@Anonymous wrote:
@DH1988 wrote:This is helpful, thanks for the feedback!
A little bit of background:
I currently have 3 credit cards: Cap one QS (opened in 2008, $5k limit), Nordstrom visa signature (2017, $7k), Amex (Sept 2018, $4k).
0 degs. TU: 777, EQ: 761, EX: 709 , and a new car lease.
I'm considering opening new accounts because I want to increase my overall limit/decrease my (15%) utilization percentage.
Cap one (my starter card) has denied me CLI since I reached a $5,000 limit about 6-7 years ago. Nordy's has taken me from $2500 -> $7,000 in a year and I opened an AMEX hoping for a higher limit but got $4,000. I've only had it since Sept, so I'm really hoping to increase my limit on this card in the next couple of months. I've gathered Chase & Discover are often pretty generous with their CLIs so I'm considering adding one of them to my wallet and then moving into the garden for a while as I would like to buy a house in the next 2-3 years. But is it better to grow the cards I have and then open a card closer to the time I purchase a home? I imagine opening bonuses and APRs would really come in handy after buying a house, but will CCs be harder to qualify for? I have no clue what to do.
You currently have an Average Age of Account of roughly 4 years. You may find opening additional accounts to be counter-productive since each new card will further reduce you AAoA and also reset the Age of your Youngest Account to zero; both of those factors are known to cause FICO scoring penalties.
Its possible that you may be able to triple your Amex credit limit 61 days after opening the account and that will certainly help your utilization. But the 3X CLI isn't guaranteed and often depends on the amount of spend you've placed on the card. Large credit limits are a function of income - lenders are required by law to inquire about your "ability to repay" and that ability is correlated to your income.
Why is there such a difference between your EX and your other two scores? Do you have a delinquency/derogatory reporting on EX?.
Yes, 2 derogs and a medical bill that went to collections being reportedthat never was reported to the other 2. Both are accounts from 2013/2014. Is there anything you can suggest I do about this?