Thread: Get new card(s) or wait it out?

I recently turned 24 and I graduated college about 2 years ago, and I have noticed over the past year or so that my needs in credit cards have changed a lot. I've ran into some issues that I'm not sure if it would have made it easier if I had another credit card floating around. As far as income, I currently make 42K/yr, however this may increase soon with taking another job within my current company.

This is what I currently have. I have about 5 years of credit history at the moment. CK shows my score at 740.

Capital One Platinum- 2250 CL. This was my first card that I received 5 years ago, yet the CL isn't budging at all. It is the main card I use when I can't use my Amex.
GE Capital - 5000 CL, don't have the physical card. This was opened in my name by my parents 5 years ago. Don't use it.
Rooms to Go card - 5000 CL, recently received a 2k CLI after 6 months of perfect payment. There is a bit of a balance on it, around 1850, but it is being paid with equal, no interest payments. The only reason I opened it was because of a furniture purchase to the tune of $2600. I put part of it on my Amex, but I obviously do not have the limit on my C1 to facilitate these types of purchases.
American Express Gold - it is my main card I use for most grocery/bills/misc purchases.

The biggest issue I'm running into at the moment is the fact I'm charging a considerable amount to the C1 each month (particularly gas, the stations that are convenient on my commute do not take Amex, although I started going a new route to work and there is one station that does. I've also been splitting my Christmas shopping purchases between the two cards) and I'm just not feeling like I'm getting anything in return. My spending and what I can realistically spend have also changed dramatically since some of these cards were received when I was still in school with little to no income, but the CL isn't growing with the added spending ability. Another good example is when I purchased my car a couple of months ago, I wanted to put down a $2000 payment, but was forced into putting it on the Amex because I don't have the spending ability on my other cards and don't receive any benefit from the others either. Same thing with some recent dental work I had done.

Is it a good idea to start looking at expanding to another card or two? I am not sure if I should wait it out a bit or if it will not hurt to start looking soon. I have a couple of inquiries - a recent car loan (2 months ago) & the R2G about 7 months ago, the Amex in Dec 11. I'm really not sure what I would be looking for that would be suitable for my current credit situation. I would say the #1 thing I would be spending on a new card would be gas purchases. #2 would be having the ability to increase my utilization by the new card, and having a card with a bit more spending capability in case I need to make a large purchase (possibly a cash back option? none of my current cards have this ability). Unless it is an emergency situation or like the R2G situation, I pay off the balance each month in full.

I would look into a card that would max you gas purchases, or a combination of a Freedom and More/IT. I think a US Bank Cash+ would be perfect but I'm not sure if you have a local branch to apply at.

Originally Posted by Vermonster

I would look into a card that would max you gas purchases, or a combination of a Freedom and More/IT. I think a US Bank Cash+ would be perfect but I'm not sure if you have a local branch to apply at.

Why that card in particular to maximize gas? That's a 2% card for gas (well, 2.5% with the $100 thing). The Penfed cards (although maybe hard to get) are 5%, Blue Cash Preferred is 3% (with the annual fee to be made up), and the BankAmericard gives 3% off gas (up to $75 a quarter)

Originally Posted by silver6054

Why that card in particular to maximize gas? That's a 2% card for gas (well, 2.5% with the $100 thing). The Penfed cards (although maybe hard to get) are 5%, Blue Cash Preferred is 3% (with the annual fee to be made up), and the BankAmericard gives 3% off gas (up to $75 a quarter)

I was saying he should go for 3 different cards,
1) a gas card, like the penfed
2) a Freedom and/or More/IT (which do have the occasional 5% gas)
3) a Cash+ (very good one trick pony)

All have pros and cons, and availability may change things. That's why I offered 3 choices.