So I’ve been relying on 2 credit cards for my purchases for about 3 years now (1 of which was acquired in December of last year). I also have a Best Buy Credit Card (solely for my Best Buy purchases to receive points and I always pay the balance immediately after using the card for a Best Buy purchase). I’ve never been late on any payments and have always paid the balance in full. However, after doing some research, I’ve decided I want to switch over to two other credit cards for 2 reasons:

1.) I find that the Discover More Card is much better for Cash back
2.) I want to acquire an AMEX Card to spend on personal work related expenses.

My credit score is average I believe (around 670 last I checked which was probably around 8-10 months ago). I just recently applied for the Discover Card (late last night) and got approved this morning for $2k spending limit.

I’d really like to apply for the AMEX True Earnings Costco Card, but before I go out and spend $100 for the year for a club membership (part of the requirement to acquire the card), I’m a little worried I may get denied. However, I’d REALLY like to get this AMEX card as it would highly complement and assist me in the direction I’m taking in my finances, business, and lifestyle. I asked the Discover Card Rep for her opinion (lol) and she said it may hurt applying for too many credit cards at once, so she said tread carefully. Your thoughts and opinions? Any help would be greatly appreciated!

Bobby Pham

Answer – Bobby, there is no set answer. You do not want to apply for too many cards at the same time or within a short period of time. But here are my thoughts.

Based on the fact that you were approved for the Discover Card, I think there is no harm applying for the costco credit card. If you do not get approved, then you can always wait another few months before you apply. But since you have only 2 previous credit cards, that will work in your favor. The other thing that is probably working in your favor is that you are charging the same amount to your cards, but now have a higher credit limit and hence your credit utilization ratio is much better.

If you apply and get turned down, then you know you will have to work on improving your credit regardless.

If you are really nervous, just wait for a few more months (and try to improve your credit score in between). That should also work. But I honestly think it is OK to apply for another one now (in fact come to think of it, you should have applied simultaneously on the web – or this site).

For anyone reading this, please share your experience. Thanks.

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