Showing some leg to get attention....

[Anonymous]

I keep asking the same question and no one is responding- and I need help!!!  So maybe showing some leg got attention...hee hee....

I just purchased a new car on Saturday and I already own a home, so I officially will NOT be needing my credit scores for anything any time soon.  So I am wondering- should I use this opportunity to add some new accounts?  I never apply for anything, because I don't want the temporary ding of an inquiry.  But since I know I won't need to purchase anything on credit for at least 2 years, should I go ahead and add some new accounts?  Right now I have three credit cards: walmart, target, and discover.  I know I want to add a jewelry account.  What other types of credit accounts should I add?  All three reports took an inquiry hit through the car dealership, so I think I ought to add new accounts so they can age 1-2 years before I actually apply for anything on credit again.  This seems like a wise strategy.  Any opinions on the matter?

[Donks3369]

Heather,

Maybe showing some leg helped...

However I'm of the opinion that you should really only apply for credit if you really need it.  Do you actually want more credit cards or are you just seeing this as an opportunity to get more while you have applied for other things?

Some people may think it is bad to have all these inquiries at once, but if you are approved then you can have them all age together.

Message Edited by Donks3369 on 03-12-2009 02:11 PM

[llecs]

Your mix of credit is OK. Don't app for credit if you don't need it. Remember, adding new TLs not only drop your score due to the inquiry, but the new account will drop your score due to your decrease in the AAoA.

ETA...Donks is a faster typer.

Message Edited by llecs on 03-12-2009 05:13 PM

[smallfry]

Please no jewelry accounts. Get a real credit card. You seem to be past the building stage if you already have a mortgage. How about trying the pre approval page at BofA?

[Anonymous]

Doesn't look to me like you need any additional credit lines.  I'm also a fan of only applying for credit when you need it.  Good luck with whatever you decide to do!

[Anonymous]

App whenever your score can handle it, rebuild your score and then app again.

You should always look to trade FICO for cash if you will not be purchasing a home soon or possibly looking for the type of job that might check your credit.

App something with a sign-up bonus, rewards and a 0% teaser APR.  Use the card for day-to-day stuff, make min payments, save the cash in etrade/ing/whatever, earn some interest, and then PIF when the teaser rate runs out in 6mths.  You make interest, sign-up bonuses and rewards.  Then do all over again.  A life-time of this will add up to real money.