Possible new credit line

[turnerte]

I am thinking about possibly getting another credit card to boost the number of accounts I have but I would like other opinions on this. I have two credit cards already (Walmart with $4800 limit and a Discover with a $5000 limit) as well as student loans, and a car note that is close to being paid off. I am 24 with a yearly income of $55000 and my scores are 789 ex, 734 eq and 736 tu. The only things that aren't ranked as an A on my myfico credit profile is my AAOA and my number of accounts. Any advice as to whether or not this is a good idea? 

[jamie123]

I think it would be a good I dea for you to add about 2 CC a year for the next few years. By adding just two cards a year it won't knock your score down or your AAoA by much.

It would probably be best for you to have 6 to 8 CCs when you are done. This will give you a broad and deep credit base so that as you go through life and add credit lines for cars and mortgages and such you will always maintain a stellar AAoA.

I would suggest that you app for a AMEX Green charge card and then an AMEX Blue Cash Everyday directly thereafter. You will probably have to do a recon because they don't like seeing two apps in such short order but with your scores and income you should do well with AMEX. Then any other AMEX card that you get will be back dated to the years that you received these cards.

[SnackTrader]

You are essentially where I was last December (24, car loan, student loans, good income, existing credit cards) and I have been instantly approved for every card I applied for since. Your credit looks great as long as there arent baddies that you failed to disclose. Go ahead and app for anything you want - my thought is you will probably get it.

Just make sure it is worthwhile for you in terms of rewards, signup bonus, or whatever else.

Any specific card you are looking for?

[myjourney]

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@turnerte wrote:

I am thinking about possibly getting another credit card to boost the number of accounts I have but I would like other opinions on this. I have two credit cards already (Walmart with $4800 limit and a Discover with a $5000 limit) as well as student loans, and a car note that is close to being paid off. I am 24 with a yearly income of $55000 and my scores are 789 ex, 734 eq and 736 tu. The only things that aren't ranked as an A on my myfico credit profile is my AAOA and my number of accounts. Any advice as to whether or not this is a good idea? 

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IMHO

With your scores and TL's I think CSP and Amex would fit your profile at this point but questions first.

What is your AAoA currently and how many INQ's have you had in the last year on each CB?

How much do you spend yearly (est) on gas and groceries?

[Creditaddict]

I would say add 2 and you can have anything you want I bet so put together a list of your top 4-5 choices and then ask for freedback... i think i would ask that you get feedback to why you should pick the top 2 that someone suggests and not why you won't get approved because I think that is not an issue.

the suggestion for a green charge and blue every day i think is a waste... i don't see why more than 5% of people would get a green and i don't see why 1% of all people would get a blue everyday over a blue preferred and a person with a 750+ fico with the history they have will not need to worry about doing the charge card route in case of denial type thing and get a basic credit card... just keep it simple and get what you want and what will be best for you reward wise.

[kwinks]

IMO you should try and get as many cards as you'd like now and then just garden for like ever. The Chase Freedom is my all time favorite because there is no annual fee and I get tons and tons of cash back because of the 5% back on categories.
I would also suggest you get an Amex asap because if in the future you were to get another one it will backdate all the way back to the year of your first card. BCP is really nice. Totally worth the annual fee if you buy groceries and gas.

Those are the two I would suggest. I am 20 years old ( almost 21) and I am pretty much done with the credit cards I want now just gardening forever

I probably wouldnt suggest store cards because they really arent worth it. Except for macys because you get crazy good discounts if you shop there a lot.

Hope this helps!

[turnerte]

I don't have any bad hits, I've never made a late payment, all accounts have been closed without owing a balance and I have no inquiries in the last year. I really don't have a preference as to the specific card, I'm just trying to build my score as quickly and safely as possible.

[JonStur]

 You already have a Discover, now get a Visa, Mastercard, and an AMEX.. Once you have the Four Horsemen, then all your bases will be covered. If there is a US bank available, I would suggest the Cash +  Visa Signature, to compliment the Discover I would get the Chase Freedom MasterCard version. Lastly, I would get the BCE, unless you spend enough to justify the $75.00 af on the BCP. All the cards I suggested were rewards cards because you might as well earn some cash back if you plan on making purchases...

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@turnerte wrote:
I don't have any bad hits, I've never made a late payment, all accounts have been closed without owing a balance and I have no inquiries in the last year. I really don't have a preference as to the specific card, I'm just trying to build my score as quickly and safely as possible.

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[youngandcreditwrthy]

Get an Amex!
They will like you and you can easily get ayout first $10k+ line imo.
BCE or BCP...
Check the cardmatch.com offers!

[youngandcreditwrthy]

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