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New Member
Posts: 26
Registered: ‎06-16-2013
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Post Penfed: need a good cashback on groceries and purchases at supermarkets card

I am interested in a card that gives cashback on groceries and purchases at supermarkets.

 

At the same time, I am worried that applying for any new card would make Penfed freak out and close the Platinum Rewards card they issued me last week!

 

These three cards are in my sights

 

0. US Bank Cash+ Visa Signature
1. American Express Blue Cash Everyday
2. BankAmericard Cash Rewards

 

My credit scores as of today:

 

creditkarma: 746
creditsesame: 738
DCU: 689

 

My credit history:

 

Came here as a student in 2011 and hence my credit history is just 2 years old. It's thin! (and that makes me afraid because of: http://www.fatwallet.com/forums/finance/1129130/)

 

The history is spotless (no lates etc) and out of the four cards only one (wells fargo) is secured (but it's unsecuring next month or early September)

 

i. 1 week old Penfed Visa Platinum Rewards $5k (Not reporting yet. Unsecured. Will use it for 5% cash back at gas + foreign travels and tickets)
ii. 1.5 years DCU (Credit Union) $2k (Unsecured. No cash back or rewards. They preapproved me for a CLI to $10k but I am "saving it" for the new cards instead)
iii. 1.2 years FCU (Credit Union) $10k (Unsecured. No cash back or rewards. They awarded me with a CLI from $4k to $10k without me asking for anything!)
iv. 2 years Wells Fargo $1.2k (Secured. 1% cash back. $18 annual fee)

 

Recent Activity: I applied for membership and got approved for the Penfed Visa Platinum Rewards last week. That was a EQ HP. This card is not reporting yet.

 

Overall, as of last 3 months the utilization went up to 20%. This is because I maxed out my $1.2k Wells Fargo credit card to maximize the cash rewards in anticipation of closing it by August, but now it's unsecured, I will keep it.

 

Before, even 3 months ago it was ~9%.

 

Questions:

 

a. What are my chances for #0, #1 and #2? (I don't want to be injecting more hard inquries into my CR for cards that I won't be approved for)
b. I am worried that applying for any new card would make Penfed freak out and close the Platinum Rewards card they issued me last week! Is there a remote chance of that happening?
c. Is there an alternate CC that I can apply for with a similar or better rewards strcuture I am missing out?
d. Are there backdoor numbers to the underwriters at BankAmerica/American Express I can call and ask their feedback on my chances of being approved (or not?)
e. Should I wait X days before trying to apply for one of these cards to increase

Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
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Re: Post Penfed: need a good cashback on groceries and purchases at supermarkets card


f1_StudentInUS wrote:

I am interested in a card that gives cashback on groceries and purchases at supermarkets.

 

At the same time, I am worried that applying for any new card would make Penfed freak out and close the Platinum Rewards card they issued me last week!

 

These three cards are in my sights

 

0. US Bank Cash+ Visa Signature
1. American Express Blue Cash Everyday
2. BankAmericard Cash Rewards

 

My credit scores as of today:

 

creditkarma: 746
creditsesame: 738
DCU: 689

 

My credit history:

 

Came here as a student in 2011 and hence my credit history is just 2 years old. It's thin! (and that makes me afraid because of: http://www.fatwallet.com/forums/finance/1129130/)

 

The history is spotless (no lates etc) and out of the four cards only one (wells fargo) is secured (but it's unsecuring next month or early September)

 

i. 1 week old Penfed Visa Platinum Rewards $5k (Not reporting yet. Unsecured. Will use it for 5% cash back at gas + foreign travels and tickets)
ii. 1.5 years DCU (Credit Union) $2k (Unsecured. No cash back or rewards. They preapproved me for a CLI to $10k but I am "saving it" for the new cards instead)
iii. 1.2 years FCU (Credit Union) $10k (Unsecured. No cash back or rewards. They awarded me with a CLI from $4k to $10k without me asking for anything!)
iv. 2 years Wells Fargo $1.2k (Secured. 1% cash back. $18 annual fee)

 

Recent Activity: I applied for membership and got approved for the Penfed Visa Platinum Rewards last week. That was a EQ HP. This card is not reporting yet.

 

Overall, as of last 3 months the utilization went up to 20%. This is because I maxed out my $1.2k Wells Fargo credit card to maximize the cash rewards in anticipation of closing it by August, but now it's unsecured, I will keep it.

 

Before, even 3 months ago it was ~9%.

 

Questions:

 

a. What are my chances for #0, #1 and #2? (I don't want to be injecting more hard inquries into my CR for cards that I won't be approved for) Lower your utilization and then apply. I would say your chances for the 3 cards are pretty high. If you are still on F-1 you need to apply for the BofA card in the branch, which is probably the only inconvenience. The cash+ can only be applied for in the branch as well. 

b. I am worried that applying for any new card would make Penfed freak out and close the Platinum Rewards card they issued me last week! Is there a remote chance of that happening? It's possible. The more inquiries and new accounts being reported over a short span of time increases the chances of AA. However, having a new card report will rarely result in any AA. Just make sure everything else on your CR checks out fine and you should be alright.  
c. Is there an alternate CC that I can apply for with a similar or better rewards strcuture I am missing out? It depends. What do you spend on most, and what kind of rewards do you want to earn?
d. Are there backdoor numbers to the underwriters at BankAmerica/American Express I can call and ask their feedback on my chances of being approved (or not?) No underwriter from any large bank is willing to tell you about your approval odds before you apply. Some personal bankers might be willing to divulge some info however.
e. Should I wait X days before trying to apply for one of these cards to increase Entirely up to you. 


