topic Re: Should I Get Another Card? in Credit Cards

Should I Get Another Card?

Anonymous — Mon, 22 Aug 2011 13:49:04 GMT

I'm 23, decent paying job, with no debt except for my motorcycle, which I can have the $3000 balance paid off in 2ish more months. My CreditKarma score is 735.

I have 2 credit cards;

BofA Platinum Plus with $4000 limit, 5 years old.

Amazon Rewards, $1000 limit, about a year old.

I typically (99.9% of the time) pay odd my entire CC balance each month (rarities happen). I don't plan at getting a mortgage anytime soon, have a decent emergency fund, etc etc.

I was wondering if it would be prudent to get a 3rd credit card. My thought is my average credit age will take a hit at first, but the sooner I open one, the sooner it will mature so that a few years down the road if I do open another it won't take a hit than. Plus, it will up my credit available, which should help the score too. I was thinking an AMEX.

Thoughts?

Re: Should I Get Another Card?

Anonymous — Mon, 22 Aug 2011 13:57:41 GMT

You can certainly try for an AMEX. Try the preselector link on their website. No, being selected for one won't guarantee approval, but it might be a good place to start. Charges are typically easier to get than the revolvers though YMMV.

Re: Should I Get Another Card?

Anonymous — Mon, 22 Aug 2011 18:49:36 GMT

@Anonymous wrote:
I'm 23, decent paying job, with no debt except for my motorcycle, which I can have the $3000 balance paid off in 2ish more months. My CreditKarma score is 735.

I have 2 credit cards;
BofA Platinum Plus with $4000 limit, 5 years old.
Amazon Rewards, $1000 limit, about a year old.

I typically (99.9% of the time) pay odd my entire CC balance each month (rarities happen). I don't plan at getting a mortgage anytime soon, have a decent emergency fund, etc etc.

I was wondering if it would be prudent to get a 3rd credit card. My thought is my average credit age will take a hit at first, but the sooner I open one, the sooner it will mature so that a few years down the road if I do open another it won't take a hit than. Plus, it will up my credit available, which should help the score too. I was thinking an AMEX.

Thoughts?

I would get a third card. Better for your long term credit. Also good to have extra card in cases where theft, fraud, or loss makes use of your cards unavailable.

Re: Should I Get Another Card?

Anonymous — Mon, 22 Aug 2011 18:59:40 GMT

Just did a product change through BofA. Changed my Platinum Plus Visa to the AMEX Rewards card, they said my age of the account AND CL get to stay the same, so I get an AMEX that gets rewards without any downfall.

Now just to decide if I should do the 3rd card now or not...

Re: Should I Get Another Card?

Anonymous — Mon, 22 Aug 2011 19:00:18 GMT

Just go for it.

Re: Should I Get Another Card?

tntexans72 — Mon, 22 Aug 2011 19:00:36 GMT

+ 1....agreed with OP. Come to Amex family

Re: Should I Get Another Card?

in0wh3r3ul1v3 — Tue, 23 Aug 2011 00:23:20 GMT

was the PC a soft or hard?

Re: Should I Get Another Card?

Anonymous — Tue, 23 Aug 2011 01:11:09 GMT

I asked if they were going to do a hard pull and she said no. Asked if I was going to keep the age of my account and my credit limit when going from Visa to AMEX and she said yes. I see no downisde, as I get to maintain a 5yo account, $4000 limit, but now it's an AMEX AND it gets rewards.

So, now that I have an AMEX, which I will probably use for everyday, and an Amazon Visa, which I'll use for gas and Amazon purcheses (2 and 3 points respectively) what card should I get to supplement these other 2?

Re: Should I Get Another Card?

Anonymous — Thu, 25 Aug 2011 21:03:43 GMT

So, I took the plunge today and applied for the AMEX Blue Cash Everyday. Hit submit and got the 14 day review notice. Gah.

A few hours later, and I go on their application status page and enter my info. Approved! No clue the limit (Can I call and ask them?), but nonetheless, I got approved the first time I applied for an AMEX card!

Now, I have an Amex card from BoA from doing a product change from Visa last week, an Amazon rewards card, and an AMEX Blue Cash Everyday. I don't see using the Amazon card unless wherever I go doesn't accept AMEX.

Score!

Question though: Something I haven' tbeen able to get a definitie answer on is rewards. I know the primary rewards with the Blue Cash Everyday is cash back... but it CAN be used in AMEX's point store just like their other cards that earn just points, like the Gold Card, right?

Re: Should I Get Another Card?

Meltdownblitz — Thu, 25 Aug 2011 21:29:56 GMT

Wow congrats! That's awesome, do you know your FICO scores or only CK?

Re: Should I Get Another Card?

Creditaddict — Thu, 25 Aug 2011 23:29:40 GMT

Might wanted to second thought the visa change to amex at BofA... now if someone doesn't take Amex, you will have to use debit or cash with no visa in your wallet?

Re: Should I Get Another Card?

Anonymous — Thu, 25 Aug 2011 23:39:39 GMT

Melt--- Don't know the actual score, just my CK score. Since I'm not going for any big loans, I'm not interested in spending money for my true FICO right now.

Credit-- My Amazon card is a Visa with a $1000 limit. BofA is AMEX, though I don't see me using it now that I have an AMEX actually FROM AMEX with ebtter rewards.... depending on the CL, of course.

Re: Should I Get Another Card?

Creditaddict — Thu, 25 Aug 2011 23:42:21 GMT

oh okay, you have the Chase Amazon Visa, I was thinking you had the GE backed store card... good good

Re: Should I Get Another Card?

Anonymous — Fri, 26 Aug 2011 18:49:15 GMT

I got AMEX Clear 2 months back same thing happened. I called up the customer service number the rep was able to tell me my 5 figure CL.

Re: Should I Get Another Card?

Anonymous — Fri, 26 Aug 2011 21:31:46 GMT

I called yesterday to see if they could tell me the limit. The CSR said, and I quote, "Just wait until you get your letter in the mail"

Just called back and spoke to another CSR. Approved for $2,000!

Re: Should I Get Another Card?

Anonymous — Thu, 01 Sep 2011 03:42:54 GMT

Update:

Got the initial letter from AMEX today with my credit score, obviously pulled from EQ.

748!

Re: Should I Get Another Card?

Creditaddict — Thu, 01 Sep 2011 03:45:00 GMT

@Anonymous wrote:
Update:

Got the initial letter from AMEX today with my credit score, obviously pulled from EQ.

748!

you mean EX... Amex usually pulls EX

Re: Should I Get Another Card?

Anonymous — Thu, 01 Sep 2011 03:51:28 GMT

when you say they pull experian is that almost a 100% gte?

Re: Should I Get Another Card?

Creditaddict — Thu, 01 Sep 2011 03:52:31 GMT

yes 100% and I have seen another pull on TU when my friend got the Gold card about 1.5 years ago but that was really the first I had seen or heard anything other than EX

Re: Should I Get Another Card?

Anonymous — Thu, 01 Sep 2011 03:57:35 GMT

EX, my bad. 24 hour shifts tend to do a number on late night thinking...