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Should I apply for another?

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Should I apply for another?

I had pretty bad credit a few years back (medical reasons) and I kind of just walked away from worrying about credit.  Since I knew many if not most of those issues were gone I got myself a secured card from my local CU last year some time.  Then forgot about it again.  So yesterday I figured what the heck, and I applied for Discover It and was approved with a 11k limit.  So I guess my situation isn't as bad as I assumed it was.  I guess my question is should I apply or another right now or just wait?  I don't really have any need for credit at all but it seemed prudent to get it rebuilt because the future is always unknown.  My thinking about applying for a second card would be to see if I can get another decent limit and then just tend to them for a few months.  Rather than tending now and then applying later.  What say ye?

 

EX Fico8 689
Message 1 of 6
5 REPLIES 5
Super Contributor

Re: Should I apply for another?

Get the Experian app and sign up for a free trial of their CreditWorks Premium service (just open the app, hit credit reports, choose equifax or TransUnion and it will give you the offer) and post your FICO8 scores here along with what your spending looks like so we can make recommendations. 

 

To cancel the trial, all you do is go to My Account and downgrade to basic which will give you free monthly updates and monitoring from Experian but having your scores is something we need to start with. If you don’t want to use the app, the same trial costs a buck on Experian.com. 

 

Congrats on the Discover approval though, it’s an awesome card, and the first year it’s basically 2% cash back on everything and 10% back on rotating categories so you honestly might not want to get another card right now so you can just maximize cash back from Discover. 


01/2019:
10/2019:

Hover over my cards to see my limits!
Goal cards: Does it look like I really need any more cards? My goal is to garden until 2/2020.
Message 2 of 6
New Contributor

Re: Should I apply for another?

^^^^^What he said. totally depends on your current scores. Discover is a great card, depending on your scores you might want to try for a Cap1 or AMEX to use inbetween the rotating catagories of your Discover card.

Starting Score: TU (Feb2016) 545 FICO 8 (July2017) 633
Today: TU (02/24) 665 EQ (02/24) 668 FICO 8 (02/24) 686 29% Utilization
Message 3 of 6
Valued Contributor

Re: Should I apply for another?

To expand on Saeren great advice - get cards that benefit you or work for you. Many times, people get caught up in getting cards that may not be beneficial to you. It's like getting a store card for a store you have never shopped at. Is it worth it? Sure if they give you a 10K CL which helps pad your UTI/TCL but are you really going to shop there? When apping for a card, I always try to see if it's really going to be useful and beneficial to me or not. If a card can resolve or give you points/CB/miles/etc. for spending you already are doing and have other perks, it's something to think about. Otherwise, be cautious.


Scores - All bureaus 750 +/-
TCL - Est. $275K
Message 4 of 6
New Member

Re: Should I apply for another?

Well the robot overloards at Experian don't like me, or don't think I exist... actually I have no idea.  They want me to call and then they tell me use their product which tells me to call, which tells me to use their product which tells me to call...

 

But I checked and discover uses experian for their fico8 so that'll have to do.  It's in my signature now I think.  Mostly I guess I was thinking that the credit check from Discover (for the approval) might not have effected my score at all and maybe I should get another card before sitting on them for 6 months.  As I said before I have no real need for credit at the moment.  But one never knows.  

EX Fico8 689
Message 5 of 6
Community Leader
Senior Contributor

Re: Should I apply for another?

If Discover is your *only* CC  id consider getting another card now... Something Visa/MC.... yeah i know some would say Amex but.. Think for practical purposes having something other than Disco/Amex is always a good thing.. theres still some acceptance issues with "Just Discover" or "Just Amex".... then id wait 6mo to a year and let them marinate together.. because they will also age *mostly* together... 

 

Didnt realize you had a CU card.. albeit secured.. which isnt a big deal ... If you want another card. you should be ok.. and you can let it age with the Discover.. the CU card is probably your oldest.. You might actually gain a few points for one more now..... if you can find it useful... because right now id be putting most spend on Disco if possible...

 

-J

 

 

-J

 

Message 6 of 6
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