My score keeps going up. What should my next move be and when?

[Anonymous]

OK credit gurus, I need a little advice. I am just coming out of my credit rebuilding stage as of about 5 months ago.  My current FICO scores are 700 with EQ at 751. The last I checked TU was at 696. I have in the past 3 months got a Macy's card with a $500 limit, which I will call for my guideline increase at the end of the month. I was also approved for a Nordstrom Visa Signature.  When I thought I would get a decrease in my score due to the new accounts, it instead went up 50+ points on EQ.  I also got a CL increase on my care credit from $500 to $2700 but I haven't seen an alert for that yet, so I don't know if that was factored into my score update last week.  

So I have been pondering if I should apply for a prime bank issued credit card like Chase or with CU now or wait until my 2 new cards age a little more.  My reports are clean except for a closed Discover with 5 lates reporting in 2003.  This is my oldest account so I have been told it would hurt me more to try and GW them then let them report.  I have a Student loan, car loan, mortgage, and care credit always paid on time.  On a side note, my rebuilding phase consisted of a paid charge off Cap 1, and a charged off AMEX that dropped off 5 months ago.

So my questions are:

With the newer cards, what would I be approved for realistically?  What is a good card that will grow with me and keep me from wanting something better for a while?

When would be the best time to apply?  How long should I wait if I need to?

On another note, I would also like to get a Home Depot card to take advantage of the 0% interest to do a small bathroom project.  Would this be a bad idea at this point if I need to wait for my new accounts to age to apply for a prime card?  I think I would be more inclined to pay cash if I absolutely had too, but I would like to save the cash now and spread it out over six months. 

Also, I don't plan on a big purchase in the next 2 years (car, house) if that matters, but I like the feeling of having the higher scores in this economy.  

Thank you for the help!   

[Anonymous]

With a 751 I'd aply for just about anything.

[Anonymous]

Just what I wanted to hear

So there is no disadvantage to waiting for a while until my cards mature a while?  Hmmm, if that's so, maybe I will go on my mini-app spree with a bank card or CU, and home depot.  I am leaning towards a CU more so than a bank card.

I was thinking about Penfed, but read they are adverse to new accounts/inqs.  Would my score offset that maybe? Is there another credit union that is maybe as good?  I am a member of Addison Avenue Federal CU, but I don't know if they offer the same rewards as Penfed.

What about chase?  Is that my best bet for a bank card for my situation or are there any other recommendations?

Thanks again.

[Creditaddict]

I would vote for a Bank of America Card.

but that Nordstrom is a pretty FABULOUS CARD!!!

[Anonymous]

Bank of America.... I was a little scared because when I hit 724 on EQ, I went to the preapproval site and they didn't have any offers so I didn't even bother.  I don't know how reliable that site is but I didn't want to take the chance. I will add them to the New year's app list .

I am VERY excited for my Nordstrom Card   I was soooo nervous when I went in to apply.  I really expected a store card!  I felt like I had "arrived" so to speak.

Thanks!

[Creditaddict]

what limit did they give you? tier 1 APR?

when the signature was released you had to have a 710 score to get it!

[Anonymous]

Home Depot (not the MC version) was my 3rd card.... and then Citi decided they liked me and 'pre-selected' offers started arriving - gas cards and then their MC).  I still haven't had a CLI on it in almost 2 years -- but the most I've had on it was $244 of the $750 limit.  The 500-1000 gas cards are handy for having less than 'half' reporting a balance.  I use for a soda and snack every 3 months and PIF before they report.

My majors are with NFCU and USAA along with AmEx and Discover and Citi (Cap1 will be closed due to the AF).  NFCU and USAA gave me unbelievable starting limits (14K each on 2 cards and 10K each on 2 cards) , then Citi CLI'd me the next month to $4700 from 2500..

Discover is at $2K - but worth having because they are a PRIME lender and everyone knows it -- so just having it says something about your CR profile.