hwturner wrote:It does help. A whole lot actually. When I get my report in order I'd like to take advantage of a balance transfer offer but I also want it to be a card that I can grow with. A premier card if you will. I feel like the two mentioned fit that description as well as the Chase Freedom Card.
Another question I have is in regard to limits. I've been reading a lot on the forums and many people have stressed the importance of a higher limit card compared to a smaller limit. Do lenders take into account the limits you already have in a less obvious way? Is there a certain mark you need to hit? I saw someone mention that 5k was the "signature" limit that needed to be crossed.
As always, I appreciate your help!
Yay! Glad to hear
. Chase Freedom is an excellent
card. No Annual Fee, 5% cash back on certain categories (currently Gas Stations, Theme Parks and Kohls. Weird Mix!), and 1% cash back on everything else. Plus, you can get $100 cash back if you spend $500 within the first three months of the card opening. Great deal!
As far as limits, the higher the limit the better. With a high limit across your accounts, this gives you not only a lower credit:debt ratio, but also lower utilization. Utilization is especially
important not only to your credit score but also Lenders. Lenders do take into account the limits
you have, but it is not going to entirely 'make or break' a decision (in terms of applying for a card) and is primarily used for utilization as mentioned above. As far as a certain mark, I am not aware of one. However
, there may be one. I will do more research into that!