Finally a new CC one year after house purchase

[indiasnowden]

I have been in my house for a year now and have not applied for credit since my mortgage.  I am pretty sure my Fico is in the toilet but since I am to afraid to check I really do not know for sure.  I was watching product infomercials on HSN and decided on a whim to apply for the "store" card.  Shockingly enough, it approved me for $1500.  Since it is a WFNB card, my question is two part: Part 1 - should I try another WFNB like Crate and Barrel which I would use fairly often or should I wait a year before applying for another card.  Part 2 - Should I close my oldest card which is Orchard Bank at $300 with +10 year history.  I have a Cap1 with $1000 at around 5 years or so.  My auto loan will be paid off early mid 2013.  That just leaves my mortgage.

I could also use a Lowe's or HD or Menard's type card.  Any thoughts are appreciated.

The only reason I am in my house today is because I followed all of the wonderful advice here at the fico community.  Thanks again for great advice. 

Update:  I caved and did a little spree:

HSN: 1500

Walmart: 150

Williams Sonoma Visa: declined (bummer)

Crate and Barrel: the dreaded 7-10 day message (bummer)

Pottery Barn: the dreaded 7-10 day message (triple bummer)

West Elm (love them): 2000

Target: 200 temp limit final limit in 11 days (better than a decline I took it and used it before they could change their mind)

Lowes and Menards: declined both (really wanted Lowes the most since I bought a grandma house)

Second Update:

BillMeLater: 1400ish (I came home, opened the freezer and heard a snap pop and crackling then saw a flickering orange glow coming from the inside freezer vent.  I panicked and started shopping online for a frig - went to AJ Madison where I was declined for the store card but approved for billmelater which I guess in the long run may work out better since I can use this credit line at thousands of retailers online). 

Now, I am done until late 2013/early 2014.

That is all.  So I guess I will google "gardening" in the search box and find out what I do from here.   I am happy with what I have and accomplished my goal to  in a free monthly fico score and to increase my overall credit to improve my utility.  Now, I need to do pay down my cards and consistently keep my overall average at less than 20%.  Huge goal for me.

Best of luck to all.

[irving_magik]

IMO, you should really check both your TU and EQ fico scores. Anyone who recommends a card without knowing where you are is doing you a disservice.

Why do you think your score is in the toilet? Have you been late on your credit cards or mortgage?

[skyisthelimit]

OP, your sig line has 600's from 2011* as ur current score.  Do you have a more updated score?  If you haven't had any lates or anything deg on your report you might be in the 700's (esp with the mortgage reporting).  I would pull the credit score, and then look around at credit card offers for that range.  Also are you a member of any credit unions?  +1 to irving_magik.

[Anonymous]

I wouldn't recommend a HD card unless you only plan on using their interest free purchases, their apr is high. I think you're better off with a regular card that you can use at said places and others.

Dont close your oldest card, shows history.

[MarineVietVet]

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@Anonymous wrote:

I wouldn't recommend a HD card unless you only plan on using their interest free purchases, their apr is high. I think you're better off with a regular card that you can use at said places and others.

Dont close your oldest card, shows history.

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Hi there.

Closing a card will not impact your credit length history or AAoA (Average Age of Accounts). Here is a thread discussing Closing Credit Cards.

[Anonymous]

awesome, I didn't know that.

hmmm, I might want to get rid of one myself then.

[MarineVietVet]

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@Anonymous wrote:

awesome, I didn't know that.

hmmm, I might want to get rid of one myself then.

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I should have added that it won't immediately impact either of those.

A closed card will generally report for about 10 years after closing and this helps history and AAoA.

Now if your utilization goes up because you lose the CL (Credit Limit) on that card then that might have a negative impact. So you don't want to close a card with a balance if you can possibly help it.

[indiasnowden]

1 late. I forgot to pay my Orchard one month after the auto pay ran out.  My utility is still higher than what I would like and that is what makes me think my score is in the toilet.   I pay extra on my two CC's every pay but then I turn around and use them again for this or that (last month I had to have my sway bars replaced).  My utility is gradually going down but not fast enough.   I have been paying extra on the auto loan to pay off early.  My mortgage is auto pay biweekly through Wells and every now and then I pay extra.  I saw a huge point drop after buying my house and that kind of bummed me out even though I knew from reading here that  probably would happen.  Still, it is disheartening after working so hard to improve it.

Also:  I hired a house inspector who gave the old girl a clean bill of health.  Three days after possession the gas people came out to change over the service and did an emergency shut down at the street.  I was not allowed back in until the gas was fixed in March (brrrr) and that took almost 4 weeks.  The previous owners stored all of the dirty dishes complete with decomposing food in the blind base cabinets which I found through smell.  I woke up to find a squirrel in my kitchen.  Apparently, it takes a village to raise a squirrel and the village is living in my attic eaves.  Oh, I almost forgot.  The toilet in the half bath fell part way down into the crawl space one month after moving in which would be two months after possession (due to aforementioned gas leak).  And it continues, so on and so on.  So my emergency reserves are gone.  My advice to everyone:  have as much in your reserves as possible before purchase; delay your house purchase if you can to beef up your reserves.  I had slightly less than 10% and thought that would be enough because I had the house inspected.  Not.  Next time I will have 20% minimum in reserves.

So, a cloud of gloom and doom is definitely over my head.  Maybe this little venting will be cathartic for me. 

You are right.  I need to restart my score subscriptions.  I am a procrastinator by nature - fatal flaw.  That is why I need this board.  I do not think I am alone in this.  Thanks for the gentle prodding.  Much appreciated.  On a positive note I am taking a beginners carpentry class.  I have decided to redo my kitchen myself.  I watch the YouTube videos and it seems pretty straightforward except for the plumbing and electrical which I will have to hire out.  I have a contractor for a little structural work when the time comes (it will be years - plenty of time for me to practice my new carpentry skills

Go Browns!

[Repo-ed]

I'm concerned that you are over your head with your current credit obligations, to be app'ing for more credit.

That util% needs to get down. I would not reccomend any additional spending/app'ing until you can get your current card down to 0%, then use it for every day purchases, and PIF monthy.