When should I apply another credit card?

[Anonymous]

I applied my wells fargo Cash Back(SM) credit card two years ago and it is my first credit card, I made every full payment on time for the last two years。Basically most of my spending is restaurant and supermarket.

This August I applied discover more card and get approved, I also got a credit report said my TU score is 737.

Here is my question:

1.       I heard that the chase freedom offer $250 cash back bonus online (https://applynowdc1.chase.com/FlexAppWeb/renderApp.do?SPID=DJK7), and I also need the cash back on restaurant for Jan. to Mar. on that card, so I am going to apply it. Since I just got my discover credit card, is that OK to apply chase freedom now, will this affect my credit score a lot? And I am also not sure is it really $250 bonus.

2.       Last October I went to and Macy’s store and open a Macy’s Star Reward Card, I am not sure this one counts as a credit card (it only has 12 digitals on the card, and there is no visa/mastercard sign), is this one a store card or credit card?

Any and all is welcome! Thanks!

[Wolf3]

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@Anonymous wrote:

I applied my wells fargo Cash Back(SM) credit card two years ago and it is my first credit card, I made every full payment on time for the last two years。Basically most of my spending is restaurant and supermarket.

This August I applied discover more card and get approved, I also got a credit report said my TU score is 737.

Here is my question:

1.       I heard that the chase freedom offer $250 cash back bonus online (https://applynowdc1.chase.com/FlexAppWeb/renderApp.do?SPID=DJK7), and I also need the cash back on restaurant for Jan. to Mar. on that card, so I am going to apply it. Since I just got my discover credit card, is that OK to apply chase freedom now, will this affect my credit score a lot? And I am also not sure is it really $250 bonus.

2.       Last October I went to and Macy’s store and open a Macy’s Star Reward Card, I am not sure this one counts as a credit card (it only has 12 digitals on the card, and there is no visa/mastercard sign), is this one a store card or credit card?

Any and all is welcome! Thanks!

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Now is a good time for Chase, you have a great score and this will not affect it a lot.   Yes you do get $250 cash back if you spend $500 in the first 3 months, then wait a couple more months for it to post.   Thats a good deal, $100 is the normal offer.

Your MACY's is a store card (which is a credit card).

[Anonymous]

Thanks for the reply, but I still do have some questions:

1. So you mean I can apply chase freedom and my credit score wont be affected a lot, why so many friends tell me not to apply another credit card within 6 months?

2. For the macy's card, actually I haven't use it for a long time. So for my credit score consideration, should I close it or remain it open?

Need more advise, thanks !

[haulingthescoreup]

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@Anonymous wrote:

Thanks for the reply, but I still do have some questions:

1. So you mean I can apply chase freedom and my credit score wont be affected a lot, why so many friends tell me not to apply another credit card within 6 months?

2. For the macy's card, actually I haven't use it for a long time. So for my credit score consideration, should I close it or remain it open?

Need more advise, thanks !

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You might want to do some reading around here on the more popular threads. Many of them are "stickied" up at the top of the various boards; some are linked down in my signature below. The advice you get will make more sense if you have some background knowledge to attach it to.

You don't want to app for so many cards close together that you lower your AAoA (average age of accounts) by a year. There's nothing wrong per se with multiple apps in a short period of time, if you know what you're doing. But you don't want to be getting a new card every month for the rest of your life, either.

Don't close an unused card just for the sake of tidying up. It helps your length of history. Read fused's "Closing Credit Cards" to learn more.

[Wolf3]

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@Anonymous wrote:

Thanks for the reply, but I still do have some questions:

1. So you mean I can apply chase freedom and my credit score wont be affected a lot, why so many friends tell me not to apply another credit card within 6 months?

2. For the macy's card, actually I haven't use it for a long time. So for my credit score consideration, should I close it or remain it open?

Need more advise, thanks !

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Your score will go down a little, but you have a high score, so not that big a deal.   Let's not forget, that is big bonus for getting a CC.   If your credit was marginal, you would want to wait. 

Keep the Macy's open, it adds to your credit.   If you never shop there, just wait for them to close it.