I'm currently on my 4th month of credit no credit score yet and had the option to get another unsecured card and am not sure if I should take it.
I have 3 cards
Bank of America Cash Rewards 10K CL
First Tech Federal 5K CL
US Bank Secure $450 CL
Last month applied to LMCU for membership they did a hard inquiry. So today I phoned in and asked them since they did a hard inquiry already if they could use it to apply for a credit card without a new inquiry. They agreed since I'm within 30 days of the inquiry and offered me the Max Rewards cc with $500 limit because I had no score.
Now I'm wondering whether I should take it:
+ It will provide another trade line reporting good payments (Is the benefit amplified because my history is short?)
+ Inquiry was already done so no harm here
+ Increase in total credit limit but very minimal
- It will however reduce my AAoA (my accounts are already young so this feels dangerous)
- Unfortunately the cashback is the same as BofA Cash Rewards
I also got a Discover Offer in the mail (itching for a 5% card), and I'm thinking of applying next week. I heard they can offer secured now if you get declined.
I'm currently reducing my BofA balance (It had 0% interest for 12 months) so total credit utilization will be under 10% when I apply discover.
What do you guys think?
Next:
If you see my last post I described it a bit.
The banker applied a corporate card for me which allows you to get a CL based on your income. The second time I went to BofA to get a second card (which got declined btw) I saw a different banker who used the "Diplomat, Large Corporate and Canadian Client Consumer Credit Card Special Handling Form"...
no need to sleep around