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What should I apply for next??

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anotherannabanana
New Member

What should I apply for next??

I'm in a position in which I'll be making more money by year end but in the meantime I need to spend it, so looking for 0% APR intro credit cards. I'd never had any credit cards before this year but have owned my house since 2011, have paid off several large loans years ago, and have a credit score of ~ 730. What I've gotten so far: I started with a pre-approved capital 1 (gold delta rewards w/ credit limit of $2500), then got a citicard thank you preferred ($2000 limit), a discover IT (credit limit $4000, automatically increased to 4750 after a few months), a home depot card ($8000 limit) and lastly a credit card from the bank I have a mortgage with ($5000). I went to a link someone posted here for Amex pre-approvals and chose "cash back" as my preferred choice, and got:

 

"We're sorry we couldn't find a special offer for you. But based on your interests, we think you might like the following Cards:

Blue Cash Everyday® Card

Blue Cash Preferred® Card

TrueEarnings® Card from Costco and American Express

 

It also says: "With American Express® Charge Cards (like American Express® Green Card) you pay your balance in full monthly, which is different than a credit card where you have the flexibility to pay over time."

But on the card details it says there's flexibility to pay over time. Are the above cards true credit cards, or similar to the green card?

 

Are there better cards I may be able to get with 730 credit score? Should I try again with a different option instead of "cash back"?

 

What are some other cards I might apply for other than Amex? Is Amex difficult to get? I should mention I've been paying on all of these cards monthly and have only maxed out the citicard so far, but need another $5000 for contingency, ideally. I have to make a lot of purchases in the next couple months that I can pay off by next year and the more credit I have at my disposal for the next couple months the better I can sleep at night. Thanks for any help!!!

Message 1 of 14
13 REPLIES 13
Kenny
Moderator Emeritus

Re: What should I apply for next??

What do you need a new trade line for? Just curious. There's absolutely nothing wrong with not applying.

What's your member since date with Amex? Smiley Happy

Are you looking for a card with a nice sign up bonus? Or great rewards?

What's your AAoA? Inquiries on each bureau? Utilization?

Sorry for the 100k questions, but a lot of them are valid to follow in the line of the same conversation.
Message 2 of 14
MT936
Established Contributor

Re: What should I apply for next??

charge card balances (amex green gold platinum) must be paid in full by the due date. There is a option to pay over time for larger purchases but I have never used that option because that would basically be using it as a credit card which takes the purpose of charge cards away.

Amex Blue Cash Everyday: $25,000 | Navy FCU Cash Rewards: $25,000 | Discover It: $20,500
Chase Freedom: $12,500 | Citi Double Cash: $10,000 | Bank of America Cash Rewards: $8,000

Message 3 of 14
anotherannabanana
New Member

Re: What should I apply for next??

I need more credit for purchases for my second business while the building is under renovations, before we start getting money flowing in. I can't apply for a business credit card, however, because the first business was a general partnership, which doesn't accumulate business credit the way a corporation does, apparently.

 

I've never had an Amex card before, was just wondering what a desirable card would be in my situation.0% for first year is important while cash flow is low.

 

A sign-up bonus sounds especially good.

 

I'm not sure of my AAoA, inquiries, etc., as I used up my free credit reports at the beginning of the year. My AAoA used to be 6 years I believe, but now w/ all the new cards it would of course be lower. My discover card gives a free credit score each month (experian I think?) and it's currently at 730 if that helps. I believe my utilization would be a little under 30% right now, however I have some major inventory purchases coming up in the next couple months and need at least $5000 more at my disposal.

 

Without getting into it too much, having more credit makes sense for the business I'm in, and I need emergency funds to get me though the end of construction to our grand opening.

 

I'm not just interested in Amex cards, are there other cards I might consider applying for?

Message 4 of 14
anotherannabanana
New Member

Re: What should I apply for next??

"charge card balances (amex green gold platinum) must be paid in full by the due date. There is a option to pay over time for larger purchases but I have never used that option because that would basically be using it as a credit card which takes the purpose of charge cards away."

