Help me decide if I should open these cards please

[deltatee]

By highest interest rate I mean best interest rate.

[Anonymous]

so then bottom line I guess... get both? or just choose one of them?

[deltatee]

IMHO don't app for Blispay until after you close.

[Anonymous]

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@deltatee wrote:
IMHO don't app for Blispay until after you close.

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but do the Marvel, right? I'm actually more excited about Marvel cause fiancee does all our grocery/daily life shopping and I've always paid for our dining/drinks/entertainment... clearly accounts will be joint at some point, but likely not the credit cards till we close (so we don't bring down each other's scores twice with new lines)

PS I can sort of live without Blispay... technically I have a 2% everyday card... DC doesn't seem as good though and the limit is a joke... but it's SOMETHING you know... I feel like I'm more jaded by the rarity (limited amount) of Blispay...

[SouthJamaica]

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@Anonymous wrote:

I've been here for a bit now but learning a lot from everyone here. For those that might have missed my situation- I'm getting married at the end of May and will likely look for a house in a year or so. My credit history isn't extensive. I had an AU card from Nov 2009 and first real card from May 2011. "Luckily" I have 11 education fed loans that are upping my AAoA to roughly 6.9yrs (so 6yrs 11mo let's say). My TU/EXP scores are around the 765-770 area.

I wanted to get my credit in order as well as get a card with no FTF for our upcoming travels. So this month I applied and was approved for Cap1 QS (10k limit & no FTF) and Citi DC ($3k limit & 2% CB)

I did some quick math and those two new cards should drop my AAoA to pretty much 6 yrs even... so I'm losing a year here...

I was looking at the Marvel card for 3% back on dining and entertainment (don't care for Marvel itself but the benefits seem nice)

Also I was looking at Blispay because of simpler 2% back and hopefully a higher limit than the $3k joke of a limit that Citi gave me

My rough calculations project me dropping to 5yrs 7mo if I add one card and and 5yrs 4mo if I add both Marvel and Blispay

At that point I'll have 4 HPs and 4 new accounts... How will that look for a mortgage application a year from now? What is it gonna do to my FICO score? I'm mildly worried because I'm in that borderline category where I don't want to drop below 740... I know it'll recover in time but how many points am I expected to lose on this? Will it make a difference? Should I sit tight and wait a year or do a spree now and just garden like forever after that? Any help is appreciated! Thanks!

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Seems to me that they are both 'flavor of the month' type cards which you should avoid.

The Marvel card is IMHO just for people doing it for the fun of it,  willing to add a junky card with great esthetics

The Blispay card is IMHO not going to be around more than a year or two, since the business model doesn't make economic sense. All the risk is on a startup company with $12.5 million. When it gives 2% cash back it's giving away almost all the revenue it would get from the swipes and transactions. When the 6-month interest-free consumer borrowing comes due, there will be 2 types of customers: (A) those who are in good financial shape and will pay the loan back rather than get stuck paying high interest, and (B) those who are in bad financial shape, and get stuck with the high interest, but are high risk and above average candidates for default. Just doesn't sound like a way to make money to me.

[Anonymous]

Op I have 3 cards less than a year old. I honestly can't say how much damage was done to my scores becuase I had some things fall off my report. So far,  no one has even asked me about my credit cards but I'm still a few weeks out from closing. I'm thnking it's because I don't carry a balance. My discover will hit a year this month.  but the other two won't be a year until July.  I knew I was going to app in a year and I also  knew I wanted to app chase sooner rather than later. If you think these cards are worth it, go for it,  but if I remember correctly you had mid 700 scores. I think my highest scorre when I apped for the CSP was 725. Might be worth looking in to. 

[deltatee]

Just to emphasize what SouthJamaica said, if you're interested in this card because of its 2%, I'd look elsewhere. Blispay seems to marketing itself as a financing option for small and medium businesses. So I think it is very likely they nerf the CB in the future. And as others have said, there are better 2% cards on the market than this. IMO this card is really only good for the 6 month financing in lieu of multiple store cards. Then only for people with thicker files (not suggesting yours is thin) who won't be hit as hard if the card shuts down in a couple years.

[Anonymous]

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@SouthJamaica wrote:

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@Anonymous wrote:

I've been here for a bit now but learning a lot from everyone here. For those that might have missed my situation- I'm getting married at the end of May and will likely look for a house in a year or so. My credit history isn't extensive. I had an AU card from Nov 2009 and first real card from May 2011. "Luckily" I have 11 education fed loans that are upping my AAoA to roughly 6.9yrs (so 6yrs 11mo let's say). My TU/EXP scores are around the 765-770 area.

I wanted to get my credit in order as well as get a card with no FTF for our upcoming travels. So this month I applied and was approved for Cap1 QS (10k limit & no FTF) and Citi DC ($3k limit & 2% CB)

I did some quick math and those two new cards should drop my AAoA to pretty much 6 yrs even... so I'm losing a year here...

