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Add new card or wait?

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Anonymous
Not applicable

Add new card or wait?

Currently in the rebuilding phase of credit. Have been using my current cards wisely and just got to 595. I currently have, First Premier Bank $300(AU 11/20) Cap1 secured $200(got in 2/21), Cap1 quicksilver one $300(5/21) and today got a preapproval for my own First Premier for $400 should I go ahead and go for it? I don't want to waste an inquiry but also want to build up my file instead of having an thin file. 

Message 1 of 6
5 REPLIES 5
Adkins
Legendary Contributor

Re: Add new card or wait?

I would wait. You have three cards (granted one is an AU), which is ideal to maximize your FICO score. If you are planning your rebuild for the long haul, you want to add cards that will be long term keepers. The First Premier is not a keeper card but a tiny stepping stone. I'd wait six months for some more score improvement and then look at applying for a regular Discover card, assuming they weren't burned before your rebuild. Slow and steady wins the rebuild race. 


Last HP 08-07-2023



Message 2 of 6
SouthJamaica
Mega Contributor

Re: Add new card or wait?


@Anonymous wrote:

Currently in the rebuilding phase of credit. Have been using my current cards wisely and just got to 595. I currently have, First Premier Bank $300(AU 11/20) Cap1 secured $200(got in 2/21), Cap1 quicksilver one $300(5/21) and today got a preapproval for my own First Premier for $400 should I go ahead and go for it? I don't want to waste an inquiry but also want to build up my file instead of having an thin file. 


No, you don't need any more "starter" cards. You've got enough to build your scores from here.

 

Adding that card won't do anything for your scores.

 

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 3 of 6
Red1Blue
Super Contributor

Re: Add new card or wait?

I would wait. You dont need First Premier.  Wait some time and then try for Discover or Citi or some other card even if it is secured which would become unsecure after few months and also will grew with you. Also if you can afford get a secured card with $2k or $3k limit which is higher than you currently have. From what I hear higher limit cards attract higher limits.

Message 4 of 6
Anonymous
Not applicable

Re: Add new card or wait?


@Anonymous wrote:

Currently in the rebuilding phase of credit. Have been using my current cards wisely and just got to 595. I currently have, First Premier Bank $300(AU 11/20) Cap1 secured $200(got in 2/21), Cap1 quicksilver one $300(5/21) and today got a preapproval for my own First Premier for $400 should I go ahead and go for it? I don't want to waste an inquiry but also want to build up my file instead of having an thin file. 


If it was me I would stay clear of First Premier cards.  I had one when I was rebuilding and they charged me for not even using the card almost 10 bucks a month.  I have since canceled them.   With your scores this low you should just stick with what you got.  Keep using those cards, paying them off monthly and don't incur any collections or late payments.  Even if you got the first premier card it will be a low credit limit and will not help your credit whatsoever.   Keep what you have, maybe ask for credit line increases. Adding more cards won't speed your credit scores up.  You have enough revolving credit.  If you just had to apply for something maybe an installment loan but no more revolving.  You do not need anymore low tier cards at this point won't help you at all.

Message 5 of 6
Horseshoez
Senior Contributor

Re: Add new card or wait?


@Anonymous wrote:

Currently in the rebuilding phase of credit. Have been using my current cards wisely and just got to 595. I currently have, First Premier Bank $300(AU 11/20) Cap1 secured $200(got in 2/21), Cap1 quicksilver one $300(5/21) and today got a preapproval for my own First Premier for $400 should I go ahead and go for it? I don't want to waste an inquiry but also want to build up my file instead of having an thin file. 


As others have suggested, take a hard pass on First Premier.  As has also been suggested, look for a secured credit card, say Discover, with a MUCH higher credit limit; yes, it is a bit if a pain to pony up a couple thousand dollars for a security deposit, but doing so will pay dividends in that you'll have a much higher overall credit limit, and when the card graduates, you'll have an unsecured limit of at least what your security deposit was.

I categorically refuse to do AZEO!
Message 6 of 6
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