topic Re: More Accounts ? Advice in Credit Cards

More Accounts ? Advice

Chelow — Sun, 27 Jan 2019 01:16:56 GMT

Hello All,

I am new to Fico, this is my first post to the forums (i'm Forum Shy), but i've been reading and learning great knowledge with you FicoWizards thus becoming obsessed with Credit. Thank you for that !!!!!! )

I am considering joining the Amex family ( Cash Magnet ) and would like to see if anybody would throw me some greatly appreciatted advice.

Here's my History :

I only have 2 Revolving Accounts on my report. Super Clean report, 100% payment, No baddies at all. New to the game.

First card : Cap 1 secured : $1151 CL - Dropped $700 in deposit. Started at $851CL got an Auto CLI 5Months in.

2nd Card : Chase FU : $4000 CL Opened beginning of October ( i think the only reason i got this is because i have relationship with chase. Checking and Savings )

AAoA: 8 months

Oldest account : 1 Year ( Super Newbie, I know. LOL )

Inquiries : EX - 3 / EQ - 1 / TU 1 ( Last inquire october 10th, Chase )

MyFico scores : EX 734 / EQ 747 / TU 732

Income : $70.000,00

As i said above, i became obsessed with my fico scores and really want to bring those scores upppppp !!! i know in order to do that, i really need to age my accounts for a long time but was wondering if it is better adding a few more accounts now ( advice on how many ) or garden those 2 for a while. I don't necessarily need any more credit at the moment but want to build relationships, especially with Amex. I am pre approved for the CM, should i hit the trigger? I Understand it is almost the same as the FU, but 1.5% works for me as i dont like tracking categories, etc.. ( For now ). Also, was offered the CSP, thru my chase online account but gonna wait for a while as really can't see myself reaching the minimum spend for the intro bonus and i dislike AF's. Let me know if i forgot any other information needed for good advice.

Is Chase gonna get Spooked if i app to CM just 4 months in?

Gonna try to unsecure my cap 1 and turn it into Quicksilver or Savor eventually.

I guess i need a lil reassurement and encouragement. Please !!!

Please let me know your thoughts in order for me to improve my scores.

Any advice is much appreciated.

PS. Sorry if i placed this post in the wrong area

Re: Should i App for Cash Magnet ? Advice

Pikaboo-icu — Sun, 27 Jan 2019 01:19:35 GMT

Welcome to My Fico!!!

Honestly your profile seems perfect for AMEX, I can't see any reason you wouldn't receive an approval with good SL.

I can't see Chase being spooked by adding one card- heck you're still under 5/24 with adding the Amex so IMO you're good to go!

I don't have Chase but I'm sure some members that are Chase CC holders will advise too.

Good Luck..

Re: More Accounts ? Advice

Remedios — Sun, 27 Jan 2019 01:30:36 GMT

OP, if you already have Chase FU, what would be the point in getting another 1.5% card

Re: Should i App for Cash Magnet ? Advice

Chelow — Sun, 27 Jan 2019 01:42:28 GMT

Thank you for the encouragement @Pikaboo-icu!!!

Re: More Accounts ? Advice

Chelow — Sun, 27 Jan 2019 01:46:31 GMT

@Remedios I just want to start building a relationship with Amex and the CM is the only one without AF i am pre approved for.

Should i add more accounts in general ? also pre approved for Discover...

Re: More Accounts ? Advice

Remedios — Sun, 27 Jan 2019 01:50:14 GMT

There is nothing wrong with applying for Amex, it's just that FU and CM are basically same card. Perhaps take a look at their other revolvers and see if anything meets your spending needs.

You still have thin file, so Disco would be another good choice for you. Their pre approval is also fairly solid.

Re: More Accounts ? Advice

AverageJoesCredit — Sun, 27 Jan 2019 01:51:34 GMT

@Remedios wrote:
OP, if you already have Chase FU, what would be the point in getting another 1.5% card

Its NOT a Chase

Adding another lender is good imo but make sure the card fits your spend

Re: More Accounts ? Advice

Remedios — Sun, 27 Jan 2019 01:52:50 GMT

@AverageJoesCredit wrote:
@Remedios wrote:
OP, if you already have Chase FU, what would be the point in getting another 1.5% card

Its NOT a Chase

Adding another lender is good imo but make sure the card fits your spend

Look above

Re: More Accounts ? Advice

Chelow — Sun, 27 Jan 2019 02:05:37 GMT

@Remedios

@AverageJoesCredit

Thank you both for the time, i think i'm gonna wait a lil before i pull the trigger !!!

