Would getting another card now help my score, or is it not needed?

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Would getting another card now help my score, or is it not needed?

Postby Jooxi » Fri Jul 20, 2012 3:37 pm

Hi everyone,

So I sorta kind asked this before, but it's a little different this time.

I currently have:

1. Capitol One card, $275 limit (I know...) from November 2011
2. Auto Loan from March 2012
3. Citi Forward, $3,500 limit from July 2012

My FAKO scores are around 720 Experian, 740 Equifax.

My question is: Do I have enough credit to increase my score over time? Or would it better to get another solid-limit credit card to raise my score even more?

I am trying to improve my scores to be eligible for better cards in the future, and to one day get a home loan.

I really appreciate any advice you have!

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Postby MemberSince99 » Fri Jul 20, 2012 3:48 pm

To be honest your Forward gives you plenty of card. I would stick to use that for now, you can sock drawer Cap One, then in say 6 months apply for Discover, Amex, or Chase, whatever other prime lender floats your boat (assuming no recent baddies on report) and probably be successful. You might even be successful now, however 2/3 of those are new and Even Cap One isn't that aged.

Hope this is helpful. You may get what you want now, as mentioned, it's up to you, but I'd suggest just being happy with a nice limit from Citi and giving it 6 months and you should be in great shape as you will have more age and the initial hit of the car loan will have dimmed considerably then.

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Postby Jooxi » Sat Jul 21, 2012 8:52 pm

I guess I will just stick with the Forward for now then.

Thanks for the help!

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Postby DavidNY » Sat Jul 21, 2012 9:31 pm

You're definitely on the right track. The installment auto loan will help diversify your types of credit. I would try for Chase or BofA (decent credit lines). Discover is not known for giving big credit lines.

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Postby Bobzig » Sat Jul 21, 2012 10:33 pm

LOL @ (I know...)
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Postby rossmo » Thu Jul 26, 2012 8:43 pm

How long does a loan affect your credit score?

I finished paying off a student loan in December 2011 (fairly certain no late payments ever). Is it currently a positive factor on my score? If I'm considering getting a new vehicle, would that loan diversify/improve my score?
Credit Union Visa: $5000 (4/11)
Discover IT $1750 (10/12)
Chase Freedom $1500 (3/13)
BofA Credit Card: $18.7k (1/02) (Authorized User)
Secured CapOne Visa: $300 (5/12)
Banana Republic Store: $1200 (5/11)
Express Next A-List: $1340 (6/11)

FICOS (as of 3/15/12):
EQ 762
EX 731
TU 747

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