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Established Member
bndresa1321
Posts: 26
Registered: ‎07-02-2012
0

What should be my next move?

[ Edited ]

I have been reading a lot on these boards and was hoping I could get some advice on possible credit card applications and any suggestions.  Here is my credit profile so you all can get a good idea of where I am coming from. 

 

I am a student who recently graduated in May and was thinking of adding a couple of new cards to complement. Thinking I want good rewards and relatively high CL. 

 

Income: 70,000

Last inquiry GECRB in July

AAoA: 2 years with oldest card 4 years ago

About 17% utilization, but will lower this to less than 10% soon.

 

myFICO TransUnion: 720 no negatives

EX: no score but no negatives on report

EQ: no score but no negatives on report

All on time payments.

 

One motorcycle loan (done next August)

School loans (deferred)

 

 

These are the cards I have been looking at:

 

AMEX blue cash preferred (grocery rewards)

USAA rate advantage (higher CL)

US Bank cash+ (solid rewards)

Chase Freedom

 

You can see my current cards in the signature. 

 

Any suggestions welcome, thank you. 

 

Credit Cards:
Capital One Platinum MC (11/2009) - $2K | Discover IT(07/2011) - $1.25K | GECRB Visa (07/2012) - $2.5K | Citi Dividend Visa (12/2012) - $4K | Chase Freedom Visa (12/2012) - $5K

Scores:
TU (12/2012) - 720 | EX (12/2012) - 744


Valued Contributor
daybreakgonesXe
Posts: 1,843
Registered: ‎11-17-2012
0

Re: What should be my next move?

I would put Chase Freedom on the top of that list!! You're almost guaranteed approval for it :smileyhappy: I received it a year ago with a 701 CK score and I absolutely love it!

 

Next up for a good odd of approval is BCP, then USAA, then Cash+ Not sure how good your approval for Cash+ is, I heard you need a 740+ to receive it otherwise you're stuck with the regular cash rewards card through US Bank.

 

Hmmm I've heard good things with the Citi Reward cards, including Citi Forward. Maybe look into those? Otherwise I think you've got a great list already for cards to obtain!!! Best of luck :smileyhappy:

 

Also, is your Discover a More? If not, maybe see if you can PC for it!

Capital One Quicksilver World Mastercard $10k | JCPenney Platinum $7.5k | Shell Drive for Five $800 | Chase Freedom Visa Signature $9.8k | TD Bank Easy Rewards Visa Signature $5k | Chase Sapphire Visa Signature $10k | American Express Blue Sky $25k | Discover IT $9.5k | SavingStar American Express $14.8k

EQ FICO 735 TU FICO 747 Credit Karma (TU) 789 Transrisk 846/990 Credit Sesame (EX) 768 Credit.com (EX) 768 VantageScore 3.0 745
Established Member
bndresa1321
Posts: 26
Registered: ‎07-02-2012
0

Re: What should be my next move?

[ Edited ]

Thanks for the suggestions, I guess I didn't specify but I have a Discover IT card. I definitely will consider Chase freedom as one of my top choices, since it seems to be a very popular option for rewards. What would be my chances at getting a Chase Sapphire instead of the Freedom? As far as my other top choice I have been wanting the BCP for quite a while for the membership rewards and grocery points. Hopefully my limited credit history won't hurt me too much. Thanks for your help.

Credit Cards:
Capital One Platinum MC (11/2009) - $2K | Discover IT(07/2011) - $1.25K | GECRB Visa (07/2012) - $2.5K | Citi Dividend Visa (12/2012) - $4K | Chase Freedom Visa (12/2012) - $5K

Scores:
TU (12/2012) - 720 | EX (12/2012) - 744


Valued Contributor
SnackTrader
Posts: 1,566
Registered: ‎09-15-2012
0

Re: What should be my next move?

I don't know if it helps you much, but I will be trying for the BCP (annual fee version of BCE) in a few weeks and I have a much shorter revolving history than you (only 6 months), but an AAoA of 4 years due to student loans and an auto loan.

