Two different questions (regarding opening a new card and upgrading another)

[zeusta20]

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@Scott90 wrote:

Good morning everyone... been reading a bit on here figured I would finally register and start joining in on the fun.  First here is some background...

Been working hard on building credit and have made it a priority since the day I turned 18 (23 now).

Credit history is just over 5 years.

Last time I checked score was a couple months ago and I was at 773.

My current cards and CL.

American Express from USAA / 11,000

Chase Card / 1,500

Capital One / 750

Walmart / 1200

Zales / 4000

All of my cards have a 4% interest rate besides AMEX which is 12%.

I probably have about 3k in credit card debt but its all managed... like I am full control of what I am doing so its hard for me to call that debt since debt usually is looked at as a bad thing..

Anyways, here are my questions.

#1... BoA keeps sending me letters saying I am approved for their Cash Rewards card.  I am debating on accepting their offer because of their 0% APR for 15 months, and 0% on their tranfers for the first 60 days.  My idea was to possibly accept their offer, then transfer the AMEX balance (1400) to that card and pay no interest or transfer fee on it that way I no longer am paying 12% interest on that amount like I am right now through AMEX.  Plus, then it opens another card.  But I am trying to debate on whether or not that is a good idea or not and was hoping to get some input from others?  Like would that then be too many cards?  I believe the  BoA card will go anywhere from 12-22% after the promo period which sucks since all of mine are so low but maybe that isnt so bad?  Just looking for some other input please.

#2... My walmart card is just the typical store card, not the discover.  I got the offer to upgrade to the Discover forever ago, maybe a year or so.  But I never did it because I read in the paperwork that came with the offer that by doing so it will then make my interest go from the 4% now to the new card interest which was around 20% I  believe.  My question is what would you do?  Is there a way I can call and ask to upgrade but with keeping my current 4%?  If they wont do that is it worth upgrading still just so I can have that "discover" name?  I do not really use the card much anyways and whenever I do i always use it on a 0 interest promotion anyways like for a TV/computer.  So really i guess it doesnt matter about the interest, but you never know...

Also real quick, does anyone else have a pain in the ass time with getting capital one to increase your limit?  Capital one was my first card EVER and I cant get them to agree to up my pitty 750 limit, meanwhile I have every other card giving me whatever I want....

Thank you so much for your time... look forward to your responses...

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Welcome to the Forums! This place is pretty amazing. I've been keeping an eye on on this site for about four years already.lol.

To answer your question, Its completely up to you. If you feel like you need another card (for rewards or for whatever reason), then go ahead. Your UTL is not bad, and you have a somewhat decent length of history. I'm 22 (turning 23 in july), so i'm pretty much in the same boat as you when it comes to credit history. I got my WF and my 1FBUSA credit card when I turned 18 in 2008. BofA, IMO, is that a card i'd wanna get though. I'm not a huge fan of the BofA credit cards. They keep sending me stuff in the mail too. But thats why i'd rather go with Chase. I have 0% from Chase until July 14'. But I got an offer for the Chase though. So thats how I got that promo.

As far as your Walmart, to be honest, I'd probably just upgrade to the Discover. I don't have a Discover, but from what i've learned from the Forums, Discover is a pretty awesome card to have. Especially the customer service. And if you Pay in Full ANYWAYS, then you don't gotta worry about the interest rate.

Good luck on whatever decision you decide to make!

And again, welcome to the community!

[zeusta20]

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@Scott90 wrote:

Just wanted to give another update... called today and was told I was approved, 10k CL.  Good stuff

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Just saw this!

COngrats! nice CL!

[09Lexie]

Awesome CL! Congrats!

[Scott90]

Thanks everyone and thanks for the input, I appreciate it.  I am transferring my balance from my AMEX to the new BOA card to take advantage of no interest.  Then once I pay it down to a reasonable number I will probably start taking advantage of the rewards aspect of it. 

As for the Walmart card, I will probably just keep it as the regular store card.  I never take advantage of the interest anyways since I only use it for promo values when making a larger purchase, but I rather have it and know if I needed to use it ever my interest is only 4% rather than the Discover card which will probably be over 20%.  I haven't even put a charge on the Walmart card in well over a year anyways. 

Thanks everyone, this website is a great tool!