- Centurion Member
- Posts: 639
- Joined: Sat Aug 24, 2013 8:45 pm
- Location: Grand Forks, ND
Welcome to the forum Shorty...
I had an epiphany a while back about the likelihood of success one will have in applying for credit: Generally speaking, those who NEED credit usually don't get it. Those who DON'T NEED credit, usually get approved for credit.
What does that mean? The guy(or gal) who has a handful of cards which are all maxed out and struggles to make minimum payments on them every month, will probably be denied a new line of credit. Meanwhile, the guy who has credit limits totaling over $100,000, has six months savings, a large brokerage account(with a nice margin rate should he need it), and a large 401(k) which he could borrow from will likely be approved for the $20,000 card he doesn't need.
So should you apply for another card? Depends on what you plan on doing with that card. If you HAVE to max it out like the Cap One card you already have, then it will be counterproductive. If you plan on using it like a charge card, then I would say go for it(but do get the Cap One card down to below 30% utilization before applying for any more credit. Meanwhile, I would try to build up your cash reserves so that when you do apply for another dental loan, you can pay for it in cash even if you are denied. Bu then, though, your delinquencies will be further in the past and you will more than likely be approved.
In my Wallet:
Sometimes in my Wallet:
- Amex PRG NPSL[3-14, bd 91]
- Sallie Mae MC $8000[1-14]
- Chase Freedom $4700[1-14]
- Discover It $2750[8-13]
- BoA UCF Alumni Cash Rewards $5000 [3-15]
- GM BuyPower WEMC $5000[9-14]
- Wells Fargo Propel 365 Amex $7000[4-14]
- Barclaycard Arrival WEMC $7000[3-14]
- BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450