topic Re: How many credit cards should I have? in Credit Cards

How many credit cards should I have?

Anonymous — Tue, 06 Apr 2010 21:01:45 GMT

Rebuilding credit. Have a Cap One (Credit Steps) currently at 500. Have a BofA (Secured) at 300.

Was 'pre-approved' by Best Buy MC for a $0 annual fee card. Should I apply (yes I'm getting an itch, I know inquiries are bad, but I can't help it). It says 2% cash back on all othe purchases, which I really like.

HELP!

Re: How many credit cards should I have?

Anonymous — Tue, 06 Apr 2010 21:23:46 GMT

I say yes. Then no more until bigger limits on other cards.

Re: How many credit cards should I have?

Anonymous — Tue, 06 Apr 2010 21:45:13 GMT

Thanks for your advice!

Re: How many credit cards should I have?

Anonymous — Tue, 06 Apr 2010 21:53:35 GMT

Does anyone know which report Best Buy pulls?

Re: How many credit cards should I have?

Anonymous — Tue, 06 Apr 2010 22:46:42 GMT

Best Buy is HSBC I believe, and they pulled EX for me in NY.

Re: How many credit cards should I have?

Anonymous — Tue, 06 Apr 2010 22:56:06 GMT

Darn, that's already my lowest scoring one. I guess the question is, is it worth it. Hrm.. I never buy anything at best buy... but it is the best credit card I could have right now. Hrm....

Re: How many credit cards should I have?

Anonymous — Tue, 06 Apr 2010 23:07:17 GMT

@Anonymous wrote:
Darn, that's already my lowest scoring one. I guess the question is, is it worth it. Hrm.. I never buy anything at best buy... but it is the best credit card I could have right now. Hrm....

Can you describe?

Re: How many credit cards should I have?

Anonymous — Tue, 06 Apr 2010 23:05:01 GMT

I'm sorry?

Re: How many credit cards should I have?

blacklotus — Tue, 06 Apr 2010 23:18:50 GMT

@Anonymous wrote:
Rebuilding credit. Have a Cap One (Credit Steps) currently at 500. Have a BofA (Secured) at 300.

Was 'pre-approved' by Best Buy MC for a $0 annual fee card. Should I apply (yes I'm getting an itch, I know inquiries are bad, but I can't help it). It says 2% cash back on all othe purchases, which I really like.

HELP!

I would take the inquiry and app if you feel it will help your Fico's. I just got one (see my posts in the BBRZMC thread if you're interested).

IMHO Caveat to this is don't be lured in by the "cash back" and "bonus points". 2% of 100.00 = $2.00. And BBRZMC rewards are for "points" you can only use at BB.

A regular Rewards card that say offers 5% has a cap on the number of dollars you can earn in a certain timeframe. They are nice to have rather than not to have but I think it's a gimmick. I mean if you really wanted to save 2% on something why not just order it on the internet? I mean there are just so many ways such as via coupons and store promo's that you could save 2%-5% on merchandise. But like I said it is nice that it is there! IMHO

Re: How many credit cards should I have?

Anonymous — Tue, 06 Apr 2010 23:26:49 GMT

I tried! and got the 10-14 day notice

Re: How many credit cards should I have?

blacklotus — Tue, 06 Apr 2010 23:45:22 GMT

BTW Good going! Same CL that I got!