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Applying for one more card: Will it hurt?

Valued Member

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 Smiley Happy

 

Please, advise

Message 1 of 5
4 REPLIES
Senior Contributor

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.

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 2 of 5
Valued Member

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

Thanks a lot for a smart advise. It really makes sense. Wiaitng for others' comments Smiley Happy

Message 3 of 5
Valued Member

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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Message 4 of 5
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Senior Contributor

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,

Message 5 of 5