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To get or not to get?

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Anonymous
Not applicable

To get or not to get?

Hey guys,

First of all, I’m so glad I found this forum - so much information, everyone seems so nice and helpful. Truly awesome community. I’m fairly new to credit world and also still confused. Any input is greatly appreciated and I thank you for your time.

I had no credit history 2 years ago. I got co-sign on new car lease in June, 2018. And I applied for a Capitol One credit card in June, 2019. These are my numbers as of today:

Fico score 739

Equifax 744

Transunion 744

Total accounts 2: 1 auto loan ( $4402 left out of $13,208) 1 credit card( SL $1250)

Revolving util. 0%

Missed payments 0

Inquiries 0-1

No collections, etc.

So as I understand I have a thin file. Do you guys think I should apply for more credit cards? If so, could you recommend any considering my scores? Is there anything else I could do to increase my score?

Thank you so much!

 

18 REPLIES 18
Anonymous
Not applicable

Re: To get or not to get?

I'd definitely recommend you adding some revolving tradelines (credit cards) to your profile. Your scores seems to be in decent shape, so my suggestion is to search "pre approval links" and try some of those to see what pre approvals you'll get. Of course the most common around these parts are Capital One, Discover, BOA, etc. Open Sky is a secured card with no credit check, so that's a guaranteed tradeline but it won't grow. Definitely get you a credit card or two and use it responsibility!

 

 Best of luck to you!

Message 2 of 19
coldfusion
Community Leader
Mega Contributor

Re: To get or not to get?


@Anonymous wrote:

Hey guys,

First of all, I’m so glad I found this forum - so much information, everyone seems so nice and helpful. Truly awesome community. I’m fairly new to credit world and also still confused. Any input is greatly appreciated and I thank you for your time.

I had no credit history 2 years ago. I got co-sign on new car lease in June, 2018. And I applied for a Capitol One credit card in June, 2019. These are my numbers as of today:

Fico score 739

Equifax 744

Transunion 744

Total accounts 2: 1 auto loan ( $4402 left out of $13,208) 1 credit card( SL $1250)

Revolving util. 0%

Missed payments 0

Inquiries 0-1

No collections, etc.

So as I understand I have a thin file. Do you guys think I should apply for more credit cards? If so, could you recommend any considering my scores? Is there anything else I could do to increase my score?

Thank you so much!

 


Thin, clean profile with 2 years of history with an installment loan and 1 year history with a revolving card - sounds like you should see if Discover will give you a preapproval on a Discover IT card.

 

Insofar as improving your score, just keep paying off that car loan and your credit card(s) on time and as agreed. Time will take care of the rest.

 

When you apply and get a new card issued your scores will take a hit but within several months they will recover.

(5/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 3 of 19
Anonymous
Not applicable

Re: To get or not to get?


@Anonymous wrote:

Hey guys,

First of all, I’m so glad I found this forum - so much information, everyone seems so nice and helpful. Truly awesome community. I’m fairly new to credit world and also still confused. Any input is greatly appreciated and I thank you for your time.

I had no credit history 2 years ago. I got co-sign on new car lease in June, 2018. And I applied for a Capitol One credit card in June, 2019. These are my numbers as of today:

Fico score 739

Equifax 744

Transunion 744

Total accounts 2: 1 auto loan ( $4402 left out of $13,208) 1 credit card( SL $1250)

Revolving util. 0%

Missed payments 0

Inquiries 0-1

No collections, etc.

So as I understand I have a thin file. Do you guys think I should apply for more credit cards? If so, could you recommend any considering my scores? Is there anything else I could do to increase my score?

Thank you so much!

 


You are getting dinged for using 0% of your credit. You will see a small boost by letting a few bucks report (under 9% of total limit) and then once the statement cuts, you can pay it off right away as to not pay any interest. Statment cut date is usually different from your payment due date.

 

Also, have you requested a CLI from Cap One? I would do that too. It is a SP on your credit and you can do it easily online.

