Adding new credit - Does it need to be with a different company/creditor?

[Blodreina]

...for diversification, I suppose.  Or does it not really matter?

[ILBrian]

From a score perspective it doesn't really matter, but building relationships with another company is always a positive.

[StriveToProsper]

---

@ILBrian wrote:

From a score perspective it doesn't really matter, but building relationships with another company is always a positive.

---

+1 it's always a good idea to build relationships across the board. 

[TheConductor]

Diversification definitely matters.  You never know when one lender might evaluate you very differently than another.  For example, Amex now willingly extends me over 50k in credit, while Bank of America refuses to budge higher than $500.  If I had all my credit eggs in the BoA basket, I'd be having a very sad Easter morning.

In addition, different lenders have their different perks.  Amex has backdating and 3x CLIs, many credit unions have generous starting CLs, Chase has the bonus for having a Chase checking account, WalMart and Barclays and DCU have free FICOs, etc. If you spread your credit portfolio around you get access to more of this good stuff.

And it's especially wise because in the worst of times, if one lender starts balance chasing you, leaving you with no available credit with them, you still have credit available with the other lenders.

[mongstradamus]

---

@Simba501 wrote:

...for diversification, I suppose.  Or does it not really matter?

---

I would say yes, also to keep in mind that ccc may have internal limits for CL. 

[coldnmn]

If your on vacation if for some reason they locked your cards for fraud or whatever. You would need a different card from another bank or that vacation would really take a nose dive.

[Blodreina]

Thanks for the responses.

[SunriseEarth]

---

@TheConductor wrote:

Diversification definitely matters.  You never know when one lender might evaluate you very differently than another.  For example, Amex now willingly extends me over 50k in credit, while Bank of America refuses to budge higher than $500.  If I had all my credit eggs in the BoA basket, I'd be having a very sad Easter morning.

In addition, different lenders have their different perks.  Amex has backdating and 3x CLIs, many credit unions have generous starting CLs, Chase has the bonus for having a Chase checking account, WalMart and Barclays and DCU have free FICOs, etc. If you spread your credit portfolio around you get access to more of this good stuff.

And it's especially wise because in the worst of times, if one lender starts balance chasing you, leaving you with no available credit with them, you still have credit available with the other lenders.

---

+1

[Themanwhocan]

Work on both increasing existing credit limits, and also adding new cards from other issuers. Diversification is good, but also, you're not going to find the best cards all at one company. Pick the best reward cards, and company diversification tends to solve itself.