Should I have more credit

[Anonymous]

Ok, having bottomed out over a year ago where I was in the sub 500 range, I have paid of everything that was in collections, had all payments on time, and seen a sizeable increase in my scores overall. While still miles to go, for the first time in my adult life, my credit is not a topic of embarrassment. Currently at Experian 641, Equifax 628, Trans Union 636 and Vontage (which doesn't really count but makes me feel good) 671. I am currently at 64% reported Credit Utilization but that will be halved by next month and reported less than 10% by January. I don't know if I have enough of a portfolio though, and wondering if I should be focused on CLI, a new account and if so with whom, or to stay the course. 

Current cards are

Cap1 Quicksilver $2750

Cap1 (Regular I guess, no perks, starter card) $750

AU on wifes Cap1 Platinum $2500

AAFES Star Card $3600

AAFES Buy it now (discontinued but still reporting) $3500

Accounts with NFCU and Service CU

1 outstanding vehicle loan which is about to be traded for another

My income is good, just over 100k a year, but I have neglected my credit, well, forever and made so many mistakes along the way. I only took it somewhat seriously due to my job/background checks and paid off all bad debt. Then have been slowly building my scores up from the ashes. I had a recent Identity theft attempt which ironically led me here and I have already learned a ton, so while I am not thankful for that headache, the knowledge has been invaluable. That said, for those of you that are pro's and have walked this path, any advice on these next steps which for me is unchartered territory is greatly appreciated!

[HeavenOhio]

You should add a card or two, but don't treat it as an emergency. You'll want to wait until your utilization is down so you can apply with every possible point.

Have you talked to NFCU about a card? You should be able to get a non-secured card from them at this point. You could probably apply now if you'd like given that you have a positive history with them. Scores aren't a big issue with NFCU if they "know" you.

Your lower-limit Capital One card is probably their Platinum product. Call in and see if this can be upgraded to a Quicksilver. Don't worry about the redundant rewards. Two rewards cards beats one. Your wife should check for an upgrade offer on her Platinum too.

If you'd like to talk about cards you could look into, it'd be helpful if you could list your current accounts' ages or opening dates along with whatever baddies are still on your reports. That will help people here to steer you in the right direction.

[rostrow416]

It sounds as of you've made some good moves, but just wait the month or so until your utilization is down.  It will make a big difference in your scores.

Once your utilization is at or below 10%, app for a NFCU card (check their lineup and choose which one is best for your needs).  You should be able a nice limit if you've been a member for a little while, and they have plenty of room for growth.  

As far as a Capital One increase, wait a month or 2 after your utilization reports lower as they typical use old credit reports for increase requests.  They are soft pulls so it won't have any affect otherwise.

[SouthJamaica]

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@Anonymous wrote:

Ok, having bottomed out over a year ago where I was in the sub 500 range, I have paid of everything that was in collections, had all payments on time, and seen a sizeable increase in my scores overall. While still miles to go, for the first time in my adult life, my credit is not a topic of embarrassment. Currently at Experian 641, Equifax 628, Trans Union 636 and Vontage (which doesn't really count but makes me feel good) 671. I am currently at 64% reported Credit Utilization but that will be halved by next month and reported less than 10% by January. I don't know if I have enough of a portfolio though, and wondering if I should be focused on CLI, a new account and if so with whom, or to stay the course. 

Current cards are

Cap1 Quicksilver $2750

Cap1 (Regular I guess, no perks, starter card) $750

AU on wifes Cap1 Platinum $2500

AAFES Star Card $3600

AAFES Buy it now (discontinued but still reporting) $3500

Accounts with NFCU and Service CU

1 outstanding vehicle loan which is about to be traded for another

My income is good, just over 100k a year, but I have neglected my credit, well, forever and made so many mistakes along the way. I only took it somewhat seriously due to my job/background checks and paid off all bad debt. Then have been slowly building my scores up from the ashes. I had a recent Identity theft attempt which ironically led me here and I have already learned a ton, so while I am not thankful for that headache, the knowledge has been invaluable. That said, for those of you that are pro's and have walked this path, any advice on these next steps which for me is unchartered territory is greatly appreciated!

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I think you're in good shape.  Some day you might want to dump the Capital One 'starter' card and replace it with something that is of greater value to you.

But for now maintaining low utilization, having some zero balances reporting, and the passage of time, are the keys.

If your present auto loan is mostly paid off (i.e. down to 9% or less of loan amount), then you can expect a score dip when you get the new loan.

[Anonymous]

Well, I don't have anything that hasn't been paid to zero and closed or settled-closed, most were done 2 years to a year and a half ago. I had a Total card I overlooked that was the most recent one when I realized it was on there and got it dealt with. I had previously also held Credit One and 1st Premiere, in 2018 everything went south and I got behind, those were closed then. I had the Capital One's then too but they worked with me. 

My Cap1 with the $2750 limit I have had since 2015

My starter Cap 1 with $750 limit since 2012

AU on Wifes Cap1 which was opened in 2017

Star Card 2018

The defunct star card since 2008. Really hope they don't stop reporting that one. Aafes sill shows it as an open line of credit on my account page though, even though it's not actually possible to use. 

I am not looking for credit, I don't actually need more credit. But I am interested in what will help me continue to build back my standing and improve my scores. 

[Anonymous]

Thanks for the advice on the Capital one card, I just called them and got the starter card upgraded to a Quicksilver. Appreciate the advice guys!

[tcbofade]

As already mentioned upthread, you'll see nice score boosts when your utilization gets under 48%... then under 28%... then under 8.9%.

You're on the right track.

If you DO want more cards, I would also tell you to wait for the CRAs to update the lower balances, then talk to NFCU.

Good luck!

[CreditInspired]

Welcome to MyFico, OP

Kudos to you for taking charge of your credit portfolio. 

You have gotten some awesome advice from the forum and I have nothing to add except, "just remain patience." This step alone works wonders because you're continuing to make on-time payments, your AAoAs is increasing if no new accounts are added, and the AoOA increases. 

OOPS. I do have one question. Is the outstanding balance you're an AU on <8.9%? If UT is high on that card, I suggest removing yourself. 

You are definitely on the right path. Again, kudos.