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new credit card accounts - next steps


brownstar
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This is my first post :-)

Brief history:

I began working on improving my credit at the beginning of this year. I had lived in total fear of my credit history because of some mistakes in and shortly after college. Because of my fear/denial I assumed I could never get new credit and never bothered to apply (in the passed 6 years). At the beginning of this year, I got my credit reports and started to put things right. It has been an amazing experience, and possibly a bit embarassing since I could've done this a long time ago. The good thing is that I had very little debt because i had no credit cards.

My credit scores were in the 500s and low 600s at the beginning of this year. By getting some old accounts taken off and adding a few credit cards, I have now bumped my scores to low-mid 700s.

February - Applied for and received Orchard Bank MC with $300 limit

April - Applied for and received Capital One Visa with $300 limit

August - Received Bofa Amex for $12500

So my question is whether I should apply for any more credit at this time, or just let time improve my scores? If it's worth applying, what should I apply for? I have heard on the boards that you should have a mix of store and credit cards (right now, mine are all standard credit cards). Also, my wife and I are in the process of refinancing our house, luckily because of fixing my credit (and her really good scores) we're in good shape, so I don't want to do anything to jeaopardize it.

Any advice is appreciated.

Thanks

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The less open credit you have at mortgage time the better...keep the stuff you have not current and less than 30% owed...less than 10% if possible...use it and then pay it off...keep yourself open for that mortgage and don't let your scores drop...you'll do fine

Congrats on your new outlook

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I think you should leave well enough alone - you should already get a decent rate on your refinancing. Don't apply for any more credit - use your cards - keep your balances under 10% - no late payments.

Pull your reports and scores right before you shop for refinancing and do shop around. Talk to different lenders and decide who your going to use before you fill out an application. If you do fill out multiple applications, do them all within 14 days - that way all your inquiries will only count as one as far as your scores.

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