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Should I open more revolving credit.

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austinguy907
Valued Contributor

Re: Should I open more revolving credit.

Hey,  don't despare on the points.  There's more to life than a credit score.  We're a bit of a junky around here counting points and trying to hit that 850 no matter what.  It's just not in the cards all of the time and no matter what you do you can't squeak out those extra points.  Once you admit this to yourself it gets easier.  You stop focusing on the little things and look at the bigger picture.  Once you just let things roll with your CC's and setup autopay and quit paying so close attention to them things come together.  There are certiain points of building your scores where things will go stagnant and it seems like you're at a grinding halt.  Don't worry though the monkeys behind the curtain are still working on your scores behind the scenes.  Once you hit a milestone and get rebucketed into the next classification your scores will start to jump more.  Keeping a balance on 1 card each month is ideal which is what you're doing already.  Keeping other accounts active with something each month is something you're already doing as well.  There may be some things on your reports that still need to be worked on to bring them up further than they are currently.  

 

Here's what I see on my TU score for the past 8 months.... virtually no movement in either direction.

 

2-20-2017 10-54-12 PM.jpg

 

It's not just good or bad credit sometimes.  FICO sometimes stalls on the side of the road for no reason and then AAA comes to pick it up.  Just keep up the positive credit habits and eventually it will pay off.  Don't app for anything if you don't need it and only go for CLI's for the time being.  Of course the store cards might not do much but, Citi might every 3-6 months.  Credit One if it has an AF might need to get axed.  Kohl's will do a CLI every 6 months as well.  Maybe do the pre-qual  for Cap1 to replace Cr1 for the time being but, I wouldn't recommend making any other major changes while things age.

Message 11 of 25
grillandwinemaster
Valued Contributor

Re: Should I open more revolving credit.


@austinguy907 wrote:
Credit One if it has an AF might need to get axed.  Maybe do the pre-qual  for Cap1 to replace Cr1 for the time being but, I wouldn't recommend making any other major changes while things age.

This is an important point. Kill the credit1, line Austin said, and possibly replace it with a Cap 1.

 

Otherwise, No more changes.


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 12 of 25
DR527
Regular Contributor

Re: Should I open more revolving credit.

I got a CLI today out of the blue. Should I go for it. Or is that going to hurt my score some how?

 

 

 

 

Message 13 of 25
SouthJamaica
Mega Contributor

Re: Should I open more revolving credit.


@DR527 wrote:

I got a CLI today out of the blue. Should I go for it. Or is that going to hurt my score some how?

 

 

 

 


That wouldn't hurt your score at all.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 14 of 25
Anonymous
Not applicable

Re: Should I open more revolving credit.

OP, do not open more revolving credit lines if your goal is to grow your score.  This practice will actually lower your score in most cases.

Message 15 of 25
Anonymous
Not applicable

Re: Should I open more revolving credit.

I was in the exact same boat as you 7 months ago same scores / cards/ scenario etc. I joined NFCU online & opened a checking account only! I did NOT apply for NFCU Credit Card YET.. Next Joined Alliant Credit Union & did the $520 60 month share secured loan secured by the savings account. There's a whole thread on this process( & NO hard inquiry) follow it to the Letter!! Then I waited 4 months and then applied NFCU credit card & immediately approved for 17K .. two months later they raised it to 24K . I started with or around 640 and now I have 752. I would think about getting rid of the credit one card it holds your score down. Good Luck!
Message 16 of 25
DR527
Regular Contributor

Re: Should I open more revolving credit.


@Anonymous wrote:
I was in the exact same boat as you 7 months ago same scores / cards/ scenario etc. I joined NFCU online & opened a checking account only! I did NOT apply for NFCU Credit Card YET.. Next Joined Alliant Credit Union & did the $520 60 month share secured loan secured by the savings account. There's a whole thread on this process( & NO hard inquiry) follow it to the Letter!! Then I waited 4 months and then applied NFCU credit card & immediately approved for 17K .. two months later they raised it to 24K . I started with or around 640 and now I have 752. I would think about getting rid of the credit one card it holds your score down. Good Luck!

Thank you, is there a way you can link the thread?

Message 17 of 25
Anonymous
Not applicable

Re: Should I open more revolving credit.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...
Also if you have trouble joining navy federal there's also a thread on how to join by donating to a chapter in San Diego . If you have any relatives active in the military you can. If you don't here's an alternative way http://ficoforums.myfico.com/t5/Bankruptcy/How-to-join-NCFU-and-rebuild-as-a-civilian-the-right-way/...
Message 18 of 25
DR527
Regular Contributor

Re: Should I open more revolving credit.

Ok, so I may have spoken too soon? Citi Bank has not reported to my credit bureaus for the last two months. I called this morning to see why. And I was told that with my wife(being the primary) she was they only person who they had to report. Every month since we had the card, Citi has reported to both of our credit reports. Should I open up my own Citi card? And today my wife mentioned maybe opening a Target credit card? Is waiting still a good option if the number one card I use, isn't reporting to my credit? Can I drive my score like this?  Or is this a bad situation and I should open up another card? 

Message 19 of 25
Anonymous
Not applicable

Re: Should I open more revolving credit.

Hi DR527.  You may want to recap your situation since a lot of time and posts have gone by.  Particularly:

 

What are your credit cards, on which are you an AU and which are in your name, of your AU cards which are the creditors no longer reporting, etc.  Also, can you confirm that by "no longer reporting" you mean, "not updating my balance each month"?  If so, can you confirm that the accounts still do appear on your report?

 

Also would be helpful to hear what your balance and CL are on each one.

 

It sounds like people on this thread are consistently urging you not to apply for more cards for a long time, and to work on your negatives.  It sounds like that message may not be coming through since in your last post you mention wanting to open up a new Citi card and a new Target card.

Message 20 of 25
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