Credit Tips: How Many First Time Credit Cards to Apply For

Posted On: January 1, 2006

Author: LAMarlow
Posted: Thu Jul 08, 2004 12:11 pm
Post subject: How Many First Time Credit Cards to Apply For

1/26/2002 10:03 pm CDT

In the process of rebuilding my credit, I acquired a Washington Mutual Secured VISA last July and have been happy with the low cost and service.
My question: should I try to apply and acquire an additional secured card, even if it is with a very low balance? Do two open VISA accounts look better than one, especially on a credit report with more than its share of blemishes? I really don’t need another card, as I can add money to my WaMu deposit account and increase the credit limit on that card. But I would be inclined to open an additional secured account if that would boost my overall credit standing.
Thanks for your consideration.

Author: Eugene
Posted: Thu Jul 08, 2004 12:12 pm
Post subject: How Many First Time Credit Cards to Apply For

1/27/2002 11:31 am CDT

Don’t do it. Two credit cards of 6 months old is definitely worse than one that is a year old. Especially if you are happy with your current card, leave everything as is. I understand your credit is rather bad, and nothing (well, almost nothing) can kill it further than applying sporadically for different things in short periods of time. As long as WaMu reports your secured card to all three credit bureaus regularly, using it for small charges, paying in full, being patient and not applying for anything else is the best thing you can do to your credit.

If you had no credit history at all, I’d say about 6-8 months of secured card history is long and good enough to get pre-approved applications for prime cards and qualify. Because you have something negative, it will probably take you a little longer. Just chill out and pretend you do NOT need additional credit. That’s exactly who credit card issuers WANT to give credit to. Do not look for them, they will find you. At first, crappy applications will start to come in. If you wait a little longer (good idea), you’ll get a good card with no BS fees. Good luck.