topic Re: Can I get a new credit card? in Credit Cards

Can I get a new credit card?

Tufts — Sun, 07 Aug 2016 23:30:06 GMT

Hey everyone, I currently have 4 credit cards:

1. 9 years old Bank of America that has a 0 balance and that I never use

2. 3 years old USAA card with 0 balance and I never use

3. 6 month oldBarclay card that has a balance under 10%, I no longer use it and am paying minimum amount

4. 4 month old Amex card that has 0 balance and I no longer use it. I made purchases to get the rewards points.

I want to get the new Chase Sapphire card to get the rewards but am afraid it may affect my credit score. Do you think it will? It would be my 5th credit card (3rd CC this year).

My fico score is about 775

Re: Can I get a new credit card?

wmweeza — Sun, 07 Aug 2016 23:34:26 GMT

Why do you want another card when you don't even use what you have?

Re: Can I get a new credit card?

BeeH11 — Sun, 07 Aug 2016 23:36:20 GMT

You are w/in 5/24 so that's ok. Chase usually likes to see at least 1 card w/ at least $5k credit limit (although I have seen some exceptions to this on here). $5k b/c that's the minimum for the CSP (as its a signature card). What are your current limits on your cards?

Re: Can I get a new credit card?

Anonymous — Sun, 07 Aug 2016 23:38:24 GMT

You are in a very good position to do so. Don't be scared about your score dropping...that will happen no matter when you apply for a credit card and it's only temporary. Your score is very good also. I would go for it.

Re: Can I get a new credit card?

Xistaben2 — Sun, 07 Aug 2016 23:48:22 GMT

I wouldn't think you'd have a problem getting the CSP as long as you are under 5/24 and with that FICO score.

With that being said, CSP is usually labelled as a higher spend card for the rewards to justify the $95 AF. Ultimately, if it suits your spend, then go for it - but when you tell us you are paying the minimum on a 3 month old Barclay card, not sure how to gauge your usage out of the CSP. It may end up being not worth it with that kind of practice on it (When you factor in spend vs AF vs Accrued interest making minimum payments).

Re: Can I get a new credit card?

Anonymous — Mon, 08 Aug 2016 01:41:48 GMT

I guess I am curious also as to why you want another card if you don't use what you have. Not that is relevant to your question at all really, just curious.

As to can you get one. Based on the info you have given, yes you can.

Chase has a prequal page that you can check out. It will give you cards that it believes you will qualify for.

Re: Can I get a new credit card?

Anonymous — Mon, 08 Aug 2016 02:18:30 GMT

Pretty sure he's talking about the Sapphire Reserve guys, not the CSP.

Re: Can I get a new credit card?

Anonymous — Mon, 08 Aug 2016 02:30:22 GMT

@Anonymous wrote:
Pretty sure he's talking about the Sapphire Reserve guys, not the CSP.

In that case, I'm even more curious why the OP would want it, given what they told us.

Re: Can I get a new credit card?

righthererightnow — Mon, 08 Aug 2016 02:55:43 GMT

the inqury will affect your score, and if you already have a bunch still aging... might not be good.

Re: Can I get a new credit card?

Tufts — Mon, 08 Aug 2016 03:26:26 GMT

I get these cards for the benefits initially.
The chase card gives $625 if spending a minimum the first 3 months.

Re: Can I get a new credit card?

Anonymous — Mon, 08 Aug 2016 03:54:31 GMT

@Tufts wrote:
Hey everyone, I currently have 4 credit cards:
1. 9 years old Bank of America that has a 0 balance and that I never use
2. 3 years old USAA card with 0 balance and I never use
3. 6 month oldBarclay card that has a balance under 10%, I no longer use it and am paying minimum amount
4. 4 month old Amex card that has 0 balance and I no longer use it. I made to get the rewards points.

I want to get the new Chase Sapphire card to get the rewards but am afraid it may affect my credit score. Do you think it will? It would be my 5th credit card (3rd CC this year).
My fico score is about 775

Request increase on the BOA (even if it's hp) and Amex especially if you don't have any high limit cards. Also Apr reductions on all cards when eligible. You will find continued usability with BOA with ongoing bt offers. I'd be surprised if the Apr on the BOA wasn't single digit.

I'd go for the new cspr/e and pair it with a freedom ultimate or unlimited. Add AUs on both to get the increased bonus. $175 and at least 2k in value well worth the high af. Then I'd app for the csp later this year and pick one to keep.

Re: Can I get a new credit card?

Anonymous — Mon, 08 Aug 2016 04:03:58 GMT

Yes get it

Re: Can I get a new credit card?

Anonymous — Mon, 08 Aug 2016 13:14:45 GMT

@Tufts wrote:
I get these cards for the benefits initially.
The chase card gives $625 if spending a minimum the first 3 months.

