How many CC should I apply for?

[Anonymous]

So, I have worked extremely hard to get my scores up. At one point I was at 424. Now, my TU is 729, EX 645 and EQ 662. I only had a secured card for $300 limit. Anyways, I was approved for 15,000 CC from NFCU and they also refinanced my car loan which was a TREMENDOUS help. I have never posted in here but had been viewing various posts. I have seen where people state you should have 3 CC's. I will only now have the NFCU one and the secured card (OneUnited Bank). Being that I was approved yesterday for the refinanced car loan and the CC, should I look to apply for one more CC? Maybe AMEX if so? 

All advice is appreciated. 

[Anonymous]

Congratulations on all your hard work paying off! Well done!

Is there a specific spend or reward/cash/points/travel that you are perhaps looking for? Obtaining one additional card now would not be bad considering where you were and where you are. Also, th HP will age-off when the NFCU HP(s) does/do, so the timing would be good as well.

[Brian_Earl_Spilner]

3 cards will maximize your score boost. I've heard 4 just for Equifax. Check the prequalify page, but your EX is on the low side for amex so you should expect a SL of $500 or $1000

[Anonymous]

Thank you. I have the cash rewards on the one from NFCU, so I'd probably look for points or travel rewards. Should I look for the other card from NFCU again or elsewhere (maybe PenFed, but I'm not a member there)?

[Anonymous]

OP—I personally like to spread my CC around some, a little diversity. I also agree with the suggestion to check prequalified offers. There are many travel cards/programs, and only you can determine which is best for you. If you check prequals and want help/suggestions narrowing down your choices or just to bounce ideas off of, we’re all here!

[Anonymous]

Thank you very much. I appreciate it. I do like the PenFed Platinum Rewards Card, but I have to apply for their CU as well. Is that normal to have more than one CU? That may be a dumb question, but I had to ask anyways lol

[Anonymous]

“Normal” around here is anything but “normal!”

I belong to 5 CUs and 2 banks. So if there is a product or service at a bank or CU you want/need. Go for it!

[Anonymous]

Congrats on your Awesome achievement and Welcome Aboard! Feels great doesn't it? I'd say yes choose the card(s) that would immediately fit into your current lifestyle. I'm calling it my first real credit card I was approved for after I dug myself out of the hole was Discover. The CB Match and rotating quarterly 5% categories appealed to me the most especially the restaurant quarter

[SouthJamaica]

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@Anonymous wrote:

So, I have worked extremely hard to get my scores up. At one point I was at 424. Now, my TU is 729, EX 645 and EQ 662. I only had a secured card for $300 limit. Anyways, I was approved for 15,000 CC from NFCU and they also refinanced my car loan which was a TREMENDOUS help. I have never posted in here but had been viewing various posts. I have seen where people state you should have 3 CC's. I will only now have the NFCU one and the secured card (OneUnited Bank). Being that I was approved yesterday for the refinanced car loan and the CC, should I look to apply for one more CC? Maybe AMEX if so? 

All advice is appreciated. 

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@Anonymous suggestion would be to let the dust settle a bit, since you now have a great card with a great institution and an excellent credit limit. I would try to just build up the track record a while over the next months, and in the interim research various travel rewards options. I agree with @Anonymous that it is best to diversify, so look at a travel points card from another institution. There are several excellent blogs which specialize in analyzing travel rewards cards, and of course there are a lot of fantastically detailed and knowledgeable posts about travel cards in the "credit cards" section of the MyFICO forum, so your opportunities for researching the subject abound. Travel cards are the one area in which I would suggest that you are probably better off with a bank than a credit union.

[Thomas_Thumb]

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@Anonymous wrote:

So, I have worked extremely hard to get my scores up. At one point I was at 424. Now, my TU is 729, EX 645 and EQ 662. I only had a secured card for $300 limit. Anyways, I was approved for 15,000 CC from NFCU and they also refinanced my car loan which was a TREMENDOUS help. I have never posted in here but had been viewing various posts. I have seen where people state you should have 3 CC's. I will only now have the NFCU one and the secured card (OneUnited Bank). Being that I was approved yesterday for the refinanced car loan and the CC, should I look to apply for one more CC? Maybe AMEX if so? 

All advice is appreciated. 

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I think three unsecured credit cards that have potential for significant credit limits (meaning $10k or higher) is a good starting point. So, I'd suggest two more credit cards.  After your oldest unsecured CC reached 12 months ditch the secured card. Longer term having five credit cards would help bolster your credit file. Discover card and AMEX are a couple good choices but, there are many other options.