just got an Orchard card, how many more?

Anonymous · ‎02-25-2011

Just wondering....I was approved for an unsecured Orchard Card in December with a credit limit of $320. I was shocked as my score is only 422. But is that enough to improve my score over time? How many cards should I have to try to improve it? Thanks!

Anonymous · ‎02-25-2011

That one card should yield you some significant FICO score growth.

In about six months or more, you may want to look at adding another card.

And about six months later, perhaps one more.

You'll be fine with one. Perhaps slightly better with two. And perhaps it's all easier to manage with three.

FICO Reason Code #3 (Too few bank revolving accounts) is satisfied with ONE card.

Watch your AAofA before apping and consider letting your account age a bit before considering your second card.

And, of course, you'll want to PIF the Orchard, and let only a very small (less than 9%) balance report.

Orchard reports your balance on the last business day of the month - so along with making your payments on time, you'll want to watch the balance on that day because that's the balance that they'll report to the CRA's.

I like Orchard for rebuilding - they're easy to manage online. Congrats on your new card - managing it well will keep you busy enough for awhile! App later rather than sooner and best wishes!

Anonymous · ‎02-25-2011

@Anonymous wrote:
Just wondering....I was approved for an unsecured Orchard Card in December with a credit limit of $320. I was shocked as my score is only 422. But is that enough to improve my score over time? How many cards should I have to try to improve it? Thanks!

I would also add that you'll want to pull your FICO score here and look at the report that accompanies it. (Do an internet search for "myfico discount codes" if you haven't already done this). It'll show you what's Helping Your FICO Score and What's Hurting Your FICO score. The items that are hurting your FICO score should be addressed as fully as possible before considering your next app.

Best wishes again! And welcome to the forums!

Anonymous · ‎02-25-2011

Thanks for the tips! I signed up and the 422 is from myFico, so this is the one that I should go by, right? Thanks again!

Anonymous · ‎02-25-2011

@Anonymous wrote:
Thanks for the tips! I signed up and the 422 is from myFico, so this is the one that I should go by, right? Thanks again!

True. Your FICO score is the one to watch - I generally watch my Equifax FICO pulled here, and occasionally check in on my TU FICO pulled here.

If you go onto the Rebuilding Your Credit forum and post the items that are listed under "What's Hurting your FICO Score" you'll get some excellent feedback on how to rebuild.