At some point you are going to need to actually use the card beyond the sign up bonus. I wouldn't recommend getting the card in this scenario. Why don't you put spend on any of your credit cards?

Re: Can I get a new credit card?

takeshi74 — Mon, 08 Aug 2016 13:35:56 GMT

@Tufts wrote:

I want to get the new Chase Sapphire card to get the rewards but am afraid it may affect my credit score. Do you think it will?

Any data on your report will affect your credit score. What you seem to be asking is whether or not it will have a significan adverse impact. That's a bit trickier to answer.

@Tufts wrote:
1. 9 years old Bank of America that has a 0 balance and that I never use
2. 3 years old USAA card with 0 balance and I never use
3. 6 month oldBarclay card that has a balance under 10%, I no longer use it and am paying minimum amount
4. 4 month old Amex card that has 0 balance and I no longer use it. I made purchases to get the rewards points.

Are these cards the only accounts on your reports? If so, you have a thin profile which is going to generally be more volatile than a thick profile. you have 4 cards but 2 of them are new an only months old. That's a fair bit of new accounts on your profile which already has an impact and adding another won't help in that regard.

@Tufts wrote:
My fico score is about 775

You don't have just one FICO score. First off, there are many FICO models used by creditors and for most models you have a score with each of the 3 major CRA's. However, for the CSP the only score that matters is the score that Chase uses in the decision for the CSP. You need to find out what that score is and go pull that specific score to see where you stand score-wise.

@Tufts wrote:
I want to get the new Chase Sapphire card to get the rewards

Have you carefully researched the Ultimate Rewards program to determine how you'd redeem UR points and how that would impact point value? Have you crunched the numbers for your spend all the way through from earning to redemption? That should give you an idea of how long it would take you to accrue enough points to redeem. Do you have enough spend you can run through UR to redeem in a reasonable timeframe?

@Anonymous wrote:
Pretty sure he's talking about the Sapphire Reserve guys, not the CSP.

Don't just assume. The bonus the OP mentions in a later reply is the bonus offered by the CSP.

@Tufts wrote:
I get these cards for the benefits initially.
The chase card gives $625 if spending a minimum the first 3 months.

The CSP's bonus is 50K UR Points. You can get $625 against travel booked via the UR portal but it is possible to redeem at greater value if transferred to travel partners for the right fares. That said, it's also possible to get less value. Don't just run with the $625 figure that Chase provides. The UR portal does not provide every possible fare out there and may not be the best value given the specifics of the fare you're shopping.

Again, crunch the numbers for your spend and how you intend to redeem your UR Points. Don't rely on rewards and points values provided by Chase and others. You need to do with for any program like UR, Membership Rewards, Thank You, etc.

Re: Can I get a new credit card?

Anonymous — Mon, 08 Aug 2016 17:04:17 GMT

@Anonymous wrote:
@Tufts wrote:
I get these cards for the benefits initially.
The chase card gives $625 if spending a minimum the first 3 months.
At some point you are going to need to actually use the card beyond the sign up bonus. I wouldn't recommend getting the card in this scenario. Why don't you put spend on any of your credit cards?

Well, not necessarily! People get cards for sign up bonuses and move on to the next. Only at the point you start getting rejected do you need to stop, and at that point you have a wide variety of cards to use for spend.

Re: Can I get a new credit card?

Anonymous — Mon, 08 Aug 2016 17:08:43 GMT

@Anonymous wrote:
@Anonymous wrote:
@Tufts wrote:
I get these cards for the benefits initially.
The chase card gives $625 if spending a minimum the first 3 months.
At some point you are going to need to actually use the card beyond the sign up bonus. I wouldn't recommend getting the card in this scenario. Why don't you put spend on any of your credit cards?
Well, not necessarily! People get cards for sign up bonuses and move on to the next. Only at the point you start getting rejected do you need to stop, and at that point you have a wide variety of cards to use for spend.

I agree but the OP mentioned they aren't using any of their cards, and are only paying the minimum on the one they do use. That's kind of a red flag right there. Hopefully the OP knows what they are getting with the CSP.

Re: Can I get a new credit card?

Xistaben2 — Mon, 08 Aug 2016 17:14:30 GMT

It probably goes without saying that accrued interest will typically negate any rewards and then some if not carefully handled.

Re: Can I get a new credit card?

Tufts — Mon, 08 Aug 2016 17:18:17 GMT

Does this mean I should use all my cards at under 9% and is it best to pay the minimum?

Re: Can I get a new credit card?

Anonymous — Mon, 08 Aug 2016 17:19:40 GMT

@Tufts wrote:
Does this mean I should use all my cards at under 9% and is it best to pay the minimum?

Pay the whole thing unless you like being charged interest.

Re: Can I get a new credit card?

Tufts — Mon, 08 Aug 2016 17:21:17 GMT

I get 0% apr from military active duty benefits.
Does it help to pay it off entirely or to keep a balance?