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Started By
Message
Should I get another CC now or wait?
Posted on 8/14/17 at 1:36 am
Posted on 8/14/17 at 1:36 am
Currently have two cards. Discover and Chase Freedom Unlimited. 736 fico. A year out from graduation. Have a job. Never been late on payment since I opened Discover card at 18.
I get like 5 new "pre approval" letters a week but just don't know if adding a 3rd card to the arsenal is worth it right now since I'm not graduated yet. Travel cards don't pertain to me as of now, but will once I graduate. Don't need balance transfer and most cards out there give just about what discover and chase already do. I really love the cash back because I never use my debit card and purchase everything with my cc.
Discover is used strictly for gas + insurance.
Chase is used for everyday purchases and bills.
Thanks in advance!
I get like 5 new "pre approval" letters a week but just don't know if adding a 3rd card to the arsenal is worth it right now since I'm not graduated yet. Travel cards don't pertain to me as of now, but will once I graduate. Don't need balance transfer and most cards out there give just about what discover and chase already do. I really love the cash back because I never use my debit card and purchase everything with my cc.
Discover is used strictly for gas + insurance.
Chase is used for everyday purchases and bills.
Thanks in advance!
2
Posted on 8/14/17 at 2:08 am to SilverStallion
Question is what use do you have from another card?
All things being equal, I'd open an LOC from your bank if available before opening a third card
All things being equal, I'd open an LOC from your bank if available before opening a third card
Posted on 8/14/17 at 2:23 am to Volvagia
quote:
what use do you have from another card?
i like the aspect of chase and discover virtually giving me free money just to swipe my card. between the two each month, i accumulate about $40-50 in cash back that i transfer to my roth. so about $500 a year in contributions come from free money.
im not an advocate for LOC's. at least for right now. i don't like the idea that i don't really get anything in return, plus you have to pay interest on what you spend.
Posted on 8/14/17 at 2:31 am to SilverStallion
Right.
I'm there with you, I put all of my purchases on my card.
But getting a THIRD card doesn't change that. It just spreads out the program's you have credits with.
What I personally use my LOC for is to enable me to gain freedom to make my money to work for me. When I can dump thousands and thousands of dollars into my checking account with a few mouse clicks, it means I don't need thousands and thousands of dollars sitting in the account on standby losing purchasing power to inflation.
I can send that money out to make more money, and if I need to tap the LOC I can repay with liquidated assets at my own leisure, not the emergent situation's timing.
Furthermore, diversification of credit account types will boost your credit score.
I'm there with you, I put all of my purchases on my card.
But getting a THIRD card doesn't change that. It just spreads out the program's you have credits with.
What I personally use my LOC for is to enable me to gain freedom to make my money to work for me. When I can dump thousands and thousands of dollars into my checking account with a few mouse clicks, it means I don't need thousands and thousands of dollars sitting in the account on standby losing purchasing power to inflation.
I can send that money out to make more money, and if I need to tap the LOC I can repay with liquidated assets at my own leisure, not the emergent situation's timing.
Furthermore, diversification of credit account types will boost your credit score.
This post was edited on 8/14/17 at 2:40 am
Posted on 8/14/17 at 7:06 am to SilverStallion
For everyday purchases especially groceries I use the Amex Blue Cash Preferred. 6% cash back on Groceries and 3 back on gas.
Posted on 8/14/17 at 1:02 pm to Volvagia
quote:
But getting a THIRD card doesn't change that. It just spreads out the program's you have credits with.
A third card could potentially have spend category bonuses that the others do not, so while it could potentially spread out where those rebates are accruing, it would be accruing them at a higher rate.
Just an observation.
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