New here and am trying to rebuild my credit. Was about 750, now a FICO8 at about 650. I hadn’t checked it in a while because I fell into the trap of paying cash for most things, closed my credit cards, paid off my mortgage. Now I’m seeing that wasn’t a good idea after applying for my most recent car loan (not the best rate) and I’m planning on getting a new mortgage for a different house.
myFICO suggested that my score is low because I have: too few accounts, no recent activity of revolving accounts, no recent activity on credit cards (since about 2012). I also have not had a mortgage since about 2010. I also had a few late pays on two cards back in 2009, but my score was 750 since then.
Currently I have two open accounts, auto loans both paid on time. One in 2013 ($ 23K down to $ 16K). One in 2015 ($ 33K down to $ 31K). I have several older accounts on my reports that have all been paid off (two mortgage lenders, two car loans, a few credit cards).
I just applied for a Citibank card and was then turned down. Then immediately applied for a Capitol One Quicksilver One and was accepted with a $ 3000 CL (kind of humbling after having cards a few years ago with big limits). I hope it wasn’t a mistake applying for one right after the other.
My question is, when should I apply for a second card? And another card thereafter? Is there a correct length of time to wait?