Multiple Cards With One Company?

[Anonymous]

I'd like some opinions on the benefits/drawbacks for having more than one cc with the same company.

For me, I'm trying to rebuild my credit from a chap. 7.  I currently have a 2 Cap One cards and a card with Wamu. 

I did some checking for pre-approvals (thank you myfico forums) and didn't find many offers that looked all that appealing. Lo and behold when I get home, I've got a pre-approval through Wamu at a decent interest rate and no annual fee.

All of that is a long, roundabout way of asking, from a score perspective is there  difference if I have 4 cards from 2 companies or would I be better of getting a card with a lower cl and higher apr with a different company?

[Creditaddict]

it's just going to show thatyou have 4 accounts. it doesn't care who those 4 cards are with.

[Anonymous]

jm.............I'd jump on that WAMU offer.

[Red1Blue]

I got an offer from wamu. When I applied they declined it.

[jaxstraw]

Same here. It's a shame they operate that way. It builds up false hope in a lot of people that need a helping hand and want something to happen that looks like a sure thing.

[Anonymous]

jm, I agree with C.a. again. (seem to be doing that a lot now days. lol)

They don't care how many cards you have from which company.

At one time I had 3 Cap1 cards, and 2 WaMu's. Now I have 2 Cap1's; 2 WaMu's and 2 Citi's.

[orl2185]

I also have 2 wamu cards, espn visa with 6k cl and plat mc 8k cl. They great with their services.

Thank You Hooters, LOL

[Anonymous]

The good thing about having cards from multiple companies is reliability.  If you have an adverse action and an account is closed or has system issues where you charges are declining, you can pull out your other card from another company.  Don't put all your eggs in one basket, in other words.  Never know what can happen.  Typically having multiple cards will make it harder to get CLIs if you've been extended multiple trade lines with decent limits.  There's a multitude of reasons why I would dissuade people from having more than one card.  Pick your favorite.  Stick with it.  Move on to another lender.

[creditninja9000]

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@Anonymous wrote:

The good thing about having cards from multiple companies is reliability. If you have an adverse action and an account is closed or has system issues where you charges are declining, you can pull out your other card from another company. Don't put all your eggs in one basket, in other words. Never know what can happen. Typically having multiple cards will make it harder to get CLIs if you've been extended multiple trade lines with decent limits. There's a multitude of reasons why I would dissuade people from having more than one card. Pick your favorite. Stick with it. Move on to another lender.

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I agree. Some people have 2-4 rewards cards with even the same lender. What's the point you can only take advantage of the ones you're accumlating points on and as far as I know it take a lot of points to actually get something.

I think it's more important to have a large CL than several cards. Also having multiples with one lender can keep you from getting cards with an even better lender.

[Anonymous]

I have 3 Amex cards but only activaly carry 2 of them: Green and Blue. I leave my Clear at home mostly. I didn't really need it, but one night my friend and I both decided we should see if we could get the Clear card when we were up all night drinking. We both got approved.

It's kind of pathetic when drunk app'ing has replaced drunk dialing, drunk texting, and drunk myspacing as my favorite inebriated passtime.