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Established Member
Posts: 62
Registered: ‎09-22-2010
0

Planning to open 1 or 2 new credit cards

Hello everyone,

 

First of all, this is my very first post on FICO and i'm blessed that i found this amazing forum. Secondly, i have some questions regarding to open new credit cards for a friend. He opened wells fargo Visa credit card after high school in 2003, however, he closed the account due to poor customer service. Then he tried to apply a few credit cards but got denied. So he ended up with Capital one student Visa card in 2004. That was his only credit card he ever had until now.

 

Besides from credit card, he bought a new car back in 2007, and he got co signed by someone with good credit and 3 years later, now he paid off the auto loan debt. That would boost his credit scores. But last month, he bought another car and this time he loaned under his name. Dealer said he has 750 ish credit score.

 

Now he's planning to open 1 or 2 new credit cards, either American Express or/and Master Card since he already got Visa.

 

1) Is it wise to open 2 new credit cards in the same year? or

2) Should he open one credit card and wait another one for next year? or

3) Should he open American Express credit card first or Master?

 

Thank you for reading my long post. Any feedback would be appreciated.

Have a nice day!

 

 

Ayanhein

myfico TU - 740
myfico EQ - 734
EX plus - 736
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Planning to open 1 or 2 new credit cards

2 cards sounds reasonable, since his scores are good, but he could do 1 and wait 3 months for the second card.   I don't think it matters much which is first?    Whose MC is he considering?

Established Member
Posts: 62
Registered: ‎09-22-2010
0

Re: Planning to open 1 or 2 new credit cards

Thanks for replying. I don't know which MC he wants to get. Probably cash back ones.

myfico TU - 740
myfico EQ - 734
EX plus - 736
Established Member
Posts: 62
Registered: ‎09-22-2010
0

Re: Planning to open 1 or 2 new credit cards

Anyone please?

myfico TU - 740
myfico EQ - 734
EX plus - 736
Moderator Emeritus
Posts: 16,375
Registered: ‎03-12-2007
0

Re: Planning to open 1 or 2 new credit cards

Have you checked out the credit card center at this forum?

 

Credit Card Center

 

Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Established Member
Posts: 62
Registered: ‎09-22-2010
0

Re: Planning to open 1 or 2 new credit cards

Yes i did. However, he said he might wanna get American Express True Earning from Costco since he shops there pretty often. I dont know about Master card.

myfico TU - 740
myfico EQ - 734
EX plus - 736
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Planning to open 1 or 2 new credit cards

 


ayanhein wrote:

Yes i did. However, he said he might wanna get American Express True Earning from Costco since he shops there pretty often. I dont know about Master card.


That is a good choice.    

 

Established Member
Posts: 62
Registered: ‎09-22-2010
0

Re: Planning to open 1 or 2 new credit cards

Ya i think so. Thanks Wolf3.

myfico TU - 740
myfico EQ - 734
EX plus - 736
New Contributor
Posts: 100
Registered: ‎06-20-2010
0

Re: Planning to open 1 or 2 new credit cards

 in my opinion , your friend credit report kind a thin file

only 1 credit card and 1 open auto loans reported

im not sure if he will get approved for amex credit card

i will try amex charge first and another boa or citi or discover or credit union

starting score 549
current score 702 TU , 708 EQ, EX ??
goal score 740

Established Member
Posts: 62
Registered: ‎09-22-2010
0

Re: Planning to open 1 or 2 new credit cards

Thank you Bubble. He thought it'd be fine having one credit card, but i guess he was wrong. Thank you, i'll suggest him to try AMEX first.

myfico TU - 740
myfico EQ - 734
EX plus - 736
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