cancel
Showing results for 
Search instead for 
Did you mean: 

SHOULD I ACCEPT THIS CREDIT CARD?

New Member

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
Message 1 of 8
7 REPLIES
Valued Contributor

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.

 

Message 2 of 8
Moderator

Re: SHOULD I ACCEPT THIS CREDIT CARD?

I would accept it if its pre-app.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne
Message 3 of 8
Member

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.

Message 4 of 8
Regular Contributor

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*|
Message 5 of 8
Senior Contributor

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
BOA UNC-CH Alumni $6k I Hawaiian WEMC $3k I Arrival $6.5k I IT $1.5k | Merrill+ $2k | Lowes $12k | Apple $2k | +23more
Scores: EQ:671 (FICO 11) EX:686 (FICO N/C) TU:686 (FICO N/C) *8-5-14*
Overall UTIL: 14% *Gardening Since: 1/20/16*
------------------------------------------------------------
Need to stay out of trouble.... Go Heels!!! ... GC Watchlist ( #1 since 12-12-13)
Message 6 of 8
New Member

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
Message 7 of 8
Highlighted
Moderator

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: 791 (TU08, 12/1/17)
Sam's Club MC $25000 | Marvel MC $25000 | Macy's AMEX $25000 | AMEX BCE $20400 | Discover IT $20000 | Macy's Store $20000 | Cap 1 QS WMC $17250 | BoA BBR #1 $17200 | JCP $15000 | Citi DC $12600 | Freedom VS $12000 | BofA BBR #2 $11800 | Disney VS $11500 | Care Credit MC $11200 | Cash+ VS $10500 | CashForward WMC $10000 | Barclay Rewards WMC $10000 | WCU Visa $10000 | Amazon Store $8000 | Blispay $7500 | Target MC $5000 | Sony Card $4250 | ~~Gardening Since 11/2/17
Message 8 of 8