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I currently have a TYP from Citi already. I have pre-qualified offers for both the Chase Freedom and the Citi Diamond Preferred and the Amex Gold Preferred.
Would I more likely be approved if I have an account with Citi already?
I really like the cashback with the Freedom, but already have a Discover It which is similar in rewards.
I like the 18 month 0 APR with the CDP and the rewards with the Freedom.
The Amex gold would have no real benefit with me except getting in a relationship with Amex (it would be my first) which is something I really wanted to get accomplished. I much rather have a BCE or Blue cash but I heard my score being right under 700 wouldn't be sufficient for a likely approval and overall much harder to get approved for.
I'm thinking of getting two new cards. I'm just looking for advice and recommendations
Thanks!
UPDATE! 2/7/13 below
I would app for the Freedom, let it age some and go from their. Is their a reason you want two cards? As for Amex you could roll the dice years ago when I got my card I was offered it in the mail but I do know people who used the Green Charge Card as a spring board to get credit cards with Amex.
@vampireszombies wrote:I'm just looking for advice and recommendations
I'd recommend selecting cards based on your needs/wants versus just reponding to offers (i.e. marketing).
@vampireszombies wrote:The Amex gold would have no real benefit with me except getting in a relationship with Amex (it would be my first) which is something I really wanted to get accomplished.
Consider how backdating could be beneficial to you in the future.
My score was under 700 when I got my BCE but they gave me a toy limit of 1000. Fast forward 9 months later with a score of 730 I got the Blue Cash with a 15K limit. While I think you may qualify for the BCE it may be prudent to wait till you get your scores up since you'd probably get a much bigger limit.
@takeshi74 wrote:
@vampireszombies wrote:I'm just looking for advice and recommendations
I'd recommend selecting cards based on your needs/wants versus just reponding to offers (i.e. marketing).
+ a lot! Given that especially mail pre-approvals don't mean much, there is no real reason to restrict your search to either those offers or those issuers. If you haven't received them in the past, and you start getting them, take that as a sign that your credit has improved and so you are now more attractive to more issuers. Get a card that suites your reward preferences and your spending patterns. You wouldn't (usually!) buy a car just because you received an ad for it in the mail and this isn't that different.
What's your utilization on your current Citi card?
ime, issuers won't extend additional credit to you IF you have high utilization currently on one of their cards, even if your overall util is low.
ALSO,
I got my BCE with a 696 TU FICO. My scores are all barely 700, and I have $30k+ in credit lines with Amex. I revolve a balance (no more than 20% of total credit line) during the 0% period, but since that ended, I've been pif'ing. I do have what you consider a "higher income" however, so that may play a roll.
GOOD LUCK!
I would apply for the Amex Charge now because it's free for a year and backdates later.
if you could use the BT then apply for the citi, if you don't need BT I would apply for freedom, it's a great side by side for Discover.
UPDATE!
So I applied for AMEX Green (I was too scared to try for Gold) and Chase Freedom and was APPROVED for both! Very happy right now!
I got the "wait 7-10 business days for a letter" on the Citi DP, ah well i guess.
I only got a limit of 1300 on the Freedom but I'm sure it will increase. I'm so happy to be part of the Amex family at only 22 yrs old
No more apping for me, I got what I wanted.
Thanks for the help everyone!
Should call in and see whats up with the citi card.