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Established Member
Posts: 18
Registered: ‎04-19-2010
0

Debating between 2 credit cards

So I've been reading up a lot on these credit forums lately and I've decided to get another cc. 

 

I currently have a Discover Card with a $500 CL that is almost 1 year (it's currently 11 mos.) and I have PIF each and every month.  I also have 2 student loans for $1000 each.  I currently have a job at school grossing 200 a week that I just started.  I have a bunch of hard inquiries (6-7) that will drop off the credit report mid August, which is when I plan on applying for the cards.  By that time, I'm expecting two more student loans to pop up, one for $5500 and one for $3500.  I plan on paying off at least one of my student loans by August.  I currently have a TU score of 750 (April 20) and an EQ score of 677 (May 27).  No baddies or anything.

 

I'm debating over 2 different CCs.  The first, is a secured card ($330 deposit) with a credit limit of $300 from a local bank.  I would be gauranteed the card, but that would mean I would have to leave the money sitting in the bank for a year and a half or so.  The second option, is the Citi MTVu CC, which I'm not sure if I would be accepted or not based on my stats.  I would rather get the second one because it means that my $330 isn't tied up, but if I don't have a good chance, I would rather just apply for the secured card and avoid another hard inquiry.

 

Oh, and just another thought, would a request for a CLI on the Discover Card be granted seeing the good record on the account.

 

Thanks in advance for your help!

 

Established Contributor
Posts: 517
Registered: ‎04-13-2009
0

Re: Debating between 2 credit cards

I would think your scores are probably up to par for Citi but be warned they HATE inquiries. If you want to apply for Citi make sure you dont have many inquiries on your report.

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2011 Credit Goals
1. No Lates
2. Join the 700 club
3. No inquiries
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Established Member
Posts: 120
Registered: ‎05-13-2010
0

Re: Debating between 2 credit cards

Agreed on citi, Discover does take awhile but good card. tHE mtv card my younger sister apped for with 4 inq. on her EQ was approved for 1k?? Dont know her scores but she does have 3 other ccs nothing over 500 though. So idk?

Established Member
Posts: 18
Registered: ‎04-19-2010
0

Re: Debating between 2 credit cards

I was also looking at the Citi Forward Card, would that be more of a reach considering my income and low credit line?

Valued Contributor
Posts: 1,296
Registered: ‎05-13-2010
0

Re: Debating between 2 credit cards

I got the Citi forward with the following conditions

$15k income

2 EQ inquiries, 3 Ex, 5 TU

Credit Scores in my sig.

 

I don't see why you wouldn't get it.  I was approved for a $1200 limit.

 

FWIW, I AM a Citibank customer, and that was asked on the application, I don't know how much relevance that has here.

BofA Cash Rewards VS - $25k/9.99% | Citi Dividend World MC - $15k/11.99% | Amex BCE - $25k/10.24% | Chase Freedom VS- $10k/15.24% | Barclay Ring $5k/8.0% | Discover it - $33.5k/11.99%
Regular Contributor
Posts: 219
Registered: ‎01-04-2010
0

Re: Debating between 2 credit cards

Which Citi card would be better forward or select platium? Which is easier to get?

 

Do you prefer one over the other?


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Valued Contributor
Posts: 1,296
Registered: ‎05-13-2010
0

Re: Debating between 2 credit cards

Platinum Select tends to offer a lower interest rate, but the Forward card is undoubtedly easier to get.  It is new so they're trying to get people to apply for it, plus it is geared toward people with limited incomes and limited credit history (college students).  I'd go for the Forward card if I were you.

BofA Cash Rewards VS - $25k/9.99% | Citi Dividend World MC - $15k/11.99% | Amex BCE - $25k/10.24% | Chase Freedom VS- $10k/15.24% | Barclay Ring $5k/8.0% | Discover it - $33.5k/11.99%

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