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Posts: 1
Registered: ‎04-09-2014
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Noob help please: Which cards? What I should ask for etc?

Hey guys, I am a long time lurker, with lots of searching and studying but first time poster. I appreciate your help before I even start.

 

About me: Late 20s single male. income is around $70k direct to me. my score is in the 650-700 range. No auto loans, no mortgage. no debt besides the CC below.

 

My single CC now is BOA Signature Visa since 2004: intially had a $5k limit and tried to up it a few years ago and they were complete jerks since I didnt keep much $ in my checking or savings account with them and would only bump to $6k. always paid on time and above minimum payment. Right now my balance is about $4800 on that limit.

 

I would like to get some additional cards to lower my utilization rate and although my BOA interest is 9.9% to take advantage of some of the 0% offers while i pay down that debt.

 

My question is what cards should I apply for and limits I should expect?

 

Should I do them all on the same day like a spree or does it not matter?

 

Which ones are going to want my income statements?

 

The ones I am thinking of:

Chase Slate for balance transfer

Navy FCU ( i think i qualify for membership)

AMEX?

 

Thanks again

 

Epic Contributor
Posts: 28,812
Registered: ‎10-23-2007
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Re: Noob help please: Which cards? What I should ask for etc?

You are destroying your score with your almost maxed out card.

I would however check the pre-qual on chase.com and see if they are offering you the slate... I bet they are... I would take it... apply first without putting in the Balance Transfer and upon approval and knowing the limit then call in and transfer every penny they will allow you to of your current BofA card.

 

In your case I would say DONT apply for multiple cards at once because you NEED to move this debt and bring util. down before you will qualify or get better lines on other accounts.

 

lets start there and post back if you are pre-qual. and if so, how much limit they give you.

Frequent Contributor
Posts: 449
Registered: ‎02-03-2014
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Re: Noob help please: Which cards? What I should ask for etc?

First, welcome to the forum.  I understand your desire to lower your utilization and 80% is quite high.  This may be against the grain but I would consider getting a GECRB card like a Lowe's card.  It's easy to get in with them, they're usually very fast to give you large limits and that would a fairly quick/easy way to get your util in better shape.  If you garden/grow that card for 6 or so months while paying as much as you can on your BofA, I think you'd be in a better spot to get better terms with Chase, Amex, etc.  I can't comment on your chances of approval because I have no experience with apps at such high util.  The GECRB and Lowe's type card (and sure TU pull) is where I would go first.  Chase may be okay with your util considering the Slate is a BT transfer card by design.

 

Others will certainly chime in with other options.  


FICO SCORES: TU 769; EX 790; EQ 790 ***Gardening indefinitely***



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Registered: ‎01-10-2011
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Re: Noob help please: Which cards? What I should ask for etc?

I would go Slate or Credit uinion....Leaning more to credit union as they tend to be more giving on credit limits

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Registered: ‎11-13-2012
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Re: Noob help please: Which cards? What I should ask for etc?

Welcome to the forum!

I would not app for anything with such a high util and pay down this balance first. Then apply for the desired cards. Paying down is still the better way to lower util than adding new cards Smiley Happy... I know that is the "old fashioned" way but this is my own opinion. Sorry I know that is not what you wanted to hear.

Good luck if you decide to app !

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Established Contributor
Posts: 841
Registered: ‎08-07-2013
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Re: Noob help please: Which cards? What I should ask for etc?

Agreed here. Pay down 4.4k of that 4800 and be sure it reports before apping for any sort of new card.

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Frequent Contributor
Posts: 340
Registered: ‎04-13-2014
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Re: Noob help please: Which cards? What I should ask for etc?

Thanks guys I appreciate all your help. I had also considered and probably will open a few in store accounts to help my utilization.

 

Great news, I applied for Chase Slate and was instantly approved for $3k with no balance transfer listed. I also went ahead as others were advised and applied for Freedom with a $7k instant approval.

