EX: 654 - 2 HI, 1 Open CC, 3 Accounts ever late, 0 collections, Average age 6 years, oldest 12 years. The thing I think that hurts the most is I have a few 30 day lates, last one being 12/2018, a couple of 60s, and a 9 in 2/2018. All belonging to the same car loan. The loan has been paid off in full since 3/2019
EQ: 559 - Shows 7 HI, 3 accounts negative (working on getting those off), 0 collections.
TU: 655 - 2 HI, TU 2 accounts ever late.
Goals eventually down the road are to get something like the AMEX Blue Cash Preferred, and every day cash back such as CITI 2%, Uber VISA for dining and a high end travel card such as the Chase Sapphire Pref as the Reserved is well out of reach.
Just opened a new DiscoverIT card and approved today with CL of $1000.
Have a secured Cap One Plat CC with a $800 CL, it was $500 and they increased it to $80 - Opened 1/19.
Have a Cap One Auto loan opened 2019 so it has a high balance of $13,0xx.xx.
Credit is getting back on track and everything is on auto-pay now.
Assuming I get my EQ looking like my EX & EQ, should I get another credit card to build my credit back up to have 3 total cards? My utilization on my Capital One card is very low. I pay in full every month or leave a sub $20 balance. I do not have any current open late fees.
Looking for advice on whether I should open another card now or wait?
Thanks in advance.
You can always try the AmEx pre-qual to see where you stand credit wise. If no offers, it's a sign not to seek any credit at this time.
I would say wait. Let your derogatories age a bit. Get some positive payment history with your current cards. Those 30, 60, 90 day lates are still fresh. They are hurting your score. Which in turn will affect your ability to obtain a credit card with a decent credit line.
I would suggest trying the Good Will Saturation technique. See if you can get your lates removed from the car loan and any other accounts that you might have.
As you already opened a Discover account I would just wait until your score recovers a little bit from the lates, I am not sure if you want to apply to more cards with one recent hard inquiry and those lates.
Thank you. I just read through the whole thread regarding Good Will saturation. Interesting stuff. The lates are with BMWFS so it might be tough but I will give it a shot. I thought I needed a 3rd credit card to build better/faster.
I'll keep monitoring my credit, work on the EQ account to get it to the level where my EXP/TU accounts are, and work on my 30/60/90 lates as those are the only blemishes on my record right now.
I would wait a bit until you give your Discover time to report.
A third card would probably be helpful in the long run, but there's no rush to get it. In your situation, I'd let some time elapse in order to hopefully get better terms than you would right now. I'd wait for the newest late to become a year old.
In the meantime, you can give Discover's cashback match your spending without another signup bonus diluting it.
Thank you. I'll hold off until at least January. That will put me at the 1 year mark with the Capital One to PC to a non-secured card and hopefully get some statements in with Discover.
I appreciate everyone's help and thank you again for the welcome, I have been lurking for awhile, should have joined sooner.