Should I apply for another card?

Anonymous · ‎12-07-2015

I currently have 2 credit cards (Amex 2500, CapOne 2250)

I read that the sweet spot for building credit it 3 cards. My current scores between 628 and 690 with the 3 credit bureaus, I have 1 % utlization. When I pull my reports it says that I have "too few accounts". I moved to the US in 2007 and didn't start building credit until 2010. I want to apply for a mortagage next year.

I'm just wondering if applying for another card will help bring up my score. My score is low due to identiy theft which lead to credit cards opened under my name which I was able to get removed and medical debt which I have not been able to sucessfully remove through disputes.

I would be willing to even get a secured card if it would help my score before I apply for a mortgage next year.

Thanks in advance!

pizza1 · ‎12-07-2015

My advice is first to get that medical off your reports. By law they have to remove anything medical now. Search the rebuilding threads for that info. once that is removed, your scores will increase a lot, and then you'd have much more flexibility in obtaining better cards (not that Amex is anything to sneeze at, just thinking of other cards as well). Discover and Barclays comes to mind. You should have others chime in here as well. Good luck to you

newhis · ‎12-07-2015

@pizza1 wrote:
My advice is first to get that medical off your reports. By law they have to remove anything medical now. Search the rebuilding threads for that info. once that is removed, your scores will increase a lot, and then you'd have much more flexibility in obtaining better cards. Discover and Barclays comes to mind. You should have others chime in here as well. Good luck to you

+1

You will get the biggest jump when the medical get removed. And you will get much better cards/limits when your score is over 700. Good luck.

Anonymous · ‎12-07-2015

I looked up some information under the rebuilding thread and found some good information! Thank you!

creditguy · ‎12-07-2015

@pizza1 wrote:
My advice is first to get that medical off your reports. By law they have to remove anything medical now. Search the rebuilding threads for that info. once that is removed, your scores will increase a lot, and then you'd have much more flexibility in obtaining better cards (not that Amex is anything to sneeze at, just thinking of other cards as well). Discover and Barclays comes to mind. You should have others chime in here as well. Good luck to you

Solid advice here. Remember the quality of credit is as important as the quantity of your credit. You have some nice cards with good limits now so your doing ok. But as pizza stated get that medical debt off first and foremost and then the doors to better cards and scores will open a lot wider and you'll be surprised what you can achieve. Best of luck in your credit journey.