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New Member
kctorf
Posts: 4
Registered: ‎05-20-2013
0

New Card Open

Hi Everyone,

 

I've been silently reading and looking up on age old posts to gain more insight on all the awesome knowledge people have brought to this board. After reading up on some of the key marquee credit cards and being at that stage where I want to open a new credit card one I was hoping to get some advice from you all...here is where I stand.

 

Exp: 741
Equifax: 723
TU: 717

Currently have;

Amazon Chase: $2,000 (Balance: $0)
Amazon Store: $2,700 (Balance: $0)
Wells Fargo Secure (Just Graduated 3 Weeks Ago, still waiting on refund of 2,000 deposit, just received the graduation letter): $2,000 (Balance: $0)
Capital One Secure: $500 (Balance: $35)
Macys Store: $300 (Balance: $0)

I was hoping to open a new credit card with a higher limit as my other ones are currently low, the cards you see are the cards I have had for about 2-4 years now and no others (none closed.) So I figure a new credit card is in order...so the key thing is; I'd like to have a higher limit one (who wouldn't.) From what I've seen BoA is pretty generous, ideally I would like to go for a Travel Rewards card but I wasn't sure if they supplied higher limits on that one or not. Sorry for the long message, if you're still reading this...thanks!

 

What would you all recommend for a credit card?

Super Contributor
enharu
Posts: 7,008
Registered: ‎02-27-2013
0

Re: New Card Open

First of all, call GE and get a cli on your amazon store card. Do the same for Macy's.
chase cli will be a hp, and I'm not sure if you qualify for Wells Fargo cli since u just got graduated.

What kind of card do you want? Travel? Low apr? Cash back?
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
New Member
kctorf
Posts: 4
Registered: ‎05-20-2013
0

Re: New Card Open

Thank you very much for the prompt response. I guess I wasn't clear enough in my message, my apologies. I am looking to obtain a travel rewards card. The capital one venture card seems very enticing but I checked on creditkarma and other sites other than mentioning that your credit should be "excellent" I wasn't able to find the average credit approval rating for that card.

Super Contributor
enharu
Posts: 7,008
Registered: ‎02-27-2013
0

Re: New Card Open

You can check whogavemecredit, or google credit pulls database.

How much do you think you will be spending on the new card? Are there specific hotels or airlines you usually tend you use?
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
New Member
kctorf
Posts: 4
Registered: ‎05-20-2013
0

Re: New Card Open

Enharu, you're awesome. Thanks for all your help.

 

I spend generally around 2,000-2,500 in purchases a month but I always pay off in full as the credit limit on my cards is too low to carry a balance. I generally fly Southwest within' the U.S. and United Airlines internationally, Marriot for hotels.

Moderator
09Lexie
Posts: 26,027
Registered: ‎09-13-2012
0

Re: New Card Open

[ Edited ]
With your CS and low util you should be good for most prime cc's. I would start with Chase, you could go Freedom, CSP, Sourhwest Rewards, Amex PRG, Discover It.Chase also has a Marriott Rewards CC. Not sure on their limit for cc's so I'd pick 2 from Chase, Discover and the Amex.
Community Leader
Senior Contributor
myjourney
Posts: 26,620
Registered: ‎02-07-2013
0

Re: New Card Open

Welcome to the forum

 

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


Super Contributor
enharu
Posts: 7,008
Registered: ‎02-27-2013
0

Re: New Card Open

[ Edited ]

Based on your spending, I would recommend you go for CSP, Southwest, United or Marriot.

You do not necessarily have to apply for all 4. It's a bad idea to go on a spree with the same lender as well :smileytongue:

But weigh your options on what you can get the use out of most, and get the card. You should be able to get 2 cards from Chase w/o any issues.

 

While you might not have any CL >5k, I don't think it will be a big issue for you in order to get approved for the CSP, since you already have 2-4 years of banking history with Chase (made this assumption based on your 1st post) and that's a very big plus. With the CSP, you can transfer points to UA, Southwest and Marriot whenever you want, so that'll give you some flexibility. Most people will recommend you spend around 30k on the CSP to make the AF worthwhile, but that actual number can vary depending on what you're spending on, and what you're trying to redeem the points for. The current sign-up bonus is enough to set you for 4-5 years of AF anyhow.

 

If you want to pursue a 2nd Chase card, you can consider the Freedom as well. I don't think you will be able to maximize the value out of 2 AF cards, but you could always apply for the sign-up bonus and product change the card to something else that has no AF later on.

 

You can also consider cards offered by other lenders. Discover IT, Citi Thank You Preferred or Thank You Premier, US Bank Cash+ or Flexperks, Bank of America Travel rewards card, Barclays Arrival, American Express cards, etc. are all good choices as well, depending on what type of rewards or benefits that you wish to get out of most. I talked more about Chase cards because the hotels / airlines you mentioned are all direct partners of Chase, and you have prior banking history with Chase, so I figured it's a good match. Definitely do consider other cards as well.

 

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Valued Contributor
armbenderc
Posts: 1,339
Registered: ‎09-11-2012
0

Re: New Card Open

I would go for Chase Freedom and Amex PRG or Platinum.
2013 Approvals: Discover IT - 3/1, Amex BCE - 3/4, CSP - 5/4, Barclay Ring - 6/12, BoA Privileges Cash - 6/27, Citi TY Preferred - 8/6, OCCU Duck - 11/4, USBank (Cash+) - 11/22, Wells Fargo - 12/21, Nordstrom - 12/29

12/19/2013, $100k+ Available Credit. Total Util: 0-1%
Valued Contributor
indiolatino61
Posts: 1,480
Registered: ‎11-10-2012
0

Re: New Card Open

Welcome to myFICO...and good luck!

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