Thinking of adding one more card to my profile? **UPDATED**

[Anonymous]

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@cs91 wrote:

I can agree with that and no I dont NEED more credit. However, utilitizing cards for their reward/cash back potential is the name of the game and that is a reason as to why im looking for another card amongst the other reasons. I do appreciate everyone's input and perspective. 

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If that is to my comment, looking back I realize I worded it badly.  

My point was that if you are in the situation where you need more than three issuing banks FOR DIVESTITY, i.e. those three banks are taking AA on your cards, the situation is probably so bad that having a fourth, fifth etc issuer wouldn't help, as they would do the same thing

Having cards from lots of banks for different reward structures makes perfact sense, and as you can see from my sig, it's what I do.

[red259]

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@Anonymous wrote:

I don't see a big need for total network coverage (Visa, MC and Amex covers everything pretty well) so I wouldn't choose a Discover card on that basis.  Now if it makes sense, for things like ShopDiscover, then yes.

Issuer diversity seems more important, but again three different banks should be plenty.   (If you need more, something is wrong and having more won't help!)

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I agree its not important for network diversity. I believe in lender diversity and I'd want at least 4-5 lenders total as part of a full porfolio. Three banks seems to be pushing it, because if one takes AA (or god-forbid another economic turndown where lenders go around cutting limits) then your down to two banks and may be in a weaker position to start a new relationship with a lender at that point. Its all about preparing for the worst case scenario. Some lenders will have a higher tolerance than others. Of course, if you file BK or something severe that is going to be the ballgame. 

[cs91]

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@CreditMagic7 wrote:

In a personal comparison (everyone's profile is taken differently) it's a sure expectation where concerns Citi that they DO offer (SP) CLI's after about 6 months. Other's may be different but i took a HP at only (3) months on my CDP CC for a nice (and early) CLI. 6 months past that, and just last week their Online luv button approved a (SP) CLI of $1400! I only had this CC for 11 months if that's of any indication how they operate. My DISCOVER card is stuck at the exact same limit as Citi just gave a (SP) for, and discover is over a year already and demand a HP for any CLI for my profile.

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 Thanks for sharing your experience with the two issuers, SP CLI are huge plus and I would hate to be stuck at a low limit and have to gamble a HP for a CLI that may or may not be worth it! I know its really silly, but once I started to receive larger limits, it makes accepting smaller ones harder (even though I understand I have to start somewhere and build a relationship with them).

[cs91]

**Update** I went ahead and compared Discover, Double Cash and Freedom. I really like Chase CS and decided to check the pre qual offers and ended up being pre-qualified for the Chase Freedom, INSTANT APPROVAL AND CONFIRMED USED SAME PULLS FROM MY MARRIOTT APP! (They had pulled EQ/EX so maybe that played a role in using the same pulls) I can confirm this because my Ex/Eq are on ice now and no pull on TU. I just need to decide How much credit line to reallocate from my Southwest to each card and close it. Thanks all for your advice and just the great info from each post.

[coldnmn]

Congrats! Thanks for sharing.

[alvon123]

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@cs91 wrote:
**Update** I went ahead and compared Discover, Double Cash and Freedom. I really like Chase CS and decided to check the pre qual offers and ended up being pre-qualified for the Chase Freedom, INSTANT APPROVAL AND CONFIRMED USED SAME PULLS FROM MY MARRIOTT APP! (They had pulled EQ/EX so maybe that played a role in using the same pulls) I can confirm this because my Ex/Eq are on ice now and no pull on TU. I just need to decide How much credit line to reallocate from my Southwest to each card and close it. Thanks all for your advice and just the great info from each post.

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congrats