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Valued Member
Posts: 42
Registered: ‎04-23-2009
0

Applying for one more card: Will it hurt?

Hello,

 

I really need every one's input with that. I have 4 credit cards now with all types except Discover which I really like. I have high total credit line and I basically do not need more credit line. I just would like to have the priviliges of Discover. My score is 700+ on al scores. Do you think I should apply or it does not worth and it will hurt my credit history and does not deserve the risk. Also, I am afraid to apply then end up in getting a Discover with low credit limit then I would have lost everything :smileyhappy:

 

Please, advise

Senior Contributor
Posts: 3,671
Registered: ‎01-10-2008
0

Re: Applying for one more card: Will it hurt?

Adding a new acct dings score due to inq and the new acct reducing AAoA.

The damage is typically not extensive and you will bounce back rather quickly in a few months.

 

Keep in mind that Discover is not know for high limit initial approvals generally speaking, so unless you have an exceptional income and >750 scores, etc., it is likely that they will not approve at the CL level of current high limit accts.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Valued Member
Posts: 42
Registered: ‎04-23-2009
0

Re: Applying for one more card: Will it hurt?

Thanks a lot for a smart advise. It really makes sense. Wiaitng for others' comments :smileyhappy:

Valued Member
Posts: 43
Registered: ‎12-02-2009
0

Re: Applying for one more card: Will it hurt?

Hi,

 

The effect of a new credit card will vary greatly depending on two things mainly, your AAoA and recent inquiries. If you have had credit for a long while, and your last loan or credit account was open more than a year ago, you can expect the hit to be insignificant after three to six months.

 

Regarding your potential as a Discover customer, given your score, I believe you would def. Get approved. I can't comment on the credit limit but I can tell you that, I opened my Discover card 4 months ago, I have limited credit history and a 71x Score at the time and was approved for $1500. I want to believe that the credit limit has to do more with your income than your history but I can't be sure about that. In the end, I don't really need more than $2000.

 

Discover, for me, is a fantastic card. One might get easily dissappointed with the 5% Quarterly Bonus categories but I think that their awesome customer service and their ShopDiscover application makes up the difference.

 

Cheers.



Starting Score: 713
Current Score: 724
Goal Score : 745


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Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Applying for one more card: Will it hurt?

 


oshoair wrote:
Also, I am afraid to apply then end up in getting a Discover with low credit limit then I would have lost everything

 

 

I don't see how this is losing anything, much less everyting.

 

Apply,

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