 

My thought here is that I have no issue with adding an inquiry to try for the card to lock in a 2012 membership date, even if it means I am applying about 4-6 months too early.  So if you feel the same way, and have no reason to worry about inquiries, why not give it a try to lock in the 2012 date?  However, if you REALLY need to save inquiries, you are welcome to wait.  But to be honest, I don't see what will be different about your report in 6 months that would change Amex's mind.  Your youngest card is several months old, and you've obviously used it well.  Your oldest card is several years old, which has shown you have understood your credit obligations for multiple years.  So the only thing that might change in 6 months is that you have other new accounts from this upcoming app spree...

 

Do you see what I'm trying to say?  I don't know if I have made my point very well. Sorry.


In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Valued Contributor
daybreakgonesXe
Posts: 1,843
Registered: ‎11-17-2012
0

Re: What should be my next move?


bndresa1321 wrote:

Thanks for the suggestions, I guess I didn't specify but I have a Discover IT card. I definitely will consider Chase freedom as one of my top choices, since it seems to be a very popular option for rewards. What would be my chances at getting a Chase Sapphire instead of the Freedom? As far as my other top choice I have been wanting the BCP for quite a while for the membership rewards and grocery points. Hopefully my limited credit history won't hurt me too much. Thanks for your help.


There's better approval odds on the Chase Freedom compared to the Chase Sapphire. If you had to pick between the two (as long as you're talking about the regular Chase Sapphire, and not the preferred), then I highly recommend the Chase Freedom. Can't beat 5x revolving categories every quarter with 1x on everything else, compared to Sapphire's 2x on restaurants, 1x everything else. As you can see, I got a Freedom first and then 11 months later applied for the Sapphire! Still don't have it in my hands yet since I haven't been to my home address lately (will hopefully get my paws on it Thursday), but great to know that Chase trusts me after wonderful payment history on the Freedom :smileyhappy: Can't wait to earn my $100 worth after spending $500 on Sapphire!

Capital One Quicksilver World Mastercard $10k | JCPenney Platinum $7.5k | Shell Drive for Five $800 | Chase Freedom Visa Signature $9.8k | TD Bank Easy Rewards Visa Signature $5k | Chase Sapphire Visa Signature $10k | American Express Blue Sky $25k | Discover IT $9.5k | SavingStar American Express $14.8k

EQ FICO 735 TU FICO 747 Credit Karma (TU) 789 Transrisk 846/990 Credit Sesame (EX) 768 Credit.com (EX) 768 VantageScore 3.0 745
Established Member
bndresa1321
Posts: 26
Registered: ‎07-02-2012
0

Re: What should be my next move?

[ Edited ]

SnackTrader I definitely understand what you are saying about locking in the date with AMEX, I actually just found out about that recently and plan on putting in these applications soon. I feel like this way I can have some serious time without apps, before I decide to go after acquiring a home loan in a year and a half.

Daybreak I appreciate the suggestion on the Freedom, it seems like it is better suited for my needs and hopefully when enough time has passed I can too go after the Sapphire preferred. It seems like you have had very good experiences with Chase, and I am looking forward to fully using the revolving 5% categories

Credit Cards:
Capital One Platinum MC (11/2009) - $2K | Discover IT(07/2011) - $1.25K | GECRB Visa (07/2012) - $2.5K | Citi Dividend Visa (12/2012) - $4K | Chase Freedom Visa (12/2012) - $5K

Scores:
TU (12/2012) - 720 | EX (12/2012) - 744


Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Re: What should be my next move?


bndresa1321 wrote:

SnackTrader I definitely understand what you are saying about locking in the date with AMEX, I actually just found out about that recently and plan on putting in these applications soon. I feel like this way I can have some serious time without apps, before I decide to go after acquiring a home loan in a year and a half.

Daybreak I appreciate the suggestion on the Freedom, it seems like it is better suited for my needs and hopefully when enough time has passed I can too go after the Sapphire preferred. It seems like you have had very good experiences with Chase, and I am looking forward to fully using the revolving 5% categories



To get the best answers, you really need to consider a) spending patterns, and b) what sort of rewards you want.

 

So, for example, for memost everything I need is covered by Blue Cash Preferred (6% off first 6K of groceries), Penfed Plat Rewards (3% off remaining groceries, 5% off gas), Cash + (~ 6.25% off restaurants and bill pay, 2.5% drugstore), Fidelity Amex (2% off everything), Cap One (1.5% off everything where Amex isn't taken).   And by shopping at the issuers malls, more can be saved.  Most of my travel is paid for by my work, so I go for cash back.