I was looking at the Marvel card for 3% back on dining and entertainment (don't care for Marvel itself but the benefits seem nice)

Also I was looking at Blispay because of simpler 2% back and hopefully a higher limit than the $3k joke of a limit that Citi gave me

My rough calculations project me dropping to 5yrs 7mo if I add one card and and 5yrs 4mo if I add both Marvel and Blispay

At that point I'll have 4 HPs and 4 new accounts... How will that look for a mortgage application a year from now? What is it gonna do to my FICO score? I'm mildly worried because I'm in that borderline category where I don't want to drop below 740... I know it'll recover in time but how many points am I expected to lose on this? Will it make a difference? Should I sit tight and wait a year or do a spree now and just garden like forever after that? Any help is appreciated! Thanks!

---

Seems to me that they are both 'flavor of the month' type cards which you should avoid.

The Marvel card is IMHO just for people doing it for the fun of it,  willing to add a junky card with great esthetics

The Blispay card is IMHO not going to be around more than a year or two, since the business model doesn't make economic sense. All the risk is on a startup company with $12.5 million. When it gives 2% cash back it's giving away almost all the revenue it would get from the swipes and transactions. When the 6-month interest-free consumer borrowing comes due, there will be 2 types of customers: (A) those who are in good financial shape and will pay the loan back rather than get stuck paying high interest, and (B) those who are in bad financial shape, and get stuck with the high interest, but are high risk and above average candidates for default. Just doesn't sound like a way to make money to me.

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I definitely think that you're right on Blispay... seems risky and if the only thing that doesn't satisfy me with Citi DC is the credit limit, it's probably more wise to take a hit with HP CLI app with Citi than to both take a HP hit, AAoA hit and then risk them going out of business... I was really only looking at them for the 2%, which I already have and the higher limit isn't guaranteed at all... too much risk

now in terms of Marvel... the reason why I want it is because of how me and fiancee use our cards, she usually takes care of our everyday expenses and I'm in charge of fun- dining, drinks, entertainment, etc... So I was looking to max that 3% everyday category... if Amazon is included in "books"... that's like 90% of my spending... the fact that it's Marvel is actually a turnoff for me... I don't want Spiderman on my card, I'm nearing my 4th decade on this planet lol (still love video games though, hopefully Steam and GMG counts as "entertainment")... So if I was to get it, I'd get that black one with logos barely visible so people don't make fun of me lol... it's purely a simpler way to get more CB on most of my spending rather than rotating different cards to match calendar quarters... so I'm not doing it for fun, really don't care about comics lol... just seems like good set of rewards to me...

[Anonymous]

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@deltatee wrote:
Just to emphasize what SouthJamaica said, if you're interested in this card because of its 2%, I'd look elsewhere. Blispay seems to marketing itself as a financing option for small and medium businesses. So I think it is very likely they nerf the CB in the future. And as others have said, there are better 2% cards on the market than this. IMO this card is really only good for the 6 month financing in lieu of multiple store cards. Then only for people with thicker files (not suggesting yours is thin) who won't be hit as hard if the card shuts down in a couple years.

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lol actually my profile is pretty thin in all honesty... only thing that's keeping me afloat are 78417248914181 student loans (never thought that'd be a good thing?)... if I only had credit cards, I'd probably be struggling to open ANY card, much less get a mortgage lol... funny how things work out lol

and you are SouthJamaica are right... I was looking at Blispay for wrong reasons... I was looking at it simply for the 2% and higher limit... I already have a 2% card and I can get a CLI with another HP through Citi to make it effectively what I wanted out of Blispay... but skip another account dragging my AAoA down... thanks for your help

now the real question is... how much do I value that 1% extra on dining and entertainment through Marvel over DC...?

[Callandra]

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@Anonymous wrote:

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@deltatee wrote:
Just to emphasize what SouthJamaica said, if you're interested in this card because of its 2%, I'd look elsewhere. Blispay seems to marketing itself as a financing option for small and medium businesses. So I think it is very likely they nerf the CB in the future. And as others have said, there are better 2% cards on the market than this. IMO this card is really only good for the 6 month financing in lieu of multiple store cards. Then only for people with thicker files (not suggesting yours is thin) who won't be hit as hard if the card shuts down in a couple years.

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lol actually my profile is pretty thin in all honesty... only thing that's keeping me afloat are 78417248914181 student loans (never thought that'd be a good thing?)... if I only had credit cards, I'd probably be struggling to open ANY card, much less get a mortgage lol... funny how things work out lol

and you are SouthJamaica are right... I was looking at Blispay for wrong reasons... I was looking at it simply for the 2% and higher limit... I already have a 2% card and I can get a CLI with another HP through Citi to make it effectively what I wanted out of Blispay... but skip another account dragging my AAoA down... thanks for your help

now the real question is... how much do I value that 1% extra on dining and entertainment through Marvel over DC...?

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How much do you spend monthly? Only you can decide if the extra 1% is worth it to you. 

I won't lie...I would love a Spiderman credit card. I don't have any characters on my cards...not since Hello Kitty was on my Japanese bank card.