topic Re: Opening a third credit card for a 21 year old - worth it or avoid it? in Credit Cards

Opening a third credit card for a 21 year old - worth it or avoid it?

Anonymous — Thu, 06 Aug 2015 02:41:01 GMT

I have two credit cards - a Discover card I've had since 2012 and an American Express card since August of last year. My FICO score (according to Discover) is 759.

I'm wondering if it would be wise to open another credit card at this point or if I should sit with the two I have for a while. My AAoA is only about 2 years and I know opening a new card will drop that (and probably my credit score, too).

Any advice? If yes, any suggestions for a card with good rewards for dining/entertainment redeemable on travel? The Chase Sapphire Preferred Card has caught my eye for that but I figured I'd see if anyone else has a suggestion with similar benefits.

Thanks!

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

surehit — Thu, 06 Aug 2015 02:54:17 GMT

I'm personally a huge fan of my CSP, definitely the card I use for pretty much everything unless I have another card that gets significantly better rewards in that category. The Chase Freedom wouldn't be a bad choice to start with if you have any concerns about getting approved though.

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

Anonymous — Thu, 06 Aug 2015 02:55:02 GMT

I could be wrong, but did you post this earlier today? i remember reading it

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

Anonymous — Thu, 06 Aug 2015 02:59:56 GMT

@surehit wrote:
I'm personally a huge fan of my CSP, definitely the card I use for pretty much everything unless I have another card that gets significantly better rewards in that category. The Chase Freedom wouldn't be a bad choice to start with if you have any concerns about getting approved though.

Speculating, does it seem that my chances of getting approved would be high? Credit is perfect, no missed payments, low utilization, and relatively high score for this point in my life. Income is $32k. Any ideas?

Also, I did post earlier today regarding a different issue but included some similar information in my post, which might be why it seems familiar!

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

Anonymous — Thu, 06 Aug 2015 04:00:54 GMT

I recommend going for the Barclay Arrival+ ! (lower AF)

And yes, I think you should get a third...I'm 18 and I have 3, lol.

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

Anonymous — Thu, 06 Aug 2015 04:04:14 GMT

What are your credit limits?

I think a file with only 2 cards on it is too thin. About 5-6 well managed accounts would be better.

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

Anonymous — Thu, 06 Aug 2015 04:10:47 GMT

@Anonymous wrote:
What are your credit limits?

I think a file with only 2 cards on it is too thin. About 5-6 well managed accounts would be better.

$7,500 with AmEx and $2,000 with Discover. Just recently requested CLIs on both accounts, pretty sure I was denied for the AmEx CLI as I received the 7-10 day wait notice, and I just requested one for Discover today and was told to wait two business days.

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

Anonymous — Thu, 06 Aug 2015 04:49:08 GMT

thin and clean files are fine don't worry

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

heyarrnold — Thu, 06 Aug 2015 06:01:41 GMT

It depends. Do you need another card? And willl the reward structure benefit you in anyway? I am 22 and I have 8 cards. But they all work well with my spending patterns. So whatever 3rd card you're going to get, get it because it adds value to your portfolio. Blindly applying just for the sake of applying is not worth it IMO.

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

Anonymous — Thu, 06 Aug 2015 06:27:22 GMT

Youd probably get approved for the freedom no sweat but its the same bank pulling report so go for the one you want. Check prequal? Id get the freedom anyway as we see time and time again discussed here they are good together with the points. If you tire of csp and it's not a fit, you then have a well established freedom to move credit limits to.

I expect to see an approved thread started from you tomorrow. Now go play. (because i cant)

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

surehit — Thu, 06 Aug 2015 21:02:31 GMT

@Anonymous wrote:
@surehit wrote:
I'm personally a huge fan of my CSP, definitely the card I use for pretty much everything unless I have another card that gets significantly better rewards in that category. The Chase Freedom wouldn't be a bad choice to start with if you have any concerns about getting approved though.
Speculating, does it seem that my chances of getting approved would be high? Credit is perfect, no missed payments, low utilization, and relatively high score for this point in my life. Income is $32k. Any ideas?

Also, I did post earlier today regarding a different issue but included some similar information in my post, which might be why it seems familiar!

Your position is fairly similar to where I was when I got my CSP and Freedom cards, I apped and was approved for both on the same day at 5k each. I have heard that Chase has tightened up a bit since then, but I think your chances of getting the CSP would be pretty good; even if you have to recon.

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

Anonymous — Thu, 06 Aug 2015 22:00:09 GMT

yes apply for some more cards. im 22 and AAOA is 2 years as well. Better to ass cards no than later in my opinion

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

Josh611 — Thu, 06 Aug 2015 22:38:51 GMT

I'm 21 and I have 8 cards. I also have a shorter history than you as well as a lower income. You'll be fine for just about any of the cards mentioned.

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

icyhot — Thu, 06 Aug 2015 22:53:00 GMT

App for the Freedom and CSP! They'll age together and you'll be covered for places that don't take Discover or Amex. Plus you'll be able to stack the rewards. Depends on what your needs and spend is tho

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

Anonymous — Thu, 06 Aug 2015 22:54:04 GMT

@icyhot wrote:
App for the Freedom and CSP! They'll age together and you'll be covered for places that don't take Discover or Amex. Plus you'll be able to stack the rewards. Depends on what your needs and spend is tho

I applied for the CSP this morning and was accepted with a $6,400 credit limit. Is it advisable to go for the Freedom too? Would there ever be a case that I want to use the Freedom card over the Sapphire?

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

icyhot — Thu, 06 Aug 2015 22:58:16 GMT

The Freedom has nice rotating categories that will get you 5% back, double it on top of travel and dining spend on the CSP plus the bonuses and points can add up quickly. Only drawback is I hear having the Freedom and Discover It is redundant since the categories tend to overlap.

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

Anonymous — Thu, 06 Aug 2015 23:06:49 GMT

get the freedom if you have the CSP! its a no brainer! Do it now!!!!

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

GlocksAndCredit — Thu, 06 Aug 2015 23:53:22 GMT

Garden.

Re: Opening a third credit card for a 21 year old - worth it or avoid it?

Anonymous — Fri, 07 Aug 2015 03:34:41 GMT

just get what you'll use. nothing less nothing more. be smart about it so you don't have trash cards later like half of us on here do