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Number of Accounts is LOW! HELP!

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800who
Regular Contributor

Number of Accounts is LOW! HELP!

I currently have 3 accounts, 2 CCs in the sig and an auto lease. Those two CCs cover 100% of all my categories of expenses and I can't really justify getting another card unless it were like a Citi DC which would give me another .5% CB but it would render my Amex useless. What could be another account I could open in attempt to diversify for score purposes. I have a TU 780, so I'm not desperate, I guess I am trying to give myself the most leverage.

15 REPLIES 15
KLEXH25
Valued Contributor

Re: Number of Accounts is LOW! HELP!

You are pretty golden right now with your accounts and score, and don’t “need” another account. However, if you decide you’d like another CC, I’d say get a Visa or MasterCard, since you don’t have either and they are the most widely accepted (especially abroad). Do you travel at all? Perhaps earning miles or travel benefits would be useful. I, myself, am eyeing the Uber Visa because it offers additional discounts that my current cards don’t. There are lots of options, you just have to do a little homework and see what will benefit you the most.


Message 2 of 16
800who
Regular Contributor

Re: Number of Accounts is LOW! HELP!

I don't do any travel at all, I don't do hotels(tried to stay at a hotel for the first time a couple weeks ago and my reservation that I made online was not honored due to that I'm not 21 years old). I really aim for the cash back cards because they make the most sense for my spending.

Message 3 of 16
simplynoir
Community Leader
Mega Contributor

Re: Number of Accounts is LOW! HELP!

If you're looking for cashback as a 3rd card I would maybe consider the Chase Freedom card. Rotating categories every three months like the Disco IT and it won't interfere with your current spending unless it's a category you'll know you'll use it on otherwise use your other two cards as you are doing right now.

Message 4 of 16
SouthJamaica
Mega Contributor

Re: Number of Accounts is LOW! HELP!


@800who wrote:

I don't do any travel at all, I don't do hotels(tried to stay at a hotel for the first time a couple weeks ago and my reservation that I made online was not honored due to that I'm not 21 years old). I really aim for the cash back cards because they make the most sense for my spending.


I agree with @KLEXH25 that you should have a Mastercard or Visa. Too many places don't accept Discover or Amex.

 

I agree with @simplynoir that Chase Freedom is a good cash back card; others are Chase Freedom Unlimited, and Citi Double Cash.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 5 of 16
Revelate
Moderator Emeritus

Re: Number of Accounts is LOW! HELP!

Really need a better idea of what you do spend money on rather than what you don’t.

For example big difference if you are shopping for groceries vs. eating in restaurants and neither is covered well by your current portfolio.

If you have a rough idea on what your major spend line items are we can give you better advice.



        
Message 6 of 16
Shooting-For-800
Senior Contributor

Re: Number of Accounts is LOW! HELP!

Ducks Unlimited is a Visa (Signature) and pays 5% on gas and 5% on sporting goods with no AF.

Savor is a WEMC and pays 4% on dining and 4% entertainment and gas a $500 SUB.

 

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $500k unsecured credit in 2024.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!



Message 7 of 16
Anonymous
Not applicable

Re: Number of Accounts is LOW! HELP!

OP, do you have any closed accounts on your CR in addition to your 3 open accounts?  I ask because closed accounts count equally toward file thickness, so I'm trying to gauge if your file is indeed thin or not at this point.

 

I do think another CC wouldn't be a bad idea and something like Discover or Chase Freedom that may have 5% rotating categories that suit your spend could be beneficial.  Chances are those 5% categories at times will render your current 2 cards useless during certain quarters, but that's OK as you'll be getting more CB. 

 

Chase Freedom would be my vote as you're young and it's great to get a Chase card early on since they're likely not going anywhere being the biggest bank in the country.  My pops still has his original Chase card (his oldest account) which is about 50 years old.

Message 8 of 16
Anonymous
Not applicable

Re: Number of Accounts is LOW! HELP!

Sounds like my dad and his AmEx green card with the “Member since 72” on it!
Message 9 of 16
AverageJoesCredit
Legendary Contributor

Re: Number of Accounts is LOW! HELP!

Dont listen to all the Chase headsSmiley Wink Just grab a DC , 2% boom. Anytime business goes away from Chase an Average Joe gets a smileSmiley Wink
Message 10 of 16
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