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Opening a third credit card for a 21 year old - worth it or avoid it?

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surehit
Regular Contributor

Re: Opening a third credit card for a 21 year old - worth it or avoid it?


@Anonymous wrote:

@surehit wrote:

I'm personally a huge fan of my CSP, definitely the card I use for pretty much everything unless I have another card that gets significantly better rewards in that category. The Chase Freedom wouldn't be a bad choice to start with if you have any concerns about getting approved though. 


Speculating, does it seem that my chances of getting approved would be high? Credit is perfect, no missed payments, low utilization, and relatively high score for this point in my life. Income is $32k. Any ideas?

 

Also, I did post earlier today regarding a different issue but included some similar information in my post, which might be why it seems familiar!


Your position is fairly similar to where I was when I got my CSP and Freedom cards, I apped and was approved for both on the same day at 5k each. I have heard that Chase has tightened up a bit since then, but I think your chances of getting the CSP would be pretty good; even if you have to recon. 

AMEX Platinum Gold - NPSL | Citi ThankYou Premiere 20k | NASA Platinum Rewards - 20k | Alaska Airlines Visa Signature - 5k x 5 (Not sure why I needed 5.... but still....) | Amex Blue Cash Everyday - 21K | Chase Sapphire Preferred - 15K | Ritz Carlton Card - 10k | Chase Freedom Visa Signature - 5k | BECU Visa - 3k |Barclaycard Rewards - 2k | Chase Amazon Rewards - 1k | Discover IT Student - 500 | Chase Slate - 500 | Walmart Store Card - 700 | BBY CitiBank - 1500 | BBY CitiBank -1000

Eq (MyFico) 767 | TU (FICO) 759 | Ex (FAKO): 749
Message 11 of 19
Anonymous
Not applicable

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

yes apply for some more cards. im 22 and AAOA is 2 years as well. Better to ass cards no than later in my opinion Smiley Happy

Message 12 of 19
Josh611
Regular Contributor

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

I'm 21 and I have 8 cards. I also have a shorter history than you as well as a lower income. You'll be fine for just about any of the cards mentioned.

Current FICO Scores EQ 782,TU 755, EX 754

AMEX BCE $24k, Quicksilver $10k, Venture $13k, Sallie Mae Mastercard $8.3K Chase Freedom 5k, Discover IT $3.4k, Kohl's Charge $2.5k, Capital One Secured $801
Message 13 of 19
icyhot
Valued Contributor

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

App for the Freedom and CSP! They'll age together and you'll be covered for places that don't take Discover or Amex. Plus you'll be able to stack the rewards. Depends on what your needs and spend is tho
Ch 7 BK discharged 12/2018
Bank Cards: NFCU Flagship Rewards $25K | NFCU Cash Rewards $20K |NFCU More Rewards Amex $17K | PenFed Power Cash $12.5K | PenFed Platinum Rewards $12.5K | PenFed Pathfinder Rewards $10K | PenFed Gold Card $7.5K | PayPal Cashback Mastercard $5K | Apple Card $3.5K
Store Cards: Bergdorf Goodman $10.5K | Neiman Marcus $7.5K | Care Credit $7K |
Scores: EX 656 | EQ 667 | TU 680


Goal Card: Amex Platinum (Amex IIB, waiting for 5 year mark)
Message 14 of 19
Anonymous
Not applicable

Re: Opening a third credit card for a 21 year old - worth it or avoid it?


@icyhot wrote:
App for the Freedom and CSP! They'll age together and you'll be covered for places that don't take Discover or Amex. Plus you'll be able to stack the rewards. Depends on what your needs and spend is tho

I applied for the CSP this morning and was accepted with a $6,400 credit limit. Is it advisable to go for the Freedom too? Would there ever be a case that I want to use the Freedom card over the Sapphire?

Message 15 of 19
icyhot
Valued Contributor

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

The Freedom has nice rotating categories that will get you 5% back, double it on top of travel and dining spend on the CSP plus the bonuses and points can add up quickly. Only drawback is I hear having the Freedom and Discover It is redundant since the categories tend to overlap.
Ch 7 BK discharged 12/2018
Bank Cards: NFCU Flagship Rewards $25K | NFCU Cash Rewards $20K |NFCU More Rewards Amex $17K | PenFed Power Cash $12.5K | PenFed Platinum Rewards $12.5K | PenFed Pathfinder Rewards $10K | PenFed Gold Card $7.5K | PayPal Cashback Mastercard $5K | Apple Card $3.5K
Store Cards: Bergdorf Goodman $10.5K | Neiman Marcus $7.5K | Care Credit $7K |
Scores: EX 656 | EQ 667 | TU 680


Goal Card: Amex Platinum (Amex IIB, waiting for 5 year mark)
Message 16 of 19
Anonymous
Not applicable

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

get the freedom if you have the CSP! its a no brainer! Do it now!!!!
Message 17 of 19
GlocksAndCredit
Regular Contributor

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

Garden.

CSP $9500, CapitalOne VentureOne Sig Visa $8000 Chase Freedom Sig Visa $5000, Citi ThankYou Preferred Sig Visa $5000, Amazon Store Card $5000, Discover IT $4800, CapitalOne Quick Silver MasterCard $4000, Fidelity AMEX $4000, Sallie Mae Mastercard $3300, Hilton Honors Sig Visa $3300, Citi Double Cash $2700, SunTrust Cash Rewards $2500, Citi Simplicity Visa $2300, AMEX BCE $2000, AMEX Everyday $2000, AMEX Delta SkyMiles $2000, Amazon Reward Visa $1800, BP VIsa $1800, Barclays Apple Visa $1700, Suncoast FCU $1000, Target REDCard $900

Current Scores: EQ 727 (Fico), EX 735 (Fico) **In the Garden unti....forever.
Message 18 of 19
Anonymous
Not applicable

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

just get what you'll use. nothing less nothing more. be smart about it so you don't have trash cards later like half of us on here do Smiley Wink
Message 19 of 19
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