Should I apply for another card?

[KDKobes]

So I have been gardening to age my two cards that I got in August. One was my Synchrohny Furniture Row & the other my FIrst National Bank Rewards Card. I got on one of the credit monitoring apps today and it is recommending that I apply for another card to get my score over 700 in 6 months. Does this seem accurate or should I continue to garden with the cards I have now and let them age to 6 months.

All of my other credit cards & accounts are over 2yrs old these two cards are the only cards I’ve applied for in that time gap. I’m sure I forgot to add some details but any suggestions would be great, credit profile is in my sig. Thanks.

[Brian_Earl_Spilner]

The only way it will help you is if your utilization is high and the new limit will bring it below one of the thresholds. If anything, adding an installment loan would give you a boost, but unless you're planning to app for something in the near future, it's not worth paying interest on. Jmo

[HeavenOhio]

Don't follow the recommendations of credit monitoring apps when they tell you to apply for more credit. They're funded by ads, and they get money when people apply through their apps or sites. At best, you might find some useful reviews. But reviews tend to be lousy too, and you need to objectively sort the useful ones from the bad ones.

In your case, I'd let your two newest cards reach six months old, then apply. That'll take the edge off the new accounts without making you wait too long. From a scoring standpoint, you have plenty of cards. But from a practical standpoint, it makes sense that you'd like to make some tweaks.

An open installment loan that's mostly paid off helps FICO8, but it only helps one mortgage score. And the boost on that mortgage score isn't very much. I think it's reasonable to believe that an installment loan will help your auto scores. But if you're car shopping, you're also going to loan shop. Your credit will be pulled by a variety of banks using a variety of scores. Something's likely to turn out to be a fit.

Check out the first three posts of this topic to help determine if a loan for the sake of a loan is right for you:

Adding an installment loan -- the Share Secure technique

[Anonymous]

I would add a nice CU card like NFCU, PenFed, etc...

[ChessChik47]

---

@HeavenOhio wrote:

Don't follow the recommendations of credit monitoring apps when they tell you to apply for more credit. They're funded by ads, and they get money when people apply through their apps or sites. At best, you might find some useful reviews. But reviews tend to be lousy too, and you need to objectively sort the useful ones from the bad ones.

In your case, I'd let your two newest cards reach six months old, then apply. That'll take the edge off the new accounts without making you wait too long. From a scoring standpoint, you have plenty of cards. But from a practical standpoint, it makes sense that you'd like to make some tweaks.

An open installment loan that's mostly paid off helps FICO8, but it only helps one mortgage score. And the boost on that mortgage score isn't very much. I think it's reasonable to believe that an installment loan will help your auto scores. But if you're car shopping, you're also going to loan shop. Your credit will be pulled by a variety of banks using a variety of scores. Something's likely to turn out to be a fit.

Check out the first three posts of this topic to help determine if a loan for the sake of a loan is right for you:

Adding an installment loan -- the Share Secure technique

---

+1...and based on your lineup in your signature, it doens't look like you "need" another card.  I recommend gardening and growing the cards you do have if they limits don't suit your needs.  Good luck!

[xaximus]

Personally, I don't trust any of the credit monitoring apps for their "recommendations". They are funded and paid for by lenders to bring in revenue/customers. I would garden as others have stated and age the accounts you have, another thing I would do is bring your utilization down to under 8%. Doing just those few things will help raise your scores.

[KDKobes]

Thanks everyone I really appreciate the responses and it’s good to hear I’m on the right track. I’m actually going to go pick up a car next week that I had ordered so I assume that will help bring my score up like you guys are saying. I don’t really want anymore cards right now besides the Ducks Unlimited gas card which I’ve been gardening for. I’m trying to get bigger increases on the cards I currently have as well. I was wondering how I could get my score up over that 700 threshold and from everyone’s advice on here I assume if I just keep doing what I’m doing now I should be fine. I really love this forum it’s helped me out a lot with my credit, I really appreciate everyone’s help!

[Anonymous]

You will probably hit 700 when your inquiries and youngest account hit 12 months.