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Should I apply for multiple cards or just one every so often?

Valued Member

Should I apply for multiple cards or just one every so often?

Hi all!

 

Like most I get sucked into the wealth of knowledge here on the forums but I can't seem to find any recent information on my quandary.

 

I've been able to slowly increase my scores over the last year and a half, but I'm not sure how much additional credit I should apply for.  My credit report card from creditkarma gives me all A's and B's in all categories except credit inquiries "C" (for 3 inq's in 2 years) and a big fat "F" for total accounts. 

 

Until this past weekend I only had two open CC's, CapOne since nov 2008 with a $1000 CL, and BoA (1998) with a CL of $2700.  My wife convinced me to open a Macy's account a couple of days ago in order to get an extra discount on a mattress, not sure of the CL on this is but it should be somewhere between $1000-$1500 or hopfully more because the total purchase was applied to the new account.  As soon as I receive the account info I'll pay the balance off in full because the interest rate is almost 25%!

 

I've been thinking of applying for some type of rewards card but I'm not sure if I should absorb another inquiry.  Other than the Macy's hit, all I've had in the past 2 years is the CapOne from 2008, and one in May of 2009 for my mortgage app.

 

I'm sure the inq's will hurt for some CC's but I'm not sure which ones, but I'm just curious should I wait or should I press on?

 

Any advice is appreciated!

 


Starting Score: EQ 550 TU 551
Current Score: EQ 828 TU 833 EX 832
Mortgage Scores: EQ 795 TU 780 EX 778
Goal Score: EQ 720 TU 730 (Time for new goals!)

Take the FICO Fitness Challenge
Message 1 of 18
17 REPLIES
Super Contributor

Re: Should I apply for multiple cards or just one every so often?

apply for multiple cards...good ones.  you want your inquiries to all age and fall off the reports at the same time
Message 2 of 18
Valued Member

Re: Should I apply for multiple cards or just one every so often?

Great advise, that makes the most sense in the long run!

 

The only thing I'm worried about is my scores.  I belive they are sub 700 because of my total history or lack of multiple accounts.

 

Any recommendations for reward cards with my scores?  I've been solicited by Discover but I've been too chicken to apply, I guess I'm afraid of denialSmiley Very Happy


Starting Score: EQ 550 TU 551
Current Score: EQ 828 TU 833 EX 832
Mortgage Scores: EQ 795 TU 780 EX 778
Goal Score: EQ 720 TU 730 (Time for new goals!)

Take the FICO Fitness Challenge
Message 3 of 18
Regular Contributor

Re: Should I apply for multiple cards or just one every so often?

I am in similar situation too..I debating whether to go for Discover More or Chase Freedom. Their rewards are really alike. 
Message 4 of 18
Super Contributor

Re: Should I apply for multiple cards or just one every so often?


larrylock wrote:

Great advise, that makes the most sense in the long run!

 

The only thing I'm worried about is my scores.  I belive they are sub 700 because of my total history or lack of multiple accounts.

 

Any recommendations for reward cards with my scores?  I've been solicited by Discover but I've been too chicken to apply, I guess I'm afraid of denialSmiley Very Happy


Previous posts from members getting approved with scores in the 600's may indicate Discover has lowered the approval requirements.  

Message 5 of 18
Super Contributor

Re: Should I apply for multiple cards or just one every so often?


howhow16 wrote:
I am in similar situation too..I debating whether to go for Discover More or Chase Freedom. Their rewards are really alike. 

I would go for the Discover card if the initial credit line isn't a concern.  You may get approve for a higher initial limit with Chase.

Message 6 of 18
Valued Member

Re: Should I apply for multiple cards or just one every so often?


DI wrote:

howhow16 wrote:
I am in similar situation too..I debating whether to go for Discover More or Chase Freedom. Their rewards are really alike. 

I would go for the Discover card if the initial credit line isn't a concern.  You may get approve for a higher initial limit with Chase.


 

I'll give Discover a shot and see what happens.  Thanks Smiley Wink

 

Anyone ever apply for both?


Starting Score: EQ 550 TU 551
Current Score: EQ 828 TU 833 EX 832
Mortgage Scores: EQ 795 TU 780 EX 778
Goal Score: EQ 720 TU 730 (Time for new goals!)

Take the FICO Fitness Challenge
Message 7 of 18
Super Contributor

Re: Should I apply for multiple cards or just one every so often?


larrylock wrote:

DI wrote:

howhow16 wrote:
I am in similar situation too..I debating whether to go for Discover More or Chase Freedom. Their rewards are really alike. 

I would go for the Discover card if the initial credit line isn't a concern.  You may get approve for a higher initial limit with Chase.


 

I'll give Discover a shot and see what happens.  Thanks Smiley Wink

 

Anyone ever apply for both?


I got approved for a card with both banks back in July.  But Chase took their approval back.  Said I had too many recent inquiries. I already had a Circuit City card backed by Chase, but it was closed after Circuit City filed. BK.  

Message 8 of 18
Senior Contributor

Re: Should I apply for multiple cards or just one every so often?

Don't worry about the F for total accounts from Credit Karma. That's number 1. Multiple applications for credit cards these days is a recipe for disaster. If you were to charge all your household bills for the month on your credit cards would that eat up 10% of your available credit? Sub 700 scores and multiple applications these days might get you inquiries that fall off simultaneously but they will all be declined. Go easy.
Message 9 of 18
Regular Contributor

Re: Should I apply for multiple cards or just one every so often?

is Discover more overall a better card than Chase Freedom?
Message 10 of 18