Just a little advice from someone who was in the same boat a few months ago. An application spree (app spree) might seem very tempting once you get approved for a card. I cannot stress enough how bad of an idea this is. Build your file slowly. Apply and get approved for a good card, wait a few months and see if you prequal on Discover, Amex, Citi, and Chase again and pick up only cards fit your needs. Do not get a card just because you can, get it because it's useful to you.
@Anonymous wrote:@mylow
Curious as to if the % I received on the discover was really that bad? What % would have been acceptable?
That rate it gave you was generic. A solid offer would have a 3 pt spread like 14.9-17.9 or 11.95-14.95 or something like that. The fact that it gave you a full spread means there is a very good chance you would get declined.
@Anonymous wrote:@mylow
Capital pre-qualified me for Quicksilver and Platinum :
Primary Benefit Quicksilver :
Earn unlimited 1.5% cash back on every purchase, every day0% intro APR until January 2017; 23.24% variable APR after that0% intro APR until January 2017; 23.24% variable APR after that; No Transfer Fee$39 annual feePlatinum:Get the credit you need with no annual fee24.99% variable APR; No Transfer Fee24.99% variable APR purchase fee$0 annual
Ok, if it were me, I would apply for the Freedom first. If you get it, stop there depending on what %apr you get. If you get declined the Freedom, I would apply for the Quicksilver. The % APR is kind of high but you want to pay in full (PIF) before the statement cuts anyway.
@Anonymous wrote:@mylow
I am planning on picking 2 and applying for those only for now. Hoping at least one will go through.
If you get the Freedom, try and prequalify on Chase's site again. if it still shows the Slate, I would apply for that. If not, then QS. QS has better CLI's than the Platinum and the QS (not the QS1) has no AF and usually has a great SL.
Disregard what I said about the QuickSilver. You got prequalified for the QuickSilver 1. It has an annual fee (AF). Me personally, I would take the AF for the cash rewards and better CLI's. If you put enough money through that card it will pay it's own AF.
@Anonymous wrote:@mylow
Whoa, if I get pre-qualified for the freedom then all of a sudden it could change the pre-qualification for another card?
It won't have any effect on Capital One, not immediately anyway, but If Chase gives you a card as your first, it might take away the Slate prequalify. I qualify for every car on a car lot but they won't let me buy all of them at once. You may be qualififed for one or the other, not both. That is a risk on any site.
My moms first card was a Freedom too. She got prequalified for it and the Slate. She got approved for the Freedom at a good % rate and $3100 starting limit with annual income of $17.5k (retired). She then applied for the Slate and got denied. The prequalifier is not a guarantee.