Re: Would Like to Add a Third CC, but unsure when ... - myFICO® Forums

FICONewbie62 · ‎06-22-2023

I have only 1 CI on my latest #3B Report and am thinking about adding a 3rd CC. I receive offers each day via Experian and also see offer in the mail.

My current scores are

EQ 777

TU 788

EXP 758

My total limit on my existing 2 CC is only $7.000, so I would like to increase that. My average age of accounts is 9 years, 3 months.

Just need advice on timing of CC application, the impact of having another Inquiry (temporary/minimal I imagine), and impact of a reduction in the reduction in AAoA.

I have 1 credit union CC, and a Discover IT card.

Any thoughts on the next best steps. Apologies for being a Newbie - this is my first posting.

Thanks in advance for any advice!

MileHigh96 · ‎06-22-2023

Welcome to the forum!

I would suggest getting one from a CU as you can almost always get a better interest rate and usually you can get really decent credit limits. Just a few I would recommend would be Navy Federal (if you are eligible to join), PenFed, Affinity, and while I'm not a member at BECU, there's been great things reported about them on this forum.

As far as timing or anything like that, doing it any time should be fine with your scores and other DP's you provided. Sure, your score will take a temporary hit, but it won't last long at all.

I'm sure that others will chime in with their thoughts as well. And again, welcome!

BK7 discharged - 06JUL2021
Loans:

Revolving Accounts (in the order they were opened):

Ally Everyday Cash Back Mastercard (converted from Ollo Platinum Rewards Mastercard) $4800 CL (opened 7/21/21)

Mercury Mastercard $4360 CL (opened 7/23/21)

Upgrade Triple Cash Rewards Visa Card $17,500 LOC (opened 8/4/21)

PenFed Pathfinder Rewards $6000 CL (opened 11/9/21)

Dell Pay Credit (converted from Dell Financial Services account) $6500 CL (opened 12/6/21)

Capital One Kohls Visa (converted from Kohls store card) $4050 CL (opened 12/13/21)

Upgrade Cash Rewards Visa Card $7,000 LOC (opened 3/17/22)

Capital One Quicksilver MC (PC'd from a Platinum card) $3200 CL (opened 5/6/22)

Capital One Savor One MC $5000 CL (opened 10/20/22)

Merrick Bank Double Your Line MC $2500 CL (opened 11/1/22)

NFCU cashRewards Plus $36000 CL (opened 3/17/23)

Affinity FCU Pure Rewards Visa $1500 CL (opened 5/18/23)

Bread Cashback AmEx $12500 CL (opened 5/23/23)

Canvas CU Platinum Elite MC $3000 CL (opened 5/25/23)

NFCU Go Rewards Visa $23000 CL (opened 6/16/23)

Petco Pay Mastercard $5100 CL (opened 6/29/23)

My GM Rewards Card Mastercard $5500 CL (opened 8/1/23)

Denver Broncos Extra Point Visa $9500 CL (opened 12/8/23)

NFCU More Rewards AmEx $17000 CL (opened 2/8/24)

Ally Unlimited Cash Back Mastercard $3000 CL (opened 4/3/24)

Service Credit Union Everyday Visa $2500 CL (opened 8/19/24)

BECU Cash Back Visa $16000 CL (opened 8/21/24)

Closed accounts:

Mission Lane Visa - first starter card after discharge (opened 7/7/21 - closed 4/1/23)

Capital One Quicksilver MC (downgraded from a Walmart Rewards MC and transfered CL to older QS card) (opened 11/4/22 - closed 04/09/25)

Best Egg Visa (opened 05/17/22 - closed 04/14/25)

0/6, 2/12, 5/24 new accounts
TCL: $164.5K

SouthJamaica · ‎06-22-2023

@FICONewbie62 wrote:
I have only 1 CI on my latest #3B Report and am thinking about adding a 3rd CC. I receive offers each day via Experian and also see offer in the mail.
My current scores are

EQ 777
TU 788
EXP 758

My total limit on my existing 2 CC is only $7.000, so I would like to increase that. My average age of accoiunts is 9 years, 3 months.

Just need advice on timing of CC application, the impact of having another Inquiry (temporary/minimal I imagine), and impact of a reduction in the reduction in AAoA.

I have 1 credit union CC, and a Discover IT card.

Any thoughts on the next best steps. Apologies for being a Newbie - this is my first posting.

Thanks in advance for any advice!

Welcome to the forum.

