Should I do a mini spree/add one more card?

[Anonymous]

I posted a separate thread a few days ago while waiting for an approval from Chase for a Freedom card. I was approved for that card just now after verifying my info and I'm now wondering if I should apply for one or two more cards to increase my number of open revolving accounts to the magic number of 3 (or 4). Eventually my goal is to get a Sapphire Reserve but that will have to wait. 

I previously only had one credit card with Capital One with a $13.5k limit. The Freedom will be my 2nd open card. 

I was approved for the Freedom with a $4k limit. Not great, but not terrible either. 

So here's what I'm wondering: I'd like to have 3 credit cards showing on my file. What's another good card I can apply for knowing that I was approved for the Freedom?

Here's my basic info: 

• Scores: EX 683, TU 689, EQ 749
• One paid chargeoff on EX/TU from 2 years ago fully paid with BofA, EX deleted it because of reporting issues from BofA. 
• 1 CC with CapOne, $13.5k limit, one late payment 4 years ago and perfect otherwise, 7% utilization
• 1 late payment reporting on a closed/fully-paid student loan
• 2 open installment loans with balances under 9%
• No public records, bankruptcy, liens, etc
• 1 inquiry (the Freedom I just got)

[fltireguy]

With your EQ score, I would definitely say to try for PenFed. You should be pretty good for a fairly high SL
One thing with them, you do not have to be a member to apply and be approved for a credit product, however, if you are approved you will need to become a member to open the account. But that's easy it should take a few minutes.

[BronzeTrader]

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@Anonymous wrote:

I posted a separate thread a few days ago while waiting for an approval from Chase for a Freedom card. I was approved for that card just now after verifying my info and I'm now wondering if I should apply for one or two more cards to increase my number of open revolving accounts to the magic number of 3 (or 4). Eventually my goal is to get a Sapphire Reserve but that will have to wait. 

I previously only had one credit card with Capital One with a $13.5k limit. The Freedom will be my 2nd open card. 

I was approved for the Freedom with a $4k limit. Not great, but not terrible either. 

So here's what I'm wondering: I'd like to have 3 credit cards showing on my file. What's another good card I can apply for knowing that I was approved for the Freedom?

Here's my basic info: 

• Scores: EX 683, TU 689, EQ 749
• One paid CO on EX/TU from 2 years ago fully paid with BofA, EX deleted it because of reporting issues from BofA. 
• 1 CC with CapOne, $13.5k limit, one late payment 4 years ago and perfect otherwise, 7% utilization
• 1 late payment reporting on a closed/fully-paid student loan
• 2 open installment loans with balances under 9%
• No public records, bankruptcy, liens, etc
• 1 inquiry (the Freedom I just got)

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I'm probably the only one here who is against any credit card applicatioin sprees.  The bads far outweight the goods.  Say if you apply for 10 credit cards, the CBs record your inquieries very quickly.  Sometimes the same day.  With people like you with thin files, you'll probably get no chance when CC companies see your application sprees.  They see that you are desperate for credit, which is very risky.  You will be lucky to net 2-3 cards by wasting 10-12 hard pulls.  After that, you'll probably blocked for months.  Chase 5/24 rule is one of the example.

By managing your applications properly, you maintain the disciplines.  You'll also be open to the card with good bonus, like the CSR you have been thinking.

If I were you, I do not want to get any CC appl spree.  Keep the financial discipline, use the CC responsibly.  Wait for the best offer to come to you.  You will be rewarded as a responsible CC holder, years to come.

[Anonymous]

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@BronzeTrader wrote:

I'm probably the only one here who is against any credit card applicatioin sprees.  The bads far outweight the goods.  Say if you apply for 10 credit cards, the CBs record your inquieries very quickly.  Sometimes the same day.  With people like you with thin files, you'll probably get no chance when CC companies see your application sprees.  They see that you are desperate for credit, which is very risky.  You will be lucky to net 2-3 cards by wasting 10-12 hard pulls.  After that, you'll probably blocked for months.  Chase 5/24 rule is one of the example.

