Should I apply for another credit card right now?

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justaquestion
 
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Should I apply for another credit card right now?

Postby justaquestion » Wed Jun 20, 2012 5:32 pm

Hi all.

I currently have two credit cards: a Bank of America/Visa Student Platinum, which has no perks, terrible customer service, and a $1,000 credit limit, and an American Express Zync (which has no limit). I just applied for an American Express Blue Cash Preferred today, and was approved with a $4,800 credit limit.

Now, I would like to replace the terrible BOA card with something that doesn't suck (but also is Visa/MasterCard, so I can use it where I can't use Amex). Should I apply for another card now? Does having just applied for the Amex card today hurt my chances? I did a CreditKarma credit check yesterday, if that has any impact on my score or credit report.

Other relevant info: I have ~1,500 of assets right now, but will have several thousand more in a couple of weeks once my parents transfer money into my account for school. My credit score is in the 710s.

So: if I apply for another card now, will I get accepted? Should I wait until I have more money in my bank account? Should I wait several months until there is no recent activity and my average utilization percentage is lower? Do you have any recommendations on what card to apply for?

Thanks a lot!


MemberSince99
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Postby MemberSince99 » Wed Jun 20, 2012 7:04 pm

It's really impossible to answer that with what we know. The fact you got approved for the BCP today is a good sign though and you may well be able to pick up another better card if you want to ditch BOA. That's about all anyone can really tell you.

DavidNY
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Postby DavidNY » Wed Jun 20, 2012 7:33 pm

Can you call BofA and ask to convert to the Cash Rewards card?

justaquestion
 
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Joined: Wed Jun 20, 2012 5:26 pm
Location: Connecticut

Postby justaquestion » Wed Jun 20, 2012 7:59 pm

What other information is relevant? I have never been late on a payment, and have a relatively low utilization %.

I will try calling BofA.

Will the Amex application (and acceptance) hurt my application for other cards? Will applying for another card hurt my future ability to get approved for a card if I am denied? What about applying to have BofA upgrade my card?

MemberSince99
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Postby MemberSince99 » Thu Jun 21, 2012 3:40 am

You're WAY too worried about it. Yes, the more credit you apply for the harder it becomes to get more in a short period but you aren't going to app spree for 50 cards in the next 2 months right?

One inquiry and approval shouldn't over say 6 months shouldn't matter to ANYONE out there even the most fanatical of them. 5 would matter. Don't sweat this. Inquiries fall off over time and accounts age anyway.

Bottom line - you are worried for no real reason in my view. Don't let this keep you up at night. There are real issues out there that are worth worrying about - this is not one of them.



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