Should I open a second card?

[Wrigley2172]

Hi all, just wanted to get some opinions on whether opening a second credit card would be benificial at this point.
22 year old college student
-I currently have a Discover gas/food card in my name that I have had for almost 3 years with a $1500 line.
- Authorized user on Dad's cap1 platinum
-Income of $12,000 a year
-Income hasen't changed since Discover approval so may not get CL increase hence possibly opening new card to reduce utilization

Trans union score of 764 as of last month unsure on my other scores at the moment wanted opinions before purchasing full report. Looking into straight 1.5% back cards. Got pre qual on standard quicksilver card and I think i would be able to get freedom unlimited if I apply

Sorry for the long worded post its my first one. Any help is much appreciated!

[Gollum]

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@Wrigley2172 wrote:
Hi all, just wanted to get some opinions on whether opening a second credit card would be benificial at this point.
22 year old college student
-I currently have a Discover gas/food card in my name that I have had for almost 3 years with a $1500 line.
- Authorized user on Dad's cap1 platinum
-Income of $12,000 a year
-Income hasen't changed since Discover approval so may not get CL increase hence possibly opening new card to reduce utilization

Trans union score of 764 as of last month unsure on my other scores at the moment wanted opinions before purchasing full report. Looking into straight 1.5% back cards. Got pre qual on standard quicksilver card and I think i would be able to get freedom unlimited if I apply

Sorry for the long worded post its my first one. Any help is much appreciated!

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I think you should stay with what you already have until you are no longer in school and are working full-time. You're doing very well credit-wise if your TransUnion score is a FICO score. If you want to reduce your utilization percentage, I think you should do so by paying down your existing credit card debt. If you can't do that right now, that's not necessarily a big deal, depending on your job prospects after obtaining a degree: you're a 22 year-old college student. If you just want to add to your total credit limit, I think you should just stick with what you already have as stated above.

[Jnbmom]

I would definitely choose Chase over Capital one any day of the week Have you tried the chase prequalify?

[Anonymous]

Between the Quicksilver and Freedom Unlimited, I'd recommend the Freedom Unlimited. Capital One is very weird when it comes to their credit card approval process, in terms of how they decide to approve. I applied for the Quicksilver and some of the reasons they gave for denial I thought were bizarre. Some of the reasons were I don't have enough experience with high credit lines (probably refering to $5000 and up), I don't have experience with high balances. I applied for the Freedom Unlimited, denied first time, approved the 2nd time (prequalified offer from Chase though) with a then credit score of arround 690. Current FICO (Wells Fargo) is 747.

Discover does soft pulls for CLIs, just ask them. Sometimes automatic, sometimes you just have to ask.

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US Bank Cash+ Visa Signature $5000 | Chase Freedom $1500 | JCPenney $1500 | Bank of America Cash Rewards $500 | Discover It Cash Back $3500 | American Express Blue Cash Preferred $6000 | Chase Freedom Unlimited $1500

[Anonymous]

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@Wrigley2172 wrote:
Hi all, just wanted to get some opinions on whether opening a second credit card would be benificial at this point.
22 year old college student
-I currently have a Discover gas/food card in my name that I have had for almost 3 years with a $1500 line.
- Authorized user on Dad's cap1 platinum
-Income of $12,000 a year
-Income hasen't changed since Discover approval so may not get CL increase hence possibly opening new card to reduce utilization

Trans union score of 764 as of last month unsure on my other scores at the moment wanted opinions before purchasing full report. Looking into straight 1.5% back cards. Got pre qual on standard quicksilver card and I think i would be able to get freedom unlimited if I apply

Sorry for the long worded post its my first one. Any help is much appreciated!

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Sure, why not, either QS of CFU should work for you. You can add an amex if you want, just to get into the door of two new lenders.

[Priory_Man]

I'm with Gollum on this one, if you are only opening another TL to help with your UTI, your first action should be to reduce your current UTI on the Disco card, therefore negating the need for a second card.
If at all possible stay away from getting a second card until you have graduated and your annual income increases.
However, with that been said, if you have to have that second card then the CFU would be the better choice .

[800FICOGoal]

I also agree with Gollum. With your income I just don't see the need to risk additional credit. Address any utilization issues you have by paying down the Discover card.

[HeavenOhio]

Welcome, @Wrigley2172.

I think that opening a second card is fine unless you're going to see an increase in income soon. In that case, I'd wait for the increase.

With the history on your Discover card, you should have no problem obtaining either of the cards you mention. As mentioned, AMEX is another possibility. But I'd prioritize getting a Visa or MasterCard first.

I agree with asking Discover for a CLI. The worst they can do is say no. But you might be pleasantly surprised.

Don't rely on Card B to prop up utilization on Card A. If you deal with utilization at the individual card level, overall utilization will take care of itself. Given your TU score, it's probable that your current utilization is fine.

Also, don't worry about "getting in the door" with a bank. That can happen organically. Your credit report is in great shape. The only thing you need to watch out for is income. Don't apply for cards like the Sapphire Preferred or the Venture that have high minimum starting limits.

You can get a free Experian score via Discover Credit Scorecard. This is separate from the TU score you get with your Discover card and is available to cardholders and non-cardholders alike.

[Anonymous]

I'd say go for it. I was going to say Chase over Cap One due to the number of hard pulls, but if this is going to be your only new credit for a bit, it really doesn't matter much. Both cards will allow you access to the cash back at any level, but chase updates each statement period whereas Cap One seems to make it available shortly after the charge posts if that's important for you.

As for the utilization, a $1500 line can be tough to keep low UTI even if you are paying in full each month. If you're carrying a balance, that's something to address, but if you're just looking at adding to your available credit so you don't hit a high UTI by charging a few bills/expenses that you intend to pay off right away, then that seems like a good move. Seeking a CLI on Disco would also be a good thing to try. Probably even better for the reasons HeavenOhio pointed out.

[Anonymous]

I'd also say go for it.
After you try for a cli. With Disco. If you go capital one be aware triple hard pull.
Getting in with Chase early make sense with the 5/24 rule( you never know what you might open in next couple years.
I'd get cli. Disco if that's enough u r good if not take your pic..
Do you shop alot at Amazon? Both cards can grow quickly I know my Amazon prime store card helped my utilization got cli. After 2nd statement.