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Frequent Contributor
Peach8321
Posts: 274
Registered: ‎12-31-2008
0

CC Stable...should I complete?

Hi all,

 

So thanks to the advice of people here (and stupid USAA- at least as far as keeping my business to themselves) I now have:

USAA MC - $24k

USAA Amex - $14k

PenFed Visa - $9,500 (assuming nothing goes wrong and it shows up in my mailbox next week)

(VS store card, AU on a few of my mother's cards)

 

So, should I complete the group with a Discover card?  I figured I can do gas on PenFed (running ~$140/mo), Cell phone on Amex (thanks to the iPhone, this is running ~$80/mo on it), and "personal fun" on the MC (running ~$100/mo)...however, I don't know what I'd put on the Discover or which one to get or whatnot...

 

My current scores were quite high, but they might drop with this newest inq from PenFed....and I always PIF but I still want a reasonable (<15%) APR and fairly high (>$5,000) limit.

 

Other considerations:

I had 2 inq - one will be 1 yr old at the end of June, the other at the end of Sept.

I will be going back to school in Aug so household income will drop (again, not a problem as far as I'm concerned but the CC companies don't see it that way)

I am an AU on my mother's Discover but I don't want to count AU cards...

 

So I'm throwing it as a vote to y'all...should I get a Discover?  If so, which one?  Thanks!  (If I don't get one now, the next time will probably be 3-4 more years, once I'm out of school and have income again.)

Current Scores: EQ: 740 (2/7/13)


Starting Score: 799
Current Score: 762
Goal Score: 800

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Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010
0

Re: CC Stable...should I complete?

 


Peach8321 wrote:
....   however, I don't know what I'd put on the Discover or which one to get or whatnot...

 


If you have no use for it, why get it?

 

Moderator Emeritus
MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009
0

Re: CC Stable...should I complete?

 


Wolf3 wrote:

 


 


If you have no use for it, why get it?

 


 

I tend to agree with this. Why apply for credit you don't need nor want?

 

 

 

From a BK years ago to:

9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

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Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: CC Stable...should I complete?

Why Discover? 

Established Contributor
Posts: 739
Registered: ‎06-30-2007
0

Re: CC Stable...should I complete?

Reason to get a discover Besides the rotating bonus categorizes . Cash over , people like me that keep the money left over the after the checks are written, until the it's time pay the cards, when i do need cash I go walmart buy an $.98 sodaand $20- $60 Shopdiscover. Discover is a real cash cow if there are merchants you can make use of. no caps on caps on it builds your cash back tier once you at the 1% tier you getting 6%+ on shopdiscover, Discover would do good to let non card members to browse the merchant list as it can be a big selling point
People say "Only apply for credit you NEED"

I say "apply for credit you have PRATICAL use of"

I don't have AMEX card because I don't want a card that suffers from PMS
Frequent Contributor
Peach8321
Posts: 274
Registered: ‎12-31-2008
0

Re: CC Stable...should I complete?

Thanks for the input everyone - honestly the stupid answer is that I want 1 of each of the big four....

 

That being said, pratically, some months I buy airline tickets (not enough to warrent a CC for that) and in those cases, I'd want to use one of my rewards cards, and would thus use the Discover to take the place of whatever other card I used (to minimize a large amount on any one card).

 

Also, the categories are attractive to me - if I do need the airfare and it happens to be a 5% month, I could put it on the discover instead of another card - thus earning more back...same for home improvement and other categories.

 

Finally, all my other cards are through a CU/CU like bank (USAA) - I would like a card NOT tied to a bank just in case my relationship with them soured.

 

But I think probably I should wait until I'm done with school and back to earning real money just to test juggling 3 cards and see where the Discover would really fit in so thanks for the input everyone - sometimes I think we all need to be grounded!

Current Scores: EQ: 740 (2/7/13)


Starting Score: 799
Current Score: 762
Goal Score: 800

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Regular Contributor
FocusOnFICO
Posts: 180
Registered: ‎05-01-2009
0

Re: CC Stable...should I complete?

Peach--the others' advice is good.  If you don't see a definite need for Disc, best not to apply.  Another way to look at it is to see your total spending for the year and calculate $ gained/lost by having/not having the card.  I did this exercise with Amex/PenFed.  if the difference is enough to make you regreat not having the card, that is a strong indicator.  Your idea about spreading out the relationships is good, but it looks like you have at least two different actual lenders.  if your scores stay high, you should have not problem replacing one or two immediately should a relationship sour.


Starting Score: TU 766 EQ 788
Current Score: TU 788 EQ 811
Goal Score: TU 800 EQ 800


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Senior Contributor
BungalowMo
Posts: 4,236
Registered: ‎05-01-2008
0

Re: CC Stable...should I complete?

While it's not one of the "Big 4", if you feel compelled to get one more, I'd go for the Nationwide Visa.  With your current scores & such, you'll be approved with no sweat!

 

They give you 6 mos 0% int, very reasonable int after that.  Mine is 10k limit, 11% int with scores lower than yours & 48% util at time of approval.  This card also gives 0% int for 12 mos on any automotive related purchase.  This can be anything from gas to a paint job!  Every purchase starts it's own 12 mo timeframe.

 

Just a suggestion....:smileyhappy:



Starting Score: 07/2011 TU 732 - EQ 717 - EX 702
Current Score: 06/2014 TU 739 - EQ '08 709 - EX 721
Goal Score: 850

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