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Regular Contributor
VegasKyle
Posts: 184
Registered: ‎02-12-2010
0

What card(s) should I app for this month?

First a little history. Irresponsible credit use in late teens/early 20's. No credit until the beginning of this year (no score generated by Eq, Tu, or Ex.). However I didn't have anything negative on my reports either. Got my first TL in Jan of this year, a WF visa $1500cl. Once that started reporting I got an AMEX green charge and gold delta credit card (npsl, $1000cl) in Mar of this year. At the time I applied for the AMEXs my scores were 670ish TU and EQ and AMEX gave me my EX Fico 696.

Fast forward to May. An amazing thing happen, AMEX backdated my two accounts to 2000. I was an AU on my fathers charge card in 2000 for less than a year before the account was closed in 2000 or 2001. I had basically forgotten about it and it didt show on any credit report. This caused my AAoA to go from what would have been 3 months to over 8 years. As a result my scores have shot up! I'm now in the 700 club and hit my fico fitness challenge goal of 750+ (even if it is only TU and its a 751, I'm calling it a win)

Right now I only have 3 TL open and my total available revolving credit is only $2500. I'd like to up this significantly, last month the WF card reported a balance of $750, the other two at $0 and I was still at 30% utilization. I plan to try for the 3x CLI on the AMEX on 3/11 (day 61), I requested a soft pull cli on the WF from $1500-$3000 today, should know in 7-10 days. If this all goes as planed ill be at $6k.

My thinking is this; app now for a couple of cards, with scores in the mid 700s I should get good APR and credit limits, also I should be able to take advantage of sign up bonuses (rewards, 0% for x months, balance transfers, etc.) More available credit will help keep my utilization low while alowing me to carry small balances.

I'd like to stick to cards with no AF if possible, I already have to pay $95ea for the AMEX's. Obviously if the rewards are good enough, I would take on another AF if I had to. I have the delta sky miles card and don't travel a ton, so travel cards aren't too appealing. The WF card is a cash back card but I'd say the program is average at best. I think a better cash back card would be a good fit.

So. What card(s) should I be looking at?

Scores in my sig. 4 inq on each TU, EQ, and EX ( 2 in Jan, 2 in Mar), AAoA is 8 years, utilization 30% last month 0% before that.


Starting Score: EQ 599, TU 577
Current Score: EQ 703 9/20/14(HI 741 on 5/13), TU 690 10/1/14 (HI 751 on 5/13), EX 700 10/1/14
Goal Score: 750+


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Moderator
09Lexie
Posts: 26,636
Registered: ‎09-13-2012
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Re: What card(s) should I app for this month?

Congrats on reaching your goal. If you just received a CLI on WF and you are going to request a 3Xcli on Amex- wouldn't it be wiser to wait until your crs updates? Chase sometimes matches CL and if you are only showing $1500- you may not get much more. IMO, wait until your new CL's update on all 3 CB's, app for Chase and Discover.
Regular Contributor
VegasKyle
Posts: 184
Registered: ‎02-12-2010
0

Re: What card(s) should I app for this month?

@09lexie (sorry cant figureout how to quote posts from my phone)

I'm still waiting on a decision for the WF card. I wasn't going to app for anything till after requesting the CLI from AMEX. Is having marginally higher limits 1500 to $3k and $1000 to 3k going to make a difference when applying for a new card? If so and I do get both CLI, ill wait till they report.

You said Chase and Discover. It seems like the CSP is a favorite here, it just seems like with the AF and travel rewards it kind of duplicates what I get from the Delta AMEX. On the other hand it has what looks like a great signup promo and from what I've seen they start at $5k cl. I also looked at the Discover it, seems like a good cash back card if you take advantage of the 5% categories. Looks like they have a 0% for 14 month promo. Any drawbacks?

Starting Score: EQ 599, TU 577
Current Score: EQ 703 9/20/14(HI 741 on 5/13), TU 690 10/1/14 (HI 751 on 5/13), EX 700 10/1/14
Goal Score: 750+


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Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
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Re: What card(s) should I app for this month?