 

But if you don't spend a lot on groceries or gas, and most of your money is spend on entertainment/travel/recreational drugs, these choices don't make any sense and you would have a different set of cards (probably cash for the last choice in most cases).

 

And if international travel is your main goal, a whole set of different strategies apply.  Go to flyertalk forum for that, and see how people get a million frequent flier miles a year by legally gaming the system.

Community Leader
Valued Contributor
improvingmycredit
Posts: 1,384
Registered: ‎07-12-2011
0

Re: What should be my next move?

[ Edited ]

bndresa1321 wrote:

I have been reading a lot on these boards and was hoping I could get some advice on possible credit card applications and any suggestions.  Here is my credit profile so you all can get a good idea of where I am coming from. 

 

I am a student who recently graduated in May and was thinking of adding a couple of new cards to complement. Thinking I want good rewards and relatively high CL. 

 

Income: 70,000

Last inquiry GECRB in July

AAoA: 2 years with oldest card 4 years ago

About 17% utilization, but will lower this to less than 10% soon.

 

myFICO TransUnion: 720 no negatives

EX: no score but no negatives on report

EQ: no score but no negatives on report

All on time payments.

 

One motorcycle loan (done next August)

School loans (deferred)

 

 

These are the cards I have been looking at:

 

AMEX blue cash preferred (grocery rewards)

USAA rate advantage (higher CL)

US Bank cash+ (solid rewards)

Chase Freedom

 

You can see my current cards in the signature. 

 

Any suggestions welcome, thank you. 

 


Hey bndresa1321!  Welcome to the forums!

I'm not going to address which rewards cards are best for your spending habits though you got some really good advice.  I'm just going to speak to the likelihood of approval with the cards you wish too get that you listed.  The BCP is probably an approval and because Amex likes the upwardly mobile, I'm guessing they will match or exceed your highest limit.  (My person opinion is that you will likely start with a 5K+ limit)  I recommend apping this card this month because it will set you up for backdating if you wish to acquire another Amex the first of next year.  Also, with your income and if you don't go app crazy this year, there is the likelihood that you will get the 61 day CLi.  I also think that you are a good candidate for the Freedom with a pretty decent limit.  I'm thinking 3 -5K+. They might surprise you and you might end up with a very high limit. Recon the limit if less then 3K.   The USAA I don't know about.  Maybe other's can chime in on this.  The US Bank Cash+ is a no go.  I think with a year of Amex and another high limit card under your belt, you are a shoo in next year for this card.  You will probably be offered the Cash Reaards card.  Just my take on the cards you want.  I hope this helps you.   :smileyhappy:. I don't know your FICOs so just my best guess.  If you app the Amex, go for the 61 Day CLI.  this will give you a good jump on getting higher limit cards in the future.  Good Luck!


Starting Score: 642
Current Score: EQ 798, EX 780, TU 787 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, QuickSilver 20K, TotalRewards 18K

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Valued Contributor
SnackTrader
Posts: 1,566
Registered: ‎09-15-2012
0

Re: What should be my next move?

Any updates here?


In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Established Member
bndresa1321
Posts: 26
Registered: ‎07-02-2012
0

Re: What should be my next move?

[ Edited ]

I aplogize for the slow response but here's what I have been up to so far:

 

I applied for the Chase Freedom a couple of days ago and unfortunately received the 30 day response so I am still waiting to hear about that. 

Decided to apply for the Citi Dividend Platinum Visa and was instantly approved for $4000, so very happy about that.  My highest limit and an Experian score of 744. 

 

I decided not to apply for the AMEX card until I hear back from Chase, if I am denied I'll go ahead and app, but if approved I think I'll wait and work the garden for a while.  

 

As far as Chase goes, when would be a good opportunity to call and ask for a status on my Freedom card, also should I ask Capital One or Discover to match my limits on the Citi?  

 

 

 

Credit Cards:
Capital One Platinum MC (11/2009) - $2K | Discover IT(07/2011) - $1.25K | GECRB Visa (07/2012) - $2.5K | Citi Dividend Visa (12/2012) - $4K | Chase Freedom Visa (12/2012) - $5K

Scores:
TU (12/2012) - 720 | EX (12/2012) - 744



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