topic Re: JUST Opened a CC but Want a Different One in Credit Cards

JUST Opened a CC but Want a Different One

Anonymous — Wed, 06 Feb 2013 06:34:00 GMT

Yesterday I just got approved for a Capital One for Newcomers card, but I have some regret since it has an APR of 24.9% and I hear that Discover It is a good card and has a lower APR. I wanted a new card for diversity and I know Capital One is a great company, so I applied for that one since it fit the categories.

Should I cancel the Capital One card since I haven't used it nor received it in the mail yet? Should I just keep it and use it for a year then cancel it? Should I just keep it and manage it well with no balances on it?

Or should I apply for the Discover It card in addition?

I know the next best thing will come along in terms of low APR, but I heard Discover It offers higher Credit Limits so I feel like I should try and take advantage of that and build the history with them sooner rather than later.

I've read that it generally isn't advised to close a credit card even if I don't use it to keep its good history, but I haven't even used it yet. How does that factor in?

I only have one other BofA Visa that I've had for a couple years.

Thanks for the advice!

Re: JUST Opened a CC but Want a Different One

Anonymous — Wed, 06 Feb 2013 06:53:54 GMT

Cap One card that you got approved is a solid starter card and it has rewards and no annual fee, APR is high but you should NEVER pay interest - that does NOT build your credit, unless you have no other choice, so don't worry about it.

Just keep that card and apply for the other card you want....

Re: JUST Opened a CC but Want a Different One

firstladyd — Wed, 06 Feb 2013 06:59:51 GMT

If you give all of us a little more info, you'll get better advice. However I would say if you are willing to take the HP hit and you have low utilization, all accounts in good standing (no CO or CA, no lates) , then go for it. Read some of the other recently approved posts on discover. Also check your score. Probably need to be 680 or better. Good luck!

Re: JUST Opened a CC but Want a Different One

bettercreditguy1 — Wed, 06 Feb 2013 12:51:00 GMT

You have already taken the inquiry hit. It will be on your report for two years and effecting your score for one year. Go ahead and use it.

Re: JUST Opened a CC but Want a Different One

codimom — Wed, 06 Feb 2013 15:46:44 GMT

As others have mentioned, you've already take the HP for the card, and its not a bad card. use it, take care of it. You didn't give us any indication of your scores or profile other than you have 1 older card? any baddies? If not, go to the discover website, and use their "pre approval" area. You may be good to go. That will give you a good indication of how possible getting a discover card is.

Re: JUST Opened a CC but Want a Different One

SnackTrader — Wed, 06 Feb 2013 15:51:27 GMT

Keep it. Don't carry a balance. You will need it to build a better history. If you don't want to use it, just let it go inactive.

+1 to first poster. Interest is lame. Don't do it.

Re: JUST Opened a CC but Want a Different One

SwiftTone — Wed, 06 Feb 2013 18:25:56 GMT

Applying for a Discover card will no guarantee a lower APR. In fact, my Discover has 1 of the highest APR out of all my cards at 19.99%, and I got it when my EQ FICO was 729, the highest it's ever been up to that point. On the other hand, my Cap1 has a 7.2% APR. I got the Cap1 when my FICO score was in the low to mid 600s.

Re: JUST Opened a CC but Want a Different One

flowfaster — Wed, 06 Feb 2013 18:41:27 GMT

@SwiftTone wrote:

Applying for a Discover card will no guarantee a lower APR. In fact, my Discover has 1 of the highest APR out of all my cards at 19.99%, and I got it when my EQ FICO was 729, the highest it's ever been up to that point. On the other hand, my Cap1 has a 7.2% APR. I got the Cap1 when my FICO score was in the low to mid 600s.

Call Discover and ask to lower your apr! I started at 19.99. I requested a lower apr 1 year after having the card and they gave my 14.99%. I recently checked my statement and they gave me an auto decrease to 11.99% I think.

Re: JUST Opened a CC but Want a Different One

distantarray — Wed, 06 Feb 2013 19:37:25 GMT

if your looking for a rewards card with a low apr this really sounds like trouble imo.

Rewards cards have higher interest rates to offer better rewards, if you intend to carry a balance you should look for a low apr card with no rewards. The extra interest paid by carry a balance will more than kill most rewards obtained in a single month, definately not worth it. if you can not pay off your bill 100% each month and live within your means I definately do NOT recommend getting ANY type of reward cards.

Some that MIGHT be ok are cards like Chase Freedom or Citi Forward mainly because the rewards and 0% apr for a year on those cards, but still after a year it's still not a good idea to carry any balances period.

Re: JUST Opened a CC but Want a Different One

SwiftTone — Wed, 06 Feb 2013 20:38:52 GMT

@flowfaster wrote:
@SwiftTone wrote:

Applying for a Discover card will no guarantee a lower APR. In fact, my Discover has 1 of the highest APR out of all my cards at 19.99%, and I got it when my EQ FICO was 729, the highest it's ever been up to that point. On the other hand, my Cap1 has a 7.2% APR. I got the Cap1 when my FICO score was in the low to mid 600s.
Call Discover and ask to lower your apr! I started at 19.99. I requested a lower apr 1 year after having the card and they gave my 14.99%. I recently checked my statement and they gave me an auto decrease to 11.99% I think.

I got a 6 month temporary reduction on my APR down to 7.99%. I think it will last until April which is my 1 year anniversary for my Discover. I really never carry a balance at all, but I might just ask for a permanent APR reduction anyways. I ran $12k through that card last year and didn't pay a cent of interest! BOOYAAH!

Re: JUST Opened a CC but Want a Different One

flowfaster — Thu, 07 Feb 2013 00:55:23 GMT

@SwiftTone wrote:
@flowfaster wrote:
@SwiftTone wrote:

Applying for a Discover card will no guarantee a lower APR. In fact, my Discover has 1 of the highest APR out of all my cards at 19.99%, and I got it when my EQ FICO was 729, the highest it's ever been up to that point. On the other hand, my Cap1 has a 7.2% APR. I got the Cap1 when my FICO score was in the low to mid 600s.
Call Discover and ask to lower your apr! I started at 19.99. I requested a lower apr 1 year after having the card and they gave my 14.99%. I recently checked my statement and they gave me an auto decrease to 11.99% I think.
I got a 6 month temporary reduction on my APR down to 7.99%. I think it will last until April which is my 1 year anniversary for my Discover. I really never carry a balance at all, but I might just ask for a permanent APR reduction anyways. I ran $12k through that card last year and didn't pay a cent of interest! BOOYAAH!

They can do it through online chat. There is no credit pull so you really have nothing to loose. It takes 5 minutes. And about the not paying interest for the last year. Thats what it's all about. Putting your good credit to use, saving and making money. I always periodically contact each and every creditor and ask for the best terms they can offer me. It feels nice, like they are working for me.

Re: JUST Opened a CC but Want a Different One

Anonymous — Mon, 11 Feb 2013 21:32:42 GMT

You know, I think I was hoping the Discover card would give me a good rate and Line, but thank you for sharing because you're very right that there's no guarantee I'll be given either of these.

Re: JUST Opened a CC but Want a Different One

Anonymous — Mon, 11 Feb 2013 21:38:56 GMT

I wasn't aware of my current scores because I just paid off a loan and I was waiting for it to be reported before I check it again. I know my current FICO score is 732, and yes I have one other card for about 2 yrs.

I think my credit history is just too young, and like others have advised, I should focus on having a good mature score before I open more LofCs