Good timing for a new CC? just got auto loan

[natasjlp]

I just got an auto loan for 18K and it has not reported to the CRAs yet so my score has not taken a hit as of yet either. I only have 2 major bank credit cards and am wondering if this is a perfect time to apply for one because my score is still high?

I don't forsee needing any new lines of credit for the next year or 2 and figure if I am going to get another card now would be the time. AAoA and the such seems to make more sense to get the card now rather than 1 or 2 years down the road.

[Anonymous]

Go for it, with scores like that go for an awesome card.

[natasjlp]

any suggestions for cards? looking for the highest CL possible.

[haulingthescoreup]

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@natasjlp wrote:

any suggestions for cards? looking for the highest CL possible.

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High CL's are nice, but what about rewards? Cash back on gas for the new ride, etc?

[natasjlp]

hmmm... so many options any good or suggested way to parse through them?

[Anonymous]

For cashback I'd go with Amex Blue Cash Everyday or Preferred or Chase Freedom

[tntexans72]

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@Anonymous wrote:

For cashback I'd go with Amex Blue Cash Everyday or Preferred or Chase Freedom

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+1.....just figure out what type of rewards you looking for. Amex BC Preferred is a great card to have in your wallet, if you opt for a visa/mc CC, I go with Freedom. You definitely have some options.

[natasjlp]

right now the major bank cards I have are 2 mastercards (citizens bank and barclays). Does it matter if I get another mastercard or should I specifically go for an amex or visa??

Looking into the future and trying to beef my credit now for then. It had been suggested to me that I should probably have more than 2 major bank cards. is this true?

I just added my first auto loan so when that is paid off or close that should improve my credit as well?

[haulingthescoreup]

3 seems to be a magic number for cards.

It's not that big of a deal in the US to have only MC's or only Visas, but sometimes a network goes down overseas, and if it's the MC network, you're out of luck. So sort of a consideration, although not a huge one if you don't travel a lot.

It actually helps your FICO scores to have an open installment (= auto loan in your case) on your reports. If it helps you financially to pay it off early, then certainly do so, but it won't help your credit profile and it might hurt.

Look at your expenditures. What are the top three categories for spending? Gas, groceries, internet? Restaurants, internet, travel? And so forth. There are some great rewards cards out there, but it would be smart to analyze where you can get the most bang for your buck. For instance, there's no point in getting the 5% cash back gas card from PenFed if you ride your bike to and from the commuter train station every day. So look at where your money goes.

[natasjlp]

interested in understanding the auto loan early payoff.. how can it hurt my credit if I pay it off early? or how does it help to pay it off over a longer time?

had 3 cards... BOFA closed 1 of my cards a couple of years ago, promised I could reopen and now can't... AAoA derailed..

http://ficoforums.myfico.com/t5/Credit-Cards/BOFA-card-refusal-to-reactivate/td-p/998796