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donmayjr

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Should I apply for a 2nd credit card?
1300 balance on a 4500 limit (1.5 years old). 5k car loan. 3k student loan. No mortgage. Vantage score is 694. Trying to get to 720.

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Yes you should get another card, in fact, two more cards would be ideal. If you are concerned about credit scores you do not want to follow the advice that was already given. When you close loans that will usually cause your scores to drop, so that is the last thing you would want to do if you are trying to build credit. What I would advise is getting the loans paid down, but not off, as that would cause scores to come up. Paying off the current credit card debt would be a good idea, but you should always let one card report a small balance each month, but for scoring reasons there is no reason to ever carry a balance over. I also advise you to follow your FICO scores during the credit building process, most lenders use a version of FICO. Paying a credit card off monthly is not a "must do", it does not hurt your credit to carry a balance over as long as the utilization is low on the card. You may want to pay cards off monthly to avoid paying interest though, but as far as scoring is concerned it doesn't matter.

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why do you have a balance of 1300 on a credit card with 4500 dollars? 

Before you get any more Credit you need to take care of the mess you have now.

Pay off your Credit Card to 0 and then only use it if you have the cash to pay it off every month.    ( THIS IS A MUST DO )

Pay off your Student Loan Next

Pay off your Car Loan Next

THEN AND ONLY THEN do you apply for another Credit Card when you have 0 dept.

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