It's been a couple months since I've applied for, and recevied, a couple credit cards (Exxon & Dillards). I'm getting the itch to try for something else - even though I don't really need it. BK - two years discharged. Scores around 620. Already have Cap1, Orchard, Exxon & Dillards. Looking for JCPenny, Circuit City and/or Aspire Visa. My instant gratification isn't buying a candy bar at the check out lane. It's applying for and getting approved for credit after my BK. I told myself I wasn't going to apply for anything until February but I'm getting the itch. Just looking for support here. It's Friday. Don't plan on actually buying anything with the cards but want the credit lines.
Don't do it. My FICO score has gone up 45 points in 5 months because I have no inquiries any more. Went down the last time I got a credit line, then back up only 3 points when the new credit line was factored into my utilization percentage. Recent inquiries seem to hurt more than most people think. I wouldn't apply for any new lines until the most recent inquiry is at least 8 months old.
I agree, don't do it. I applied for AMEX and got it. I was thinking I could use it for points, but it's really not worth it to me. The card will probably sit this year - for which I'm grateful the annual fee is waived. Maybe I'll get another job the requires travel and then it will come in handy, but for now...it's in the sock drawer. On the other hand, if the card will be useful to you, then apply for it! I applied for and got a Chase card with 0% BT until May '04. That will allow me to pay down the last $4K of debt I have w/o paying any interest. Of course, if they "jack" me, they're gonna get jacked back with an immediate BT to another card of mine. I love revenge!
