Hi. First post, so I'd like to say thank you in advance for any help or advice. I appreciate anything that helps me go in the right direction.
Now I'd like to give a little history, and then ask some questions. I have been working for about a year to improve my credit. It was quite poor due to medical bills, job loss, and, frankly, having my head firmly planted in the sand. I've been working to improve matters, and have brought my score up about 90 points in about 11 months. It's now "Good".
I currently have 4 credit cards. In order of acquiring them, they are:
CapitalOne Walmart Rewards MasterCard
CapitalOne QuickSilver One MasterCard
Amazon Prime Rewards Visa Signature
Limits range from $400 to $2200. They effectively have zero balance. I use them but pay them off in full. The utilization has gone over 30%, but only briefly, due to vacation expenses that were paid off about a week after it ended. The oldest is from 11/2020, the newest is from yesterday (really!). So, questions:
- I have 2 CapitalOne cards. Is there any benefit or detriment to having multiple cards from the same creditor? Inversely, is there a benefit or detriment to having a variety of creditors?
- I intend to wait several months before I do anything to increase my credit, whether by seeking higher limits or adding a card. Does that seem like the right call?
- When the time comes (depending on 2, of course), would I be better off increasing limits or getting another card?
- If another card is better, are there any recommendations on which one? I've thought it would be good to get an Amex card, simply to have a payment option for the rare places that are Amex-only.
- Is there a downside to leaving a card unused? If, say, the CreditOne card simply sat unused would they terminate it, or reduce its limit, etc?
My primary goal is improved credit, but if there are other benefits I haven't considered, I'd appreciate knowing them. Again, thank you.
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