@Anonymous wrote:This is probably a generic question thats asked a lot but everyone has their own specific situation so I thought it would be best to ask anyways.
I currently only have a Discover It card and Paypal credit. Discover has a limit of $3800 as of last February and Paypal is at $800 but im not worried about increasing that. My Fico 8 TransUnion is at 731 according to Discover and Fico 2 Experian is at 735 according to my Credit Union I use, most likely will increase a bit more in a few days when my statement is released also. My spending is mostly random online shopping with some doordash sprinkled in here and there.
Honestly don't know if going for a CLI or going for a new credit card is the best option or if I should even worry about either right now with the pandemic so i'd like some advice/recommendations on my situation
Imo its best to have some options. Having at least 3 credit cards is good for many different reasons. Plus PPC is not the best in terms of being able to use .Heck even when i want to use it on Ebay, the seller ends up not taking it so i lol whats its purpose.
We are all different but my take lender diversity and options are good things with credit
@AverageJoesCredit wrote:
@Anonymous wrote:This is probably a generic question thats asked a lot but everyone has their own specific situation so I thought it would be best to ask anyways.
I currently only have a Discover It card and Paypal credit. Discover has a limit of $3800 as of last February and Paypal is at $800 but im not worried about increasing that. My Fico 8 TransUnion is at 731 according to Discover and Fico 2 Experian is at 735 according to my Credit Union I use, most likely will increase a bit more in a few days when my statement is released also. My spending is mostly random online shopping with some doordash sprinkled in here and there.
Honestly don't know if going for a CLI or going for a new credit card is the best option or if I should even worry about either right now with the pandemic so i'd like some advice/recommendations on my situation
Imo its best to have some options. Having at least 3 credit cards is good for many different reasons. Plus PPC is not the best in terms of being able to use .Heck even when i want to use it on Ebay, the seller ends up not taking it so i lol whats its purpose.
We are all different but my take lender diversity and options are good things with credit
I'll second my friend AJC here... Lenders can get "weird" for no reason at all and the times we're living in actually gives them a reason.
For prime scoring you want "at least" 3 credit cards and some type of loan (auto, personal, mortgage, etc.) There's no score ding from having more and it helps thicken your file. Just remember to space your apps out and do maybe 2 every 6 to 9 months. Join us in "The Garden" during the down time! Your file will grow nicely with prudent use and payments... You'll be able to land most any card out there in time!
Lender Diversity protects you from having some random AA hugely affect your credit file, and the possibility of not having credit when you most need it! Some lenders are more solid than others, but it has happened to solid profiles for really no reason at all. Some cards just go belly up now and then as well. Blispay being one example.
Footnote: Try to avoid department store cards for the most part. If one or two happen to be of good use to you, then go for it but you don't want a file full of Comenity/Synch store cards. Lenders tend to look down on this.
@ChargedUp wrote:
@AverageJoesCredit wrote:
@Anonymous wrote:This is probably a generic question thats asked a lot but everyone has their own specific situation so I thought it would be best to ask anyways.
I currently only have a Discover It card and Paypal credit. Discover has a limit of $3800 as of last February and Paypal is at $800 but im not worried about increasing that. My Fico 8 TransUnion is at 731 according to Discover and Fico 2 Experian is at 735 according to my Credit Union I use, most likely will increase a bit more in a few days when my statement is released also. My spending is mostly random online shopping with some doordash sprinkled in here and there.
Honestly don't know if going for a CLI or going for a new credit card is the best option or if I should even worry about either right now with the pandemic so i'd like some advice/recommendations on my situation
Imo its best to have some options. Having at least 3 credit cards is good for many different reasons. Plus PPC is not the best in terms of being able to use .Heck even when i want to use it on Ebay, the seller ends up not taking it so i lol whats its purpose.
We are all different but my take lender diversity and options are good things with credit
I'll second my friend AJC here... Lenders can get "weird" for no reason at all and the times we're living in actually gives them a reason.
For prime scoring you want "at least" 3 credit cards and some type of loan (auto, personal, mortgage, etc.) There's no score ding from having more and it helps thicken your file. Just remember to space your apps out and do maybe 2 every 6 to 9 months. Join us in "The Garden" during the down time!
Lender Diversity protects you from having some random AA hugely affect your credit file, and the possibility of not having credit when you most need it! Some lenders are more solid than others, but it has happened to solid profiles for really no reason at all. Some cards just go belly up now and then as well. Blispay being one example.
