topic Re: Asking again about which card(s) we should apply for... in Credit Cards

Asking again about which card(s) we should apply for...

goodygoody — Sun, 15 Apr 2012 20:40:22 GMT

Hi there,

I wrote a message a little while back asking for opinions on which card my husband and I would want to move up to from Capital One. We've been happy with Cap 1, but our limits are really low ($500 each) and haven't been increased in at least a year (they started out at $350 when we had mediocre credit scores in the 500's due to lack of credit). We both have scores a little over 700 now, so we figure it's time to get better cards with higher limits. We aren't credit crazy or anything, but it drives me nuts having to make sure to keep the balances below $50 on both these cards all the time to make sure our usage is low.

Here's some other relevant info:

Current cards: We both have the cap 1 cards with limits of $500 each. We each have Walmart cards, limits of $400 each. I have a Children's Place store card, limit of $250. My husband has an auto loan with a balance around $10,000. Everything paid on time - no lates on anything. Only negs on our CR's are 1 library fine on DH's from 2007 and 1 paid medical collection for $155 on mine that I have been trying to have removed for the last 2 months (!) because it was paid by insurance and should never have been sent to collections at all. Last inquiries on our CR's are from a year ago from the Walmart cards. DH's score is currently 704 according to Walmart's TU real FICO. Mine is 698.

We'd just like one decent card (for each of us - or one we can have jointly reported on our CR's) with a nice limit (maybe $1500/$2000?) and decent interest rate. Importantly, we don't want to apply for something we are unlikely to be approved for, so hoping someone here has a good suggestion. As far as rewards and stuff go, that's not hugely important to us, because we are mostly using the cards to build up our scores for a mortgage application next year (another reason we want to apply for new cards now - so the inquiries will be over 12 months old when we apply for a mortgage). But most important is the higher limit and having a high chance of qualifying so we don't have to do multiple inquiries in order to get new cards.

Alternately, if the info I've provided here indicates that our scores aren't high enough yet for this, please let me know!!

Thanks so much for the input!

Re: Asking again about which card(s) we should apply for...

goodygoody — Sun, 15 Apr 2012 20:47:42 GMT

Oh, also, our current utilization on all cards is under 10%.

Re: Asking again about which card(s) we should apply for...

Koop10010 — Sun, 15 Apr 2012 21:35:01 GMT

Have you considered an Amex charge card? Their internal spending limits grow quickly with responsible usage and you don't have to worry about throwing off utilization. You can then add a backdated Amex credit card later. There is also always the local credit union option. Frankly a 700 FICO can get you quite a few decent credit cards and people's credit needs vary, you'll just have to find one that fits your needs and spending patterns.

Re: Asking again about which card(s) we should apply for...

goodygoody — Sun, 15 Apr 2012 21:55:37 GMT

I guess I've thought of AMEX being difficult to get?

I just read on another forum that a Chase Freedom card might be good and is appropriate for a 700 score. Anyone?

I know credit needs vary, but we're just looking for suggestions, and especially don't want to apply for something we won't be approved for. Thank you!

Re: Asking again about which card(s) we should apply for...

goodygoody — Sun, 15 Apr 2012 21:56:17 GMT

Also, do they not report spending limits? Is that why you don't have to worry about utilization with AMEX?

Re: Asking again about which card(s) we should apply for...

LS2982 — Sun, 15 Apr 2012 22:06:58 GMT

goodygoody wrote:
Also, do they not report spending limits? Is that why you don't have to worry about utilization with AMEX?

CRA's do not factor AMEX charge card utilization in their scoring (other than TU98 the one you get from here)

Re: Asking again about which card(s) we should apply for...

Koop10010 — Sun, 15 Apr 2012 22:10:00 GMT

Amex credit cards are fairly difficult, but charge cards aren't, with a 700 you should qualify for one. Since they don't report credit limits, they generally do not affect utilization. The exception to that is that the TU98 FICO model, sold here, uses the high balance to factor utilization. Newer TU FICOs and all the rest do not count charge cards in utilization.

Chase Freedom is a good card and is likely attainable with a 700 FICO.

Re: Asking again about which card(s) we should apply for...

goodygoody — Sun, 15 Apr 2012 22:45:06 GMT

Thank you! I'm confused now - so are NO credit cards counted toward utilization? I thought the whole point was that high utilization lowers your credit score?? My score went up 40 points the month after I paid all my cards down below 10% UTI, so I've been making a point of keeping all our cards at that level...

Re: Asking again about which card(s) we should apply for...

Chris123nTx — Sun, 15 Apr 2012 23:01:02 GMT

I think that you could get a chase freedom. Their initial credit lines can be as lo s 500, but they also can be five figures. They seem to have reasonable approval criteria with scores like yours seemingly able to qualify. I would not think either the collections or inquiries would be any kind of issue. They may or may not give you the credit line you want though, just because of the other cards limits that you have. Either way though, it is a great card, great rewards, and a bank that you can grow with. Just my opinion. I have a chase freedom signature so i may be biased. Oh and a library collection?? Man they ever come after me for a book i found a couple years back and i would be toast. My daughter had one out from when she was about five. She is almost 23 now.

