I'm feeling a little queasy thinking about all of this stuff. I just started trying to repair my credit. I'm waiting for my green cards to find their way back to be to dispute the 6 negatives on all 3 reports. I know it may take a long time and many more disputes to see any results but my fingers and toes are crossed. Anyway, I only have one TL open with a $4000 limit so I impulsively applied to a Cap 1 offer and was approved with a $500 CL. I know I probably should have waited until I fixed things a little on my reports, but I want to apply for a mortgage within a year and I got nervous that I didn't have enough "good credit". Now, after reading some more posts, I'm wondering if I could have applied somewhere else and gotten a higher CL. My scores are TU 626, EX 658, EQ 642. Am I driving myself crazy for nothing? Should I just be happy with the Cap 1 account at all? Should I try to see if I can get them to raise the limit? I haven't even gotten the card yet. Should I cancel it and apply somewhere else? Someone please talk me down!
NO, you need postive tradelines. You might be able to get a CL increase - you could try the famous Mr. Cooke. I'd use the card, make sure to pay on time and keep the ratio-to-limit low. That will help raise your scores so you CAN get a few other cards. ANY positive tradeline you can get is a good thing if you don't have much. I definitely wouldn't cancel - you've already taken an inquiry on your report. Others might have other suggestions. Mommy2cats
Thanks Mommy2cats I feel a little better! I think I might try Mr. Cooke, it can't hurt to try. How many cards is a good number to shoot for eventually? I'm assuming that you CAN have too many.
Something to consider: My loan officer said that FHA (who is more forgiving than conventional) likes to see at least 4 tradelines on your reports. Just a heads up. You might want to contact a loan officer and see what they tell you. Good luck.
Cap 1 will most likely grant you a CL increase after six months if you ask them for it. Let the account age, it should give you a point boost once it hits six months too. Gib
