Should I open more trades?

Question

Hi All! Rebuilding is well under way, score has jumped 80 points in 5 months....all of the bad items are out of the way...NOTHING PAST DUE (!), disputes/goodwills have been sent and resolved, etc. I recently applied for a JCP card, two reasons for denial: previous deliquency & "Number of Accounts Paid as Agreed". My score is 601 (TU). I have 4 open tradelines:-Auto: Current, 2 30-day late pymts in June & July 2014-Student Loan: Current, 30-day late pymt in June 2014-Cap One Secured Card: Current, never late, open for 6 months (since Feb 2015)-Cap One Unsecured Card: just opened 2 weeks ago, not reporting yet I do have some baddies out there - 6 accounts are closed & previously disputed with no luck. Cant do much about those except wait for them to age.  So, based on the denial letter, should I apply for additional tradelines to build more positive history? If yes, which cards/accounts do you recommend? If not, how long should I wait before applying for my next account? Thanks in advance for any guidance you can offer!

Answer 1

oj2009 wrote:
Hi All! Rebuilding is well under way, score has jumped 80 points in 5 months....all of the bad items are out of the way...NOTHING PAST DUE (!), disputes/goodwills have been sent and resolved, etc. I recently applied for a JCP card, two reasons for denial: previous deliquency & "Number of Accounts Paid as Agreed". My score is 601 (TU). I have 4 open tradelines:-Auto: Current, 2 30-day late pymts in June & July 2014 Send a Goodwill letter asking to remove the late payment-Student Loan: Current, 30-day late pymt in June 2014 Send a Goodwill letter asking to remove the late payment-Cap One Secured Card: Current, never late, open for 6 months (since Feb 2015) try your best to keep UTI between 10-20% before they send reports to CRA-Cap One Unsecured Card: just opened 2 weeks ago, not reporting yet When they start reporting, try your best to keep UTI between 10-20% before they send reports to CRA. for example if something comes up and you max out your card try to may it down to 10% not 0 before it gets reported. I do have some baddies out there - 6 accounts are closed & previously disputed with no luck. Cant do much about those except wait for them to age. You can always send GW letters if they are all paid off already. It may take 10 no's before you will get one yes. But there are great threads on here that offer moral support and sample letters that I have used successfully. I just got one of my tradelines deleted today but I used a PFD. So, based on the denial letter, should I apply for additional tradelines to build more positive history? If yes, which cards/accounts do you recommend? The reason you were denied had nothing to do with how many tradelines you currently have. But if you want more tradelines then check to see which CRA you have the highest FICO score and visit the credit boards and see which credit card pulls from your highest FICO CRA and try to do soft pulls as much as possible.  If not, how long should I wait before applying for my next account? Personally I try to apply for all my accounts in the same time frame so that the inquiries all fall off at the same time in 2 years. And try soft pulls as much as you can by using the pre-qualify sites. And bank cards are better than retail cards. Thanks in advance for any guidance you can offer! HTH!!