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How many accounts enough to build credit?

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lns1976
Regular Contributor

Re: How many accounts enough to build credit?

@MarkyB You're going to have to call them and make sure the email and everything is correct then reset the password.  Once the password is reset you can login and change the username.

 

Your account is not tied to your username, nor your email, it's tied to your social security number with Capital One.  My 360 Checking, Quicksilver One, and Walmart Rewards Card all show up under my one primary login.


Fico 8 3/27/2022 EX: 611
Vantage TU/EQ 3/26/2022: 613/613
Message 61 of 255
MarkyB
Regular Contributor

Re: How many accounts enough to build credit?


@lns1976 wrote:

@MarkyB You're going to have to call them and make sure the email and everything is correct then reset the password.  Once the password is reset you can login and change the username.

 

Your account is not tied to your username, nor your email, it's tied to your social security number with Capital One.  My 360 Checking, Quicksilver One, and Walmart Rewards Card all show up under my one primary login.


Got it. Thanks!

Message 62 of 255
MarkyB
Regular Contributor

Re: How many accounts enough to build credit?

Man, I'm super annoyed. I applied for the TD secured cash card. I initially got "conditionally approved" and thought wow I got it, then when I went to the next step of the process to open the savings account, a message popped up saying they can't approve me and they'll send me a letter with their reasoning. I don't understand how they conditionally approve someone after pulling their credit but then reject them when opening the savings account? I'm so done applying to anything from now on. I got 4 hard inquiries on my report with only 2 cards to show for it. And they were all SECURED cards. Unreal. I hate big banks. They make everything so hard for no reason.

Message 63 of 255
lns1976
Regular Contributor

Re: How many accounts enough to build credit?

@MarkyB So now you garden for a while.  Gardening is simply using and paying your credit cards, trying to show less than 9% utilization at statement.  I.E. $27 would be 9% of a $300 limit so you would want $26 or less to report on the statement to the Credit Bureaus.  

 

Do that for 6 months, make all payments on time for 6 months and you'll see the offers and major improvements.

 

The savings account holdup is probably due to chex systems or similar system in reference to the Capital one 360.  It might continue to bite you in the butt for a while when it comes to other banking accounts.


Fico 8 3/27/2022 EX: 611
Vantage TU/EQ 3/26/2022: 613/613
Message 64 of 255
MarkyB
Regular Contributor

Re: How many accounts enough to build credit?


@lns1976 wrote:

@MarkyB So now you garden for a while.  Gardening is simply using and paying your credit cards, trying to show less than 9% utilization at statement.  I.E. $27 would be 9% of a $300 limit so you would want $26 or less to report on the statement to the Credit Bureaus.  

 

Do that for 6 months, make all payments on time for 6 months and you'll see the offers and major improvements.

 

The savings account holdup is probably due to chex systems or similar system in reference to the Capital one 360.  It might continue to bite you in the butt for a while when it comes to other banking accounts.


How does Chex work and how long are you on there for? I opened a Bank of America account a few months ago with no issues. This TD bank savings was simply collateral for the secured card, it's a locked account with no access so I'm dumbfounded why I would get denied for that but not BoA if it is the Chex system.

I hate myself for trying the TD card. I don't know what I was thinking. I should have known big banks are a big no no. I'm not sure if I'm overthinking the impact of hard pulls but it's killing me that I just added a 4th one for nothing. It's really stressing me out right now. I was so close to trying the citi card tonight as well but that's absolutely not happening now. 

 

I will take your advice and sit on what I have. I just paid off my discover card yesterday and left just $21 on it for the statement end date. Regarding the statement cycle end date, does it report the balance at the end of that day (midnight) or as soon as the day starts (midnight the night before)?  So example, my cycle end dates lands on this upcoming Monday. Will my balance report Sunday at midnight or Monday at midnight?


Thank you and I appreciate your time!

Message 65 of 255
lns1976
Regular Contributor

Re: How many accounts enough to build credit?

@MarkyB What kind of checking do you have at BoA?  They are known to be a "Second Chance" type bank that has accounts to open even for those that might have a Chex Systems in the past.

 

The best bet to know for sure is to wait for the rejection letter.  My thought was just a hypothesis on a reason for them not opening up a savings account but "conditionally approving" you for the card.

 

Once you have the rejection you could call and ask for a reconsideration as well.


Fico 8 3/27/2022 EX: 611
Vantage TU/EQ 3/26/2022: 613/613
Message 66 of 255
RobynJ
Established Contributor

Re: How many accounts enough to build credit?


@MarkyB wrote:

@lns1976 wrote:

@MarkyB So now you garden for a while.  Gardening is simply using and paying your credit cards, trying to show less than 9% utilization at statement.  I.E. $27 would be 9% of a $300 limit so you would want $26 or less to report on the statement to the Credit Bureaus.  

 

Do that for 6 months, make all payments on time for 6 months and you'll see the offers and major improvements.

 

The savings account holdup is probably due to chex systems or similar system in reference to the Capital one 360.  It might continue to bite you in the butt for a while when it comes to other banking accounts.


How does Chex work and how long are you on there for? I opened a Bank of America account a few months ago with no issues. This TD bank savings was simply collateral for the secured card, it's a locked account with no access so I'm dumbfounded why I would get denied for that but not BoA if it is the Chex system.

I hate myself for trying the TD card. I don't know what I was thinking. I should have known big banks are a big no no. I'm not sure if I'm overthinking the impact of hard pulls but it's killing me that I just added a 4th one for nothing. It's really stressing me out right now. I was so close to trying the citi card tonight as well but that's absolutely not happening now. 

 

I will take your advice and sit on what I have. I just paid off my discover card yesterday and left just $21 on it for the statement end date. Regarding the statement cycle end date, does it report the balance at the end of that day (midnight) or as soon as the day starts (midnight the night before)?  So example, my cycle end dates lands on this upcoming Monday. Will my balance report Sunday at midnight or Monday at midnight?


Thank you and I appreciate your time!


They report the day after your closing statement date. It can take up to a week but normally 3 days to update on your CR

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Message 67 of 255
RobynJ
Established Contributor

Re: How many accounts enough to build credit?

To add to my prior post if the closing date ends on a Friday, Saturday, or Sunday it will be sent on Monday. 

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Starting Score:
0

Current Score:
My highest 818

Goal Score:
850


Take the myFICO Fitness Challenge



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Message 68 of 255
MarkyB
Regular Contributor

Re: How many accounts enough to build credit?


@RobynJ wrote:

To add to my prior post if the closing date ends on a Friday, Saturday, or Sunday it will be sent on Monday. 


Great, thanks!

Message 69 of 255
MarkyB
Regular Contributor

Re: How many accounts enough to build credit?

@lns1976 I have the advantage plus checking account. I also just opened a savings account to further build my relationship with them.

Message 70 of 255
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