What card should i get as my third and final card for rebuild???

[Anonymous]

All,

I have read that I should hold 3 credit cards and keep the utilization low to maximize my potential to keep my credit score moving up. I think 3 credit cards would be a great starting point and I am just wondering what would be a good third credit card to finish off with?

Yesterday I applied for:

Home Depot Card - Approved $5,000 CL

Capital One QuickSilver Card - Approved $500 CL

Lowe's Card - Denied - Still dont know why, they wouldn't tell me

I just closed on a house a few days ago and I was hoping to get a decent third and final card to start the rebuilding, what do you guys think would make a great last card?

[Anonymous]

---

@Anonymous wrote:

All,

I have read that I should hold 3 credit cards and keep the utilization low to maximize my potential to keep my credit score moving up. I think 3 credit cards would be a great starting point and I am just wondering what would be a good third credit card to finish off with?

Yesterday I applied for:

Home Depot Card - Approved $5,000 CL

Capital One QuickSilver Card - Approved $500 CL

Lowe's Card - Denied - Still dont know why, they wouldn't tell me

I just closed on a house a few days ago and I was hoping to get a decent third and final card to start the rebuilding, what do you guys think would make a great last card?

---

Wait to find out why. You probably have some inqs from getting your mortgage, and you're asking for a lot of credit suddenly. The very low limit on the QS should serve as a bit of a warning. Similarly, Lowes & Home Depot are very similar, so you don't need both cards. I'm honestly not sure if the Home Depot card is worth it on its own, as I don't recall it really having any rewards.

What kind of spend do you have? Are you going to be remodeling the house? Do you eat out a lot? Spend a lot on groceries and/or gas? Travel? These are all important factors in picking the right card.

Just as important, we need to know your scores. If these are your first cards, I'm guessing your scores are low/nonexistant. If you wait 6 months, you'll have much better results. 

[takeshi74]

---

@Anonymous wrote:

I think 3 credit cards would be a great starting point and I am just wondering what would be a good third credit card to finish off with?

---

As always, one needs to provide what one is looking for in order to get recommendations.  Selecting cards is not about the cards themselves but finding cards that suit the individual.  Give us something to work with to narrow down the options.

[NRB525]

Last card? Sorry but the Home Depot card is a store card, not a widely accepted CC.

With the Capital One card at $500, you are just getting started. A year from now, when you have had the CapOne and have a more solid file, you will be looking for other cards to apply for with higher limits and other features. And that is normal, that is fine, it is part of the progression.

Don't try to declare victory just yet. Your credit file is a marathon and you are only about 10 feet past the starting line.

Congratulations on the mortgage! That is a big step forward.

[L-TWT]

---

@Anonymous wrote:

All,

I have read that I should hold 3 credit cards and keep the utilization low to maximize my potential to keep my credit score moving up. I think 3 credit cards would be a great starting point and I am just wondering what would be a good third credit card to finish off with?

Yesterday I applied for:

Home Depot Card - Approved $5,000 CL

Capital One QuickSilver Card - Approved $500 CL

Lowe's Card - Denied - Still dont know why, they wouldn't tell me

I just closed on a house a few days ago and I was hoping to get a decent third and final card to start the rebuilding, what do you guys think would make a great last card?

---

1st congrats on your closing, but IMHO the 1st few yrs after buying a home is VERY crucial so I would not be even thinking about a third CC. I would be concerned with building a nice contingency fund and just letting my TWO CC's muture awile <drops mic, and walks off stage>

[Anonymous]

We got the Home Depot card because we do want to do some home renovations. I apologize for not giving enough information and I definately have not declared victory quite yet lol. I have had credit before when I was younger and wasted that opportunity. I have been working years to get it to a level to get my home loan. I understand that Home Depot is a store card but it was definately needed. My credit scores are in the mid 600's I dont remember the exact scores off the top of my head i apologize. I am really just looking for something to help rebuild. I feel like im on the right path just trying to take some advice to do it correctly this time. Im ok with using just the 2 cards, I just read on this site that 3 cards was the magic number to fully max the potential. Maybe that didnt count store cards?

