@Amarie003 wrote:
Thanks for commenting!
I don't know what it is with Cap 1 but I've had that card since early 2011 and it started with $300 limit and after 6mnths went to $500 and then stopped.. I have friends who have had multiple increases with them, yet I haven't had another since. I've never been late on paying it and I've carried constant balance on it since opening.
Also, USAA is offering me their AMEX rewards card. My only hesitation is that I want to look diversified when lenders pull my report (when i eventually apply for a mortgage) and as of today I already have had a personal loan and a car loan with them.
For a mortgage and probably for everything else it won't matter in the slightest.
Have to remember that historically (since banking was invented) the vast majority of humanity used one bank for all their services and this likely continued up through nearly 2000; was only in the last decade and change that competition really ramped up especially in the credit card market: having a credit card, auto loan, personal loan, and presumably your insurance (?) through USAA is no trouble at all.
If you want the card for rewards or what not, and you can afford the inquiry, by all means take it; that said, USAA is not a top tier credit card issuer, and from a rewards perspective it might be better if you checked elsewhere. The Chase card depending what they're offering might be ideal based on your lineup as if you can get a Slate, you can get a Freedom which isn't a bad little card at all.
ETA: if you're more than a year out to a mortgage then you can likely afford the inquiry; if less than a year, I'd sit on my hands, clean up the balances as user49834 suggests, and hold out for the mortgage to close, after which, make any changes you want. Is what I did until recently after my own mortgage plans were postponed possibly by years, after which I got greedy and picked up two cards I wanted heh.
@Amarie003 wrote:
All great points. I like your reasoning :-)
And thanks for the mini history lesson haha (no sarcasm intended). Realistically, I definitely am around 1-2 years away from a mortgage..
I'll have to do some research on Chase Slate. I like USAA's rates for their cards, but I have to see if I'd actually use/benefit from the cards' rewards.
All in all, I really just don't want to get caught in another situation like I'm in with Cap 1.
Cap 1 is particular in that they've traditionally been a subprime lender: you may be able to request a CLI (it's a SP) and if it doesn't work, might be able to get one through the Executive Office as many others have; your experience is definitely not an outlier with them, most people don't get CLI's from them after the initial 1-2 historically (there I go again!)
Re: Chase Slate - it's a balance transfer / carrying card; if you don't want / need balance transfers, and it doesn't look like you're carrying that much in debt (just looks that way compared to your limits) apply for the Freedom instead in my opinion. Decent rewards card without an AF, entry into the Chase suite of products which isn't a bad place for anyone to be.
Beyond that before you make changes I'd recommend you take a look at where your spending is with a budgetting exercise: if you do a lot of grocery shopping then something with rewards on groceries might make sense, or a lot of driving, or a lot of whatever... optimize your credit card rewards by looking where you spend money and then pickup 1-2 cards which match what you need before sitting on your hands again pre-mortgage in my opinion.