Good morning ladies and gentlemen! I need to pick your credit savvy brains for a moment please. For the last 4 months, I have been working every angle possible to get my scores up. They aren't great but my EQ is 584; TU 601 and EX 600. I applied for a credit card at the end of February with Orchard and was approved with a credit limit of $300. I know, that's pretty laughable but before February, I wouldn't have been approved at all. Plus, I don't really "need" the credit for purchases. I didn't have any revolving credit and needed some positive pmt history. However, I was talking to a friend of mine and she said that it's best to have two or three cards with low utilization (10% or under). I could probably get approved for another card but I don't want two or three sub-par credit cards! Would it be more beneficial (credit wise) to get at least one more or should I just ask for a credit limit increase on my existing card? If requesting a credit limit increase, how long should I have the card before making the request? My score was 535 when I got the card so it's gone up by 49 points since my initial approval. That's got to help, right?
