For better scoring 2 or 1 card on my name ?

Anonymous · ‎03-22-2019

I started building my credit first time only over a month ago
And I was Sponsored by my brother for nfcu membership
Plus he added me as a AU on a navy card and capital one card 3 years age
Yesterday apped for a navy platinum card
3 hours later I get a boom email approval $9,600 SL

Data points
2 AU cards nfcu 25 k cap1 10k 3 years old
Total utilization 3% TU Fico 716 2 inquiries

Can someone advise me please
Now i need a second card on my own neme for better scoring or I am good for now ?

Planning a Amex and a second navy card in 90 days so I don’t want more inquiries now

Anonymous · ‎03-22-2019

Optimum scoring formula is 3 cards and 1 installment loan. Anything less and you’re missing points, anything more doesn’t increase points.

The reason for 3 credit cards is because there is a scoring penalty for 50% of cards with a balance which means you will always be getting dinged even if you keep that single card between the optimal 1%-8.9% reporting range.

That said, there’s no big rush unless you have big app plans. Wait 6 months and get another card then get your third in another 6 months. Besides, if you build up that history with NFCU you will be primed for a massive second card at that 6 month mark which will open doors to much larger cards with other issuers going forward too.

SecretAzure · ‎03-22-2019

@Anonymous wrote:
Optimum scoring formula is 3 cards and 1 installment loan. Anything less and you’re missing points, anything more doesn’t increase points.

The reason for 3 credit cards is because there is a scoring penalty for 50% of cards with a balance which means you will always be getting dinged even if you keep that single card between the optimal 1%-8.9% reporting range.

That said, there’s no big rush unless you have big app plans. Wait 6 months and get another card then get your third in another 6 months. Besides, if you build up that history with NFCU you will be primed for a massive second card at that 6 month mark which will open doors to much larger cards with other issuers going forward too.

Lock the thread. This about covers it.

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Anonymous · ‎03-24-2019

I wanna apply for the navy CLOC should I wait 3 months for the new card to have some history?