Second card suggestions for someone aiming to build credit.

For just about anything you want to get off your chest about credit cards.
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CarefulBuilder14
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Location: United States

Postby CarefulBuilder14 » Wed Nov 05, 2014 10:39 pm

ShamWoW wrote:Best case scenario I just increased my CLI from 500 to 4k and got myself a decent foundation to build credit.

Worst case scenario???? I mean its not like they're going to rescind they're approval's right?


Congrats - I wouldn't be worried. My credit history is as long as yours, I have all the cards you do (plus two others) and I haven't suffered any adverse action about opening cards too quickly.

I would garden for a few months just to be safe, though. Another benefit of gardening now is that the new cards can start reporting a good history and experience with somewhat higher credit limits. That will improve your odds of getting a $4k or $5k CL on your next card, as opposed to $1.5k or $2k
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when


SHY
 
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Joined: Thu Nov 06, 2014 9:20 pm
Location: ATLANTA

You need trade lines

Postby SHY » Thu Nov 06, 2014 9:30 pm

You have to give your credit some history. Opening up New Credit LINES aren't always Good for your credit. Tradelines with history NO NEGATIVES AND FEW INQUIRES

ShamWoW
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Location: California

Postby ShamWoW » Thu Nov 06, 2014 10:03 pm

SHY wrote:You have to give your credit some history. Opening up New Credit LINES aren't always Good for your credit. Tradelines with history NO NEGATIVES AND FEW INQUIRES


Opening up the credit lines is what is going to help give my credit some history. I had 1 Inquiry(from my first Credit card) on my record prior to opening the two new credit cards and I have no derogatory marks/collections, all my payments were paid on time in full. Sure my credit is going to take a hit right now between the inquires and the AAoA (though the AAoA hit is negligible due to how short my only credit line has been open) however, now I have backdating for multiple cards in 2014, a credit line with three separate institutes that I can start building trust with & a much higher CLI to work with. The negative impact I will see on my current credit score is well worth the potential I now have to further build my credit.

Already got my gloves on ;-) I'm going to be gardening for quite some time. I have no interest or need for any new credit lines nor loans etc right now.



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