 

Otherwise you look like you are in good order to add a new CC! Yoi have been adding accounts responsibly at about 1 a year and that is great! Discover and AMEX both are good for thin profiles.

 

Good luck!

Message 4 of 19
GApeachy
Super Contributor

Re: To get or not to get?

@Anonymous Have you ever tried for a cli out of CapOne?  You could do a pc and cli at the same time, call in and ask if you have any offers, but whether you do or not have an offer you can then ask for the cli.  Try to get that sl up before apping for another cc if you can.  It could help you get a higher sl on the next card you apply for. Good Luck and kutgw!

 

My Take Home Pay Don't Take Me Home
Message 5 of 19
Brian_Earl_Spilner
Credit Mentor

Re: To get or not to get?

You should have no problems adding a credit card or two. The best thing to do is figure out what you want out of them.

 

If you travel, you may want a co-branded airline or hotel card. If you travel a lot, you may want to get cards that will work together. For example, if you use Delta, you may want to think about MR earning cards from Amex for point transfers in addition to the Delta cards. If you use American Airlines, you may want to build with Citi and TYP.

 

If you don't travel, or don't want to deal with points, transferring, and conversions, you may want to stick to cashback cards.

 

There's balance transfer cards that will allow you to transfer and carry larger balances for low or 0% interest.

 

Then, there are application and approval restrictions. Chase has the 5/24 rule. Barclay probably won't approve if you have a new account in the last 6 months. US Bank is 1-2 new accounts in a year max or they'll deny. If you plan to go with any of these types of lenders, you need to space out your applications accordingly.

    
Message 6 of 19
Anonymous
Not applicable

Re: To get or not to get?

Yes you should get points for your next 2 revolvers. You are under a penalty for having to few revolvers til 3. I recommend a minimum of 5.

As stated above you need to figure out what type of cards are gonna work best for your financial situation. Discover and American Express would seem to be wise choices along with a nice credit union, Navy if you qualify. USB Cash+ is nice too. AOD CU is nice.
Message 7 of 19
staticvoidmain
Established Contributor

Re: To get or not to get?

As what others already mentioned, I will start using the card and let it report with utilization. I think you have a pretty decent score and could easily qualify for most cards. I had a lower score than you do, thin profile as well (2 years), had only a capital one card as you do now, had one auto loan as well (the auto loan does help tremendously in your case), but got approved for an Amazon card (Chase). Do you have a card/lender in mind?

Message 8 of 19
Anonymous
Not applicable

Re: To get or not to get?

Thanks everyone! Special thanks to LaHossBoss and staticvoidmain for pointing out 0% revolving util, I will fix it by letting about 5% carry to the statements. As few of you advised I asked for a credit line increase with Capit.1 It will take 2-3 days to hear back from them. I also did pre-approval on Discover website and it went through. So I think I’ll wait and see if I get higher credit limit, then apply for Discover. But to effectively do AZEO I would need one more credit card, right? If so, do you think I should apply at around same time as Discover or should I wait six months or more?( I was thinking American Express maybe, or Citi) Thank you guys so much!

Message 9 of 19
Anonymous
Not applicable

Re: To get or not to get?


@Anonymous wrote:

Thanks everyone! Special thanks to LaHossBoss and staticvoidmain for pointing out 0% revolving util, I will fix it by letting about 5% carry to the statements. As few of you advised I asked for a credit line increase with Capit.1 It will take 2-3 days to hear back from them. I also did pre-approval on Discover website and it went through. So I think I’ll wait and see if I get higher credit limit, then apply for Discover. But to effectively do AZEO I would need one more credit card, right? If so, do you think I should apply at around same time as Discover or should I wait six months or more?( I was thinking American Express maybe, or Citi) Thank you guys so much!


Since you have 0-1 inquiries and a solid 1-2 years cred it history, I dont think it would hurt at all to app for 2 cards! It may take a little for the CRs to reflect the new credit limit. Mine updated not too long afterwards for my recent CLI.

 

Good luck!

Message 10 of 19
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