School me: my next Credit Card???

[CarbonCard]

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@Taylor814ce wrote:

Hi,

I currently have:

Chase Freedom

Chase Shpphire

Company credit card with my name on it. (This is not on my report so I don't think it counts)

All of these are paid off in full each month. My credit score average from three is 760.

1. Should I get another card? would getting another card or two increase my score?

2. What card would you reccomend if you were in my situation? AmEx? please specifiy exact card.

Thank you!

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I would say pledge an allegiance with Amex. There's a ton of benefits for having Amex (3x CLI, backdating, etc)

[chwebb1]

Since you currently only have credit with Chase, I'd very strongly recommend that you get at least one other card with a different lender, in case Chase decides that they hate you.

I'd probably try to get at least two more lenders in your case. AMEX and Discover are both very worthwhile having in my opinion (AMEX for expensive purchases where you may need the extended warranty and I personally use my card for everyday spend, and the Discover card is better than the Freedom in my opinion. I also use Discover for everyday spend), and the Sallie Mae card is a great grocery/gas/Amazon card. In my experience, Discover is more widely accepted than AMEX, but there are still some stores that will only take one or the other (or neither). If you ever carry a balance or do business with companies outside of the United States, the Barclaycard Ring is a great card to have too. If you get one from all 3 lenders, I think you'd be fairly safe from any one lender deciding that they don't want to do business with you in the future.

[Taylor814ce]

Am-Ex, soo many to choose from. Which one??? I don't want to pay annual fee unless you guys think it's worthe the admission.

thanks!

[Anonymous]

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@Taylor814ce wrote:

Am-Ex, soo many to choose from. Which one??? I don't want to pay annual fee unless you guys think it's worthe the admission.

thanks!

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BCE and ED are good choices for no AF. If you have moderate to high grocery spend (over 5k or so a year) then BCP or EDP might make more sense. Both the EDP and BCP have AFs. For low grocery spend technically the Sallie Mae (not Amex) is better. Most other Amex cards have AFs as well and some are only worth it for the sign-up bonuses or perks. If you travel a lot the Amex Plat might make sense for the benefits like airport lounge access. If you buy a lot of airfare the PRG might make sense, but with its $175 AF it would take a lot of plane tickets to justify using it after the first waived AF year. Most Amex cards tend to be points/miles based and are good for specific purposes or sign-up bonuses. Unlike Chase, however, Amex sign-up bonuses tend to be low unless you receive a targeted offer in which case it can be very high. 

If you just want your foot in the door with Amex with no AF, the BCE or ED are both solid choices based on whether you want a cash back (BCE) or points (ED) card. 

[TravellingNomad]

If you do moderate/heavy travelling for work...i'd look at hotel and/or airline cards. If there's a particular hotel or airline you use when travelling , you can rack up on the points/miles which can make the AF (if any) worth it. And UR points from chase transfer 1:1 to some of their travel partners.

[Taylor814ce]

Just applied to Am Ex BCE card and got approved for $2000. I'm shocked it's ONLY $2000. I have 760 credit and pay in full each month. Can anyone tell me why I got so little???? My last card was Chae Freedom which I applied 3 months ago and got $18K.

Thanks

[Anonymous]

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@Taylor814ce wrote:

Just applied to Am Ex BCE card and got approved for $2000. I'm shocked it's ONLY $2000. I have 760 credit and pay in full each month. Can anyone tell me why I got so little???? My last card was Chae Freedom which I applied 3 months ago and got $18K.

Thanks

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Credit score is just one factor. Banks tend to be conservative with limits till you develop a relationship with them. 61 days from now you can ask Amex for a 3X CLI to 6k. 181 days from then (242 days from now if you do everything on the first day possible), you can ask for a CLI increase from 6k to 18k. And another 181 days from then you can technically ask for another 3X CLI if your overall profile including income supports it (or something less like 25k). 

[Taylor814ce]

"if you do everything on first day possible"

What does this mean?

[Anonymous]

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@Taylor814ce wrote:

"if you do everything on first day possible"

What does this mean?

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Amex allows 3X CLIs under the following schedule:

1. 61 days after account is opened (some reports of earlier CLIs)

2. 91 days after last CLI denial

3. 181 days after last CLI approval

Basically, wait 61 days and ask for a 6k limit. Wait another 181 days and ask for an 18k limit. If you ask for the first CLI at day 61, you can get the second CLI at day 242. This is assuming your CLI requests are granted. With your scores and other card limits, there is a good chance you will be granted if your profile remains strong.