1 revolving account enough?

[Anonymous]

I applied and got approved for a CJ card and just charged $46 on it, $1500 CL.

This will be my only revolving credit, will it be enough?

Message Edited by sidewinder on 04-08-2008 06:43 PM

[braznyc]

I don't think so, but that's me. I have a total of 3 new TL, because I had no revolving on all my CR that were open. I know fico likes mix, so with the CJ card I'm assuming this is a store card right? I'd add a visa or mc to the mix. I went the secured route for 2 and got an unsecured on the 3rd one.

[Anonymous]

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sidewinder wrote:

I applied and got approved for a CJ card and just charged $46 on it, $1500 CL.

This will be my only revolving credit, will it be enough?

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Remember that CJ does not report to EQ at all.  So you'll still have no revolving credit on EQ.

My experience: Adding my first three revolving acounts did wonders for my scores.  Each one after that hurt a little more than it helped (initially).

[Anonymous]

I have found that 3-4 revolving accts with low utiliz, and at least 6 mos positive reporting had a very positive impact on scores..

[llecs]

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gatoravi8tor1 wrote:

I have found that 3-4 revolving accts with low utiliz, and at least 6 mos positive reporting had a very positive impact on scores..

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Ditto. And to echo Cheddar, my first 3 CC's (2 revolving and 1 store charge) each bumped my score in a big way.

[Anonymous]

Thanks for the responses.

I am not sure if I'd get approved for any other cards with my scores and the remaining collections right now.

Maybe after I get the rest of my report cleaned up.

[Anonymous]

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sidewinder wrote:

Thanks for the responses.

I am not sure if I'd get approved for any other cards with my scores and the remaining collections right now.

Maybe after I get the rest of my report cleaned up.

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Do you or have you tried for B of A secued card?? This is a great card that will convert over to unsecured within 6-9 mos. I started out with them with $500.00 secured 5 yrs ago and that same card now has a 15K credit limit.

[Anonymous]

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gatoravi8tor1 wrote:

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sidewinder wrote:

Thanks for the responses.

I am not sure if I'd get approved for any other cards with my scores and the remaining collections right now.

Maybe after I get the rest of my report cleaned up.

---

Do you or have you tried for B of A secued card?? This is a great card that will convert over to unsecured within 6-9 mos. I started out with them with $500.00 secured 5 yrs ago and that same card now has a 15K credit limit.

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I haven't because I'm just not all that hopefull that I'd get it and want to keep inquiries down. Who do they pull, do you know?

[Anonymous]

I live in Florida and they have always pulled ex on me. After initial hard pull, all inquiries for CLI have been soft. Hope this helps.   I did a lot of research on secured cards, and found BofA to be one of the best.

Just start small, and always pay on time, let a small balance carry.  I would charge up to around 375.00 mo after a few mos of having the card and I would always pay approx 350.00 per mo before the card statement posting date.  this keeps reported utiliz at 10% which helps your score after 6 mos positive reporting.

[Anonymous]

I applied for a BoA checking and savings, if I get those, I'll apply for the secured card.