Another card or wait a year?

Anonymous · ‎06-03-2008

I've opened 5 new cards this year:

AMEX Green

AMEX Delta Gold Skymiles

Chase United Mileage Plus Visa

Hooters MC

Wamu Visa

All of my FICO reports show "BAD" for the amount of new credit (duh!) - but should I bit the bullet and get one more (I am interested in a Citi HHonors) and then let them all age? I don't want need any more after that. Or should I let the new cards age and get the Citi next year (at which point I'll have "new" credit once again)???

Message Edited by techno-pagan on 06-03-2008 06:59 PM

Red1Blue · ‎06-03-2008

I would say bite the bullet and app for it. If you get it then you are all set. If you dont get it then wait for a 6 months and then apply. That way you can put your mind at peace. Go for it and be done with it.

smallfry · ‎06-03-2008

IF you are satisfied with the limits wait till next year. Which doesn't belong and why? Where did the Hooters card come from?

Anonymous · ‎06-03-2008

smallfry wrote:
IF you are satisfied with the limits wait till next year. Which doesn't belong and why? Where did the Hooters card come from?

I am satisfied with my limits - I have plenty of credit and only 1% utilization.

I'd like to get a HHonors reward card and do not want another AMEX (plus there is no annual fee on the Citi).

As for the Hooters - well my scores were 100 points lower when I applied and I wanted a Mastercard and the talk was all about the great limits they were handing out. Well I got a $500 limit

so it has been underwear drawered (not even worthy of the sock drawer).

It has not annual fee so it is not likely to see the light of day any time soon

smallfry · ‎06-03-2008

Not a popular opinion around here but I would close the Hooters. Doesn't do you any good and there is the possibility future lenders might skimp on credit limits if they see a low limit card like that.

Anonymous · ‎06-04-2008

Hmm, I'll have to consider closing the Hooters - my plan was to just file it away and see if the game me a CLI after 6 months (Aug/Sept).

It really does me no good I guess - but since there was no annual fee I wasn't really concerned.

Thanks for the input!

Anonymous · ‎06-04-2008

i don't understand the low limit on hooters with your scores. I would dump it and get a prime card. I don't know if Merrick Bank is still doing Hooters or if it's Millenium bank but neither one are very good.

What about BofA or a good Credit Union?

Message Edited by casinoannie97 on 06-04-2008 08:20 AM

Anonymous · ‎06-04-2008

@Anonymous wrote:
i don't understand the low limit on hooters with your scores. I would dump it and get a prime card. I don't know if Merrick Bank is still doing Hooters or if it's Millenium bank but neither one are very good.
What about BofA or a good Credit Union?

Message Edited by casinoannie97 on 06-04-2008 08:20 AM

My only real desire is the Citi HHonors card - I don't really need any more credit but I would like to add to my HHonors points (and not have to worry about the expiration when I am not staying at a Hilton for an extended period).

The low CL on the Hooters was due to my scores being about 100 points lower at the time I applied - my "desire" for a Mastercard - and my anticipation of a larger CL based on what I read here. Unfortunately I applied right when they were tightening things up and I got a crappy CL.