 

But are the cards I listed charge cards, or credit cards? Sorry, I'm not really familiar with Amex cards, never had one!

Message 5 of 14
weehoo
Frequent Contributor

Re: What should I apply for next??

Hello Kitty Visa Platinum Reward

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Message 6 of 14
Kenny
Moderator Emeritus

Re: What should I apply for next??


@anotherannabanana wrote:

I need more credit for purchases for my second business while the building is under renovations, before we start getting money flowing in. I can't apply for a business credit card, however, because the first business was a general partnership, which doesn't accumulate business credit the way a corporation does, apparently.

 

I've never had an Amex card before, was just wondering what a desirable card would be in my situation.0% for first year is important while cash flow is low.

 

A sign-up bonus sounds especially good.

 

I'm not sure of my AAoA, inquiries, etc., as I used up my free credit reports at the beginning of the year. My AAoA used to be 6 years I believe, but now w/ all the new cards it would of course be lower. My discover card gives a free credit score each month (experian I think?) and it's currently at 730 if that helps. I believe my utilization would be a little under 30% right now, however I have some major inventory purchases coming up in the next couple months and need at least $5000 more at my disposal.

 

Without getting into it too much, having more credit makes sense for the business I'm in, and I need emergency funds to get me though the end of construction to our grand opening.

 

I'm not just interested in Amex cards, are there other cards I might consider applying for?


Amex and Business should never meet on personal cards. You better apply for business cards if you're looking to spend for business. Just a word of warning. Smiley Happy

 

Of course -- there are a ton of business cards. Chase ink bold, plus, etc... Capital One has a business card (Spark I think it's 2% cb), Amex has business platinum and others I think.

Message 7 of 14
mongstradamus
Super Contributor

Re: What should I apply for next??


@KennyRS wrote:

@anotherannabanana wrote:

I need more credit for purchases for my second business while the building is under renovations, before we start getting money flowing in. I can't apply for a business credit card, however, because the first business was a general partnership, which doesn't accumulate business credit the way a corporation does, apparently.

 

I've never had an Amex card before, was just wondering what a desirable card would be in my situation.0% for first year is important while cash flow is low.

 

A sign-up bonus sounds especially good.

 

I'm not sure of my AAoA, inquiries, etc., as I used up my free credit reports at the beginning of the year. My AAoA used to be 6 years I believe, but now w/ all the new cards it would of course be lower. My discover card gives a free credit score each month (experian I think?) and it's currently at 730 if that helps. I believe my utilization would be a little under 30% right now, however I have some major inventory purchases coming up in the next couple months and need at least $5000 more at my disposal.

 

Without getting into it too much, having more credit makes sense for the business I'm in, and I need emergency funds to get me though the end of construction to our grand opening.

 

I'm not just interested in Amex cards, are there other cards I might consider applying for?


Amex and Business should never meet on personal cards. You better apply for business cards if you're looking to spend for business. Just a word of warning. Smiley Happy

 

Of course -- there are a ton of business cards. Chase ink bold, plus, etc... Capital One has a business card (Spark I think it's 2% cb), Amex has business platinum and others I think.


Even spg has one I believe, they are probably most valuable points for travel



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Message 8 of 14
anotherannabanana
New Member

Re: What should I apply for next??

The problem is I'm not eligible for business cards. Chase and Amexd send me letters encouraging me to apply for them all the time, but I was denied a business card at Chase and I'm assuming I would be anywhere else. My business credit report shows no credit history, though we've been paying off a $50K loan for the last 5 years which will be paid off very soon, and of course we pay our bills on time every month. I signed up with Dun & Bradstreet 5 years ago, and still nothing being reported to any credit bureaus. This is why I'm using personal credit cards for business expenses (they are ONLY used for business expenses, so it's easy to keep separate).

Message 9 of 14
coldnmn
Mega Contributor

Re: What should I apply for next??

My suggestion is to read the business credit forum on building business credit. You can get in trouble and get current cards closed using personal credit cards for business in my opinion. 

 

 

http://ficoforums.myfico.com/t5/Business-Credit/bd-p/businesscredit

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Message 10 of 14
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