Looking for a new account....Suggestions??

[Anonymous]

Ok, so here I am wondering if its time to get a new CC as I would like a little more variance in accounts. I am aware that everytime I apply and get approved it will lower my AAoA so Im wondering if its even worth it to get a new card at all. But I figure that I have to eventually expand my credit lines as ill be starting a family soon and would like to have a little more credit flexibility. I was looking into Charge Cards and not store cards as my spending options will not be limited to just a specific chain of stores.

I currently have the following from most current approval to last:

DIscover it 5/2015 ... $3500 CL

Old Navy Store Card 9/2014 .... $6000 CL

Walmart Store Card 9/2014 .... $10k CL

BofA Rewards  9/2013 ... $2000 CL

Facts:

AAoA : 1.4 years

Inquiries : TU 4, Exp 6

Utilization : 4%

Fico a solid 761

(FYI I recently received CLI's from walmart $1500 to $10k, Old Navy $300 to $6000 and Discover $2500 to $3500 all last week.)

I would like to try for a card that would perhaps give me a higher starting CL than 7k-10k was considering the Amex everyday card and perhaps a chase product, idk..... this one is for the senior credit guru's on here. My credit Sig is current, so based on that , your suggestions are welcome.

[Anonymous]

https://m.creditcards.chase.com/prequalified-offers

Get chase out of the way before you app for another cards.

Join ppenfed, golden 1, or USC credit union. Why because you will need an auto, home, ploc, and boat loan.

clean up your chexs first.

Join amex, after you get a job that pays more than Mickey D's. 

[Anonymous]

where do you spend your money that the BofA card doesn't handle and the the discover? meaning those cards cover a wide array of categories so what's missing?

are you looking at another cash back card or a different type of redemption?

[kdm31091]

Don't app just to app. If there's nothing that really jumps out at you at the moment, then you don't need anything.

Furthermore, no one can tell you that you'll recieve the high limit you are after, so that part is up to the creditor and not anyone else. Just because so and so got a high approval on a card doesn't mean you will too. Just keep that in mind.

[Anonymous]

and chase and amex are known to give limits all over the place. there's no "sure" card to get a $7-$10k limit. sorry.

[Anonymous]

Your BoA is over 2 years old. Wait for the CLIs to report and then I would hit up a CLI on the BoA card. I went from $1000 to $19,500 with just one call. That should cover a decent amount of your spend and you get cash back.

[Anonymous]

You mention charge cards, not store cards making it sound like those are THE two categories. I think what you mean is that you were inquiring about major CC vs. store cards. Charge cards, meaning you have to pay them off every month, generally don't have credit limits. Those would be things like Amex Green, Amex PRG, and Amex Platinum. You are wanting something on the Visa/MC/Amex/Discover networks, so a major charge card that you can use anywhere. 

If you are starting a family, I'm assuming travel isn't a big part of your short term plans (unless before you start) with the exception of maybe some family visits. So major travel benefits probably isn't what you're looking for. Are you thinking of a higher CL for the insurance it brings re: the unknown of your future situation? If so, I'd go for CU cards. They tend to be the lowest interest of the bunch and often have good CLs. Someone implied that something is up with your Chex. I don't know who does and doesn't use that. 

If you were wanting a high CL just for the sake of it, benefits aside, the higher ones have been Cap One Venture or Chase co-branded cards (hotel or airline cards). But again, if you won't be making use of those benefits, it wouldn't seem to make a lot of sense for you. GL. 

[Anonymous]

I would apply for a card that fits your needs/spend. Have you done any research on your own to see which cards are best for you? Unfortunately, no one can tell you the SL.

[SouthJamaica]

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@Anonymous wrote:

Ok, so here I am wondering if its time to get a new CC as I would like a little more variance in accounts. I am aware that everytime I apply and get approved it will lower my AAoA so Im wondering if its even worth it to get a new card at all. But I figure that I have to eventually expand my credit lines as ill be starting a family soon and would like to have a little more credit flexibility. I was looking into Charge Cards and not store cards as my spending options will not be limited to just a specific chain of stores.

I currently have the following from most current approval to last:

DIscover it 5/2015 ... $3500 CL

Old Navy Store Card 9/2014 .... $6000 CL

Walmart Store Card 9/2014 .... $10k CL

BofA Rewards  9/2013 ... $2000 CL

Facts:

AAoA : 1.4 years

Inquiries : TU 4, Exp 6

Utilization : 4%

Fico a solid 761

(FYI I recently received CLI's from walmart $1500 to $10k, Old Navy $300 to $6000 and Discover $2500 to $3500 all last week.)

I would like to try for a card that would perhaps give me a higher starting CL than 7k-10k was considering the Amex everyday card and perhaps a chase product, idk..... this one is for the senior credit guru's on here. My credit Sig is current, so based on that , your suggestions are welcome.

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1. If you want something with a high starting credit limit try Cap One Venture.

2. If you want a great card with low interest and fees, get the Barclay Ring card.

[NRB525]

Congratulations on the score improvement. Mid-500's to mid-700's is a result of some diligent effort.

+1 to the idea to see about getting your BofA credit limit increased. It likely is a HP, but it's your oldest account, can be one of the largest CL you see in the short term. Ask for $25k, they will counter with something.

If you are at all interested in Chase Freedom, that should be your next new card app. The Chase limit of 5 cards in the last 24 months, you are nearly at that limit, so Freedom is likely your next app to do. CSP is interesting, until the AF kicks in, and the spend requirement for the bonus is rather daunting. Points from Freedom can be banked for later years, then transferred through CSP when you get around to that card later (keeping in mind the 5 cards per 24 month pacing, which I am personally trying to do)

Do you get a prequalification for the AMEX ED? If so, go for it, the only caution is, if you go for only 10,000 MR points, you won't be able to get another bonus offer on this card if it goes to 20,000 or 25,000 MR points in some future promotion. That said, it's a solid no-AF AMEX card. Whatever they start you out with as a CL, does not matter. You can use the CLI request on line to see about raising it. If that is approved, then 6 months later you can ask for another CLI, so you end up with a significant CL anyway.

In planning your strategy, expanding the CL on the BofA gets you pretty far down the road with good bonus categories. Other cards may be something you app for, but don't think you have to app today for any of them. Research and questions here can help in that decisionmaking.