Will opening another CC account have any immediate positve effects???

[willhbauto]

I have virtually no revolving debt, just one secured card with a $300 limit that I keep at a minimum balance, I noticed a nice score improvement from adding the first card, the simulator said adding another CC wouldn't move me at all aside from the negative impact from the inquiry, is that correct, would having another Revolving TL help?

[fused]

---

willhbauto wrote:

I have virtually no revolving debt, just one secured card with a $300 limit that I keep at a minimum balance, I noticed a nice score improvement from adding the first card, the simulator said adding another CC wouldn't move me at all aside from the negative impact from the inquiry, is that correct, would having another Revolving TL help?

---

Do you know all three of your FICO scores?

[willhbauto]

I'm a 600 Equifax, 609 Experian, 589 TransUnion (which isnt correct because they havent updated since my investigations ive opened, probably a 630 actually)

I opened that card a couple months ago when I was a 550, but Ive had goodluck disputing collections and having them removed. I had a derogatory CC account removed completely just 4 days ago from EQ and EX, lucky me!

Oh yeah, I didnt mention Im applying for a mortgage in 2 months or less, thats why I need the score bump, so by immediate I mean like right away, thanks for your response

Message Edited by willhbauto on 06-08-2007 05:28 PM

[fused]

---

willhbauto wrote:

I'm a 600 Equifax, 609 Experian, 589 TransUnion (which isnt correct because they havent updated since my investigations ive opened, probably a 630 actually)

I opened that card a couple months ago when I was a 550, but Ive had goodluck disputing collections and having them removed. I had a derogatory CC account removed completely just 4 days ago from EQ and EX, lucky me!

Oh yeah, I didnt mention Im applying for a mortgage in 2 months or less, thats why I need the score bump, so by immediate I mean like right away, thanks for your response

Message Edited by willhbauto on 06-08-2007 05:28 PM

---

It's not a good idea to be applying for new credit right before a mortgage.  Can u be an AU with a family member who has clean, aging cc TL's.  This is sure to boost score.  But this will only work until Sept, that when FICO will pull the plug on this.

[willhbauto]

Yeah, I really dont intend to have any inquiries at all.

I actually have a good friend helping me out with a couple of his older CC's, I was just curious if anoher personal line would help, both of his TL's are older than 5 years and $10k limits less than 20% balances, what kind of score bump should I expect? I was hoping to see high sixes so I can get better rates, think its possible, alot of people seem to think so.

[Anonymous]

It will impact your credit score negatively for the first 2 months. After that some points are regained but still in the negative zone. Long term you will however benefit from getting a second card, even 3 or 4 more. However I would not apply for anything until after your mortgage as any applications will lower your score for the next 3-6 months. After you get your mortgage, in the long run, 6 months and longer, the extra cards will be in your best interest as long as you can wait 6-12 months for your credit score to rebound.

[willhbauto]

thank you very much for your response, very helpful, any other responses anybody can would certainly be appreciated.

[SoulSmilen]

These guys are steering you the right direction - don't apply for new credit right now.

[MidnightVoice]

---

willhbauto wrote:

thank you very much for your response, very helpful, any other responses anybody can would certainly be appreciated.

---

And don't get a new cell phone