By managing your applications properly, you maintain the disciplines.  You'll also be open to the card with good bonus, like the CSR you have been thinking.

If I were you, I do not want to get any CC appl spree.  Keep the financial discipline, use the CC responsibly.  Wait for the best offer to come to you.  You will be rewarded as a responsible CC holder, years to come.

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Those are fair points. What about just doing one more? Any thoughts on the AMEX PRG with my profile? 

[Gidgetmom]

The first question I would ask is what are your goals for the new card?  Are you looking for gas/groceries, travel miles/points, straight cash back?  Look at your spending and research which card you would receive the most benefit from using.  

Amex was really hot with approvals a couple of months ago and the CL can grow quickly.  Your scores are inline with other approvals I have seen, but YMMV.

It seems Discover is hot right now with lots pre-approvals, new accounts and CLI's.  I want to get on the Disco train badly, but am waiting for my payoffs to report this month.  Amex will pull Experian and Discover pulled Equifax when they denied me two years ago.  I have read that Disco may double pull EQ and EX on borderline files.

I've only been on the forums for a couple of years, but I have noticed each CC company cycles their "drive for new business" at different times of the year.  Citi was hot with approvals over the summer.

IMO, Discover is an option at the moment.  You can check for a true prequalified offer by going to Discover.com, up in the top left corner of the home page look for the All Products drop down menu, then the Credit Cards drop down menu, then See If Your Preapproved.  This is the only place to get a true offer for your profile.  Discover scorecard has never prequalified me, but was able to get a single APR offer following the directions above.   

As always, YMMV.  I wish you the best of luck!

[Anonymous]

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@fltireguy wrote:
With your EQ score, I would definitely say to try for PenFed. You should be pretty good for a fairly high SL
One thing with them, you do not have to be a member to apply and be approved for a credit product, however, if you are approved you will need to become a member to open the account. But that's easy it should take a few minutes.

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Interesting. Hadn't considered PenFed. What do you think about the AMEX PRG based on my profile? Any Citi cards worth trying for? Last I checked their pre-approval site I was pre-qualified for the Thank You Premier. 

[Anonymous]

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@Gidgetmom wrote:

The first question I would ask is what are your goals for the new card?  Are you looking for gas/groceries, travel miles/points, straight cash back?  Look at your spending and research which card you would receive the most benefit from using.  

Amex was really hot with approvals a couple of months ago and the CL can grow quickly.  Your scores are inline with other approvals I have seen, but YMMV.

It seems Discover is hot right now with lots pre-approvals, new accounts and CLI's.  I want to get on the Disco train badly, but am waiting for my payoffs to report this month.  Amex will pull Experian and Discover pulled Equifax when they denied me two years ago.  I have read that Disco may double pull EQ and EX on borderline files.

I've only been on the forums for a couple of years, but I have noticed each CC company cycles their "drive for new business" at different times of the year.  Citi was hot with approvals over the summer.

IMO, Discover is an option at the moment.  You can check for a true prequalified offer by going to Discover.com, up in the top left corner of the home page look for the All Products drop down menu, then the Credit Cards drop down menu, then See If Your Preapproved.  This is the only place to get a true offer for your profile.  Discover scorecard has never prequalified me, but was able to get a single APR offer following the directions above.   

As always, YMMV.  I wish you the best of luck!

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Very interesting! Goals are travel rewards, so that's why the Chase Freedom was such a good get for me. I'll be stockpiling my UR points for a while. 

My significant other and I are working to use our cards for points for travel. She has the Chase Sapphire Reserve and we're going to try to pool our points on Chase. If I felt confident in the application I'd go for a Sapphire Preferred but I don't want to risk a denial since I just got approved for the Freedom today. 

I'm wondering about going for a 2nd Chase card, whether any Citi cards are a good option, or the AMEX PRG. Appreciate your thoughts!

[Anonymous]

Well, I decided to just go for it and got two more good cards. Got approved for a $7,500 CL on Discover It and also snagged an AMEX Premier Rewards Gold on a 50k bonus with $1k spend in first 3 months. Spree over, now to let these age and use them!