Are they just trying to up sales me? Experian

Anonymous · ‎09-11-2018

Hello,

I got put on to this site when I gave a goog to “early exclusion”. I was successful in getting 3 baddies removed from TU and EQ. Two naturally fell off my EX. I’ve put in an online dispute for the last baddie (waiting to hear back on that one). Anyway while looking around on the site, I noticed it says “Thin File. 3 Open Accounts. Having less than 5 open accounts can make you look somewhat riskier.” The 3 cards are all Capital One card 1 $300 secure Platinum, $4,500 Platinum and $6,000 Quicksilver.

Should I open 2 new cards to get to the 5? Will this affect my scores negatively? Are they just trying to up sales me?

Credit Karma - TU 781 EQ 789

EX Site - FICO 692

I have zero inquires on my TU and EQ report. 1 on EX which should be falling off. My last app was for the Quicksilver on 9/6/16. I’ve checked pre-qualify sites and I only pre-qualitied for Discover, AMEX, and Capital One. All are showing a set APR rate.

Any advice is appreciated.

Thanks!

Anonymous · ‎09-11-2018

Yes they are for the most part, 3 accounts are enough to build a solid 800 profile, this is not to say you can't have more than 3, but that decision should be based on matching rewards with your spending habits, not on recommendations from sites with ties to CC advertisers like Experian and Credit Karma where the more you apply, the more they make.

DaveInAZ · ‎09-11-2018

Yes, as the crusty oldman (just kidding) says 3 is enough to build a solid score, and all the scoring sites try to get you to apply for a card from their site as they get a commission if you're approved. But you might want to diversify having only Capital One cards. Discover's pre-qual site is the least reliable but if they're showing you an exact APR, not a range, you should be good with your scores & lack of inquiries & new accounts. And it's a great card to have - rotating categories quarterly that give 5% cashback rewards and you get double your rewards for the first year, awarded at the end of the year. And the Amex pre-qual site is rock solid. It depends on what card is better for you: if you travel often the Everyday Card gives you MR (Membership Rewards) points that can redeemed for travel awards, if you prefer cash back the Blue Cash Everyday gives you points that can be redeemed for statement credit. And I assume the Amex pre-qual is showing you bonuses for cards? I think the current bonuses are $150 for the no annual fee cards. Discover doesn't offer new account bonuses.

Anonymous · ‎09-11-2018

I tried using lotion every day but it's an uphill battle.

Anonymous · ‎09-12-2018

I knew that was weird. In my 20s I had so many cards that I didn’t need and got myself into trouble when I had a hard time finding a job once I graduated college. Nothing worse than having a finance and investment degree with bad credit. This is my second time rebuilding and I hopefully the last.

I was banking with Capital One when I was trying to rebuild my credit a few year ago. It just made sense to get my credit with them. Now bank with Chase but I don’t pre-qualify for any of their cards. I would like a card with rewards/cash back options for grocery shopping. I’ll need to research what card is best for that.

Thanks again!

Anonymous · ‎09-21-2018

Hey! Just wanted to provide an update. I decided to apply for the Discover It card. The 5% cash back at grocery stores, restaurants, Amazon and wholesale clubs really made it a no brainer. Plus the were offering a 13% apr after the 15 months! That is lowest I've ever been offered. Amex was offering 18%. To my great surprise they offered me a SL of $12K. My highest SL. I've come such a long way from 8 years ago when I first meet my husband and was thinking, I can have a family with this guy. I need to do something about my bad credit

Btw they pulled my experian report.

DaveInAZ · ‎09-21-2018

Terrific, congratulations!

Anonymous · ‎09-21-2018

Closed accounts count toward file thickness, so OP your file is definitely thicker than the fluff CMS software is manipulating you to believe. Outside of the 3 open CCs (now 4, congrats on that) do you have any open installment loans or other account types? How many closed accounts do you have on your CR currently? I would say that your file is plenty thick enough and that adding additional accounts is not a necessity by any means.

Anonymous · ‎09-21-2018

That is good to know. I have 9 closed accounts.

Anonymous · ‎09-21-2018

@Anonymous wrote:
... Now bank with Chase but I don’t pre-qualify for any of their cards ...

Your profile looks good for Chase. If you have a local branch and if you're interested in getting a CC with them, go by to see a banker at the branch and ask if you're showing as pre-approved. I never qualified on the pre-qual site but was told in branch I have several offers. I took the Freedom. Just a thought.

And Congrats! on the sweet Disco approval.