@W261w261 wrote:Ask them what the credit line on the card will be. Since there's no rewards, its only value is some padding for your overall utilization. The price you'll pay is a new card penalty, which could to some degree inhibit your desirability as far as additional credit goes. So if you're going to pay the price, you should know what you're getting for it. If it's 1,000 I'd pass, for instance.
This. The only point of this card will be to keep your utilization down. If it's going to have a low limit, it's probably not worth the new line.
You're on the right track with what you've been doing. If you want access to bigger and better, I would recommend gardening for 6 months-1 year, get some CLIs on your existing cards, and see where your scores are then.
@Trekkie0707 wrote:Hi everyone first post on the forums! I'm in a bit of a credit card conundrum and thought I'd seek some input from people with more experience than myself.
I am on the upside of rebuilding. Over the last 4 months I've moved my fico score from 580 to 689. My credit file is pretty thick (multiple paid off auto loans no credit cards until recently) it was low mostly due to collections. So I paid those off in exchange for deletes and the score fixed it's self fast.
I haven't had a credit card in over 6 years because I didn't feel financially responsible enough for all of that. But now I definitely am a lot more confident and live on less than I make and have developed good financial habits.
With my new found confidence I took my new credit score out for a spin and in the last 3 months I have opened a discover($5000) an Amex($1000) and 2 days ago I was approved for FNBO ($4100)
I have also refinanced my auto loan with a tiny credit union. That tiny credit union is also offering me a credit card using the exact same hard pull they used for my auto refi. The card isn't something I particularly want. It's super basic. No rewards. No frills.
I kind of want to take it because it's basically an inquiry free line of credit to just bolster my overall available credit. But I'm concerned about adding to many cards to quickly. Was planning on stopping for 6-12 months and gardening.
Should I take this card just for the additional line of credit since it's inquiry free? Will this be to many new accounts to fast? Would this hinder my ability to get cards I actually want in the future?
Any advice would be appreciated!
To my mind it depends on (a) whether you're preapproved, and (b) what kind of non-rewards card it is. If it has no balance transfer fee and no cash advance fee, and a modest interest rate, and you're preapproved for it, then I would go for it, because that kind of card can be very useful, and you don't have one yet.
@Trekkie0707 wrote:Hi everyone first post on the forums! I'm in a bit of a credit card conundrum and thought I'd seek some input from people with more experience than myself.
I am on the upside of rebuilding. Over the last 4 months I've moved my fico score from 580 to 689. My credit file is pretty thick (multiple paid off auto loans no credit cards until recently) it was low mostly due to collections. So I paid those off in exchange for deletes and the score fixed it's self fast.
I haven't had a credit card in over 6 years because I didn't feel financially responsible enough for all of that. But now I definitely am a lot more confident and live on less than I make and have developed good financial habits.
With my new found confidence I took my new credit score out for a spin and in the last 3 months I have opened a discover($5000) an Amex($1000) and 2 days ago I was approved for FNBO ($4100)
I have also refinanced my auto loan with a tiny credit union. That tiny credit union is also offering me a credit card using the exact same hard pull they used for my auto refi. The card isn't something I particularly want. It's super basic. No rewards. No frills.
I kind of want to take it because it's basically an inquiry free line of credit to just bolster my overall available credit. But I'm concerned about adding to many cards to quickly. Was planning on stopping for 6-12 months and gardening.
Should I take this card just for the additional line of credit since it's inquiry free? Will this be to many new accounts to fast? Would this hinder my ability to get cards I actually want in the future?
Any advice would be appreciated!
I would not take the offer.
You have 3 nice cards, all you need for score building.
Use the cards, collect rewards, and enjoy the trip down "Credit Building Ave".
Don't stop and wast time playing with the neighborhood dogs. 
@Kforce wrote:
@Trekkie0707 wrote:Hi everyone first post on the forums! I'm in a bit of a credit card conundrum and thought I'd seek some input from people with more experience than myself.
I am on the upside of rebuilding. Over the last 4 months I've moved my fico score from 580 to 689. My credit file is pretty thick (multiple paid off auto loans no credit cards until recently) it was low mostly due to collections. So I paid those off in exchange for deletes and the score fixed it's self fast.
I haven't had a credit card in over 6 years because I didn't feel financially responsible enough for all of that. But now I definitely am a lot more confident and live on less than I make and have developed good financial habits.
With my new found confidence I took my new credit score out for a spin and in the last 3 months I have opened a discover($5000) an Amex($1000) and 2 days ago I was approved for FNBO ($4100)
I have also refinanced my auto loan with a tiny credit union. That tiny credit union is also offering me a credit card using the exact same hard pull they used for my auto refi. The card isn't something I particularly want. It's super basic. No rewards. No frills.
I kind of want to take it because it's basically an inquiry free line of credit to just bolster my overall available credit. But I'm concerned about adding to many cards to quickly. Was planning on stopping for 6-12 months and gardening.
Should I take this card just for the additional line of credit since it's inquiry free? Will this be to many new accounts to fast? Would this hinder my ability to get cards I actually want in the future?
Any advice would be appreciated!
I would not take the offer.
You have 3 nice cards, all you need for score building.
Use the cards, collect rewards, and enjoy the trip down "Credit Building Ave".
Don't stop and wast time playing with the neighborhood dogs.
I agree with this. When I was in my rebuild I opened up cards that were not of much value to me thinking short-term instead of long-term. You have three great cards. As stated, I would build up those relationships, get some CLI's, garden for awhile, and before you know it you'll be able to pursue your goal cards.
