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I'm in the process of rebulding my credit. I have a cap 1 secured that I deposited 49 dollars for a 200 credit line, and I have an unsecured card with a 300 limit. I have two inquiries on experian and four on TU and equifax, but one of them is a year old on each report. Should I apply for one more card, or should I leave it alone and increase my credit limit on the cap 1 by making more deposits?
Increase your credit limit. In general, you have to have big limits to get big limits.
Minimum of 2 cards, with 3 being better. most prime companies want to see you handle at least 2 cards for at least 6 months, with 12 months being prefered. More cards make the impact of a new card on AAoA. Too build CL's over time a card that is CLI friendly such as the GE Money bank (Amazon, Walmart, jcpenny to name a few) that give CLI every 4 months or so.
@DaveSignal wrote:Increase your credit limit. In general, you have to have big limits to get big limits.
+1. You'll need to increase your AAoA too
What's an easy to get card that's not secured ,or if it is secured doesn't cost 200-300 dollars to open?
I have two late payments in the last seven years one 30 days and one 90 days on student loans. They are all current now, and I have four baddies which should fall off in 3 years.
Well I decided to app for a walmart store card which leave me with at the most five inquiries. We'll see how that goes, but that is the most I'm going for.
@tooyoungforbadcredit wrote:Well I decided to app for a walmart store card which leave me with at the most five inquiries. We'll see how that goes, but that is the most I'm going for.
A store card for 3rd card is a good choice.
IMO, Better to increase deposit on secured card than to get a 2nd secured card. Of course, you can do that slowly as your funds allow.
Yeah that's my next step. I got the whole 7-10 day until a response from walmart, but my income to debt ratio is 98% income not used for debt to 2% used for debt, so we will see