Feedback on my credit cards

[gpie00001]

Hey everyone. I've currently got a pretty decent credit score (TU 693, EQ 717, EX 708) but of course I would improve it. I'd also like another credit card with a higher CL and lower rate that my current cards, but am worried it will hurt my scores/I'll be rejected. Anyone have any advice? Here's what I have right now:

• Capital One Platinum card: just increased to $2800 limit (from $2500), 5.65%, opened April 2007
• Chase: $5300 limit, 8.99%, just over a year old
• Sears Citibank Mastercard: $5000 limit, 0% for first year (can't remember what it will jump up to), about 3 months old
• 1st Financial Bank USA: $9500 limit, 16%, opened maybe 2+ years ago?

On top of the credit cards, I have some other stuff going on as well:

• Purchased a house in August
• Purchased a used car in November
• Have about ~$13,000 in student loans, but will probably be paid off (or at least mostly paid off) in the next 6 months

So I've definitely had a lot of activity lately and am worried that requesting a new credit card will hurt me, especially if I just end up being rejected. Should I go for it? If so, any suggestions on a new card? I would love to have another high CL card like my 1st Financial Bank USA card, but with a much lower interest rate.

Thanks for any help you can give! 

[Anonymous]

I would go with a Discover Card or Blue AMEX for cash back benefits.  Discover offers 5% back on different categories quarterly.  AMEX has their own cash back card.  Or you can always join a credit union.

[Anonymous]

BTW, Sears MC will increase to 20+% APR.

[Anonymous]

I love my Discover More card for the cashback, but if you're specifically looking for low APR cards, don't get a rewards cards.  Generally rewards cards have higher APR's. 

I think your Cap 1 and Chase cards have great APR's.  My lowest APR is 8.74, and I'm guessing I'm going to lose that soon. 

Citi and BoA are good cards, but I don't know how they are on APR for their non-rewards cards.  

[cobra19]

If you are looking to improve your scores, then your credit line is not as important as ut. Your post doesn't state your present card balances - but they should all be < 5%. In fact, I think they should be between 1 and 3 %.

I would apply for a gas card - just for the mix of credit. Appears you have 4 cc's. I think FICO high achievers have an average of 6 cards. I would check out a few credit unions. Do you qualify for NFCU? 

[gpie00001]

Hey everyone - thanks for the feedback. Right now, my utilization is at 13%, but that's because of the holidays. I should have it back down to around 5% at most within a month. Also, I currently do all of my banking at a local credit union.

As far as my Sears MC, FaircreditguyFL is right - it will jump up to 20%+ after the first year. I will probably use it sparingly, and PIF each month so the interest doesn't affect me, but I can still build up rewards.

With all the recent activity I've had (home purchase, car purchase, new CCs), will it still be ok to apply for a new credit card? Should I expect a bit of a drop for shopping for new credit? Also, what if I apply for a credit card and am approved, but decide not to activate the card (maybe it has too high of a rate, too low of a CL, or whatever reason)? Would that impact my score in any way?

*EDIT*

 I forgot to mention - I also had a credit card from Juniper that I closed a year or so ago. I originally opened it about 4 years ago - it was my first card. My current CC age is about 2 years. Not sure if this affects anything, but just wanted to put this out there.

Message Edited by gpie00001 on 12-31-2008 06:52 AM

[Chopbrocoli]

I would just apply for a store card and be done with apping. You will probably get a slight drop in score since it will be your 1st retail charge account, but in the long run it will do you well. Once you have a store card added to your mix, I think the only thing to do now is sit tight and let your accounts age.

I think you have enough credit with pretty good interest rates at this time. Applying for more credit can do harm if you really dont need the credit. As well, it will reduce your average age of credit history. For the 1st financial bank, I would request an interest rate reduction since you have already been a long time customer in good standing. Over time your score will go up as long you have flawless payment history and less debt. Other than that, you have a great mix of credit. Let the 4 CC accounts age with you and ask for a CLI and interest rate reductions over time. Cheers!