cancel
Showing results for 
Search instead for 
Did you mean: 

JUST Opened a CC but Want a Different One

tag
Anonymous
Not applicable

JUST Opened a CC but Want a Different One

Yesterday I just got approved for a Capital One for Newcomers card, but I have some regret since it has an APR of 24.9% and I hear that Discover It is a good card and has a lower APR. I wanted a new card for diversity and I know Capital One is a great company, so I applied for that one since it fit the categories.

 

Should I cancel the Capital One card since I haven't used it nor received it in the mail yet? Should I just keep it and use it for a year then cancel it? Should I just keep it and manage it well with no balances on it?

 

Or should I apply for the Discover It card in addition?

 

I know the next best thing will come along in terms of low APR, but I heard Discover It offers higher Credit Limits so I feel like I should try and take advantage of that and build the history with them sooner rather than later.

 

I've read that it generally isn't advised to close a credit card even if I don't use it to keep its good history, but I haven't even used it yet. How does that factor in?

 

I only have one other BofA Visa that I've had for a couple years.

 

Thanks for the advice!

 

Message 1 of 13
12 REPLIES 12
ukimafija
Regular Contributor

Re: JUST Opened a CC but Want a Different One

 

Cap One card that you got approved is a solid starter card and it has rewards and no annual fee, APR is high but you should NEVER pay interest - that does NOT build your credit, unless you have no other choice, so don't worry about it.

 

Just keep that card and apply for  the other card you want....

 

BOA Cash Rewards Visa Sig. 12K; BOA Travel Rewards Visa Sig 5K, US Bank Cash+ 11.5K, AMEX BCE 6200, AMEX BLUE Sky 7K, Chase Freedom Visa Sig. 5400, Fort Knox FCU Visa Platinum 2500; CAP ONE Cash Rewards WORLD MC 5K

Starting Score: 580
Current Score: 747
Goal Score: 800+


Take the FICO Fitness Challenge
Message 2 of 13
firstladyd
Contributor

Re: JUST Opened a CC but Want a Different One

If you give all of us a little more info, you'll get better advice. However I would say if you are willing to take the HP hit and you have low utilization, all accounts in good standing (no CO or CA, no lates) , then go for it. Read some of the other recently approved posts on discover. Also check your score. Probably need to be 680 or better. Good luck!

Starting Score: 585
Current Score: TU 734 Walmart EQ 704 FICO EX 721
Goal Score: 750 Across the board


Take the FICO Fitness Challenge

Message 3 of 13
bettercreditguy1
Established Contributor

Re: JUST Opened a CC but Want a Different One

You have already taken the inquiry hit. It will be on your report for two years and effecting your score for one year. Go ahead and use it.

Updated scores 3/7/21 TU 849, EQ 829, Ex 818 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
Message 4 of 13
codimom
Frequent Contributor

Re: JUST Opened a CC but Want a Different One

As others have mentioned, you've already take the HP for the card, and its not a bad card. use it, take care of it.  You didn't give us any indication of your scores or profile other than you have 1 older card? any baddies?  If not, go to the discover website, and use their "pre approval" area.  You may be good to go.  That will give you a good indication of how possible getting a discover card is.

Back in the garden!
App free since 23Oct2012 reset to 27Aug13 and reset again 4nov13
Message 5 of 13
SnackTrader
Valued Contributor

Re: JUST Opened a CC but Want a Different One

Keep it. Don't carry a balance. You will need it to build a better history. If you don't want to use it, just let it go inactive.

+1 to first poster. Interest is lame. Don't do it.

In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Message 6 of 13
SwiftTone
Valued Contributor

Re: JUST Opened a CC but Want a Different One


Applying for a Discover card will no guarantee a lower APR. In fact, my Discover has 1 of the highest APR out of all my cards at 19.99%, and I got it when my EQ FICO was 729, the highest it's ever been up to that point. On the other hand, my Cap1 has a 7.2% APR. I got the Cap1 when my FICO score was in the low to mid 600s.

AMEX: $25,000, CSR: $10,000, Chase Priority Club: $1,500, Freedom: $5000, Freedom Unlimited: $1000, Discover: $21,000, BoA $11,000, WF Cash Wise: $5000

EQ FICO - 753
TU FICO - 755
EX FICO(AMEX) - 766
Message 7 of 13
flowfaster
Established Contributor

Re: JUST Opened a CC but Want a Different One


@SwiftTone wrote:


Applying for a Discover card will no guarantee a lower APR. In fact, my Discover has 1 of the highest APR out of all my cards at 19.99%, and I got it when my EQ FICO was 729, the highest it's ever been up to that point. On the other hand, my Cap1 has a 7.2% APR. I got the Cap1 when my FICO score was in the low to mid 600s.


Call Discover and ask to lower your apr!  I started at 19.99.  I requested a lower apr 1 year after having the card and they gave my 14.99%.  I recently checked my statement and they gave me an auto decrease to 11.99% I think.

Amex BCP/BC/Zync - Amex Business GR - Barclays NFL Visa Sig 49ers/Arrival - BoA BBR - Cap 1 Quicksilver - Citi Forward/Preferred - Chase Amazon/Freedom/Ink Plus - Discover IT - Fidelity Amex - GECRB Amazon/Walmart - PenFed PRV - Target - USAA Amex - US Bank CASH+/Club Carlson
Message 8 of 13
distantarray
Established Contributor

Re: JUST Opened a CC but Want a Different One

if your looking for a rewards card with a low apr this really sounds like trouble imo.

 

Rewards cards have higher interest rates to offer better rewards, if you intend to carry a balance you should look for a low apr card with no rewards. The extra interest paid by carry a balance will more than kill most rewards obtained in a single month, definately not worth it. if you can not pay off your bill 100% each month and live within your means I definately do NOT recommend getting ANY type of reward cards.

 

Some that MIGHT be ok are cards like Chase Freedom or Citi Forward mainly because the rewards and 0% apr for a year on those cards, but still after a year it's still not a good idea to carry any balances period.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Message 9 of 13
SwiftTone
Valued Contributor

Re: JUST Opened a CC but Want a Different One


@flowfaster wrote:

@SwiftTone wrote:


Applying for a Discover card will no guarantee a lower APR. In fact, my Discover has 1 of the highest APR out of all my cards at 19.99%, and I got it when my EQ FICO was 729, the highest it's ever been up to that point. On the other hand, my Cap1 has a 7.2% APR. I got the Cap1 when my FICO score was in the low to mid 600s.


Call Discover and ask to lower your apr!  I started at 19.99.  I requested a lower apr 1 year after having the card and they gave my 14.99%.  I recently checked my statement and they gave me an auto decrease to 11.99% I think.


I got a 6 month temporary reduction on my APR down to 7.99%. I think it will last until April which is my 1 year anniversary for my Discover. I really never carry a balance at all, but I might just ask for a permanent APR reduction anyways. I ran $12k through that card last year and didn't pay a cent of interest! BOOYAAH!

AMEX: $25,000, CSR: $10,000, Chase Priority Club: $1,500, Freedom: $5000, Freedom Unlimited: $1000, Discover: $21,000, BoA $11,000, WF Cash Wise: $5000

EQ FICO - 753
TU FICO - 755
EX FICO(AMEX) - 766
Message 10 of 13
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.