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Question By
needsAride

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Should I apply for another credit card after having my credit limit for my 1 credit card increase?
This month my credit limit on my one credit card went from $500 to $3500. I want to improve my credit score as soon as possible since I am interested in purchasing a car later this year. Would it be a good idea to apply for another credit card (preferable one with a rewards program) so that my credit score could go up some more?

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depends on your credit score

The answer to your question depends on your current credit score.  If it's in the mid-700s or higher, it might be good to apply for 2 or 3 more cards.  Recommendations - Key Bank MasterCard, Capital One MasterCard, Chase Slate VISA card.  Your credit score will take a temporary dive - but should recover by August or September assuming you use all cards responsibly (under 30% utilization) and make monthly payments on time.

FWIW, it used to be that card-issuers would send cardholders mail that "crowed" about increasing a credit limit.  Nowadays, you may never hear from them when they do ... and first notice it simply by logging on to your online account and seeing the boost.  Around Christmas time, my Chase Amazon.com VISA bumped me from $1,700 to $2,700 without any notice.  More recently, my Walmart MasterCard bumped me from $800 to $3,300.

I'm assuming you're young and are still "green" to the credit world.  I was in your shoes a while back.  But now, I'm 64.  If you're curious and want to know how I went from a 2006 bankruptcy to (as of this month) having 14 credit cards with a credit score of 748, click on my username for my profile - and visit the site shown as my homepage.

Reply by
needsAride

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Thank you for your swift response. According to creditkarma my score is 701 and I recently pulled my score through FICO for my Equifax score and it states that its 643. Within the last years I was able to pay off all things in collections and now only have one closed account and a student loan on my credit report. As I mentioned originally I am intesrested in purchasing a car around May of this year. Knowing the above information what is your recommendation as far as applying for another CC? I appreciate your help.

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