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I can't see any reason not to do it.
I think true optimal scoring the 3 revolvers + 1 installment line may not hold weight anymore, really even for EQ FICO 8 it's 4 revolvers and 1 installment line to say nothing of the mortgage scores.
Ultimately in any credit building exercise you want to establish a few accounts quickly and then just them all age; sure you can do it more slowly but time is the only constraint really when it comes to credit building, so may as well make the best use of it as you can... mathematically more accounts sooner get you into the higher scoring tiers sooner.
@Wrigley2172 wrote:
Will do then I appreciate the response. Any advice on how to make myself look pretty before applying? My payment is due on the 19th every month and my statement closes on the 24th. Should I zero out the account since its my only one? Or have something small $50 or so report
Let something small report. All cards (or, in your case, your only card) reporting a $0 balance will result in a FICO score ding to the tune of 10-20 points (profile dependent) for 'no revolving credit usage'. Always have at least one card reporting a balance.
Also -- your Disco CLI (congrats!) should report along with your statement balance on the 24th.
@Wrigley2172 wrote:
Hi all
I made a post just about a month ago for some advice on if I should open a second line. Members here said i should seek a CLI with disco and if thats enough no need ans thats what happened. My DP's are as follows
22 year old college student graduating with a BS in 2020
Dico gas/food card 3k line after a cli in March UTI is 5-10% month to month account is 2.5 years old
AU on dads Cap1 rewards card "i think this became the platinum card"
12k a year income with a TU score of 754 from Disco, im unsure of my other scores at the moment but would purchase a report before applying for anything.
My question for you all today is after reading so many posts about ideal scoring being 3 revolvers and 1 installment ive got to thinking if May/June would be a good time to open a line or two before I take out my 20K student loan for my final year of college. My purpose would mostly be file thickness for later in life and scoring so SL isnt a huge issue. Ive been looking at AMEX but I also bank with chase and there are branches everywhere in Illinois around me so I could also go inbranch and ask for offers when the time came. Any thought are very much appreciated
If you've had your Discover card a year, I would check at your Chase branch for a Chase preapproval for Freedom or Freedom Ultimate, and if you're preapproved, go for it. You don't need more than 2 cards.