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Should i apply for one more card??

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tylaw13
Regular Contributor

Should i apply for one more card??

So im wondering if i should apply for one more card or not? This last week i applied for Capital One Cash Rewards and was approved for 500CL also Chase Freedom for 1000CL already in my wallet i have a Capital One platinum 1000CL (which im sure will never change) and a daniels jewelry store card 700CL. im trying to build my "portfolio" i guess and im wanting to refi my car in Jan 2013 with my Credit Union. What should i do? if i should apply for another which one? My scores are mid 600s but have quite a bit of INQs.

 

Thanks in advance!

EQ FICO - 725 (9/11/13) TU FICO - 724 (6/27/13) EX FICO (6/30/13) 755 AMEX
Im my wallet - Cap1 Platinum MC(2000) Chase Freedom(1500) AMEX BCE (7000) Discover IT (8000) CSP (15000) Cal Coast CU (8000)
Message 1 of 10
9 REPLIES 9
tylaw13
Regular Contributor

Re: Should i apply for one more card??

I was thinking a Discover Card because im sure i wont get approved for AMEX. (i probably wont get approved for Discover either)

EQ FICO - 725 (9/11/13) TU FICO - 724 (6/27/13) EX FICO (6/30/13) 755 AMEX
Im my wallet - Cap1 Platinum MC(2000) Chase Freedom(1500) AMEX BCE (7000) Discover IT (8000) CSP (15000) Cal Coast CU (8000)
Message 2 of 10
Revelate
Moderator Emeritus

Re: Should i apply for one more card??

If you're just looking for best rate when it comes to refinancing the car, stop now.  There's no need to have more than 3 cards really as far as FICO is concerned.  Look at Amex or whatever other you card you want probably six months after that refi and you'll likely be fine: you're well setup for the future FICO wise.

 

 




        
Message 3 of 10
tmbr10
Regular Contributor

Re: Should i apply for one more card??


@tylaw13 wrote:

So im wondering if i should apply for one more card or not? This last week i applied for Capital One Cash Rewards and was approved for 500CL also Chase Freedom for 1000CL already in my wallet i have a Capital One platinum 1000CL (which im sure will never change) and a daniels jewelry store card 700CL. im trying to build my "portfolio" i guess and im wanting to refi my car in Jan 2013 with my Credit Union. What should i do? if i should apply for another which one? My scores are mid 600s but have quite a bit of INQs.

 

Thanks in advance!


Whats your UTI? Do you really need the credit now? If you can, garden till you refi and then possibly six months after that. Work on getn this INQ's down then treat 'em like gold.

Message 4 of 10
tylaw13
Regular Contributor

Re: Should i apply for one more card??


@tmbr10 wrote:

@tylaw13 wrote:

So im wondering if i should apply for one more card or not? This last week i applied for Capital One Cash Rewards and was approved for 500CL also Chase Freedom for 1000CL already in my wallet i have a Capital One platinum 1000CL (which im sure will never change) and a daniels jewelry store card 700CL. im trying to build my "portfolio" i guess and im wanting to refi my car in Jan 2013 with my Credit Union. What should i do? if i should apply for another which one? My scores are mid 600s but have quite a bit of INQs.

 

Thanks in advance!


Whats your UTI? Do you really need the credit now? If you can, garden till you refi and then possibly six months after that. Work on getn this INQ's down then treat 'em like gold.


right now my UTI is 0 because my first cap 1 and store are paid off and havent received the 2 new cards. its usually between 10-20% depending on what kind of month i have i tried not to use that card much because it has nothing to offer. ill probably be using the Chase from now on for the rewards on gas. i dont need the credit just thought it might help and i like the adrenaline when the app is processing hahahaha 

EQ FICO - 725 (9/11/13) TU FICO - 724 (6/27/13) EX FICO (6/30/13) 755 AMEX
Im my wallet - Cap1 Platinum MC(2000) Chase Freedom(1500) AMEX BCE (7000) Discover IT (8000) CSP (15000) Cal Coast CU (8000)
Message 5 of 10
tylaw13
Regular Contributor

Re: Should i apply for one more card??


@Revelate wrote:

If you're just looking for best rate when it comes to refinancing the car, stop now.  There's no need to have more than 3 cards really as far as FICO is concerned.  Look at Amex or whatever other you card you want probably six months after that refi and you'll likely be fine: you're well setup for the future FICO wise.

 

 


ok thanks for the advice. im only 20 and still learning my way around this whole credit thing. so as they say to the garden i go.

EQ FICO - 725 (9/11/13) TU FICO - 724 (6/27/13) EX FICO (6/30/13) 755 AMEX
Im my wallet - Cap1 Platinum MC(2000) Chase Freedom(1500) AMEX BCE (7000) Discover IT (8000) CSP (15000) Cal Coast CU (8000)
Message 6 of 10
FrugalRican
Blogger

Re: Should i apply for one more card??

If you're 20, the last thing you should worry about is inquiries.

Garden, eventually refinance, and then see where your scores are.

 

Once you've assessed the situation, go for an AMEX charge card.

You're young enough and have time on your side as an ally.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Message 7 of 10
tylaw13
Regular Contributor

Re: Should i apply for one more card??


@FrugalRican wrote:

If you're 20, the last thing you should worry about is inquiries.

Garden, eventually refinance, and then see where your scores are.

 

Once you've assessed the situation, go for an AMEX charge card.

You're young enough and have time on your side as an ally.


should i worry about inquiries in regards to the refinance? i dont NEED to refi but id like to shorten my loan and lower my rate i pay almost double my payment as it is to save money on the interest
EQ FICO - 725 (9/11/13) TU FICO - 724 (6/27/13) EX FICO (6/30/13) 755 AMEX
Im my wallet - Cap1 Platinum MC(2000) Chase Freedom(1500) AMEX BCE (7000) Discover IT (8000) CSP (15000) Cal Coast CU (8000)
Message 8 of 10
FrugalRican
Blogger

Re: Should i apply for one more card??

Go to your credit union, discuss this with one of them, be honest, and they can give you an assessment of what they might think will happen.

But to be honest, I don't think it's going to matter too much. Then again, I don't work for that credit union.

 

It's Jan 2013, so you have time to show responsibility for 6 months with your new cards, which I would weigh far more than some inquiries.

When all else fails, you just explain you are 20, but are trying to be smart financially while building credit. Your credit report will do most of the talking anyway.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Message 9 of 10
tylaw13
Regular Contributor

Re: Should i apply for one more card??


@FrugalRican wrote:

Go to your credit union, discuss this with one of them, be honest, and they can give you an assessment of what they might think will happen.

But to be honest, I don't think it's going to matter too much. Then again, I don't work for that credit union.

 

It's Jan 2013, so you have time to show responsibility for 6 months with your new cards, which I would weigh far more than some inquiries.

When all else fails, you just explain you are 20, but are trying to be smart financially while building credit. Your credit report will do most of the talking anyway.


yeah im always responsible when it comes to payments. my dads been teaching me best practices since i was very young, thankfully.

EQ FICO - 725 (9/11/13) TU FICO - 724 (6/27/13) EX FICO (6/30/13) 755 AMEX
Im my wallet - Cap1 Platinum MC(2000) Chase Freedom(1500) AMEX BCE (7000) Discover IT (8000) CSP (15000) Cal Coast CU (8000)
Message 10 of 10
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