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Question By
creativebolt

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Should I open up a 2nd credit card to increase my credit score?
Hey there! I'm 18 years old and a high school senior. A few months ago I applied for the Capital One Secured Credit Card in order to build a credit score. I'm currently sitting around a 680 credit score right now, and would like to increase it if I can.

I was looking around on Credit Karma and saw the Blue Cash Everyday Card from AMEX and think it might be a good choice for a second card. I'm very good on paying on time and just spend a little each month and pay it off before the payment date to build my score.

My approval odds for it are "very good" on credit karma. Also, I just got upgraded to a $500 limit on the secured card from a $200 limit and I usually spend $30-50 a month on it and pay it off before the due date as I said.

My question is, should I apply for this card? I like what it offers and think it would work well for me, but would applying for it and using it decrease or increase my credit score?

Thanks for any help!

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Top Contributor
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If you are worried about being approved you could apply for another Capital One card and they additionally take your account history with them into account for approval as well.

If you are not worried about approval (680 is good but there are a lot of other factors as you know) then the AMEX would be a good backup card.  I would not get an AMEX as a primary card because not all places accept them.  If you are looking for something that will eventually become a primary card I would try and make sure it is a Mastercard or Visa.  In terms of customer service I think AMEX is #1 by far.  Capital One has the best mobile apps and features which makes it one of the easier ones to use. 

If you got approved your score would increase due to higher credit available and more accounts in good standing.  If you used it the same way you use your current card (pay off every month) it can only help you.  I wouldn't worry about the decrease in average account life at your age, in fact now might be a better time to get an unsecured card.

Reply by
creativebolt

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So, as I told the guy below, i actually do already have a secured card. I should have worded my OP better, but when I said I applied for a secured card, I actually got it as well. The secured card has been great for building the credit score I currently have.

The reason I want to go the AMEX is because I've noticed that the longer you are in the 'AMEX family,' the better your experience becomes. I suppose that's true with all cards, but as you said they are #1 with customer service. 

I got advice from someone on a different site to wait till I've had my secured card for a year before applying for the AMEX card, that way I will have built some significant history, which they say will help with my likelihood of getting approved. 

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I doubt that you are going to get a cash back card from AMEX with your limited history. Check the AMEX website preapproval link, do not go by the recommendations here, they have let many people down. I would think that getting an Unsecured card with Capital One would be your next step, check the preapproval on Capital One website.

Reply by
creativebolt

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I'll check that site out! Also, my capital one card that I have right now is a secured card. I guess I should have worded my original post better, but I've gotten the credit score I have right now with the secured credit card I applied for and got. 

Top Contributor
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I should have told you in my post, you can have MORE than one account with Capital One. In fact, most credit card companies will let you have multiple credit cards from them.

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