SHOULD I ACCEPT THIS CREDIT CARD?

[Elle23]

I applied for an auto loan with DCU because my bimmer is 10 years old and they offered me a Visa with a 5K limit. Should I accept? Or follow my original l plan which was  to wait 6 months after the car loan and hopefully get my scores up some more then apply for a chase or amex. Which option would be better? I'm interested in cash back or points and I want to see CLI on my existing cards as well as have higher initial limits for new cards.

Here is a little bit of background info. CK Fako 688, Walmart TU 695,  Quizzle 672. I currently have a Barclay Mastercard 1130 limit, Cap One 1250 limit, Walmart 2200 limit, and a store cc backed by Comenity with a 1500 limit. I just got a new home built 6 months ago and this is my first mortgage and I still have about 14K in student loan debt to pay off. My salary is 88K.

As always thanks for the advice. The mortgage or the car loan would not be available without the help from MFF members.

Oh and the auto loan wa approved 55K @ 4.24%

[user5387]

CU cards typically have no rewards.

But they have other features that are worthwhile, for example no fees on BTs or cash advances, lower APRs, lower AA risk, and so on.

So it's worth having a card of this type.

[gdale6]

I would accept it if its pre-app.

[trzarocks]

$5k seems to be a CL that helps open doors and nearly doubles your overall limit across all revolvers.  If you're carrying a balance, your utilization would be cut in half.  I think getting it and waiting for your score to recover from the auto loan and new card would be a good move.

[Jeff007245]

I'd take it for the limit, free fico, and another account.

Within 6months your new accounts will have aged and AMEX and other companies will like you. Of course in the event that you're paying all your accounts on time.

[yudeology101]

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@Jeff007245 wrote:

I'd take it for the limit, free fico, and another account.

Within 6months your new accounts will have aged and AMEX and other companies will like you. Of course in the event that you're paying all your accounts on time.

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+1!

[Elle23]

Oh yes, I'm paying early and twice a month for  while now. My score was in the dumps but slowly its recovering.

[SunriseEarth]

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@trzarocks wrote:

$5k seems to be a CL that helps open doors and nearly doubles your overall limit across all revolvers.  If you're carrying a balance, your utilization would be cut in half.  I think getting it and waiting for your score to recover from the auto loan and new card would be a good move.

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+1.   I'd take it.  SD it, if you want, but it'd be a good move.