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Regular Contributor
babymixer
Posts: 105
Registered: ‎11-15-2011
0

Great cards to app for and important question!

I currently have a BofA Cash rewards 6K limit - no annual fee, a Citi Diamond Preferred 4.7K limit - no af and a Capital One Cash Rewards $500 limit and a $39 AF. 

 

BofA is my oldest account.  Citi and Cap One was opened in January '12. 

To the credit guru's, now that I have decent limits on my 2 other cards, do you think I'm doing the right thing by closing out my Cap One before the annual fee is due?  I tried for  an increase with them but was denied... I have a feeling that it's unlikely to grow with me.

 

I would rather have cards that I would really use.  What do you guys suggest would be a good addition to my card portfolio?  I would love one that offers a zero foreign transaction fee only because it seems like that would be the wisest way to go.  Thoughts?

cc's copy
Senior Contributor
john398
Posts: 3,517
Registered: ‎01-19-2009
0

Re: Great cards to app for and important question!

Discover or Chase Freedom would be a good card to add IMO

Established Contributor
Cdnewmanpac
Posts: 767
Registered: ‎01-16-2012
0

Re: Great cards to app for and important question!

before you close cap 1, why not try executive office? I got my af permanently removed, limit bumped to 5k and rewards bumped to 1.5%. many others have had equal success. since it has no ftfs, what do you lose by trying?
In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Valued Contributor
daybreakgonesXe
Posts: 1,843
Registered: ‎11-17-2012
0

Re: Great cards to app for and important question!


babymixer wrote:

I currently have a BofA Cash rewards 6K limit - no annual fee, a Citi Diamond Preferred 4.7K limit - no af and a Capital One Cash Rewards $500 limit and a $39 AF. 

 

BofA is my oldest account.  Citi and Cap One was opened in January '12. 

To the credit guru's, now that I have decent limits on my 2 other cards, do you think I'm doing the right thing by closing out my Cap One before the annual fee is due?  I tried for  an increase with them but was denied... I have a feeling that it's unlikely to grow with me.

 

I would rather have cards that I would really use.  What do you guys suggest would be a good addition to my card portfolio?  I would love one that offers a zero foreign transaction fee only because it seems like that would be the wisest way to go.  Thoughts?


If you don't mind a $95 annual fee (though oftentimes the rewards you earn will more than counteract it), Chase Sapphire Preferred is one in the best in the market! Pair that with a chase checking and chase freedom, and you can maximize rewards! CSP also has no foriegn transaction fee. If you want to risk another card with Cap One, try for Venture or VentureOne. 2x or 1.25x for every dollar spent, choose your rewards (travel, cash back, merch, etc.), and you're more than likely to get a very generous CL based on your other cards. However, they may not grow with you, so you could get a 3K limit and be stuck there forever. If you don't mind that though, then no AF and no FTF combo is fantastic!

 

Closing out that low limit Cap One may be your best option. You're more than ready for cards that will offer you great starting limits and will actually grow with you! I would recommend though applying for your new cards first before closing it out!

 

Capital One Quicksilver World Mastercard $10k | JCPenney Platinum $7.5k | Shell Drive for Five $800 | Chase Freedom Visa Signature $9.8k | TD Bank Easy Rewards Visa Signature $5k | Chase Sapphire Visa Signature $10k | American Express Blue Sky $25k | Discover IT $9.5k | SavingStar American Express $14.8k

EQ FICO 735 TU FICO 747 Credit Karma (TU) 789 Transrisk 846/990 Credit Sesame (EX) 768 Credit.com (EX) 768 VantageScore 3.0 745
Established Contributor
bettercreditguy1
Posts: 757
Registered: ‎02-11-2012
0

Re: Great cards to app for and important question!

I use my Cap One card for internet shopping since it has a lower limit. Less problems if it gets hacked. I use my AMEX, FREEDOM, and CHASE AIRLINE cards for rewards or air travel points as needed.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Regular Contributor
babymixer
Posts: 105
Registered: ‎11-15-2011
0

Re: Great cards to app for and important question!

Great options guys, thanks.

 

Do you think that holding onto the Cap One card will stop me from getting better limits if i were to app for other cards?

 

cc's copy
Valued Contributor
SnackTrader
Posts: 1,566
Registered: ‎09-15-2012
0

Re: Great cards to app for and important question!


babymixer wrote:

Great options guys, thanks.

 

Do you think that holding onto the Cap One card will stop me from getting better limits if i were to app for other cards?

 


I don't think so, but that's a YMMV thing.  It shows that you started with a low limit (as most of us do), used it responsibly, and were rewarded with more trust by lenders in the form of higher limits.  As long as you don't abuse those limits, other lends should continue to reward you (to an extent - income makes a difference)  Do with it whatever you choose, but having a card you don't use with an AF is a tough sell financially.


In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Contributor
akabigo
Posts: 80
Registered: ‎11-01-2012
0

Re: Great cards to app for and important question!


babymixer wrote:

Great options guys, thanks.

 

Do you think that holding onto the Cap One card will stop me from getting better limits if i were to app for other cards?

 


 

I had the same concerns as you since i hace 3 hsbc/cap1 cards with limits of 700, 550 and 500. i just recently got approved for Citi TYP $8000 and Discover More $7500. Also have  a Chase freedom $3500 and BOA $2500. My score did break 800 so I am sure it was a big factor but nonethless those other small cards are still open... For Now :smileyhappy:

The ole wallet~ BOA AMEX $10k | Discover IT $9k | AMEX TE $8.8k | Citi TY Pref $8k | Barclays Arrival WMC $7.5k | Paypal SC $5k | Dell $4k |Chase Feedom $3.5k | Amazon Store Card $2.5k | Citi Citgo $1.6k | Captial One QS $1.2k

Fico scores TU 814 EQ 806 EX ?
Regular Contributor
Mustangfrank
Posts: 193
Registered: ‎07-17-2012
0

Re: Great cards to app for and important question!


babymixer wrote:

Great options guys, thanks.

 

Do you think that holding onto the Cap One card will stop me from getting better limits if i were to app for other cards?

 


My only card when I started rebuilding ten months ago was a CAP1 Platinum and I was able to get all the cards in my Sig.

So I don't think it is a problem at all.

 

 

 

Amex Zync NPSL 9/12, Amex CostcoTrue Earnings $10K 9/12
Amex BCE $3K 9/12 (Amex Back Dated to 1983)
Chase Sapphire Preferred $17K 11/12, Chase Freedom $7K 11/12
Discover More $750 11/12
CapitalOne Platinum Secured Card 2K 2/12 (Closed 12/12)
FICO: EQ = 804 EX = 802(Amex) TU = 801(Discover)

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