topic Re: Should I apply for multiple cards or just one every so often? in Credit Cards

Should I apply for multiple cards or just one every so often?

larrylock — Mon, 01 Mar 2010 14:50:14 GMT

Hi all!

Like most I get sucked into the wealth of knowledge here on the forums but I can't seem to find any recent information on my quandary.

I've been able to slowly increase my scores over the last year and a half, but I'm not sure how much additional credit I should apply for. My credit report card from creditkarma gives me all A's and B's in all categories except credit inquiries "C" (for 3 inq's in 2 years) and a big fat "F" for total accounts.

Until this past weekend I only had two open CC's, CapOne since nov 2008 with a $1000 CL, and BoA (1998) with a CL of $2700. My wife convinced me to open a Macy's account a couple of days ago in order to get an extra discount on a mattress, not sure of the CL on this is but it should be somewhere between $1000-$1500 or hopfully more because the total purchase was applied to the new account. As soon as I receive the account info I'll pay the balance off in full because the interest rate is almost 25%!

I've been thinking of applying for some type of rewards card but I'm not sure if I should absorb another inquiry. Other than the Macy's hit, all I've had in the past 2 years is the CapOne from 2008, and one in May of 2009 for my mortgage app.

I'm sure the inq's will hurt for some CC's but I'm not sure which ones, but I'm just curious should I wait or should I press on?

Any advice is appreciated!

Re: Should I apply for multiple cards or just one every so often?

DI — Mon, 01 Mar 2010 14:53:11 GMT

apply for multiple cards...good ones. you want your inquiries to all age and fall off the reports at the same time

Re: Should I apply for multiple cards or just one every so often?

larrylock — Mon, 01 Mar 2010 15:04:13 GMT

Great advise, that makes the most sense in the long run!

The only thing I'm worried about is my scores. I belive they are sub 700 because of my total history or lack of multiple accounts.

Any recommendations for reward cards with my scores? I've been solicited by Discover but I've been too chicken to apply, I guess I'm afraid of denial

Re: Should I apply for multiple cards or just one every so often?

Anonymous — Mon, 01 Mar 2010 17:09:08 GMT

I am in similar situation too..I debating whether to go for Discover More or Chase Freedom. Their rewards are really alike.

Re: Should I apply for multiple cards or just one every so often?

DI — Mon, 01 Mar 2010 18:00:10 GMT

@larrylock wrote:
Great advise, that makes the most sense in the long run!

The only thing I'm worried about is my scores. I belive they are sub 700 because of my total history or lack of multiple accounts.

Any recommendations for reward cards with my scores? I've been solicited by Discover but I've been too chicken to apply, I guess I'm afraid of denial

Previous posts from members getting approved with scores in the 600's may indicate Discover has lowered the approval requirements.

Re: Should I apply for multiple cards or just one every so often?

DI — Mon, 01 Mar 2010 18:01:52 GMT

@Anonymous wrote:
I am in similar situation too..I debating whether to go for Discover More or Chase Freedom. Their rewards are really alike.

I would go for the Discover card if the initial credit line isn't a concern. You may get approve for a higher initial limit with Chase.

Re: Should I apply for multiple cards or just one every so often?

larrylock — Mon, 01 Mar 2010 18:06:41 GMT

@DI wrote:
@Anonymous wrote:
I am in similar situation too..I debating whether to go for Discover More or Chase Freedom. Their rewards are really alike.
I would go for the Discover card if the initial credit line isn't a concern. You may get approve for a higher initial limit with Chase.

I'll give Discover a shot and see what happens. Thanks

Anyone ever apply for both?

Re: Should I apply for multiple cards or just one every so often?

DI — Mon, 01 Mar 2010 18:11:51 GMT

@larrylock wrote:
@DI wrote:
@Anonymous wrote:
I am in similar situation too..I debating whether to go for Discover More or Chase Freedom. Their rewards are really alike.
I would go for the Discover card if the initial credit line isn't a concern. You may get approve for a higher initial limit with Chase.

I'll give Discover a shot and see what happens. Thanks

Anyone ever apply for both?

I got approved for a card with both banks back in July. But Chase took their approval back. Said I had too many recent inquiries. I already had a Circuit City card backed by Chase, but it was closed after Circuit City filed. BK.

Re: Should I apply for multiple cards or just one every so often?

smallfry — Mon, 01 Mar 2010 21:20:29 GMT

Don't worry about the F for total accounts from Credit Karma. That's number 1. Multiple applications for credit cards these days is a recipe for disaster. If you were to charge all your household bills for the month on your credit cards would that eat up 10% of your available credit? Sub 700 scores and multiple applications these days might get you inquiries that fall off simultaneously but they will all be declined. Go easy.

Re: Should I apply for multiple cards or just one every so often?

Anonymous — Mon, 01 Mar 2010 21:27:24 GMT

is Discover more overall a better card than Chase Freedom?

Re: Should I apply for multiple cards or just one every so often?

larrylock — Mon, 01 Mar 2010 21:38:33 GMT

@smallfry wrote:
Don't worry about the F for total accounts from Credit Karma. That's number 1. Multiple applications for credit cards these days is a recipe for disaster. If you were to charge all your household bills for the month on your credit cards would that eat up 10% of your available credit? Sub 700 scores and multiple applications these days might get you inquiries that fall off simultaneously but they will all be declined. Go easy.

Thanks for the advise!

I get what you're saying about the inq's as that is what I was worried about, but I decided to bite the bullet and take my chances. I applied for the Discover online and was APPROVED! However I didn't recieve any information as to what the CL is, but a follow up e-mail from Discover stated that it would take up to 30 days to process my application. I'm not sure what that's all about, but hopfully it's an e-mail that goes out with every app regardless of approval or not.

Regardless, I'm done applying for the near futures and hopfully I can join the 700 club later this year!

Re: Should I apply for multiple cards or just one every so often?

larrylock — Mon, 01 Mar 2010 21:43:50 GMT

@Anonymous wrote:
is Discover more overall a better card than Chase Freedom?

Howhow, see if this helps

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=116335

Re: Should I apply for multiple cards or just one every so often?

smallfry — Mon, 01 Mar 2010 21:51:39 GMT

Congrats on the Discover approval.

Re: Should I apply for multiple cards or just one every so often?

DI — Mon, 01 Mar 2010 22:19:33 GMT

Congrats!!

Re: Should I apply for multiple cards or just one every so often?

DI — Mon, 01 Mar 2010 22:22:00 GMT

It's a good feeling to see my excellent advice bring about an approval outcome.

Re: Should I apply for multiple cards or just one every so often?

Anonymous — Mon, 01 Mar 2010 22:34:55 GMT

thanks larry for the link. It looks like a comparison between the old chase and discover road car...maybe i'll start a new thread to find out how people think about discover more vs the new chase freedom.

Re: Should I apply for multiple cards or just one every so often?

larrylock — Mon, 01 Mar 2010 22:39:17 GMT

@Anonymous wrote:
thanks larry for the link. It looks like a comparison between the old chase and discover road car...maybe i'll start a new thread to find out how people think about discover more vs the new chase freedom.

Sounds like a great idea. I'll look forward to seeing that!

Re: Should I apply for multiple cards or just one every so often?

larrylock — Mon, 01 Mar 2010 22:40:40 GMT

Thanks Small and DI!