Should I get a third credit card? Is it worth it?

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Snootchtothenootch
 
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Location: Columbus, OH

Should I get a third credit card? Is it worth it?

Postby Snootchtothenootch » Sat Sep 08, 2012 7:45 pm

Hello,

I've been reading these forums the past couple of days and have learned a lot about maintaining good credit, but I'm unsure of my next move.

I'm 24 years old and make 34k/year. I've had my Chase Freedom card (was Slate until a couple of months ago) since August 2006 and an Amex Blue Cash Preferred (recently upgraded from the regular Blue Cash) since March 2011. Until yesterday, the credit limit on each was 4,200. I was reading about credit utilization on these forums and wasn't paying my cards at the right time I'm guessing. I've always paid in full, but oftentimes I would let the statement close at over 1k on the Amex, then pay it.

This is starting to get long-winded, so I'll get to it. I called Amex and asked for a CLI and was given a new limit of 9,600. I called Chase and they gave me a new limit of 7,500. My available credit seems pretty high compared to my salary, but as I understand it, the higher my limit, the lower my utilization is likely to be (I have and will continue to pay in full).

I see that the US Bank+ card offers some good benefits with no annual fee. Is a new card something I should look into for a third credit card? I like the idea of being able to track my Experian credit score and rotating categories for cash back.

If it helps, I was checking my annual credit reports and paid for my Equifax score, which was 731. I currently have no student debt, but an auto loan for 17.5k with 14k remaining (all payments on time).

Thanks for any help!


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t528491
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Postby t528491 » Mon Sep 10, 2012 2:45 pm

I don't see why not. I think you'd definitely be approved for the US Bank+ card. Just know that once you reach a certain utilization (10%??), it doesn't matter if you go any lower, your score will still be the same.
[size=80]
02/12 Authorized user on Chase Freedom ($5000)
08/12 Discover It ($1500)
08/12 American Express Zync (NPSL)
12/12 NFL Visa ($500)[/size]

[size=60]Future cards:
Citi Forward for Students 6/13
American Express Blue Cash Everyday 1/14
Sallie Mae World Mastercard 2014
Chase Freedom 2014
Penfed Platinum Rewards Card 2015[/size]

hematino
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Location: Atlantic City, NJ

Postby hematino » Mon Sep 10, 2012 5:20 pm

US Bank Cash+ has an awesome rewards structure, I've been trying to get it but no luck here. Don't give up if you get the application pending review screen after applying; lots of people have reported getting this screen before being approved as opposed to an instant approval. It may be worth calling underwriting services (let me know, I can give you the number if you need it) right after applying online to see if they can do anything for you. The way it was explained to me by a few of their underwriters they can make a manual decision if the application is pending, but if their computer decision is made first, that decision is final and cannot be overridden.

I don't know if you are aware, but the Experian score that US Bank provides as a benefit of being a cardholder is not a FICO score. It is an Experian Plus score which is known to be FAKO. You can get this score as a benefit of the Cash+, or the card they downsell you to if you don't get approved for Cash+.
Now she's eyeless.
The snakes she held once
Eat up her hands.

LadyinRed
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Postby LadyinRed » Mon Sep 10, 2012 7:53 pm

The US Bank Cash+ is REALLY hard to get.

I make 65k a year, have a 7% utilization rate, and have a Experian Plus Score of 741 (not sure what my FICO is) and initially got denied for it. I called two different numbers and even went into a US Bank to try to argue my way to getting it. I did eventually get it, but I had to work for it. Totally worth it, though.
AMEX: Blue Cash Preferred (6% on groceries, 3% gas & dept stores)
Capital One: Venture (2 points per $1, equivalent to 2%)
Chase: Freedom (rotating 5% categories), Disney Rewards (1 point per $1, Disney benefits)
US Bank: Cash+ (5% bookstores / 5% Electronic Stores)

Rory
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Postby Rory » Tue Sep 11, 2012 2:19 pm

what are you looking to get out of your next card? You already get some of the best cash back in the credit card world with the freedom and the BCP. if you are looking for reward points a new amex might be in order since you already have a good relationship with them.

BTW, Amex offers a credit secure product which (for about 15$ a month) lets you check all three plus scores from the three main lenders twice a month. Idk if plus scores interest you and if not then try the service from Myfico.com which offers the actual FICO scores lenders use for a similar price.
Amex Zync - NPSL (Cleared up to 25k)
Amex BCE - 12000 limit
Amex BCP - 4200 limit
FIA Rewards Amex- 3500 limit
Chase Freedom - 2000 limit
Chase Slate - 2000 Limit
BoA Cash Rewards Privileges- 3000 limit
Barclaycard Rewards MC - 3000 limit
Discover IT- 3500 limit
Marriott PR- 5000 limit
21 years old with alot of life to spend ;)
Its not about the ending, its about the journey,
just as long as the ending is just as good :cool:



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