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Hi all!
Like most I get sucked into the wealth of knowledge here on the forums but I can't seem to find any recent information on my quandary.
I've been able to slowly increase my scores over the last year and a half, but I'm not sure how much additional credit I should apply for. My credit report card from creditkarma gives me all A's and B's in all categories except credit inquiries "C" (for 3 inq's in 2 years) and a big fat "F" for total accounts.
Until this past weekend I only had two open CC's, CapOne since nov 2008 with a $1000 CL, and BoA (1998) with a CL of $2700. My wife convinced me to open a Macy's account a couple of days ago in order to get an extra discount on a mattress, not sure of the CL on this is but it should be somewhere between $1000-$1500 or hopfully more because the total purchase was applied to the new account. As soon as I receive the account info I'll pay the balance off in full because the interest rate is almost 25%!
I've been thinking of applying for some type of rewards card but I'm not sure if I should absorb another inquiry. Other than the Macy's hit, all I've had in the past 2 years is the CapOne from 2008, and one in May of 2009 for my mortgage app.
I'm sure the inq's will hurt for some CC's but I'm not sure which ones, but I'm just curious should I wait or should I press on?
Any advice is appreciated!
Great advise, that makes the most sense in the long run!
The only thing I'm worried about is my scores. I belive they are sub 700 because of my total history or lack of multiple accounts.
Any recommendations for reward cards with my scores? I've been solicited by Discover but I've been too chicken to apply, I guess I'm afraid of denial
@larrylock wrote:Great advise, that makes the most sense in the long run!
The only thing I'm worried about is my scores. I belive they are sub 700 because of my total history or lack of multiple accounts.
Any recommendations for reward cards with my scores? I've been solicited by Discover but I've been too chicken to apply, I guess I'm afraid of denial
Previous posts from members getting approved with scores in the 600's may indicate Discover has lowered the approval requirements.
@Anonymous wrote:
I am in similar situation too..I debating whether to go for Discover More or Chase Freedom. Their rewards are really alike.
I would go for the Discover card if the initial credit line isn't a concern. You may get approve for a higher initial limit with Chase.
@DI wrote:
@Anonymous wrote:
I am in similar situation too..I debating whether to go for Discover More or Chase Freedom. Their rewards are really alike.I would go for the Discover card if the initial credit line isn't a concern. You may get approve for a higher initial limit with Chase.
I'll give Discover a shot and see what happens. Thanks
Anyone ever apply for both?
@larrylock wrote:
@DI wrote:
@Anonymous wrote:
I am in similar situation too..I debating whether to go for Discover More or Chase Freedom. Their rewards are really alike.I would go for the Discover card if the initial credit line isn't a concern. You may get approve for a higher initial limit with Chase.
I'll give Discover a shot and see what happens. Thanks
Anyone ever apply for both?
I got approved for a card with both banks back in July. But Chase took their approval back. Said I had too many recent inquiries. I already had a Circuit City card backed by Chase, but it was closed after Circuit City filed. BK.