So I realize this is jumping the gun a bit, but I like to plan my financial decisions as best I can. So in May, my two new cards, the Sallie Mae and Freedom, turn 6 months old. I'm doubtful I'll get an auto-CLI from Chase on the Freedom, or at least I'm assuming not so it would be a pleasant surprise, but I've heard good things about Barclays being generous on the close of the 6th statement. Thus I come to where I need advice...
I'd really like to add a couple more cards to my wallet to grow over the next year. I'm looking to be in a good spot to look for a house in the fall of next year, so this would be the right time to finalize my pulls and allow them to age at least one year before then. So I'm looking for advice on which avenues would be the best to pursue.
I'm also curious if I should avoid any new cards because of the Barclaycard, as I've heard they've been know to invoke AA due to rapid CL growth.
My situation:
- I recently got one paid CO removed via GW within the next 30 days, and I'm hoping for luck on another GW letter for the last one. Both were from '08.
- My last late payment was in '08 on a car loan that was successfully closed.
- Scores are 692 EQ / 646 EX / 702 TU
- AAoA is 2.5 years
- Utilization: ~1% (Letting $50 ride on Freedom Card)
Other Info:
- I'm hoping to do some light travelling soon, but I don't make enough of a habit of it to warrant that as the main feature of a card.
My thoughts are:
- Discover IT
- Chase Sapphire Preferred or Amazon
- I'd really like an AMEX, but my EX isn't nearly high enough
As always, any and all advice is greatly appreciated.
Your profile is almost a carbon copy of mine, except your scores are higher. See my thread that I created within the past 30 min: http://ficoforums.myfico.com/t5/Credit-Cards/Please-help-me-maximize-my-rewards-cards/td-p/2939588
My knowledge is limited so I leave it to the rest of the forum to give you advice, but I thought you'd like to see my experience. Scroll down to the 3rd post to see my profile.
Best of luck!
Your Sallie Mae is much better at Amazon.com than the Chase Amazon card, so you don't need that card.
@Themanwhocan wrote:Your Sallie Mae is much better at Amazon.com than the Chase Amazon card, so you don't need that card.
+1
I would focus on trying to attain the CSP instead of the Amazon.
@azguy13 wrote:Hey there. There is nothing wrong with planning far in advance!
I would not expect an auto CLI from Chase. If you get one, that is fantastic, but do not expect it. I am sure you already know this as well, but if you request a CLI it will be a HP. I really don't know much about the Sallie Mae. Discover IT is a great card and I have seen many people get approved with your scores. I do not think that would be a bad choice. The CSP is a Visa Siggy and a $5K minimum CL. This one may be a bit tougher. The good news though is that Chase operates heavily off an internal scoring system. So, if you have been treating your Freedom right and making the payments on time, you have a much better chance than someone who apps for the card with your scores and doesn't have another Chase card.
What I would do in the case of the Amex is this. Wait until you see if you get approved for the CSP. If you get approved, wait until it reports. This is my opinion, but I believe if it is reporting with a $5K or or CL, it will make your odds a little better. Do not rack up a lot of HPs and new TLs before you apply for Amex though. I would apply in this order:
1.) CSP (if approved, wait the month or so until it reports and then app for the Amex)
2.) Amex if approved for the CSP)
3.) Discover IT (if approved for both CSP and Amex, wait a few months. If not approved for Amex then go ahead and app right away)
That is just my 2 cents.
I guess I'm mostly just worried about my approval odds for the CSP. I've treated my Freedom as best I can, putting what spend I could through and making sure to keep the balance low. Will probably completely pay it off before I apply. The AMEX is more of a long term goal, so if I don't end up getting it, it's no big deal. If I had to choose, I'd pick the Discover IT to walk away with this round over the AMEX. Thanks for the great input, I'll definitely keep the suggestions in mind!