2nd Cap 1 CC Worth It?

[creditreformer]

Some background: Getting ready to get rid of my 3 subprimes (2 first premiers and 1 orchard).  1st fp (1 yr mark) dies this mo.- 350 CL.  2nd first premier will meet death via shredder in 1/09 (2 yr mark), 250 CL.  orchard (which used to be 2 different 1s, but is now consolidated into 1) meets the shredder 3/09 (2 yr mark), 600 CL.

in 4/08, as 'replacements' for the 'available credit' i'll lose- and as part of my 'move upward and away from subprimes,' i added these ccs- BA 99/500 (500 CL), cap 1 (started as 300 CL, now 600 CL, will rise to 1.1k CL b/c of credit steps), target red (200 CL- should rise to 500 CL in a few days), and hooters (500 CL).

cap 1's now showing i'm 'preapproved' for another cc- no hassle rewards cash.  probably just another 300 CL, but i'm thinking it may be a good idea (or @ least not a totally dumb idea) to get the cc and hope that i get credit steps/a backdoor increase like on my first cap 1.  then maybe i could combine them and even if i don't, i could likely have 2 1.1k cap 1 cls by the time i fire the 2nd first premier and orchard.  also, i'm not quite ready for 'prime' ccs like citibank and chase, but by this time next year, i should be in the 700s (if not earlier), so i'm thinking having 2 1.1k cap cls, BA 4 digit cl (when it unsecures) and hooters 4 digit CL (assuming they CLI me) would be a good thing.

has anyone had any recent experience w/getting a 2nd cap 1?  has anyone recently combined 2 cap 1s?  would you recommend it?  and yes, i already did the search for 'consolidate cap 1', but was looking for more input.  is there any reason i should NOT get a 2nd cap 1?  and yes, i know some people don't like them, but my experience has been great.

utilization's low and will remain that way- < 9%.

[_andClimbing]

It looks like you've got some good cards to garden already. Just my opinion, but I'd wait a bit longer, keep utl low like you mentioned, and app for better cards in early '09. I just don't think the Cap 1 hard pull x 3 CRAs is worth it for another re-builder card when it seems you are already doing a good job of rebuilding. Good luck, whatever you decide.

[afijunkie]

Hey with your Cap 1 Credit Steps card how did you long have the card before your CL increased over 1K? Did you call the backdoor number?

[creditreformer]

Afi, I started w/300 in 4/08.  @ the end of 6/08 (after 2 statements had posted), I called the backdoor # ending in 9939 and cap 1 gave me a 300 CLI. I now sit @ 600.  credit steps should hit this mo. or next (I have heard it hits on either the 4th or 5th statement) and take me to 1.1k.  had I not called the backdoor #, my cli through credit steps would only be 250/a cl of 550.

[creditreformer]

hi climbing, you're right about having a decent # of rebuilders (though 3 will be gone by early 09) and letting things age.  my only temptation about cap 1 is that it's an easy way to make myself look more attractive to BA when my 99/500 graduates.  the way i figure it, when my 99/500 graduates, i'll have

1st cap 1- 1.1k cl (or more assuming cap 1 gives me another CLI after credit steps)

hooters- 750-1k (depending on what kind of cli they give me @ 6 mos.)

whereas if i add another cap 1, i'd likely have 3 4 digit CLs...which i'm hoping would inspire BA to be very generous w/a CLI when my 99/500 graduates...and maybe i could eventually combo the 2 cap 1s into 1 w/say a 3k+ cl.

also, i like the cash back (25% in the 1st yr) of the cap 1 no hassle cash rewards card.

[Anonymous]

I think it's a good idea to go for it, especially if you combine and have a decent limit on the one Cap1 card that you keep. Then again, I don't worry that much about inquiries.