When should I get a new card?

[Jojo567]

I'm recently started building my credit at 22. So my AAoA is 10 months, I have 15 HP from an Auto loan. My current cards are PayPal CB MasterCard($3250), Discover($1700), Cap1 QS($500), Cap1 Journey ($500), and Petal card($750). I know I won't be able to get a Chase card but, I'm interested in the blue cash everyday from American Express, I wanted to start building history with them. My utilization is between 15-20%, I always pay my statements in full.
My exp. 697, eq 704, tu 710

[Anonymous]

amex pulls ex so you might want to wait til it's above 700 for your best shot at approval, but they have a prequal check so that can tell you if you've got a good chance too. the 15hps for the auto loan will count as just 1, and if you get denied for that reason alone, you could call in and recon it.

[FinStar]

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@Anonymous wrote:

amex pulls ex so you might want to wait til it's above 700 for your best shot at approval, but they have a prequal check so that can tell you if you've got a good chance too. the 15hps for the auto loan will count as just 1, and if you get denied for that reason alone, you could call in and recon it.

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@Anonymous, the bolded statement is not entirely accurate.  From a scoring perspective, and if coded properly, auto finance inquiries can be binned together depending on the timeframe they occurred.  A lender's algorithm can view and consider the 15 inquiries individually, however.  

[CreditInspired]

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@Jojo567 wrote:
I'm recently started building my credit at 22. So my AAoA is 10 months, I have 15 HP from an Auto loan. My current cards are PayPal CB MasterCard($3250), Discover($1700), Cap1 QS($500), Cap1 Journey ($500), and Petal card($750). I know I won't be able to get a Chase card but, I'm interested in the blue cash everyday from American Express, I wanted to start building history with them. My utilization is between 15-20%, I always pay my statements in full.
My exp. 697, eq 704, tu 710

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Hi and welcome

Since you already have 3 CCs and an installment loan, your credit mix is optimal for scoring purposes. Now is the PERFECT time for you to sit back, take great care of your credit products, and let your credit history age. 12 months would work wonders. 

Congrats on your successes to date. 

[AverageJoesCredit]

Im just curious if you always PIF, how is your utilization so high?

Also i think you are ok for now on cc's but wait at least til you have 1 year aaoa to apply Amex

[Anonymous]

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@AverageJoesCredit wrote:
Im just curious if you always PIF, how is your utilization so high?

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If you wait till your statement cuts and pay in full, your utilization can be high.

And I would argue that unless you're trying to overcome severe negatives, 15-20% utilization is  just fine. A good credit score is NOT a mysterious prize in a videogame where you have to follow a series of steps. It's more a matter of "don't screw it up and you'll be fine." 

Let credit age, don't ever have a late or a default and you'll join the very large percentage of Americans with excellent credit who never give it any thought at all because there's no need to.

[Brian_Earl_Spilner]

You should get a new card when you need or have a use for it. 

[Remedios]

@Jojo567  Best time to apply is when you need it 

My only concern would be (when talking about Amex applications) is presence of negative info on your credit report.

At this time, your scores are indicative of either a derog or really high utilization, which you don't have.

It doesn't mean you wont get approved, but it will probably be with a low(ish) limit and high APR (irrelevant if PIF, very relevant if that changes). 

You can check their preapprovals page and see if anything pops up. Core revolvers probably have identical UW criteria, so if one shows up, you're most likely good to go for the one you want.

Good luck

[Aim_High]

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@Anonymous wrote:

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@AverageJoesCredit wrote:
Im just curious if you always PIF, how is your utilization so high?

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If you wait till your statement cuts and pay in full, your utilization can be high.

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Concur that not making payments until statement cut could lead to higher recorded utilization.

However, even though OP reported (5) lines of credit, total credit lines are only $6,700.

If OP uses credit cards instead of other methods to pay most of monthly expenses, 15-20% is not unreasonable.

On a monthly basis, 20% of $6700 = $1,340 and 15% of $6700 = $1,005. 

That's only an annual spend on cards of $12,060 to $16,080.

While I've never done it, I have heard of people being able to even put their rent on cards.