Hi everyone, my 2nd post ever. Went yrs without using credit while I paid off debt from mistakes I made in my youth. My FICO 8 scores are now 680. I had 1 BoA starter card that’s just over 2 yrs old. My AAoA is over 5 yrs. Perfect payment record on my CC. I had 1 late showing up from 2014 missed student loan payment that’s what’s keeping score down (I paid it off but it’s still on there). So my question is..I am 3/24. I want to get 1-2 more cards before gardening again for 2 yrs. I am looking for cash rewards. I travel but not that much maybe 1-2 trips a yr. I am looking at getting 1 of the 3 cards below -
Amazon Prime Visa - I’m a prime member and shop often but no more than maybe $1200-2000k a yr. it’s prime day today plus it’s chase so thinking of pulling trigger
Discover IT - prequalified for it. High interest rate 25% on the last prequal. And I like the cash back match but don’t like having to wait a yr.
Totally different approach- get a business card. Thinking of Chase Ink Cash or Unlimited. I do freelance graphic design and other consulting work plus sell occasionally on eBay/CL etc. so I could get a business card for that.
Other notes - long time customer with Chase and BoA. Just got CF $4500 SL about a mth ago. Also got Delta Amex for miles SUB but waiting 61 days for the CLI.
Any advice would be helpful. I want to app now to lower my utilization more (49% currently cause Chase and Amex haven’t reported yet). Plus I have a few big purchases in the next mth or so.
Any advice would be helpful. Thanks!
Hi @MusicLovah7 and welcome to the forums
If you got a Chase card only a month ago, leave them alone for 6 months. Three may be enough, but sometimes Chase experiences approval neurosis so it's better to wait
I would lower that 49% utilization before applying for anything. It'sprobably the reason Discover's pre approval has high APR, you appear as a risky consumer because of it.
If you're approved for any card right now, you can expect terms to be poor because of it. If you cannot pay it, wait for other cards to report, so at least it appears lower than what it really is.
If it was me, I'd go with a card that has 0% intro period, so you have time to work on the existing debt