I currently have been using the capital one quicksilver for 2 years. This is my only credit card and I have no debt otherwise. I have been offered the savor card, and it looks better for cash back based on my typical spending. Would it be bad for my credit to open this new card? I called capital one and they said they can’t just switch my services from quick silver to savor, I’d need to open a new card. I don’t travel much, and most of purchases are groceries, dining/bars, and gas/train fare. Is there a better card I should look into?
Should I Add a Credit Card?
byu/Illustrious_Salt_824 inCreditCards
Posted by Illustrious_Salt_824
2 Comments
Opening a new card always incurs a temporary credit hit because it often results in a new hard inquiry (and Capital One is unique as a lender for *triple* hard inquiring for credit cards, something only typically done for mortgage applications) and resetting your AAoA (Average Age of Accounts) and AoYRA (Age of Youngest Revolving Account) metrics. But the effects all subside with time, and for you it will ultimately make your credit profile much stronger. It’s difficult to build a ‘thick’ credit profile off of just one credit card.
The Savor is a solid choice, so I’d say go for it. Main competitor is the Wells Fargo Autograph, which trades groceries and entertainment for travel, transit, and gas/EV charging.
If you’re responsible in using your existing credit card, see value in the second card in question and want to build a stronger credit profile, have at it!