Re: Asking again about which card(s) we should apply for...

Creditaddict — Sun, 15 Apr 2012 23:25:33 GMT

I would apply for American Express Zync, Probably each of you getting one also!

Then I would look at Discover or Citi... if those don't really interest then I would look at a Barclay (they do always pull TU, and have an amazing recon or increase limit within minutes of app)

I'm not a fan of Chase or BofA

and then you already are in with Walmart so you could do other GE cards but I would probably try to get other credit cards first like I listed above and get the Walmart limit up more and have higher limits reporting then go for other GE if you have a purpose and possibly end up with the Visa or whatever that store offers with GE above the store card.

Re: Asking again about which card(s) we should apply for...

Dolphins — Sun, 15 Apr 2012 23:37:18 GMT

goodygoody wrote:
Hi there,

I wrote a message a little while back asking for opinions on which card my husband and I would want to move up to from Capital One. We've been happy with Cap 1, but our limits are really low ($500 each) and haven't been increased in at least a year (they started out at $350 when we had mediocre credit scores in the 500's due to lack of credit). We both have scores a little over 700 now, so we figure it's time to get better cards with higher limits. We aren't credit crazy or anything, but it drives me nuts having to make sure to keep the balances below $50 on both these cards all the time to make sure our usage is low.

Here's some other relevant info:
Current cards: We both have the cap 1 cards with limits of $500 each. We each have Walmart cards, limits of $400 each. I have a Children's Place store card, limit of $250. My husband has an auto loan with a balance around $10,000. Everything paid on time - no lates on anything. Only negs on our CR's are 1 library fine on DH's from 2007 and 1 paid medical collection for $155 on mine that I have been trying to have removed for the last 2 months (!) because it was paid by insurance and should never have been sent to collections at all. Last inquiries on our CR's are from a year ago from the Walmart cards. DH's score is currently 704 according to Walmart's TU real FICO. Mine is 698.

We'd just like one decent card (for each of us - or one we can have jointly reported on our CR's) with a nice limit (maybe $1500/$2000?) and decent interest rate. Importantly, we don't want to apply for something we are unlikely to be approved for, so hoping someone here has a good suggestion. As far as rewards and stuff go, that's not hugely important to us, because we are mostly using the cards to build up our scores for a mortgage application next year (another reason we want to apply for new cards now - so the inquiries will be over 12 months old when we apply for a mortgage). But most important is the higher limit and having a high chance of qualifying so we don't have to do multiple inquiries in order to get new cards.

Alternately, if the info I've provided here indicates that our scores aren't high enough yet for this, please let me know!!

Thanks so much for the input!

As you and your DH both have Walmart credit cards you may want to consider applying for Sams club credit card as they seem to give higher initial credit limits. A couple of months ago I was really surprised that I was approved for a Sams Club Discover Card (GE Capital Retail Bank) with an intial credit limit of $2,500. My only other GE card is a Walmart store card with a credit limit of $500. Hope this gives you guys some guidance and best wishes.

Re: Asking again about which card(s) we should apply for...

goodygoody — Mon, 16 Apr 2012 02:50:47 GMT

Well, after reading a bunch of stuff and thinking about this for too long...lol...I finally decided to apply us both for the Chase Freedom and Discover. We were both approved for the Discover instantly, and DH was approved for Chase instantly, but I was given a message saying they had to review my app. Hmph. Which was weird, because I applied for Discover after Chase and was approved, and I was under the impression that Discover was more difficult to get instant approval, but ah well... Some folks on another forum said they were actually approved after getting the "review" message from Chase, so maybe I'll get lucky.

Re: Asking again about which card(s) we should apply for...

Wolf3 — Mon, 16 Apr 2012 02:58:46 GMT

goodygoody wrote:
Thank you! I'm confused now - so are NO credit cards counted toward utilization? I thought the whole point was that high utilization lowers your credit score?? My score went up 40 points the month after I paid all my cards down below 10% UTI, so I've been making a point of keeping all our cards at that level...

Most credit cards are counted in utilization. But some cards do not reporta a Credit Limt so they are excluded. Amex charge cards and some signature cards do not report a Credit Limit.

Re: Asking again about which card(s) we should apply for...

jamesdwi — Mon, 16 Apr 2012 03:39:13 GMT

goodygoody wrote:
Hi there,

I wrote a message a little while back asking for opinions on which card my husband and I would want to move up to from Capital One. We've been happy with Cap 1, but our limits are really low ($500 each) and haven't been increased in at least a year (they started out at $350 when we had mediocre credit scores in the 500's due to lack of credit). We both have scores a little over 700 now, so we figure it's time to get better cards with higher limits. We aren't credit crazy or anything, but it drives me nuts having to make sure to keep the balances below $50 on both these cards all the time to make sure our usage is low.