Apply for the cards before Penfed reports. Brand new account(s) reporting can be a problem for Amex and US Bank sometimes. Bank of America has a good recon department, if you ever need it. 

 

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
New Member
Posts: 26
Registered: ‎06-16-2013
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Re: Post Penfed: need a good cashback on groceries and purchases at supermarkets card

[ Edited ]

enharu wrote:

f1_StudentInUS wrote:

I am interested in a card that gives cashback on groceries and purchases at supermarkets.

 

At the same time, I am worried that applying for any new card would make Penfed freak out and close the Platinum Rewards card they issued me last week!

 

These three cards are in my sights

 

0. US Bank Cash+ Visa Signature
1. American Express Blue Cash Everyday
2. BankAmericard Cash Rewards

 

Questions:

 

a. What are my chances for #0, #1 and #2? (I don't want to be injecting more hard inquries into my CR for cards that I won't be approved for) Lower your utilization and then apply. I would say your chances for the 3 cards are pretty high.

 


 

Why do you say so?

My concern is that banks will refuse to issue a VISA Signature to such a person who is so new (I have just 2 yr history!)

 


enharu wrote:

 

If you are still on F-1 you need to apply for the BofA card in the branch, which is probably the only inconvenience. The cash+ can only be applied for in the branch as well. 

 

b. I am worried that applying for any new card would make Penfed freak out and close the Platinum Rewards card they issued me last week! Is there a remote chance of that happening? It's possible. The more inquiries and new accounts being reported over a short span of time increases the chances of AA. However, having a new card report will rarely result in any AA. Just make sure everything else on your CR checks out fine and you should be alright.  

c. Is there an alternate CC that I can apply for with a similar or better rewards strcuture I am missing out? It depends. What do you spend on most, and what kind of rewards do you want to earn?


 

 

I am the average joe: gas, groceries are my main/major expenditures.

Moderator
Posts: 27,207
Registered: ‎09-13-2012
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Re: Post Penfed: need a good cashback on groceries and purchases at supermarkets card

Welcome to the forum! I agree with enharu and I might add the Credit Sesame and Crefut Karma scores are both FAKOs. DCU is a FICO. Assuming that score was from today, US Bank Cash + might not be approved. If your income is high enough maybe the lower AAOA, and sub 700 score might work.
Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
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Re: Post Penfed: need a good cashback on groceries and purchases at supermarkets card

Basic Bank of America cards seems pretty easy to get, especially if you are already a customer. Only the privileges cards can be a bit tricky to get, and that isn't really that hard either. I have seen people with 1 year history get approved for the BCE as well. A lot of them actually.

Visa signature is really just a candy coating to make cards / people feel and/or look good. It really just means additional perks that most people will not use, and most likely a 5K CL that comes along with it. Seeing that you already have cards that are >5k CL for over a year, I think you should be fine. Some banks do not really emphasize as much on store and CU cards, but I don't think US bank is one of those banks, so you should be fine in that regard. If you do not get approved for the cash+, you will be considered for the cash rewards, which I think is a definite approval for you. You could always ask for a CLI and do a product change in 12 months in the worst case scenario. My valuations are of course based on the assumption that US Bank has not increased underwriting standards for this card, which wouldn't be too surprising either if they did.

For gas and groceries, check out citi TY card. There's an offer (in branch only) for unlimited 5X gas, drug store and groceries for the first 12 months. You can also check out penfed, and the Sallie Mae MasterCard.

Oh by the way, apply for the BCP, not BCE. If groceries are your major expenses, the BCP is going to be far more worthwhile for you.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
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Re: Post Penfed: need a good cashback on groceries and purchases at supermarkets card

Oh my bad. Thanks for pointing it out lexie! I saw you lost 3 scores and I figured its your 3 FICO scores from each bureau. Do lower your utilization first, then check your scores again, and then decide whether to apply. I wouldn't recommend anyone applying for an Amex revolver or the cash+ with a score below 700. My bad.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
New Member
Posts: 12
Registered: ‎09-20-2011
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Re: Post Penfed: need a good cashback on groceries and purchases at supermarkets card

Thanks to both of you for detailed replies!

 

I just got my DCU score and it says 730 so that's a definite improvement!

 

I want an opinion on how much my thin credit history and recent EQ HQ will affect my chances of approval for cards #0, #1

 

Is there a number I can call at US Bank and/or Amex to talk with a loan officer and initiate the application instead of a CSR who does not do the underwriting?

 

My end goal is not to waste HP.

Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
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Re: Post Penfed: need a good cashback on groceries and purchases at supermarkets card

There are numbers at Amex and US bank that u can call to talk to an underwriter, but they will not be able to discuss about your approval odds and what not until you actually put the app in.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
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