[Anonymous]

---

Newbie2015 wrote:

We got the Home Depot card because we do want to do some home renovations. I apologize for not giving enough information and I definately have not declared victory quite yet lol. I have had credit before when I was younger and wasted that opportunity. I have been working years to get it to a level to get my home loan. I understand that Home Depot is a store card but it was definately needed. My credit scores are in the mid 600's I dont remember the exact scores off the top of my head i apologize. I am really just looking for something to help rebuild. I feel like im on the right path just trying to take some advice to do it correctly this time. Im ok with using just the 2 cards, I just read on this site that 3 cards was the magic number to fully max the potential. Maybe that didnt count store cards?

---

It does count store cards, but store cards are very limited in their use. You can use your QS anywhere, but you can only use the HD card at Home Depot. However, if you're going to use it, then it works for you.

I don't really agree with the maximization that is canon here. Maximization is only helpful if you can do something with it. Since you have your mortgage, you're probably not looking for another big purchase (maybe a car?) in the near future.

Mid-600s is a great staring point. There are many here who have built up from much lower scores, and you're in a good place. If you want to try for one more card, I think I'd probably go with Discover IT. That gives you a quarterly card with benefits that you don't have. I think it gives 5% back at hardware stores from July through Sept., plus other perks. If you don't get approved, don't sweat it. Just wait six months to a year and your credit profile will be much better. 

[L-TWT]

---

@Anonymous wrote:

We got the Home Depot card because we do want to do some home renovations. I apologize for not giving enough information and I definately have not declared victory quite yet lol. I have had credit before when I was younger and wasted that opportunity. I have been working years to get it to a level to get my home loan. I understand that Home Depot is a store card but it was definately needed. My credit scores are in the mid 600's I dont remember the exact scores off the top of my head i apologize. I am really just looking for something to help rebuild. I feel like im on the right path just trying to take some advice to do it correctly this time. Im ok with using just the 2 cards, I just read on this site that 3 cards was the magic number to fully max the potential. Maybe that didnt count store cards?

---

that varies depending on who u talk to, most lenders like to see at least two majo CC's on file. Back tracking some what since you have not received the keys to a place yet, you do not want to alter your chances by opening a new account. just rebuild with your Cap 1 QuickSilver, B/c with your $500 CL, I'm quite sure your in their "steps program"

[NRB525]

So you know you are rebulding, good to hear.

There's no rush to get another CC. Spend some time reviewing here what cards are available and consider what your spend patterns are, what your card requirements are, because you want to select carefully. You will get a lot of suggestions here about a next card to get, but take your time, those cards aren't going anywhere, your scores are improving even with just the two cards and mortgage you have, and more cards will come into your range soon.

Good luck!

[Anonymous]

---

@L-TWT wrote:

---

@Anonymous wrote:

We got the Home Depot card because we do want to do some home renovations. I apologize for not giving enough information and I definately have not declared victory quite yet lol. I have had credit before when I was younger and wasted that opportunity. I have been working years to get it to a level to get my home loan. I understand that Home Depot is a store card but it was definately needed. My credit scores are in the mid 600's I dont remember the exact scores off the top of my head i apologize. I am really just looking for something to help rebuild. I feel like im on the right path just trying to take some advice to do it correctly this time. Im ok with using just the 2 cards, I just read on this site that 3 cards was the magic number to fully max the potential. Maybe that didnt count store cards?

---

that varies depending on who u talk to, most lenders like to see at least two majo CC's on file. Back tracking some what since you have not received the keys to a place yet, you do not want to alter your chances by opening a new account. just rebuild with your Cap 1 QuickSilver, B/c with your $500 CL, I'm quite sure your in their "steps program"

---

I have already received the keys to my new home. If thats not what you were trying to say then i apologize for misinterpretation.