Here's some other relevant info:
Current cards: We both have the cap 1 cards with limits of $500 each. We each have Walmart cards, limits of $400 each. I have a Children's Place store card, limit of $250. My husband has an auto loan with a balance around $10,000. Everything paid on time - no lates on anything. Only negs on our CR's are 1 library fine on DH's from 2007 and 1 paid medical collection for $155 on mine that I have been trying to have removed for the last 2 months (!) because it was paid by insurance and should never have been sent to collections at all. Last inquiries on our CR's are from a year ago from the Walmart cards. DH's score is currently 704 according to Walmart's TU real FICO. Mine is 698.

We'd just like one decent card (for each of us - or one we can have jointly reported on our CR's) with a nice limit (maybe $1500/$2000?) and decent interest rate. Importantly, we don't want to apply for something we are unlikely to be approved for, so hoping someone here has a good suggestion. As far as rewards and stuff go, that's not hugely important to us, because we are mostly using the cards to build up our scores for a mortgage application next year (another reason we want to apply for new cards now - so the inquiries will be over 12 months old when we apply for a mortgage). But most important is the higher limit and having a high chance of qualifying so we don't have to do multiple inquiries in order to get new cards.

Alternately, if the info I've provided here indicates that our scores aren't high enough yet for this, please let me know!!

Thanks so much for the input!

My frist step before app'ing for any card is to check pre-approvals, google american express pre-approval and it will have a link that shows if you are pre-selected or approved for any of there cards if they have any cards app for the one you want... revolvers first I had about the same situation and score when I app'd and got a AMEX Blue with 6k CL if declined for a revolver, try for ZYNC charge use it wisely for 6 months to a year they will probably approve for a revoler at that time.

Re: Asking again about which card(s) we should apply for...

goodygoody — Mon, 16 Apr 2012 13:16:18 GMT

It gets weirder - just checked on the discover page, and my card was approved for $5,000, but DH was only approved for $1000. Maybe because the car loan is in his name? So I can get $5,000 from Discover, but Chase can't instantly approve? Weird.

Re: Asking again about which card(s) we should apply for...

john398 — Mon, 16 Apr 2012 15:27:57 GMT

goodygoody wrote:
Well, after reading a bunch of stuff and thinking about this for too long...lol...I finally decided to apply us both for the Chase Freedom and Discover. We were both approved for the Discover instantly, and DH was approved for Chase instantly, but I was given a message saying they had to review my app. Hmph. Which was weird, because I applied for Discover after Chase and was approved, and I was under the impression that Discover was more difficult to get instant approval, but ah well... Some folks on another forum said they were actually approved after getting the "review" message from Chase, so maybe I'll get lucky.

you may want to call chase from the sticky and talk to the credit analyst, they may have questions which if you answer they can approve, good luck

Re: Asking again about which card(s) we should apply for...

Creditaddict — Mon, 16 Apr 2012 15:54:27 GMT

WOW, $5k... FAB!!! CONGRATS!

Can't wait to hear if you both get Chase and CL's given.

I would have him call chase now and ask for manual review for higher CL.

Re: Asking again about which card(s) we should apply for...

goodygoody — Tue, 24 Apr 2012 16:36:58 GMT

Just an update - I got the rejection letter from Chase, but called and was approved over the phone in a few minutes! Another $5000 credit line too! Glad I called... I feel like all my hard work is finally paying off!

Re: Asking again about which card(s) we should apply for...

crunching_numbers — Tue, 24 Apr 2012 17:55:14 GMT

goodygoody wrote:
Just an update - I got the rejection letter from Chase, but called and was approved over the phone in a few minutes! Another $5000 credit line too! Glad I called... I feel like all my hard work is finally paying off!

You bet your hard work is paying off! Why did they say that they initially rejected you? Good thing you called. Congrats on two nice new lines, and keep at it with DH's stuff. Is there anything more you can fix on his CR? Discover seems to be good for CLI's and will grow with DH too.

Re: Asking again about which card(s) we should apply for...

goodygoody — Fri, 27 Apr 2012 02:36:58 GMT

The letter actually said I had applied for too many lines with Chase, because I had also applied for both the Freedom and the Southwest cards, so the woman said it was no problem if I just wanted to pick one. I took the Southwest even though it has a fee, because it comes with 2 free round trip tickets after your first purchase (!!) and I know I'll be visiting a friend in California soon, so it will definitely come in handy. I'm also not a huge CC user anyway, so monthly rewards never add up to much for me. I'm thinking of trying to do the Discover 5% quarterly special rewards thing...

DH doesn't really have anything negative on his report, aside from a library collection around $100 - I haven't checked for a month or two, so maybe I'll pull new reports for him to be sure. I pay his bills, so I know he hasn't had any lates! :catwink: