Building available credit

[Anonymous]

Hey guys, been lurking for quite a bit and finally decided to make an account. 

I've been rebuilding my credit after having a few derogs drop from my file after the 7 year mark.  I started with a Citi secured MasterCard with a $200 deposit and a Self credit builder loan. My scores went from low 500s to my current 676 Fico 8 across the board. 

Last week I was preapproved for a few different Amex card and decided to apply for the Amex Everyday preferred and was approved! (Very happy moment for me). 

I'm wondering now how many cards I should try to open up and which I should go for. I have some cap one preapprovals but have read on the forum that they pull 3x, is it worth it? 

Discover is only offering me a secured card which I won't go with. 

No offers from chase. 

I forgot to mention I tried to apply for a second Amex charge card and was declined. I still have preapprovals showing but the denial letter asked that I wait 30 days before applying for another card. Would waiting that long set me outside the window for the HP grouping? 

will too many Hard Pulls affect my chances at an FHA loan? Looking to purchase a condo by the summer. 

Thanks and sorry if this all seems confusing!

[Brian_Earl_Spilner]

You shouldn't be opening any credit in the year leading up to a home loan.

[Anonymous]

Ok well I guess that FHA will have to wait. 🤦🏻‍♂️

[Anonymous]

*UPDATE* Realized that the snail mail offers I've been getting from cap one werent for the Quicksilver One, but for the Quicksilver. I punched in the reservation # and Access code and applied and got approved! They pulled equifax and tried to pull TU but I have it frozen but still got approved.

Now I'm hoping I get a Pre qualified offer from Discover.

[SweetCreditObsession]

Congratulations! I'd let the cards age for 6-12 months before you apply for Chase. By then your scores will be higher if you take care to manage these new cards well.

[Anonymous514]

@Geetee

 If I could ask. Who did you burn in your bk?

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[Anonymous]

@Anonymous514never had a bk. Just had old collections from years ago that fell off after the 7 year mark.

[Anonymous]

You've got 3 cards now which is plenty, so my suggestion would be to sit in your hands for at least 12 months if not longer.  Let your accounts age, your negative items age and the inquiries related to your new accounts become unscoreable (after 365 days).  You'll then be in a good place for that condo loan.  I don't know if Citi allows you to unsecure products or not, but if so that's something I'd try to do at some point.  If not, just keep it as a 3rd card and just give it a swipe every 3-6 months to keep it alive, but bring it back to a $0 balance each time.

[mgood]

Congratulations!

I agree with @Anonymous , slow your roll. You've done well. Now just coast for a while.

[SecretAzure]

If you have a loan on your roadmap, and you already have 3 cards, it's time to visit the Gardening thread. It's a little intimidating at first but full of very friendly people. Now work on your cards that let you request soft pull credit limit increases (like Amex). You may surprised at how much higher you can get that CL over the next 1.2 years if you play your cards right...but that starts by gardening. Don't apply for anymore credit anymore. It's time to let your profile age now that you've made it thicker and more substantive. 

Patience in credit may reward you with beautiful scores and huge savings when it's time to take out a loan of any sort. Not to mention those bigger starting limits.