Looking to add a card

[Anonymous]

Hello Everyone. I'm looking to add a new card. My goals are to grow my card count & raise my overall credit limits. I would prefer a higher limit card. I only carry a balance on 1 or 2 cards and PIF each month everything I run throught my BofA Cash Rewards card. I have a small balance on Discover because my FICO scoreboard in my Disocver account showed I didn't have any major bank usage. The last 2007 finacial crisis caused me problems with Capital One so I think i want to stay away from them. I'm feeling like I prefer a sign on bonus so I'm leaning between:

Chase Freedom Unlimited ($150 bonus)
Wells Fargo Cash Wise ($200 bonus) 
HSBC Cash Rewards ($150 bonus)

Chase shows me preapproved on their site for Chase Freedom Unlimited 21.74%, Chase Freedom20.xx%, Chase Sapphire Preferred 20.99%. So Chase doesn't sound that good.

Whats everyone think or is there a better one out there?

Me: AAoA: 1yr 5mos, income: $70k, zero derogatory marks, 4% credit utilization, 7 total accounts all paid on time (1 closed car traded in).
R&I FCU car loan $37,778 (beginning 44,611),
Best Buy (Citi) CL $4,000 balance 1,151
Merrick Bank CL $2200 balance $0
Tire Plus Store CL $1800 balance $0
Bank of America CL $3500 balance $0
Discover CL $20,400 balance $83.00

Credit Karma score: TU 751, EQ 751
Experian app 787 FICO 8
Discover account FICO score 787
Merrick Bank account FICO score 800
Bank of America account FICO score 782
Inquiries: EX 4, TU 7, EQ 9 - last inquiry was 6 months ago (on EQ) for Best Buy Store Card (Citi). All other inquiries are 1+ year old.

[AverageJoesCredit]

Im not a fan of Chase but if you are under 5/24 and their cards interest you you should go for them while you can. Apr means nothing if you plan on paying in full. My personal opinion is if you got Boa and Disco, you are past the point of needing Merick but that solely your choice on what cards you carry lol. May i say wow on your Discover limit. You may have burned Cap aone before but usually they are first to forgive so if they have a product you can use, dont write them off. You might consider expanding your profile by adding Amex. They have some nice bonuses to be had and their limits can grow huge. Good luck

[Anonymous]

Thank you for chiming in. Why should I Close the Merrick account? It's one of my oldest accounts so it's helping my AAoA.

[Anonymous]

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@Anonymous wrote:
Thank you for chiming in. Why should I Close the Merrick account? It's one of my oldest accounts so it's helping my AAoA.

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Closing a card doesn't affect AAoA for 10 years or so.  I wrote a spreadsheet to help you forecast this, PM me if you want it so you can see what closing an account or many accounts does to AAoA.

[Anonymous]

Ah, I see. So my car loan opened February 2016 with Ally that was closed (paid off) when I traded my car in October 2016 will continue to help my AAoA? Thank you.

[AverageJoesCredit]

Merrick is one of the better rebuild cards. Always a personal choice to close or sd cards based on personal needs or the changing of ones profile. It is a card intended to help you establish your credit and you are well on your way. You may find a time where you dont need it anymore, especially after having at least 3 prime cards. Just fyi , lol. Now if that was Credit One, you'd have like 20 straight post screaming to close lol.

[Anonymous]

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@Anonymous wrote:
Ah, I see. So my car loan opened February 2016 with Ally that was closed (paid off) when I traded my car in October 2016 will continue to help my AAoA? Thank you.

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Yes, it will keep adding to your AAoA for about 10 years after the closing date.  Give or take a year.

[Anonymous]

The AMEX "see if I'm pre-qualified" pages says I'm good for AMEX: Green card, Gold card & AMEX Blue Cash Everyday (at 15.99%) . I've never had a AMEX card before so there is no "bad blood" there from the 2007 disaster. I had a Providian card with issues in '07 and from what I've read here I think they were rolled up into Chase back then which might explain the high rates Chase is offering.

Does AMEX typically give a higher SL than other cards?

[Anonymous]

I burned AMEX years ago.  I have no doubt they remembered, but time heals all wounds.  They sent me 2 mailers this summer that I ignored.  I received another in the Fall and was curious.  They are the first bank to give me a 5-digit SL.  So, I do think think they can give higher than usual SLs depending on the applicant's history.

[Anonymous]

I think I'm going to give AMEX Blue Cash Everyday w/ the $150 bonus & 0% for 15 months a shot. They must have sent me 15 to 20+ pre-selected offers over the 6 months in the mail. I've never had any AMEX cards before.

Question is, I just did a CL increase of my BofA card today, requested 10k total line, they countered and gave me $8,100 up from $3,500 (ended up being a HP on TU). I wonder if I should wait until the higher BofA CL is showing on my Experian app (which is where AMEX will pull)?