It's August and I'm determining my next apps

[GoldSorata]

It's now August when I decided to app for some more cards. I have a fairly thin profile of only 2 actual CCs and the other 4 are store cards.

My scores are higher than I expected them to be already (I was lower 600s at the beginning of the year). As of today my FICO 08 scores are: EQ 786, TU 761, and EX 741.

Baddies:

EQ - a few 30 day lates that are over 5 years old

TU and EX: a few 30 day lates that are over 5 years old and 2 defaulted student loans that have multiple lates on them\ (the loans have since been rehabbed) The defaulted TLs will fall off next year

Inquiries:

EQ - 4 (2 from this year and 2 from a year ago)

TU - 7 (All but 1 is over 6 months old)

EX - 2 (both are over 12 months old)

AAoAs

EQ - 8.2 yrs

TU - 9.9 yrs

EX - 10.1 yrs

Back in around 2008 I had charge offs from Chase, Citi, and Amex. I am getting prequals now for Chase and Citi so it doesn't sound like I'm black listed any longer.

I think I want to focus on cash back cards. Though either next year or the year after I'm going to plan a trip to take my kids to Disney world but other than that I don't do a lot of travel.

I'd like to get a Sallie Mae since it'll fit in perfectly with my grocerie and gas budget, I was thinking about a Fidelity Amex for a 2% card but I notice that Citi is now giving me a prequal online for the DC. I also wanted to get a QS since they prequal me for 12.9% and I think it would be a good backup card to have. I also prequal for the Venture at 12.9% too and maybe considering going for a QS/Venture combo since I am planning to do that trip (I could always combine into the QS at a later date). Chase is giving me a prequal for both the Freedom and the CSP.

My thought is I go for 3 cards now. I really want the Sallie Mae but if I go for the QS/Venture combo I'll be using the Venture maily for the next few month to make the bonus spend. My Barclay rewards just hit 6 months old so don't know if I should wait a little bit to give that some age or not.

Do I give the Citi DC a try since they prequl me but risk still being on the BL?

Thoughts?

[kdm31091]

Venture has no advantage over Double Cash and youll take 3 HPs for it. Get the Double Cash for general spend. Save up the cash and use it next year towards Disney if you like. Same thing as a Venture with no restrictions.

[GoldSorata]

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@kdm31091 wrote:
Venture has no advantage over Double Cash and youll take 3 HPs for it. Get the Double Cash for general spend. Save up the cash and use it next year towards Disney if you like. Same thing as a Venture with no restrictions.

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Yeah, I realize the Venture is only a 2% card disguised as a travel card but the $400 bonus and I could then roll it into or PC it to a QS and not deal with an AF after using the bonus. DC not having a sign up bonus makes the Venture come out ahead in the short term.

[kdm31091]

All depends on your priorities. I prefer long term use cards vs just collecting a bonus and then combining the card, which is not what capital one has in mind im sure and you may appear to be churning to them which isnt good.

I guess the fascination with bonuses always puzzled me because its a one time thing. After the bonus, you still have to reasonably justify having the card. Since every account requires a HP that stays for 2 years, and the account itself remains for 10 on your report, I value my apps. Theyre gonna be on my report for a long time. So im not apping for something to collect a bonus and then be stuck with a useless account. All these "app for the bonus" accounts will be on ones report for all to see on manual review for years. Just something to consider 

[Anonymous]

I burned citi back in 2006. I just got a DC. Did you get a mailer, or did you pre qualm through their site?

[GoldSorata]

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@kdm31091 wrote:

All depends on your priorities. I prefer long term use cards vs just collecting a bonus and then combining the card, which is not what capital one has in mind im sure and you may appear to be churning to them which isnt good.

I guess the fascination with bonuses always puzzled me because its a one time thing. After the bonus, you still have to reasonably justify having the card. Since every account requires a HP that stays for 2 years, and the account itself remains for 10 on your report, I value my apps. Theyre gonna be on my report for a long time. So im not apping for something to collect a bonus and then be stuck with a useless account. All these "app for the bonus" accounts will be on ones report for all to see on manual review for years. Just something to consider 

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I agree with all of that. All the cards I've been planning for haven't had much of a bonus and I've never taken that into account or much of an interest in just a bonus. In this case I'm just weighing the options since this Venture card bonus could be a big benefit for someting I'm going to be spending on anyway. But thats also why I've never heavily considered the Venture before because after the bonus it becomes useless to me and it'll knock down my AA0A a bit (although because of student loans and mortgage my AAoA is decent). I'm far from wanting to be in the churning game. Apart from that card all the cards I want to consider would have long term value for me.

[GoldSorata]

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@Anonymous wrote:
I burned citi back in 2006. I just got a DC. Did you get a mailer, or did you pre qualm through their site?

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Haven't gotten any mailers but for the first time since i opted in months ago I'm getting the prequal for it through their site. But I'm not sure if that means I even have a chance yet.

[Anonymous]

Your stats look good. I don't think you will have a problem with getting the card. I am still not pre qual through their site. I figured it couldn't hurt to respond through the mailer. I only received 1200 sl. It may of had to do with burning them though.

[kdm31091]

They typically give fairly low starting limits on DC to just about anyone. You can get it bumped up with a 2nd HP sometimes but YMMV

[Anonymous]

Yeah, I'm good. I will wait until they give me one. Garden garden garden. 😉