Should I apply for a prime card?

[SwiftTone]

I've been on an app itch for the last couple weeks but I haven't actually applied for anything. I've looked at a couple "prime" cards but haven't figured which one I would apply for yet.

myfico puts my TU at 709 and EQ at 705. My utilization is at 13%, oldest account is 7 years 8 months ago(closed now), AAoA(including close accounts) is 3 years, but AAoA that are open is about 1 year 3 months. I have baddies on 5 accounts, with the latest baddie in 07/2009. Lastest open account is 11/2011 for a Chase Slate. No serious delinquincies or BKs. I have previous inquiries within the last 2 years was on 11/2011 and 02/2011. But it doesn't show up on my myfico FICO reports.  I work full time and I am also a part time student.

I have 2 Capital One cards. 1st card with a CL of $1000 and 2nd with $1250. My Chase Slate has a CL of $500. I find that CLI are getting hard, and it's not really growing the way I want it. However, I don't want to close my accounts either with concerns of my AAoA.

I basically want something like the Chase Freedom or something similar(suggestions welcome) because it pays cash back. I feel like paying a AF totaling $60 a year with Capital One, and getting nothing back in return is kind of rediculous.

Previously, when I applied for a card, I've always put $30k in income. But I was thinking today, and realized that I wasn't including my "other" income which would add up to another $20k. The "other" income would include student loans($8000) and income from my parents. Could I include these amounts on the application to make my income $50k??

Do you guys think I would get approved for prime cards like the Chase Freedom? Also, what other cards should I apply for that has good rewards/cash back and no AF? What would my CL likely to be and would it qualify as a Visa Signature or World Elite Mastercard?

Thanks in advance!

[LS2982]

Welcome to the forums!

IMO, i would work on resolving your collection accounts by way of DV and PFD letters before going for prime credit. Youll be in a better situation to app with no baddies or fewer.

[SwiftTone]

I don't have any collections. The worst thing I've done is a few 30 and 60 day lates, 2-3 years ago. I've been current for atleast 2+ years.

I thought baddie just meant anything that wasn't paid on time, or worse?

[annielorie]

bADDIE =anything bad 30 day late=bad 60 day late badx2  if these cards are currently open and in good standing you could send good will letter or on phone with why you were late and possibly they will remove remember nice on phone equals success its my secret weapon  you have nothing to lose except the lates from your credit file

[LS2982]

I misunderstood your post when you said 'accounts' after baddies. In that case, I would try for the Discover More card. You'll get 5% cas back categories and to my knowledge $0 AF

[boomhower]

You can't use loans to count at income!

[Cdnewmanpac]

1. Unless you have a legal contract with your parents that obligates them to pay you a certain amount each month/year (ie they are trustees of an inheritence or income you earned as a child) you can't count that. 2. You are going to have a much better chance with Chase after you have had the Slate for at least 6 months, ideally a year. 3. Given your income, scores, AAoA and present credit, your total current CL doesn't seem out of whack. I'm continually surprised by what people on this board are given by issuers, but I'd be surprised if issuers tossed you the 5k minimum limit for a visa sig or world mc right now.

[webhopper]

If you make 30k per yr why are you taking your parents and the governments cash? Does it really cost that much to go to school. When I went to school I had no loans, no income from parents and I made about 8k per yr. My scholarships paid tuition, I paid books and housing and car expenses and day care. At that time I received 2400 per yr in child support. I'm continually surprised by the lengths that some parents will go to in keeping jr in the lifestyle to which they have become accustomed to living under mom and dads roof. whatever happened to you get what you earn by your own sweat and cherish it cause you had to scrap for it. Do people not live like that anymore? Holy crappp.

[Anonymous]

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@webhopper wrote:
If you make 30k per yr why are you taking your parents and the governments cash? Does it really cost that much to go to school. When I went to school I had no loans, no income from parents and I made about 8k per yr. My scholarships paid tuition, I paid books and housing and car expenses and day care. At that time I received 2400 per yr in child support. I'm continually surprised by the lengths that some parents will go to in keeping jr in the lifestyle to which they have become accustomed to living under mom and dads roof. whatever happened to you get what you earn by your own sweat and cherish it cause you had to scrap for it. Do people not live like that anymore? Holy crappp.

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This seems a little out of line and judgemental to me.  That's great that you were able to afford to pay for school and books and housing and all your bills for $8000.  Did you go to school 20 years ago or something?

I am a current student at Pitt, the cheapest place to get an engineering degree around here.  My tuition alone is about $18,000 a year.  Add about $1000 for books, and the money is gone fast.  Not everyone can get a scholarship either.  As a transfer student (I started at Penn State 8 years ago as a younger man) I am not eligible for any scholarships.  I make do with what loans I can get from the Stafford program and what income I can scrounge up.  This post just seemed so off base and completely ignorant of the current landscape of college education costs.  Have you not heard about the impending college bubble, not to mention the huge inflation of about 10% for education that has been ocurring for many years now?

[Cdnewmanpac]

This is waaaaay off topic, but college has been expensive for a while. I finished undergrad in 91. Total bill for tuition, room, board, books and fees was just north of $120k. Scholarships, pell grants and work study covered about 1/2, leaving me with $60k in loans. PA school was another $60k and my program prohibited working while in school (80+ hour clinical weeks made it impossible anyway), so ended with $40k more in loans. Now, I'm getting an MBA at the cheapest state school I could find and will still spend $20k when done. I wish my parents had been able to help out (so do they), I'm glad the op's parents are. And student loans exist to help people afford college. Even ones who make $30k/year. I work with MDs that finish fellowship well north of $200k in debt. Your limited experiences are hardly representative.