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New Member
Posts: 7
Registered: ‎09-08-2013
0

SHOULD I ACCEPT THIS CREDIT CARD?

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.Smiley Happy

 

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

 

Mortgage FICO 689 I Walmart FAKO 657 I Credit Karma FAKO 677 I Quizzle FAKO 730

Current Score 689
Goal Score 730
Valued Contributor
Posts: 1,794
Registered: ‎07-01-2010
0

Re: SHOULD I ACCEPT THIS CREDIT CARD?

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.

 

Moderator
Posts: 28,119
Registered: ‎12-13-2013
0

Re: SHOULD I ACCEPT THIS CREDIT CARD?

I would accept it if its pre-app.


EX Fico 08 Bankcard 09/16: 801 (-10) EX Fico 8; 774 (-9)
TU Fico 8 09/16: 773(-4)
EQ Fico 8 09/16; 778 (0)
Member
Posts: 32
Registered: ‎03-17-2014
0

Re: SHOULD I ACCEPT THIS CREDIT CARD?

$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.

Regular Contributor
Posts: 136
Registered: ‎01-09-2014
0

Re: SHOULD I ACCEPT THIS CREDIT CARD?

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.



Garden
2/16/14
|*****1/2014 - NPSL*****| *4/2011 6,000 CL* |*11/2011 - 5,000 CL*| *9/2012 - 850 CL* | *1/2014 - 500 CL* |*2/2014 - 6,000 CL*|
Senior Contributor
Posts: 4,669
Registered: ‎06-21-2012
0

Re: SHOULD I ACCEPT THIS CREDIT CARD?


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.


+1!

JPM Ritz Carlton $8k I UMP Club $8k I CSP $8k | Chase Hyatt $5k I AMEX Green NPSL I AMEX Delta $2k I Citi AA $2k | C1 QS $4.5k
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------------------------------------------------------------
Need to stay out of trouble.... Go Heels!!! ... GC Watchlist ( #1 since 12-12-13)
New Member
Posts: 7
Registered: ‎09-08-2013
0

Re: SHOULD I ACCEPT THIS CREDIT CARD?

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

Mortgage FICO 689 I Walmart FAKO 657 I Credit Karma FAKO 677 I Quizzle FAKO 730

Current Score 689
Goal Score 730
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Moderator
Posts: 8,592
Registered: ‎08-12-2013
0

Re: SHOULD I ACCEPT THIS CREDIT CARD?


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.


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




Start: 619 (TU08, 9/2013) | Current: 768 (TU08, 9/28/16)
Sam's Club MC $25000 | AMEX BCE $20400 | Sallie Mae WMC $16500 | Cap 1 QS VS $10750 | Care Credit $10200 | BofA BBR #1 $10100 | Discover IT $8500 | Marvel MC $8000 | Citi DC $8000 | JCP $8000 | Amazon Store $8000 | US Bank Cash+ VS $7500 | Blispay $7500 | BofA BBR #2 $7000 | Cap 1 QS WMC $5750 | Macy's Store $5400 | Sony Card $4250 | Macy's AMEX $3500 | Gold Violin $3050 | CU Visa $2500 | Target $1900 | Costco Anywhere $1700 | ~~Gardening Since 8/29/16

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