Add another card to build credit?

Anonymous · ‎04-25-2018

I am trying to build my credit and I'm wondering if I should apply for another card. My scores on credit karma are around 760 (I don't trust this) and my citi card credit tracker says 708. The cards I currently have are: Citi double cash back / 2300, chase unlimited / 3500, cap one quick visa signature / 6k, cap one quick master / 2750, cap one venture one / 10k, Macy's /1100. All at a zero balance as of today. I started working on my credit about 5 years ago and have built it from the low 400's. Would it be beneficial for me to apply for another card or would that hurt me by lowering the average age of my credit? Thanks for the help!

Anonymous · ‎04-25-2018

@Anonymous wrote:
I am trying to build my credit and I'm wondering if I should apply for another card. My scores on credit karma are around 760 (I don't trust this) and my citi card credit tracker says 708. The cards I currently have are: Citi double cash back / 2300, chase unlimited / 3500, cap one quick visa signature / 6k, cap one quick master / 2750, cap one venture one / 10k, Macy's /1100. All at a zero balance as of today. I started working on my credit about 5 years ago and have built it from the low 400's. Would it be beneficial for me to apply for another card or would that hurt me by lowering the average age of my credit? Thanks for the help!

Hi SB0328,

Congrats on what seems to me to be a very solid rebuild.

I think it is fair to say you have run your race with Cap 1. But with the continuence of your rebuild, what are you looking to do with it exactly? I know this will help others here to help you.

Also I think it would be good for you to get a correct look at all your scores and reports with your AAoA - Average Age of Accounts. I know you can look around and find a very reasonalble price on a 3 Beurau Report and scores. I know with Experian you can get all 3 Fico's for the first month for $4.95 and after that is jumps, but you can discontinue before the end of he month.

I'm no expert compared to others around here, but I think you should maybe work on getting a CLI on both your Chase and Citi cards and by the looks of it you only have all revolvers, so maybe you could work on improving your Credit Mix by getting a SelfLender loan going.

Also if you have or find any baddies on our reports you may want to work on them. You can take a look at the Credit Rebuilder section of this forum to find help on those topics.

UpperNwGuy · ‎04-26-2018

Rather than adding new cards, I would focus on growing the credit limits of the Citi Double Cash and the Chase Freedom Unlimited.

Daily Carry: PenFed Power Cash • NFCU Flagship • NFCU More Rewards • Chase Freedom
Sock Drawer: PenFed Promise • NFCU cashRewards • Chase Sapphire Preferred • Chase Freedom Unlimited • United Explorer • UNFCU Azure

Anonymous · ‎04-26-2018

Hi Op
What do you mean by build your credit? Are you talking about building credit limits or credit scores? For limits -I think you should focus on growing your existing limits before applying for new cards. For scores -Try letting a small balance report on one card ( AZEO) and you may see a score increase.

HeavenOhio · ‎04-26-2018

@Anonymous, as Belle2018 says, all cards reporting a balance of zero will result in an unnecessary score ding, often 15–20 points. It's better to let one card report a small positive balance (at least $5). You won't be charged interest if you pay your statement balance by the due date. If you're uncomfortable waiting that long to pay, make your payment as soon as you know the balance has reported.

Anonymous · ‎04-26-2018

You already have more than 3 so unless you're going after a particular highly used rewards catagory this would be a good time to rest and focus on growing your credit limits. Are all your cards paid in full and reporting less than 8.9% without making mid month payments?

Also, do you have at least one installment loan? Any baddies on your report?

Anonymous · ‎04-26-2018

Thank you got the info! I do use the cards and there is typically a balance an at least one of them near the due date. I make sure to pay them all in full before the end of the month.

Anonymous · ‎04-26-2018

That's good advice for sure. I've been trying to do that but it's very slow going. Both citi and chase started me at very low limits. Cap one venture was the only card that has ever given me a decent starting balance (it's my most recent card so that makes sense). Is there any way to speed the process of getting cli's? Thanks for your help!

SouthJamaica · ‎04-26-2018

@Anonymous wrote:
I am trying to build my credit and I'm wondering if I should apply for another card. My scores on credit karma are around 760 (I don't trust this) and my citi card credit tracker says 708. The cards I currently have are: Citi double cash back / 2300, chase unlimited / 3500, cap one quick visa signature / 6k, cap one quick master / 2750, cap one venture one / 10k, Macy's /1100. All at a zero balance as of today. I started working on my credit about 5 years ago and have built it from the low 400's. Would it be beneficial for me to apply for another card or would that hurt me by lowering the average age of my credit? Thanks for the help!

1. You have enough cards for a perfect score, so no... adding another will not help.

2. You can pick up a few points in the short run by letting one account report a small balance while the others report a zero balance.