Ok, is it necessary to apply for more credit to repair my credit? Thusfar I have had all but 2 (it was one until yesterday when I mailed the dispute for BB) negatives on my 3 CR's deleted. The BB is on all 3 reports. I think it was either 8 or 9 in total spread out over my 3 reports with a total of maybe $1200 in all. Lucky me. I have a lot of inquiries that I think may be weighing me down, most are due to come off this year. At what point should I start applying for credit if it will help repair my credit? I guess I'm asking what should my credit report and score look like before I start applying.............if I have to? I have 1 Chase CC with a $400 limit and a student loan that is paid on time since 2001. Hard Inquiries Equ - 0 (all deleted) Exp - 9 TU - 12
Applying for "new" credit will not improve your credit scores initially insofar as it will decrease the overall history of your file and you will suffer an inquiry by virtue of the application. Now, it may help in terms of utilization but, only so if it is a reasonable credit limit. It's impossible to tell what you would qualify for without knowing your scores. Sounds as though you should look for strategic reporting tools such as a few aged tradelines. If you have a friend or relative that has some revolving accounts say one year old or more which has never been late, ask them to place you as an authorized user on the accounts. Thereafter, the accounts should be transposed on to your reports. If this is not an option, there are corporations which provide this service. Review all carefully insofar as not all are reputable and the price varies greatly.
Thanks, I really didn't want to apply for more credit. Don't need it and didn't wan to be tempted to use a CC just because I have it.
Good advice from APEX as usual. I only want to add one thing: if you choose to find an friend or family member who will add you as an AU (authorized user), make sure they keep their utilization very low on the account. Perfect payment is required, of course, but if they let their utilization drift above the scoring cut offs at 30%, 50%, or god forbid let it go above 50%, then you really need to think about saying " no thanks " and going another direction.
