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I am interested in getting the SPG AMEX or some other rewards card. I have just gotten the Chase Freedom card (CL: $900) last Thursday. But I'm worried that I won't be approved for another card because I have low income ~$15k (I'm a student and work part time). My Equifax score is 707. Also I have alot of student loans ~35k, a car loan @ $770.34 ( will pay off in 4 weeks) and a credit union credit card that has a balance of ~$1,334 (CL:$1500) I will have this paid off in mid July. I really want another rewards card so that I can go on a nice trip when I graduate in May 2013!
Should I pay off my car loan and credit union credit card first before I apply for a new rewards card?
Thank you for any advice!
@Anonymous wrote:@I am interested in getting the SPG AMEX or some other rewards card. I have just gotten the Chase Freedom card (CL: $900) last Thursday. But I'm worried that I won't be approved for another card because I have low income ~$15k (I'm a student and work part time). My Equifax score is 707. Also I have alot of student loans ~35k, a car loan @ $770.34 ( will pay off in 4 weeks) and a credit union credit card that has a balance of ~$1,334 (CL:$1500) I will have this paid off in mid July. I really want another rewards card so that I can go on a nice trip when I graduate in May 2013!
Should I pay off my car loan and credit union credit card first before I apply for a new rewards card?
Thank you for any advice!
Hey Inb0804!
Welcome to the FICO Forums!
Well, to start, I'd definitely work on getting that balance down on your CU credit card before applying for anything. That's a awfully high utility and will probably be a big thorn to most lenders. Secondly, with the income you posted and the amount of your car payment - your DTI ratio is probably scored as too high for most lenders to approve. So MHO, is to wait and get those 2 accounts paid down. At that time, I'd app for a Amex Charge and another Student card and wait till April 2013 to app the rewards card you really want. During the rest of this year, focus on getting the CLs on the current cards increased as high as possible to net a good starting line with your April Vacation/Rewards card app in April.
Also, if approved for the Amex Charge and you handle this card well, you will be set up for the SPG Amex because of your current relationship with Amex. (side note: SPG will be backdated if approved)
That's what I'd do anyway. Hope this gives you some ideas.
Best of Luck!
Yes I wil be able to pay off the card balance in full after and the end of billing statement.
@Anonymous wrote:@I am interested in getting the SPG AMEX or some other rewards card. I have just gotten the Chase Freedom card (CL: $900) last Thursday. But I'm worried that I won't be approved for another card because I have low income ~$15k (I'm a student and work part time). My Equifax score is 707. Also I have alot of student loans ~35k, a car loan @ $770.34 ( will pay off in 4 weeks) and a credit union credit card that has a balance of ~$1,334 (CL:$1500) I will have this paid off in mid July. I really want another rewards card so that I can go on a nice trip when I graduate in May 2013!
Should I pay off my car loan and credit union credit card first before I apply for a new rewards card?
Thank you for any advice!
Pay off the CU balance before you app, that is too high util % to go for new credit.
@improvingmycredit wrote:
@Anonymous wrote:@I am interested in getting the SPG AMEX or some other rewards card. I have just gotten the Chase Freedom card (CL: $900) last Thursday. But I'm worried that I won't be approved for another card because I have low income ~$15k (I'm a student and work part time). My Equifax score is 707. Also I have alot of student loans ~35k, a car loan @ $770.34 ( will pay off in 4 weeks) and a credit union credit card that has a balance of ~$1,334 (CL:$1500) I will have this paid off in mid July. I really want another rewards card so that I can go on a nice trip when I graduate in May 2013!
Should I pay off my car loan and credit union credit card first before I apply for a new rewards card?
Thank you for any advice!
Hey Inb0804!
Welcome to the FICO Forums!
Well, to start, I'd definitely work on getting that balance down on your CU credit card before applying for anything. That's a awfully high utility and will probably be a big thorn to most lenders. Secondly, with the income you posted and the amount of your car payment - your DTI ratio is probably scored as too high for most lenders to approve. So MHO, is to wait and get those 2 accounts paid down. At that time, I'd app for a Amex Charge and another Student card and wait till April 2013 to app the rewards card you really want. During the rest of this year, focus on getting the CLs on the current cards increased as high as possible to net a good starting line with your April Vacation/Rewards card app in April.
Also, if approved for the Amex Charge and you handle this card well, you will be set up for the SPG Amex because of your current relationship with Amex. (side note: SPG will be backdated if approved)
That's what I'd do anyway. Hope this gives you some ideas.
Best of Luck!
What Amex charge card you think I should go for? I'm not really interested in the Zync card, because its MR express card.
Thanks for all your help
I recommend getting the charge card you feel comfortable with the most. A lot of people like the Zync because it has a low AF. If the rewards program doesn't suit you, then go for the Green or PR Gold. The annual fees progress as the card color changes. If you look at the Green and the regular Gold, the benefits really aren't all that different for a $30 difference in AF. (IMO) I believe that the AF is waived for both charge products for the first year anyway. What ever charge you decide, I think you are good for the approval for any of the charge cards once your CU utility is reported lower.
Hope this helps.