@barthooper wrote:Hello. I got my first card in February, the Barclay Rewards Mastercard. I have about 8 different student loans on my report, so I didn't have to start out secured as some people do. I was approved for $1,500 and I recently got the Sallie Mae Mastercard, also through Barclay. I was approved for $4,700. I am pleased with my limits, particularly the second one, but I have occasionally read that only being with one lender can hinder you.
My most recent TU FICO from Barclay is a 725, and I do intend to get cards from other lenders in the future, but I was just wondering how much truth there is to what I mentioned above, and if I should act sooner rather than later. I have a low AAoA of about 2 years with no baddies ever and I am 23 and don't plan on seeking a loan in the near future. Thanks. Advice is appreciated.
I think it comes down to what you are looking for in your cards also if you only stuck with one lender,they may have internal limits on number of cards and total CL
@barthooper wrote:
@takeshi74 wrote:
@barthooper wrote:I am pleased with my limits, particularly the second one, but I have occasionally read that only being with one lender can hinder you.
You might be missing out on options that might benefit you with other creditors but the bigger concern IMO is the old "don't put all your eggs in one basket". If that one creditor decides to take AA for whatever reason then you could be in trouble.
@mongstradamus wrote:
I think it comes down to what you are looking for in your cards also if you only stuck with one lender,they may have internal limits on number of cards and total CLThere is this as well. Multiple creditors can yield better overall limits. If I was only with AmEx I'd only be at $44K. If I was only with Chase I'd only be at $70K.
Excellent points. I definitely plan on diversifying with other banks, and part of the reason I am only with Barclays for now is just because I'm being cautious of the AA that they are famous for when you open other accounts. I know this is definitely more the exception than the rule, but I'm just playing it safe for a bit just in case.
The next card I could see that would benefit me would be the US Bank Cash+. Choosing your own 5% categories sounds really nice and I would likely put that on dining. I also would like to get in with AmEx to take advantage of their backdating of any future cards.
yeah cash + definately is nice for whatever 5% you dont have , did you look at what categories count 5% for them. I originally was going to do 5% restaurants with them , but then decided not worth it after i got my CSP
@barthooper wrote:
@mongstradamus wrote:
@barthooper wrote:
@takeshi74 wrote:
@barthooper wrote:I am pleased with my limits, particularly the second one, but I have occasionally read that only being with one lender can hinder you.
You might be missing out on options that might benefit you with other creditors but the bigger concern IMO is the old "don't put all your eggs in one basket". If that one creditor decides to take AA for whatever reason then you could be in trouble.
@mongstradamus wrote:
I think it comes down to what you are looking for in your cards also if you only stuck with one lender,they may have internal limits on number of cards and total CLThere is this as well. Multiple creditors can yield better overall limits. If I was only with AmEx I'd only be at $44K. If I was only with Chase I'd only be at $70K.
Excellent points. I definitely plan on diversifying with other banks, and part of the reason I am only with Barclays for now is just because I'm being cautious of the AA that they are famous for when you open other accounts. I know this is definitely more the exception than the rule, but I'm just playing it safe for a bit just in case.
The next card I could see that would benefit me would be the US Bank Cash+. Choosing your own 5% categories sounds really nice and I would likely put that on dining. I also would like to get in with AmEx to take advantage of their backdating of any future cards.
yeah cash + definately is nice for whatever 5% you dont have , did you look at what categories count 5% for them. I originally was going to do 5% restaurants with them , but then decided not worth it after i got my CSP
I briefly looked into the categories and it seemed like restaurants and fast food for both 5% each would make the most sense for me. It's nice to have the option to switch between them though but I've read sometimes restaurants/fast food places don't count for 5% from them as you would expect and a few people have had issues with the rewards being properly credited. I wouldn't get much benefit from the CSP as I don't travel by air. Maybe just the regular Sapphire for me.
I don't think sapphire is worth it you can't transfer to airline hotel partners etc. Cash + is really nice with that 5% I hear they can be an bit conservative good luck :-)