Re: More Accounts ? Advice

Remedios — Sun, 27 Jan 2019 02:08:51 GMT

Waiting is always good, but I also see no problems with you applying for additional card.
There is nothing in your post that indicates excessive credit seeking.
Do what you think is best for you and good luck.

Re: More Accounts ? Advice

Anonymous — Sun, 27 Jan 2019 02:43:59 GMT

@Remedios wrote:
Waiting is always good, but I also see no problems with you applying for additional card.
There is nothing in your post that indicates excessive credit seeking.
Do what you think is best for you and good luck.

This. Also remember that not having a preapproval doesn't mean that you won't get the card. From what we have seen, the underwriting for the Cash Magnet is going to be pretty similar to that of the BCE (if the reward structure of that card makes more sense). But generally consider any of the cards that make sense to you, "getting in" with a lender with the wrong card isn't really a win.

Re: More Accounts ? Advice

Chelow — Sun, 27 Jan 2019 03:18:31 GMT

@longtimelurker

Good Point. Gonna take that in consideration and hold the itchy finger until i figure it out which card is best for my spending needs. I'm just more concerned about my Age of accounts at this point.

Thanks for the advice.

Re: More Accounts ? Advice

Kforce — Sun, 27 Jan 2019 03:59:28 GMT

Keep up the good work, and don't get cards that don't benefit you.

Many feel pressure to keep getting new cards, 3 is all you need for Fico, so others need to give you more than the trouble of having them.

Re: More Accounts ? Advice

Anonymous — Sun, 27 Jan 2019 04:37:01 GMT

@Celo

Welcome To The Forum!

Amex Family Would Be A Great Start

Re: More Accounts ? Advice

HeavenOhio — Sun, 27 Jan 2019 05:16:54 GMT

Welcome, @Chelow.

I see no issue with two cards having similar general spending rewards. People need to have a backup card or two, and general spending cards function very well as backups. But if you consider this to be a problem, grab the Magnet and product-change (PC) your Freedom Unlimited card to a Freedom.

I love the way you've been building. I'm a fan of acquiring one card every six months (or you may go longer between new cards if you'd like). You're right on that pace. And as others have mentioned, AMEX is going to love your profile.

Re: More Accounts ? Advice

Chelow — Sun, 27 Jan 2019 05:44:24 GMT

@KForce

@Credit_Aholic

@HeavenOhio

Wow !!!! Impressive how this forum Works !!

Thank you all, for the input.

Re: More Accounts ? Advice

jdbkiang — Sun, 27 Jan 2019 06:24:44 GMT

I agree with HeavenOhio--if the only non-AF card with Amex is the CM, it might be worth nabbing it and PC'ing your CFU to another card. But also keep an eye on your long-term goals as well. If you're going into the travel rewards game, you can consider holding off on an Amex since Chase has the stricter 5/24 rule. Not sure if that's what you have in mind, but wanted to remind you in case.

Re: More Accounts ? Advice

Anonymous — Sun, 27 Jan 2019 16:14:05 GMT

Why don’t you get Amex Blue Cash Everyday instead, so its not just a redundant 1.5% card like you already have? If you can get the CM I’m sure they’ll approve you for BCE. I got approved for it with lower Fico than you’ve got now, I was around 670 at the time.

Re: More Accounts ? Advice

joltdude — Sun, 27 Jan 2019 18:17:00 GMT

The CM has a sub ... The CM is not a bad for an Amex with a thin file... also Discover is not a bad option either... You could probably get both..... Though only do what makes sense for you.. Really doubt Chase would be faized in the least... presuming your not getting any more than those two or one...

Re: More Accounts ? Advice

Anonymous — Sun, 27 Jan 2019 18:35:32 GMT

Honestly I would skip the Cash Magnet and go for Discover It. It’s essentially a 2% back on everything and 10% back on category spend card thanks to the cash back match in the first year and Disco LOVES customers that have thin files and they love to be your first high limit card as well. The Cash Magnet really doesn’t make a lot of sense.

Also if there is military in your family, check our Navy Federal — they’re one of this forum’s favorite lenders for good reason. They give amazing credit limits and while the base rewards rate on something like their cashRewards is only 1.5%, if you use the Member Mall you can get at least 2.5% back on everything (1.5% + 1% minimum bonus) and in many cases it can be substantially larger. I always find myself checking the Member Mall whenever I have a purchase in mind (in fact the Microsoft Store is always at least 1% so I earn 2.5%+ back when I buy Xbox games).

Navy Federal only has balance transfer offers right now though, I would wait until March when their sign up bonuses should be coming back.

As far as an Amex option goes, since you already have a 1.5% card, I would get the BCE. Earning on groceries can save most people a fortune.