Should I add more cards?

kyle7610 · ‎03-22-2011

Hi all. First post.

I'm looking for advice on adding credit card accounts and building credit history.

A little about me:

- Currently have one credit card (Discover More). The account has been in my name only for almost two years, although the account age is almost a decade due to me being listed as an authorized user when my mother had an account. The current limit is $4000 after Discover raised my limit from $1250 a few months ago.

- Just applied and was a approved for an AMEX Blue Cash Card. I selected it largely because it rewards two things (gas and groceries) that I spend a large portion of my income on. I was just approved a few days ago, so I won't know my limit until the card arrives in the mail. I figured that I was likely to be approved because I received a notice for pre-approval for an AMEX Gold Card a few days prior to my application.

- I'm unsure of my current credit rating, however, when I recently re-financed my car loan and my Experian score was pulled, it came back as 776. After removing several errors from my Equifax reports, I have no negative accounts/information on any report. No late/missed payments, collections, judgements, etc.

- In total, I currently have one credit card (with another on the way), a very small student loan, and a car loan on my credit report. All paid, current and never late.

So, with that, my main question is whether I should be applying for more cards, or leave it at two for now? I figure that I'll add more cards at some point, but I don't know if now would be a good time to open accounts and get more established, seeing as how I've only had one to myself for not even two years. After the Discover that I currently have and the AMEX I was approved for, does anyone have any suggestions for another card, if at all?

I was contemplating applying for a Visa, possibly the Capital One VentureOne card (no annual fee air miles card). If I do, I would be looking to apply quickly, just for the sake of keeping the apps relatively close and the inquiries coming off at the same time.

Any advice? Thanks in advance.

aftermath · ‎03-22-2011

Both of your cards consist of the "least" accepted card "networks" by retailers. It is a good idea to have a VISA or MASTERCARD as backup. I would go with something that has a good cash back rewards programs such as Chase Freedom or better yet, a Penfed Visa Platinum Cashback Rewards.

American Express Blue Cash Everyday $6600
Barclays US Airways Premier World Mastercard $14500
Chase Sapphire Preferred $5000
Chase Freedom Visa $1000
Chase United Explorer $8500
Citi AAdvantage Platinum Select Visa Signature $7500
Citi ThankYou Premier World Mastercard $7500

DI · ‎03-22-2011

I'm a bit confused. Is the Discover account your account or are you just an AU? If you're just an AU, you should try applying for one with Discover first. Regardless, you should apply for about 2-3 more cards. Some like to apply all as once so that the accounts can age at the same time. And some like for their inquiries to all fall off at the same time. to they apply all at once too.

Anonymous · ‎03-22-2011

5 cards seems to be a good number. I would go 4 majors and 1 store card (choose a store that you really like). Don't really need more than that. Agree with DI re: apping all at the same time. Shoot for:

- 0% APR for 6 - 12 months, $0 annual fee, lowest interest rate, rewards you can use

kyle7610 · ‎03-22-2011

Sorry if I was vague about the Discover. I was added as an authorized user in 2001 when she opened the account. I continued to be an authorized user up until late 2008 when she passed away. After that, the account was closed. However, I applied for my own card with Discover less than a year later and was approved.

So, in total, I've been on the account for about 10 years. However, I have been the account holder (not an authorized user) for just about 2 years. The age of the account kicked back to 2001 when it was established after I applied for myself in 2009.

In reference to the cards, I figured that at least a Visa should be in order. I just don't know whether to space it out, or just get it over with and apply now, adding inquiries and possibly risking a denied application. Although my credit rating should be pretty good, and I don't plan on applying for a mortgage/loan any time in the near future (at least a year), I don't know If I should just coast with the Discover and AMEX for a while before I apply for more. I don't want to appear desperate for credit, because I'm not, but I also figure that I'm young, and establishing/building credit could serve as a viable explanation for multiple inquiries at once.

Since I'll probably be covered with Cash Back (AMEX will probably be my primary card until the 5% kicks in), I was going to look for an miles reward Visa, since my hopeful next job will periodically take me out of the country.

Anonymous · ‎03-22-2011

@aftermath wrote:
Both of your cards consist of the "least" accepted card "networks" by retailers. It is a good idea to have a VISA or MASTERCARD as backup. I would go with something that has a good cash back rewards programs such as Chase Freedom or better yet, a Penfed Visa Platinum Cashback Rewards.

+1

Anonymous · ‎03-22-2011

@Anonymous wrote:
5 cards seems to be a good number. I would go 4 majors and 1 store card (choose a store that you really like). Don't really need more than that. Agree with DI re: apping all at the same time. Shoot for:

- 0% APR for 6 - 12 months, $0 annual fee, lowest interest rate, rewards you can use

+1

Anonymous · ‎03-22-2011

@kyle7610 wrote:

Since I'll probably be covered with Cash Back (AMEX will probably be my primary card until the 5% kicks in), I was going to look for an miles reward Visa, since my hopeful next job will periodically take me out of the country.

Good Idea!! Choose a card carefully ~

Anonymous · ‎03-22-2011

@kyle7610 wrote:
Sorry if I was vague about the Discover. I was added as an authorized user in 2001 when she opened the account. I continued to be an authorized user up until late 2008 when she passed away. After that, the account was closed. However, I applied for my own card with Discover less than a year later and was approved.

So, in total, I've been on the account for about 10 years. However, I have been the account holder (not an authorized user) for just about 2 years. The age of the account kicked back to 2001 when it was established after I applied for myself in 2009.

In reference to the cards, I figured that at least a Visa should be in order. I just don't know whether to space it out, or just get it over with and apply now, adding inquiries and possibly risking a denied application. Although my credit rating should be pretty good, and I don't plan on applying for a mortgage/loan any time in the near future (at least a year), I don't know If I should just coast with the Discover and AMEX for a while before I apply for more. I don't want to appear desperate for credit, because I'm not, but I also figure that I'm young, and establishing/building credit could serve as a viable explanation for multiple inquiries at once.

Since I'll probably be covered with Cash Back (AMEX will probably be my primary card until the 5% kicks in), I was going to look for an miles reward Visa, since my hopeful next job will periodically take me out of the country.

This is an excellent reason to go for the Capital One. They have 0% foreign tranaction fee.

Anonymous · ‎03-22-2011

@Anonymous wrote:

@kyle7610 wrote:
Sorry if I was vague about the Discover. I was added as an authorized user in 2001 when she opened the account. I continued to be an authorized user up until late 2008 when she passed away. After that, the account was closed. However, I applied for my own card with Discover less than a year later and was approved.

So, in total, I've been on the account for about 10 years. However, I have been the account holder (not an authorized user) for just about 2 years. The age of the account kicked back to 2001 when it was established after I applied for myself in 2009.

In reference to the cards, I figured that at least a Visa should be in order. I just don't know whether to space it out, or just get it over with and apply now, adding inquiries and possibly risking a denied application. Although my credit rating should be pretty good, and I don't plan on applying for a mortgage/loan any time in the near future (at least a year), I don't know If I should just coast with the Discover and AMEX for a while before I apply for more. I don't want to appear desperate for credit, because I'm not, but I also figure that I'm young, and establishing/building credit could serve as a viable explanation for multiple inquiries at once.

Since I'll probably be covered with Cash Back (AMEX will probably be my primary card until the 5% kicks in), I was going to look for an miles reward Visa, since my hopeful next job will periodically take me out of the country.
This is an excellent reason to go for the Capital One. They have 0% foreign tranaction fee.

+1

It really adds up if you get charged with 2~3% on every purchase you make in foreign countries.

Kyle, Enjoy the trips!!