Footnote: Try to avoid department store cards for the most part. If one or two happen to be of good use to you, then go for it but you don't want a file full of Comenity/Synch store cards. Lenders tend to look down on this.
Yeah I heard its good to have a balance of revolving and installment credit. I have a student loan and a personal loan right now and im working on the next credit card so I think that will be a decent file for someone my age. My family tends to think I worry about credit too much but the earlier I get my history going and raise my score the better off ill be later on when I want to purchase a car, house, etc.
@AverageJoesCredit wrote:
@Anonymous wrote:This is probably a generic question thats asked a lot but everyone has their own specific situation so I thought it would be best to ask anyways.
I currently only have a Discover It card and Paypal credit. Discover has a limit of $3800 as of last February and Paypal is at $800 but im not worried about increasing that. My Fico 8 TransUnion is at 731 according to Discover and Fico 2 Experian is at 735 according to my Credit Union I use, most likely will increase a bit more in a few days when my statement is released also. My spending is mostly random online shopping with some doordash sprinkled in here and there.
Honestly don't know if going for a CLI or going for a new credit card is the best option or if I should even worry about either right now with the pandemic so i'd like some advice/recommendations on my situation
Imo its best to have some options. Having at least 3 credit cards is good for many different reasons. Plus PPC is not the best in terms of being able to use .Heck even when i want to use it on Ebay, the seller ends up not taking it so i lol whats its purpose.
We are all different but my take lender diversity and options are good things with credit
Honesty all I use PPC for are things that accept it and cost over $99 so I can get the 6-months no interest, it actually came in handy last night as well.
The hard part for me is figuring out which cards are good and which cards to stay away from which is why I made this post. Feels like I have to do a lot of research everytime I want to get a new card.
@Anonymous wrote:
@ChargedUp wrote:
@AverageJoesCredit wrote:
@Anonymous wrote:This is probably a generic question thats asked a lot but everyone has their own specific situation so I thought it would be best to ask anyways.
I currently only have a Discover It card and Paypal credit. Discover has a limit of $3800 as of last February and Paypal is at $800 but im not worried about increasing that. My Fico 8 TransUnion is at 731 according to Discover and Fico 2 Experian is at 735 according to my Credit Union I use, most likely will increase a bit more in a few days when my statement is released also. My spending is mostly random online shopping with some doordash sprinkled in here and there.
Honestly don't know if going for a CLI or going for a new credit card is the best option or if I should even worry about either right now with the pandemic so i'd like some advice/recommendations on my situation
Imo its best to have some options. Having at least 3 credit cards is good for many different reasons. Plus PPC is not the best in terms of being able to use .Heck even when i want to use it on Ebay, the seller ends up not taking it so i lol whats its purpose.
We are all different but my take lender diversity and options are good things with credit
I'll second my friend AJC here... Lenders can get "weird" for no reason at all and the times we're living in actually gives them a reason.
For prime scoring you want "at least" 3 credit cards and some type of loan (auto, personal, mortgage, etc.) There's no score ding from having more and it helps thicken your file. Just remember to space your apps out and do maybe 2 every 6 to 9 months. Join us in "The Garden" during the down time!
Lender Diversity protects you from having some random AA hugely affect your credit file, and the possibility of not having credit when you most need it! Some lenders are more solid than others, but it has happened to solid profiles for really no reason at all. Some cards just go belly up now and then as well. Blispay being one example.
Footnote: Try to avoid department store cards for the most part. If one or two happen to be of good use to you, then go for it but you don't want a file full of Comenity/Synch store cards. Lenders tend to look down on this.
Yeah I heard its good to have a balance of revolving and installment credit. I have a student loan and a personal loan right now and im working on the next credit card so I think that will be a decent file for someone my age. My family tends to think I worry about credit too much but the earlier I get my history going and raise my score the better off ill be later on when I want to purchase a car, house, etc.
Not just what you heard, credit mix accounts for 10% of the fico 08 score according to FICO. It is not one of the things that we discover on our own, it is in the pie chart fico score makeup supplied by FICO. It is worthwhile to click on the education heading at the top and read every sub-catagory. Some things in the myfico community is based on members observations as it pertains to our observations, but this is not one of those factors. You might hear of thresholds for utilization, which was not released by fico, but enough data observations have occoured to verify it is largely accurate. Other data collected is just too profile dependant to ever be reliable. The effects of a inqiry for example is different based on your profile as far as how many points each might cost.