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canne808

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Will applying for another credit card right now help or hurt my credit?
I have "fair" credit that I have been working on improving. I'd never had a credit card but I got a secured card with a $200 limit for about 6 months, and I make payments on time each month. My report says that my depth of credit is low and that it's hurting me and I am now "prepapproved" for other non-secured cards, which would hopefully have higher limits. Would getting one of these right now help me keep improving my score, or would it hurt me?

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Your score will take a hit whenever you applying a credit card, might it be today or 5 years from now, because of inquiry and new account if it's approved. But your score usually will recover in 3 months... I like to apply credit cards in short time span, same day if possible (I'd applied for 3 cards on 9/15 and auto loan on 9/17) the idea is that I took score ding at same time (whenever new account reports) so my score will recover at same time, if I apply one every 3~4 months then my score would be constantly in state of flux.

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If you only have one card right now then yes getting another one will help you at least with FICO scores, I am not sure how Vantage would react to it, but most lenders use FICO scores. The basic credit building tools are three credit cards and one installment loan that all report to the credit bureaus.

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