Here's my advice:

1. Forget the "offers"; you figure out what you want and apply for it. Don't let marketing steer your decisions.

2. You've earned very good scores, so you don't have to worry about this application.

3. Yes you'll lose some points short term. In a relatively "thin" profile like yours you might lose 25 points or so, but you'll see them come back within a couple of months. Especially with the fact that you're moving to 3 cards, which gives you an opportunity to shape your utilization more. (E.g., you could let one card report a balance, and have the other 2 report zero balances, which is like steroids for your FICO scores)

So my advice on timing is : Any time you feel like it; you're in good shape.

Unify FCU Platinum Visa Variable Rate 35k

TD Bank Business Solutions Visa (Bus) 23700

FNBO Evergreen Business Edition Visa (Bus) 20k

Liberty (formerly Evansville Teachers) FCU Platinum Prime Plus MC 15k

US Bank Triple Cash Rewards Visa (Bus) 12k

Geo-fenced credit union Platinum Visa 10500

Members 1st FCU Low Rate Platinum Visa 5k

PLOC: Langley FCU 40k; Penfed CU 15k; NFCU 15k; Teachers FCU 15k; Affinity FCU 10k. BLOC: NFCU 5k

Total revolving limits 568220 (504020 reporting) FICO 8: EQ 689 TU 691 EX 682

FireMedic1 · ‎06-22-2023

What cards do you have now?

BK Free Aug25

FICONewbie62 · ‎06-22-2023

Thanks so much for the quick responses and the welcome/advice. What a great forum.

I have a Georgia Federal Credit Union CC and a Discover It CC. I practice the AZEO and I stay under 3% on my report day utilization.

FireMedic1 · ‎06-22-2023

Well of course your going to get a bunch of examples on what to go for. Im newer to AMEX. But man they have treated me right. You can give the AMEX pre-qual a check. The BCP has nice perks and CLI's have been easy at least for me. Went from $1000 to $9500 in 4 months with a BK reporting. Thats my 2 cents.

https://card.americanexpress.com/d/pre-qualified-offers/?utm_mcid=&utm_source=google&utm_medium=cpc&...

BK Free Aug25

FICONewbie62 · ‎06-22-2023

Thanks for that suggestion FireMedic. An additional question I have, after seeing folks with so many cards - how often are you applying for new cards, and doesn't that large number drag down your AAoA to almost nothing??

GZG · ‎06-22-2023

@FICONewbie62 wrote:
Thanks for that suggestion FireMedic. An additional question I have, after seeing folks with so many cards - how often are you applying for new cards, and doesn't that large number drag down your AAoA to almost nothing??

the more accounts you have, the less impact future accounts have on your AAoA

So it might not be great to go from 9 years to 7 years or something because you only have a few accounts now, lowering of AAoA shouldn't be a reason to not go out and get the credit products that you want.

what do you spend the most on? perhaps that would be a good place to start in order to figure out what CC you might want to apply for

Starting FICO 8:

Current FICO 8:

4/6, 4/12, 8/24 new accounts

FICONewbie62 · ‎06-22-2023

Thanks GatoraidZero (I drink that too!),

so, it sounds as if I can stomach the big drop in score for a few months, I will bounce back, and then keep a good score moving forward - even though the AAoA will take a dive.

I see you guys with all of these cards, and I say "how do they do that without getting hammered on their scores". You guys are pros!

GZG · ‎06-22-2023

@FICONewbie62 wrote:
Thanks GatoraidZero (I drink that too!),

so, it sounds as if I can stomach the big drop in score for a few months, I will bounce back, and then keep a good score moving forward - even though the AAoA will take a dive.

I see you guys with all of these cards, and I say "how do they do that without getting hammered on their scores". You guys are pros!

and rather than just looking at a score or metrics like AAoA, imagine if you could argue your credit report with words instead of numbers, which sounds better:

I had two credit cards over 10 years with an average limit of $3500 and a high limit of $5000 and $7000 in total CL.

I had five credit cards over 10 years, with an average limit of $5,000 and a high limit of $10,000 and $35,000 in total CL.

which person would you lend more money to?

Starting FICO 8:

Current FICO 8:

4/6, 4/12, 8/24 new accounts

Would Like to Add a Third CC, but unsure when to do it.

Would Like to Add a Third CC, but unsure when to do it.

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Would Like to Add a Third CC, but unsure when to do it.

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Would Like to Add a Third CC, but unsure when to do it.

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