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Should I apply for a new credit card?

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Should I apply for a new credit card?

I currently have only 1 credit card with Discover, which has been open for 7 years now. I was considering closing it since I moved, and a lot of small business around here do not accept them. It's inconvenient, but I have loved my Discover card along with the customer service. After reading a bunch of threads, I think it would be a better option to just open another credit card. I usually keep my credit utilization low already. Is there any negatives of having my Discover card just sitting in the closet? I did start up a mortgage and a new car loan in the past 2 years though. Totally I have 5 hard pulls on my credit score. Should I wait until those inquiries go away, or should I apply now? I currently bank with Chase and was planning on getting a card there. Currently my credit is sitting around 740. Thank you in advance.
Message 1 of 5
4 REPLIES 4
Frequent Contributor

Re: Should I apply for a new credit card?

You should check the prequalification sites for various card issuers.  American Express comes to mind:

 

American Express Card Qualification Page

 

I would not get rid of the Discover card as its age is good and the limit will only help with your UTIL.  There's a phrase that's common here, and I use it myself.  Most of my cards are "sock drawered".  Smiley Happy  Good luck.




Message 2 of 5
Valued Contributor

Re: Should I apply for a new credit card?

You're good to go and ideally you should have 3 cards for scoring purposes.  Don't ditch Disco just because you don't find as many uses for it.  It's worth keeping around as your Anchor to keep longevity on your CR's.  Just make sure to use it every once in awhile to keep it alive.

 

https://www.doctorofcredit.com/view-personalized-credit-card-offers/  This is a good place to start for checking pre-app offers.  If you have some idea of what your spend looks like it might help narrow down what cards to consider.  The state you live in will also influence some of the responses you get as well.

500K+ TCL / 800+ FCOs
Message 3 of 5
Frequent Contributor

Re: Should I apply for a new credit card?


@Snandy wrote:
I currently have only 1 credit card with Discover, which has been open for 7 years now. I was considering closing it since I moved, and a lot of small business around here do not accept them. It's inconvenient, but I have loved my Discover card along with the customer service. After reading a bunch of threads, I think it would be a better option to just open another credit card. I usually keep my credit utilization low already. Is there any negatives of having my Discover card just sitting in the closet? I did start up a mortgage and a new car loan in the past 2 years though. Totally I have 5 hard pulls on my credit score. Should I wait until those inquiries go away, or should I apply now? I currently bank with Chase and was planning on getting a card there. Currently my credit is sitting around 740. Thank you in advance.

I bank with Chase also, and though it never works for me, you might want to try their pre-qual page.  If you have a branch nearby you can also walk in and ask if you have any pre-approvals.  

 

https://www.chase.com/prequalified


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Message 4 of 5
Super Contributor

Re: Should I apply for a new credit card?


@Snandy wrote:
I currently have only 1 credit card with Discover, which has been open for 7 years now. I was considering closing it since I moved, and a lot of small business around here do not accept them. It's inconvenient, but I have loved my Discover card along with the customer service. After reading a bunch of threads, I think it would be a better option to just open another credit card. I usually keep my credit utilization low already. Is there any negatives of having my Discover card just sitting in the closet? I did start up a mortgage and a new car loan in the past 2 years though. Totally I have 5 hard pulls on my credit score. Should I wait until those inquiries go away, or should I apply now? I currently bank with Chase and was planning on getting a card there. Currently my credit is sitting around 740. Thank you in advance.

1. Yes you should get another card; it's not good to have 1 card which isn't accepted in so many places.

2.  The new card should be a Visa or Mastercard, not an American Express card which has the same problem Discover has.

3.  You could check on the Chase site, under "Just for You" in the menu on the left hand side, to see if you're prequalifed for any of their offerings. If you'd like cash back, go for the Freedom or the Freedom Unlimited; if you'd like travel, go for the Sapphire Preferred or Sapphire Reserve.

4.  You should not get rid of your Discover card. You should use it occasionally, to keep it active.


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