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Regular Contributor
Flying_High
Posts: 190
Registered: ‎08-12-2012
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is it a good idea to have 3 different types

[ Edited ]

Hey guys, I have a question is it a good idea to have 3 different types of credit cards by the same credit card company?, the reason why im asking is because I have..

 

2 Capital One credit card (1) limit $301..(2) limit $500

1 Discover Card Limit $750

 

now the $301 card is the oldest 7 months and the $500 limit is 1 month and the $750 I didnt get my frist bill yet.

after I get the $500 limit at 6 months I want to close out the $301 Capital One card so that way I can open another Discover card with its same amount or higher. when the $750 gets at 6 mouths I want to close out the other Capital One card $500 limit and get another Discover card so that way ill have 3 Discover card on file...Discover card gave me more limit then Capital One

 

Any suggestions would be great,..I tried to describe the best i could

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Established Contributor
Koop10010
Posts: 731
Registered: ‎02-15-2012
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Re: is it a good idea to have 3 different types

Having three credit cards from the same company isn't going to affect your FICO score any differently than having three credit cards all from different companies.  Though I think it's best to atleast have cards from two different lenders, especially if one of them is Discover or Amex.  They aren't accepted everywhere.  Also, if for some reason your main lender cuts you off sometime, you have a backup.  I imagine you'd also be able to get more exposure with 3 cards from different companies, if you are looking at growing your credit limits.  So unless you really want those 3 Discover cards over something else, I would look at some other lenders.  Closing your Capitol One's so quickly is probably not a good idea either, unless they have annual fees you can't get waived.  I'd wait until they have 2 years of age atleast before closing them.

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Valued Contributor
nicholasyud
Posts: 1,737
Registered: ‎08-13-2012
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Re: is it a good idea to have 3 different types

I agree with Koop.......lender don't want to see your limit history with 6 month then closed.........I mean I don't know what your other credit file but I guses you just obtain your credit not too long ago........I would suggest keep both of Capital One for 2 years then close one had AF..........keep your Discover in good shape then request limit increase every6 months..........App for some store card like Walmart Macy........etc.........store card very good with credit increase .........Credit game take time so don't rush........


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webhopper
Posts: 7,225
Registered: ‎09-16-2011
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Re: is it a good idea to have 3 different types

Discover is not likely to give you three card... sorry to burst your bubble.  You can try to combine limits on the Cap1 cards. 

 

I would look at an Amex Green


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scarrollprint
Posts: 382
Registered: ‎06-26-2012
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Re: is it a good idea to have 3 different types


webhopper wrote:

  You can try to combine limits on the Cap1 cards. 

 


 

Cap1 no longer will combine credit limits - I was told this from the executive office. They then went and gave me a credit limit increase on the card I DIDN'T want it on (the one with an AF and no rewards)



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somnipotent
Posts: 367
Registered: ‎06-02-2008
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Re: is it a good idea to have 3 different types

$301 CL???  That's really odd.


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beb86
Posts: 1,115
Registered: ‎10-31-2011
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Re: is it a good idea to have 3 different types


Omaplatypus wrote:

$301 CL???  That's really odd.


LMAO "Congrats you can now use this $1 credit line increase to pay bills, fill up your gas tank, and buy groceries" -cap1 CLI letter

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Valued Contributor
nicholasyud
Posts: 1,737
Registered: ‎08-13-2012
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Re: is it a good idea to have 3 different types


beb86 wrote:

Omaplatypus wrote:

$301 CL???  That's really odd.


LMAO "Congrats you can now use this $1 credit line increase to pay bills, fill up your gas tank, and buy groceries" -cap1 CLI letter


No it's a dollar interest they forgot to deduct......


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Established Contributor
ccnewcc
Posts: 560
Registered: ‎09-29-2012
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Re: is it a good idea to have 3 different types

+1 for "They aren't accepted everywhere"

 

 

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Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
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Re: is it a good idea to have 3 different types


Koop10010 wrote:

Having three credit cards from the same company isn't going to affect your FICO score any differently than having three credit cards all from different companies.  Though I think it's best to atleast have cards from two different lenders, especially if one of them is Discover or Amex.  They aren't accepted everywhere.  Also, if for some reason your main lender cuts you off sometime, you have a backup.  I imagine you'd also be able to get more exposure with 3 cards from different companies, if you are looking at growing your credit limits.  So unless you really want those 3 Discover cards over something else, I would look at some other lenders.  Closing your Capitol One's so quickly is probably not a good idea either, unless they have annual fees you can't get waived.  I'd wait until they have 2 years of age atleast before closing them.


+1. Koop is exactly right here. I don't think having different types of cards matters, unless one of them is Discover or Amex in which case acceptance may become an issue.

 

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