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whelmed

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New to America, looking for tips to build credit score quickly
Hi All,

Been here 6 months now (I'm from Canada / the UK originally), and at 3 months I had a FICO score of 680 due to American Express transferring 2-years of payment history here and giving me a high rate credit card, but my score has since taken a major pounding. Since that last score, I got HSBC to transfer a CC as well, but they didn't back-date my credit so it's technically a 'new account'. The company that brought me here backed my mortgage so I got a good rate and didn't need US credit history, and I also got approved for a discover card. I've bought 2 cars through high down-payments (one leased, and 1 financed through a credit union). The last piece is that I'm getting HSBC to give me an overdraft to even out the mix of my credit. The basic mix I have is 3 credit cards ($20k total revolving credit, utilization is high right now as we're renovating our home but it should come down to 10-20% with full repayment each month), 2 new car loans, 1 big arse mortgage, and soon an overdraft protection.

Now with all the recent pulls and new credit my AAoA is 10 months. What I'm wondering is if I should do more to try to increase the number of credit cards / mix of my credit right now or not? Should I try to get a Visa or just let me credit build before applying for more? My concern is that I don't want new credit in a year to ding my AAoA because the number of accounts is rather low. So basically, if I'm going to do things I'd rather do it now than in 2-3 years when I may be moving and looking for another mortgage.

What would you guys do in my situation in order to maximize my future credit history?

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I would say no, do not apply for any more cards. Chances are they would be denied anyhow if your score is low. There is no sense adding another inquiry to your account.Just keep paying on time, and paying them down, and your score will eventually go up on its own. The only good thing getting a new card would do is increase your debt/asset ratio, provided you don't use it, but I don't think it would be worth it. It sounds like your not going o need the credit anytime soon anyhow, so just let it rebuild on its own.

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