VegasKyle wrote:
@09lexie (sorry cant figureout how to quote posts from my phone)

I'm still waiting on a decision for the WF card. I wasn't going to app for anything till after requesting the CLI from AMEX. Is having marginally higher limits 1500 to $3k and $1000 to 3k going to make a difference when applying for a new card? If so and I do get both CLI, ill wait till they report.

You said Chase and Discover. It seems like the CSP is a favorite here, it just seems like with the AF and travel rewards it kind of duplicates what I get from the Delta AMEX. On the other hand it has what looks like a great signup promo and from what I've seen they start at $5k cl. I also looked at the Discover it, seems like a good cash back card if you take advantage of the 5% categories. Looks like they have a 0% for 14 month promo. Any drawbacks?

Chase Freedom and Discover IT are very good choices, I would stay away from CSP for now and pick up freedom.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Moderator
09Lexie
Posts: 26,636
Registered: ‎09-13-2012
0

Re: What card(s) should I app for this month?

Waiting for your CLI's to hit your report may help you obtain higher initial CL's. The Freedom andDiscover are excellent no AF cc's with rotating 5% categories. Both had 0% APR offers and they would fit your portfolio. The CSP, is a great cc but it comes with an AF and without the Freedom to help with rewards you may not get all the advantage of having the cc.
Contributor
ElCamino
Posts: 208
Registered: ‎03-20-2013
0

Re: What card(s) should I app for this month?

Well some obvious choices are the Sallie Mae World MasterCard, it gives 5% on gas and groceries up to $250 a month.

There's also the Fidelity Amex, it gives 2% cashback on all purchases. You need to open up a free cash management account though and the card is operated by FIA if that is a deal breaker.


Amex BCE: $16.5k, Discover It: $5k, Chase Freedom Visa: $10k, Fidelity Amex: $7.5k, PenFed Cash Rewards Visa: $3.5k, CapOne Union Plus MC: $4.5k, Barclays Upromise MC: $5k, BoA Cash Rewards 123 MC: $1.5k
Valued Contributor
boomhower
Posts: 1,863
Registered: ‎09-20-2011
0

Re: What card(s) should I app for this month?

Top three reward cards for cash back and not travel IMHO are (in no specific order) Discover IT, Sallie Mae, and Chase Freedom.  Discover and Chase have rotating 5% categories and Sallie Mae gives 5% back on amazon among others already listed.  Personally I'd do Discover and Sallie Mae but I'm not a Chase fan either. 

 

Super Contributor
enharu
Posts: 7,132
Registered: ‎02-27-2013
0

Re: What card(s) should I app for this month?

[ Edited ]
Boomhower: you forgot about us bank cash+ :smileytongue:
No limits on cashback and you can choose whichever category you spend most on.
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).
Regular Contributor
sengpatt
Posts: 223
Registered: ‎12-08-2012
0

Re: What card(s) should I app for this month?

Priceline Visa would also be good for 2% back on everything (be sure to select the right offer though, as there are multiple out there).

Bank of America has the Cash Rewards and Better Balance rewards cards.

If you do a lot of shopping at a store which offers a credit card, you'd definitely qualify for that.

I would suggest the BCE/BCP for gas and groceries, but you should probably hold off any more apps with them for a while.

Perhaps you could look into the Penfed cards as well? They have the Platinum Rewards and Platinum Cash Rewards, confusing I know.
EX: 758 (10/12), TU: ???, EQ: ???

BankAmericard Travel Rewards // Citi Forward // Amex Blue Cash Preferred // Gap Visa
Member
kmkotas
Posts: 76
Registered: ‎04-30-2013
0

Re: What card(s) should I app for this month?

Discover It or Chase Freedom. They are basically the same card haha. Chase is much more generous with their credit line increases, though. They always increase mine internally so I've never had to take a hard inquiry.

1st Financial Bank USA Mastercard (2007) $1,900.00
Chase Sapphire Preferred (2008) $16,000
American Express Gold (April 2013) NPSL
Discover It (April 2013) $5,000
**Experian 765, Equifax 782, TU 787**

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