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Regular Contributor
Posts: 106
Registered: ‎05-15-2008
0

Which is better for score?

My scores are looking pretty good right now, so I decided that I'd like to have a couple of prime cards with better interest rates.  I applied for AMEX and Discover More.  Disc. said no, but offered the HSBC Plat. Rewards Disc.  The interest is really bad (19.95%) and the cl is really low ($900).  Would it be better for my score if I never open the HSBC Disc. and take the inq. ding or to open it and just use every once and a while? ( I really don't want the card and have no use for it, but if it will raise my score I'll keep it.)
The hardest part is waiting!! I'm an instant gratification girl!!!
06/24/2008: TU 708, EQ 705, EX 712
06/09/2008: TU 699, EQ 688, EX 712
Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Which is better for score?

With your scores- I would decline the HSBC card-
 
That is pretty insulting-
Wait a few months and re-apply for the Discover.
Moderator Emeritus
Posts: 6,794
Registered: ‎09-29-2007
0

Re: Which is better for score?



ferferhess wrote:
My scores are looking pretty good right now, so I decided that I'd like to have a couple of prime cards with better interest rates.  I applied for AMEX and Discover More.  Disc. said no, but offered the HSBC Plat. Rewards Disc.  The interest is really bad (19.95%) and the cl is really low ($900).  Would it be better for my score if I never open the HSBC Disc. and take the inq. ding or to open it and just use every once and a while? ( I really don't want the card and have no use for it, but if it will raise my score I'll keep it.)


It depends.
 
What will the new account do to your average age?  (Obviously, it will make it go down, but how severely?)  How much will the additional $900 CL help your utilization?
 
Over the long term, having an additional positive tradeline will help, but over the short term it may hurt for the reasons I mentioned above.
 
Since you already took the inquiry ding, I'd say accept the card, unless your average age would really take a nosedive and you're planning on a major app in the next year or two.
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Moderator Emeritus
Posts: 6,794
Registered: ‎09-29-2007
0

Re: Which is better for score?



Timothy wrote:
With your scores- I would decline the HSBC card-
 
That is pretty insulting-
Wait a few months and re-apply for the Discover.


LOL!  And Timothy makes an excellent point as well.
 
Differences of opinion make the world go round.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Super Contributor
Posts: 6,026
Registered: ‎09-18-2007
0

Re: Which is better for score?

Scores might be ok. Do you have any baddies? How many inq's do you have? I have high scores too but discover does not approve me one. It might be baddies not acceptable to them.
Valued Contributor
Posts: 1,157
Registered: ‎05-21-2008
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Re: Which is better for score?

In my eyes, i would never accept a card that I would feel was giving me the stink eye every time I opened my wallet just for a $900 CL when I should qualify for a prime card.  If you're convinced you're prime card material, I'd keep looking.
 
That's, of course, purely my opinion.  I'm not stating it would be better short or long term for your scores.

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


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Senior Contributor
Posts: 3,279
Registered: ‎08-03-2007
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Re: Which is better for score?

I agree with Timothy. I would decline the HSBC card with a high interest rate, low CL, that will not grow with you.

Your TU score looks pretty good. I'm surprised you didn't get the card. I'd wait a couple months and try them again.

They declined me on May 1 for "too many new accounts with balances", I counted 3, but it was simply too much for them. My recon attempt was also deftly shot down.
Here we go again...
Regular Contributor
Posts: 106
Registered: ‎05-15-2008
0

Re: Which is better for score?

[ Edited ]
Hey guys, thanks for the imput so far!  When I recon'd, they said it was because my SL was in default.  It was NOT in default, WF reported it wrong (they have already fixed it!)  The Disc. rep said that when I get it corrected they would grant me a card (with another ding of course!) 
 
Uti is not a problem, I have $12, 100 in available credit and uti of $120!


Message Edited by ferferhess on 06-03-2008 01:25 PM
The hardest part is waiting!! I'm an instant gratification girl!!!
06/24/2008: TU 708, EQ 705, EX 712
06/09/2008: TU 699, EQ 688, EX 712
Regular Contributor
Posts: 244
Registered: ‎10-15-2007
0

Re: Which is better for score?

[ Edited ]
SL ? Edit : I got it.. school loan... lol nevermind Message Edited by turbowrx on 06-03-2008 12:58 PM

Message Edited by turbowrx on 06-03-2008 12:58 PM
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