 

I obviously will call Chase on the Slate and ask for an increase so I can do a full Balance transfer. Should I do it now or when my card comes? How much additional should I ask for?

 

Also, any other cards I should go ahead and apply for? Id like to start building with AMEX as well.

 

Thanks again!

Started: 4/14 Bank of America Signature $6k, 85% Utilization, 745 Fako
Currently: 6/16 Bank of America Signature $35k, Chase Slate $.5k, Chase Freedom Signature $.5k, American Express Gold NSL, American Express Everyday $6k, Lowes GE $35k, Discover IT $30k, Capital One Quicksilver $5k, Barclays US Airways $19k, DCU Platinum $30k, PenFed Promise $25k, Chase Sapphire Preferred Signature $30k, Chase AARP Signature $5.5k, American Express Blue Cash Preferred $7.5k, Citi American Airlines Platinum $7.7k, Capital One Venture Signature $30k. Total Available Credit: $266.5k, Utilization 4%, AAoA 5 Years, TU Fico 762, EX Fico 752
Epic Contributor
Posts: 28,812
Registered: ‎10-23-2007
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Re: Noob help please: Which cards? What I should ask for etc?


signaturecardmember wrote:

Thanks guys I appreciate all your help. I had also considered and probably will open a few in store accounts to help my utilization.

 

Great news, I applied for Chase Slate and was instantly approved for $3k with no balance transfer listed. I also went ahead as others were advised and applied for Freedom with a $7k instant approval.

 

I obviously will call Chase on the Slate and ask for an increase so I can do a full Balance transfer. Should I do it now or when my card comes? How much additional should I ask for?

 

Also, any other cards I should go ahead and apply for? Id like to start building with AMEX as well.

 

Thanks again!


Id ask for at least 25% more than you need to transfer the entire amount for the slate! call monday when they open (backdoor recon line)

Id say go ahead and apply for amex right now if you want one, should be no issue given your chase succes.

Frequent Contributor
Posts: 340
Registered: ‎04-13-2014
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Re: Noob help please: Which cards? What I should ask for etc?

Could you please PM Me with that # or is it searchable here on the forums?

 

Which AMEX would you suggest? a charge card or credit?


Any other cards you would reccomend? would like to get as many open as others to lower my utilzation but plan to keep useage low and paid off.

 

Thanks Smiley Happy

Started: 4/14 Bank of America Signature $6k, 85% Utilization, 745 Fako
Currently: 6/16 Bank of America Signature $35k, Chase Slate $.5k, Chase Freedom Signature $.5k, American Express Gold NSL, American Express Everyday $6k, Lowes GE $35k, Discover IT $30k, Capital One Quicksilver $5k, Barclays US Airways $19k, DCU Platinum $30k, PenFed Promise $25k, Chase Sapphire Preferred Signature $30k, Chase AARP Signature $5.5k, American Express Blue Cash Preferred $7.5k, Citi American Airlines Platinum $7.7k, Capital One Venture Signature $30k. Total Available Credit: $266.5k, Utilization 4%, AAoA 5 Years, TU Fico 762, EX Fico 752
Epic Contributor
Posts: 28,812
Registered: ‎10-23-2007
0

Re: Noob help please: Which cards? What I should ask for etc?


signaturecardmember wrote:

Could you please PM Me with that # or is it searchable here on the forums?

 

Which AMEX would you suggest? a charge card or credit?


Any other cards you would reccomend? would like to get as many open as others to lower my utilzation but plan to keep useage low and paid off.

 

Thanks Smiley Happy


yes under the top of credit card "helpful links or something" "Backdoor numbers"

 

I like BCP or BCE best but many are like the idea of the new Everyday card... Costco is also a great option if you already have membership there.

some like the double apps - 1 charge card (Gold Preferred Rewards) and 1 credit card - charge card first, then credit card... some skip that process and just go credit card.

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