a lowes card for a remodel this summer.  

[midwestsunshine]

Update:

-i got a cli on my cap 1 venture of +7k, new limit is 17k.  

-declined cli on amex for second time.  this card has 1k limit & I will close if i can't get an increase in the next 12 months.  recieved letter from amex informing my fico, 690, was too low.  

-product changed an old usbank platinum with a 1.5k limit to a cash plus with 8k limit.  not seeing  a hard pull yet.  

-pre-qualified for the lowes advantage card for 3k limit.   will take them up on it.

-opened 2 5k checking accounts, chase & boa & will app them next year when my scores improve & delinqs age off.