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Get another Card or wait?

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Anonymous
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Get another Card or wait?

Hey Guys,

 

Little background about me, I moved to America in 2010 never really carred about my credit back then. I got my first 'secured' card with BoA last year in october with a 300 limit. Since then I've never used more than 20% on my card and paid of in full every month. Last month I got approved for a Discover IT with a 1500CL and a capital one platinum with a 300 CL surprisngly low...

 

My question, my transunion score is 711 right now, hoping to get to 750 by the end of the year. Should I apply for more crads or work with the ones I have now and jope for a CLI after 6 months. As soon as I have my 6th statement from BoA I'm going to call them and ask them to switch me over to a unsecured card. Like I said, I'm new to this whole "credit" thing and I'm not trying tu hurt my credit with too many applications.

 

Thank you Smiley Happy

Message 1 of 9
8 REPLIES 8
EAJuggalo
Established Contributor

Re: Get another Card or wait?

Unless you have a specific card in mind that you could really use I'd wait for a while.  In three months you should be able to get CLIs on both the Discover and Cap One.  If you don't have an installment loan I would look into the shared secured loan trick that has been posted around here a few times.  For optimum scoring, conventional wisdom is three revolving accounts and one installment.

EX700 TU 704 EQ 694 4/03/22
Cap1 QS-$4,500 Chase Freedom Flex- $800 Chase Freedom Unlimited- $1,000 Victoria's Secret- $1,200 Citi DC- $800 Amazon Store Card- $3,500 AMEX Hilton Honors-$1,000 Discover It-$1,000 Wal-Mart MC $290 Chase Sapphire Preferred-$5,000 NFCU Flagship $13,800 AMEX BCE-$1,000 AMEX Gold-$5,000 AMEX Delta Blue $1,000 Lowe's $5,000 Navy Platinum $17,000 AMEX BBP $2,000
Message 2 of 9
Anonymous
Not applicable

Re: Get another Card or wait?


@EAJuggalo wrote:

Unless you have a specific card in mind that you could really use I'd wait for a while.  In three months you should be able to get CLIs on both the Discover and Cap One.  If you don't have an installment loan I would look into the shared secured loan trick that has been posted around here a few times.  For optimum scoring, conventional wisdom is three revolving accounts and one installment.


+1

Message 3 of 9
Anonymous
Not applicable

Re: Get another Card or wait?

Let BOA unsecure.
Request Discover CLI after 90-100 days.
Request CO to CLI when possible.

If you do not have an installment reporting:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

Those 3 cards and a SS should give you the best score. Keep util low and stay in the garden.
Message 4 of 9
Anonymous
Not applicable

Re: Get another Card or wait?

OP already said they have a Discover IT card.
Message 5 of 9
Anonymous
Not applicable

Re: Get another Card or wait?

I heard BoA can be a pain in the ass when trying to get the card unsecured, should I just tell them I'm closing my account if theyre not going to lol?

Message 6 of 9
Anonymous
Not applicable

Re: Get another Card or wait?


@Anonymous wrote:

I heard BoA can be a pain in the ass when trying to get the card unsecured, should I just tell them I'm closing my account if theyre not going to lol?


In my experience BofA was pretty straight forward when it come to graduating a secured card as long as you use the card resposibly and make all of your payments ontime...just from my experience anyway....good luck on whatever you decide...Smiley Happy

Message 7 of 9
Anonymous
Not applicable

Re: Get another Card or wait?

Vizion, remove the referral link. It is against terms of using the forums (I found out via SMing a mod to avoid trouble). Something about soliciting.

As for the OP, unsecure the BoA and let the other cards age. If you have a certain card or spending category you want covered, then maybe get a card to cover that. But based on the CLs given last, I'd wait and if I wanted another card, would look at Amex for immediate future. I hear they like thin profiles.
Message 8 of 9
Anonymous
Not applicable

Re: Get another Card or wait?

There are lots of different credit scores. You'll want to verify what sort of score will be used for your credit applicaiton later this year.

 

Are Cap1 and Discover already showing up on your credit reports, and with what balances? Don't apply for new credit for at least 6 months before and make sure the balances you cards report are $5-10 on one card and $0 on the rest. Don't stress over limits and unsecuring, those are nice but they won't improve your scores.

Message 9 of 9
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