topic Re: More than One credit Card with the same company in Credit Cards

More than One credit Card with the same company

tennisfan78 — Tue, 18 Dec 2012 03:54:40 GMT

Is it advantageous/disadvantageous to have multiple credit cards with the same company?

I currently have credit cards with BOA, Capital One and US Bank. Even though I am thinking of applying for credit with other companies, I am wondering if it will be to my benefit to apply with existing companies.

Any thoughts?

Re: More than One credit Card with the same company

daybreakgonesXe — Tue, 18 Dec 2012 03:57:46 GMT

@tennisfan78 wrote:
Is it advantageous/disadvantageous to have multiple credit cards with the same company?

I currently have credit cards with BOA, Capital One and US Bank. Even though I am thinking of applying for credit with other companies, I am wondering if it will be to my benefit to apply with existing companies.

Any thoughts?

It doesn't matter too much...the only disadvantage to having multiple cards with one company is that you'll reach a point where they will loan you the max amount possible for your credit profile, and therefore cannot obtain any additional cards from them unless you move around limits.

Sometimes its advantageous in the sense that you can move around reward points! Such as the Freedom and CSP. You can move your freedom 5x cashback to the CSP system then transfer to numerous airline rewards to get more bang for your reward bucks!

Re: More than One credit Card with the same company

Involus — Tue, 18 Dec 2012 03:58:18 GMT

I would say there is both advantages and disadvantages to getting more CCs with the same company.

For instance with the same company you may be more likely for an approval since you have history with them - I can think of Chase in particular someone recently apped for a CSP and was declined initially - called recon and approved since he had previous history.

A disadvantage would be some lenders (Chase as example again) have a pre determined amount they will allow you so if you have two lines at 5k and they will only lend you 10k your cards will never get higher than that limit unless you combined their limits.

Re: More than One credit Card with the same company

tennisfan78 — Tue, 18 Dec 2012 05:02:57 GMT

Thank you both. I appreciate it!

Re: More than One credit Card with the same company

chnceit — Tue, 18 Dec 2012 07:33:35 GMT

AMEX disadvantage is that you can only get one CLI on any cards within a 6 month span if you have multiple cards with them.

Re: More than One credit Card with the same company

jetsfan2013 — Tue, 18 Dec 2012 10:23:54 GMT

Is there a max to how many cards you can have with the prime issuers?

Re: More than One credit Card with the same company

kevinjjc — Tue, 18 Dec 2012 15:42:38 GMT

@jetsfan2013

It varies with each creditor. But I wouldn't put all of my eggs in one basket. Diversification is important in this credit game.