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Third card, Discover?

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Anonymous
Not applicable

Third card, Discover?

Hello everyone, so I am new to all this, Only have 1 CC so far, Bank of America Cash Rewards card, the 99/500 and only have had it for a month now.

Also awhile back I applied for Cap one, 2 cards, and was denied for both, then a few days ago I got an email that they were taking a second look because of a processing error and last night I got another email saying that my Cap One credit card has shipped Smiley Happy not sure which one but hey its good,  so now that would make 2. 

 

Now I am wondering what my chances are of getting a Discover card, just did the pre qualify online and got 1 offer, Discover it card, and wondering if I should go for it now? Mainly cus of having the hard pulls closer together than spread apart! 

 

Also how should I be using more then 1 card to help score? I have read of people having more then 1, but only having one main one they use and just basicaly not use the others, and works well to help your score, or maybe I miss read something?

Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: Third card, Discover?

What are your scores and why do you want a Discover card? Also, do me a favor and do this.  Go back to the Discover site, select a random 9 digit number as SSN and a random name and see what comes up.  I have a reason for asking you to do this...

Message 2 of 9
Anonymous
Not applicable

Re: Third card, Discover?

Just to help with building credit! From what I read, was that having 3 credit cards, and a secured installment loan is good for building credit!

 

Right now, well as of Feb I don't have one. I first applied to BOA cash rewards cars but didn't get it, so was offered the 99/500 secured one. Then the denial letter came for the regular one, and I called Experian to get my free report but said I didn't have anything, only thing  that showed was my recent request! 

Message 3 of 9
jacetx
Valued Contributor

Re: Third card, Discover?


@Anonymous wrote:

Just to help with building credit! From what I read, was that having 3 credit cards, and a secured installment loan is good for building credit!

 

Right now, well as of Feb I don't have one. I first applied to BOA cash rewards cars but didn't get it, so was offered the 99/500 secured one. Then the denial letter came for the regular one, and I called Experian to get my free report but said I didn't have anything, only thing  that showed was my recent request! 


Hi Carguy87. Yes, 3 cards are the recommended for optimal FICO scoring. That being said, it doesn't mean that you have to get all 3 cards at the same time. I would not apply for anything else right now. Let those cards age and build you some history. In about a year (assuming that there is nothing negative in your reports) you should be able to get any card you want. Credit is a marathon not a race, it takes time.

Message 4 of 9
Themanwhocan
Senior Contributor

Re: Third card, Discover?


@jace8602 wrote:

@Anonymous wrote:

Just to help with building credit! From what I read, was that having 3 credit cards, and a secured installment loan is good for building credit!

 

Right now, well as of Feb I don't have one. I first applied to BOA cash rewards cars but didn't get it, so was offered the 99/500 secured one. Then the denial letter came for the regular one, and I called Experian to get my free report but said I didn't have anything, only thing  that showed was my recent request! 


Hi Carguy87. Yes, 3 cards are the recommended for optimal FICO scoring. That being said, it doesn't mean that you have to get all 3 cards at the same time. I would not apply for anything else right now. Let those cards age and build you some history. In about a year (assuming that there is nothing negative in your reports) you should be able to get any card you want. Credit is a marathon not a race, it takes time.


Well, there is no such thing as an optimal number of cards for FICO scoring. There are some morgage lenders that want to see at least 3 credit lines, but thats not the same as optimal.





TU-8: 804 EX-8: 805 EQ-8: 788 EX-98: 767 EQ-04: 752    
TU-9 Bankcard: 837 EQ-9: 823 EX-9 Bankcard: 837
Total $443,800
Message 5 of 9
Anonymous
Not applicable

Re: Third card, Discover?

Thanks for the info!

 

Also how should I use them to help them grow. From what I have reading of other people, they had more cards though, was to have one main one they use, and just basically not use the others and just have them in the sock drawer, to stay open. 

 

Is this a good thing to do for me as I'm just starting, or better to use both, but have low utilization? What would be best to help them grow?

 

Thanks,

Message 6 of 9
jacetx
Valued Contributor

Re: Third card, Discover?


@Themanwhocan wrote:

@jace8602 wrote:

@Anonymous wrote:

Just to help with building credit! From what I read, was that having 3 credit cards, and a secured installment loan is good for building credit!

 

Right now, well as of Feb I don't have one. I first applied to BOA cash rewards cars but didn't get it, so was offered the 99/500 secured one. Then the denial letter came for the regular one, and I called Experian to get my free report but said I didn't have anything, only thing  that showed was my recent request! 


Hi Carguy87. Yes, 3 cards are the recommended for optimal FICO scoring. That being said, it doesn't mean that you have to get all 3 cards at the same time. I would not apply for anything else right now. Let those cards age and build you some history. In about a year (assuming that there is nothing negative in your reports) you should be able to get any card you want. Credit is a marathon not a race, it takes time.


Well, there is no such thing as an optimal number of cards for FICO scoring. There are some morgage lenders that want to see at least 3 credit lines, but thats not the same as optimal.


Right, I guess I should have worded it differently Smiley Wink

Message 7 of 9
longtimelurker
Epic Contributor

Re: Third card, Discover?


@jace8602 wrote:

@Themanwhocan wrote:

@jace8602 wrote:

@Anonymous wrote:

Just to help with building credit! From what I read, was that having 3 credit cards, and a secured installment loan is good for building credit!

 

Right now, well as of Feb I don't have one. I first applied to BOA cash rewards cars but didn't get it, so was offered the 99/500 secured one. Then the denial letter came for the regular one, and I called Experian to get my free report but said I didn't have anything, only thing  that showed was my recent request! 


Hi Carguy87. Yes, 3 cards are the recommended for optimal FICO scoring. That being said, it doesn't mean that you have to get all 3 cards at the same time. I would not apply for anything else right now. Let those cards age and build you some history. In about a year (assuming that there is nothing negative in your reports) you should be able to get any card you want. Credit is a marathon not a race, it takes time.


Well, there is no such thing as an optimal number of cards for FICO scoring. There are some morgage lenders that want to see at least 3 credit lines, but thats not the same as optimal.


Right, I guess I should have worded it differently Smiley Wink


For some scoring models (and recall the people saying this probably don't have access to the actual algorithm!) tpeople have said hat three is the minimum to get a perfect score as there are hits for having all cards with balances or all cards with no balances (if you have just one card you must fit one or the other), and another hit for 50% or more cards with balances (and with two cards you will have to fall into one of these three).

 

So minimal rather than optimal, assuming the 50% is true.

Message 8 of 9
CreditUnionFan
Valued Contributor

Re: Third card, Discover?

For a moment I thought you wanted to know if you could have three Discover cards. I believe the answer is still just two.

 

It may look more favorably to have additional accounts that show regular on-time payments, even if they're all PIF. A second benefit has to do with the AAoA, so that there are multiple "old" accounts, when you add a new account down the line it should have less impact on the AAoA.

 

Card 1 six years + Card 2 brand new = three years

Card 1 six years + Card 2 four years + card 3 brandh new = 10/3 or 3.3

 

Discover is offering the double cash back bonus for the first year, and diversification amongst banks can be advantageous also.

I was going to garden... Honest!
Message 9 of 9
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