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A little background: I have two credit cards with a combined CL of $25k split approx. 20k/5k. I was going to request a limit increase on the smaller one when I heard that it may be better to open a new card (3 cards being better than 2). The tricky part is that I am a joint account holder with my father on the large card with an account age of 25 years; the small is solely mine with an age of 2 years. I guess my question is if it is worth it to open a third card? My overall limit would increase but my average account age would drop from 13 years to just below 9 years. Any insight would be appreciated. Thanks.
with 9 years of aaoa i wouldnt even wink at it.
go for it. that way youll have 3 cards and they can all grow.
unless your planning on a mortgage. (within a year) otherwise go for it.
what does your credit profile look like?
any baddies?
util?
Current: Fico ScoresEQ~706 TU~719 EX 709 4/28/23 Inquiries (24 Months): EQ 0 TU 0 EX 0| Most Recent: A LONG WHILE | Buy A Home Earn Cash Back | Amex Zync(Unicorn) Chase Freedom$1500 Discover IT$7,400 Citi DC $10,000 Citizens Mastercard$7,000 |
@creditnocash wrote:with 9 years of aaoa i wouldnt even wink at it.
go for it. that way youll have 3 cards and they can all grow.
unless your planning on a mortgage. (within a year) otherwise go for it.
what does your credit profile look like?
any baddies?
util?
I have not yet pulled my scores thru this site, but did my free annual report a few weeks ago. No baddies, no current or previous credit lines other than the two cards, total utilization < 10%, zero balance on the $20k card and ~1.5k balance on the $5k card (always paid in full), have never had a late payment/interest payment. I'm looking to apply for my first home loan early in 2014, so I'm using this year to make sure I have my stuff together haha.
Edit: minor profanity edit --Rev