@racer-x wrote:I see alot of people talking about going on a credit app spree. I also see alot of people having alot of cards with decent CL's.
It seems that my relatively low number of accounts could be hurting me?
Here's what I have:
Cap One (formerly a HSBC account) 'retail' account (bought a Suzuki motorcycle basically with a credit card) - $15k CL, $8k balance - AofA 4 yrs. 6 mos.
Cap One card - $500 CL, $40 balance - AofA 2yrs
US Bank reserve credit line - $750 CL, $50 balance - AofA 1 year
Walmart card - $700 CL, $35 balance - AofA 1 month
ThatI is my complete credit profile at this point.
100% on time payments.
0 baddies on EQ
1 baddie on TU and EX (paid collection, 2yrs. old, and btw, don't put a utility in your name for a family member, aaargh)
EQ 702
TU 684
EX 677
I'm right at 50% utilization on these accounts when combined.
I feel I need a card with a substantial limit. BTW, that Cap ONe with the $15k limit, is no longer active. They (HSBC) stopped that credit program that they had with suzuki about a year after I bought the bike. So that account balance can never go up, just down.
GE Credit Union is where I'm starting to do most of my banking. I wonder if I could get a good size CL with one of their cards?
Also with GE Credit Union, a 709 EQ puts an inidividual in the lowest interest rate bracket, so I'm only 7 points away from that. I plan on buying a car in the spring and house in fall of next year or spring of 2014,
If you were in my shoes, what would you do? Wait, be patient. Don't get anymore credit? Or get some more accounts in hopes of improving my utilization percentage and increasing the size of my credit file?
Ask yourself these questions before you do
Why am I doing this?
Am I going to buy or refinance a house in the near future?
Do I need the credit?
Do I care about my credit score?
If you still want to do the app spree, I would offer this advice. Only app for a card your going to use. Do not over do it or you could cause a negative reflection on your CR by having too many inquiries, this in turn could cause the creditors you have to take another look at you and that in not such a good way either.
Get only what you need and wait till later for other things.
The Garden is not such a bad place, there is lots of room in there for everyone if they want to join it 
If I was in your shoes it all depends on your interest rate on your motorcycle capital one card. if you got a great finance offer then it's great, but regardless if you wanted to go on a app spree to get rid of your toy limits which is recommended is to take out a personal loan or motorcycle loan to pay off your bike so it changes to a installment account and not revolving. After that your credit score should jump atleast 30-40 points imo ymmv.
After the utility goes down I would apply for decent cards with good rewards. Like Citi Forward (5% movie tickets 5% restaurants 5% amazon) that you know you'll probably use, US Bank Cash+ if you can get one would be amazing and do this first cause it's the hardest to get. upto 6.25% cash back on almost anything since you choose your categories. Then Amex Blue Cash Preferred for 6% groceries, 3% gas, 3% department stores.
Those 3 are my top reward cards for the average joe that doesn't travel too much. After you get those 2 cards your Fico will rebound strong esp if your looking to buy in 2014 and you'll still stay in the prime credit scores to get any auto loan at a good price.
Cap One (formerly a HSBC account) 'retail' account (bought a Suzuki motorcycle basically with a credit card) - $15k CL, $8k balance - AofA 4 yrs. 6 mos.
Cap One card - $500 CL, $40 balance - AofA 2yrs
US Bank reserve credit line - $750 CL, $50 balance - AofA 1 year
Walmart card - $700 CL, $35 balance - AofA 1 month
ThatI is my complete credit profile at this point.
100% on time payments.
0 baddies on EQ
1 baddie on TU and EX (paid collection, 2yrs. old, and btw, don't put a utility in your name for a family member, aaargh)
OK
1. first try to get a loan to pay off the bike if your going on a app spree this should raise your scores atleast 30-40 points imo ymmv, then try to PC the US Bank card for a Cash+ card recon if you have to explain that you never lived in that location when you put in utilities for your family etc. Should be fine if you never physically lived at that address.
2. If you get approved for a Cash+ then email capital one executive office about how you would love doing business with them, but your credit file has matured and have better cards and would like to request a product change to a better card like cash rewards for 1.5% everything with a higher limit. Aim for $5,000
3. If you do not get approved for a Cash+ then apply for a American Express BCP then talk to capital one about product and limit increase
4. Get Citi Forward card imo
In my opinion best cards for app sprees are
1. US Bank Cash+
2. Amex BCP
3. Citi Forward
4. Chase Freedom (with Trifecta if you can, Chase Sapphire and Chase Checking)
Paid off that account and watch your score grow in a few months.
If you plan to purchase new house in a near future then NO APPS SPREE.
Stay with what you have and apps spree after new house. Thats what i would do.
Starting Score: 560
@nicholasyud wrote:Paid off that account and watch your score grow in a few months.
If you plan to purchase new house in a near future then NO APPS SPREE.
Stay with what you have and apps spree after new house. Thats what i would do.
I didn't see the house in Spring, I dunno how i missed it, but yea pay off your motorcycle first, then watch your scores rebound, buy the house, then app for good cards. US Bank Cash+ would be the best after a house purchase cause upto 6.25% back on home improvement and home furnishing.