Which cards to apply and When?

[Anonymous]

I am hoping to get some suggestion about which cards to apply and when to apply. I have done lots of research on the forum, but still can't make my mind.

History: 2 years and 4 months

Credit Union Credit Card - $2500 - opened Jan, 2010

Chase Freedom              - $500   - opened July,  2010

No missed payment

Util: 25% (I usually pay the full balance each month and don't carry balance, but I for got to pay the full last statement period)

FICO SCORE: 729 (Equifax) (05/20/12)

The $500 limits is tiny on my Freedom. For any expense higher than $500, I have to use the credit union credit card without any rewards. Also if I forgot to pay my balance every few days, sometimes I have to use the credit union credit card to prevent exceeding my Chase Freedom's limits.

I don't want to have too many cards in hand, so I am hoping to apply for some descent cards which I can use for the long term.

The usual expense from my daily life is $1200-1500 each month if no additional expense on shopping (roughly 15% dining, 15% groceries, 10% gas, and others)

The targeted card in my mind are:

AMEX COSTCO: we do shopping at COSTCO 1~2 time a month, and the 2% dining and grocery seems good for me. 

AMEX SPG: we have a regular international travel each year, and since we spend a lot on "other" category, this might be a good card for general use.

CHASE SAPPHIRE PREFERRED: With the same reason as Amex SPG, this could be a good card for me. The non-foreign fee is also good. I know it is hard to get given my score though.

DISCOVER MORE: I can use the card for the 5% categories, and hopefully the CL will be larger than my freedom card....

Some other possible cards are CapOne Venture and AMEX Blue Cash Everyday. I was pre-approved for AMEX Blue Cash Everyday/Proffered, but I am leaning toward the above.

I know I could do a CLI for Chase Freedom, but since it's a Hard pull I think applying a new cards could be a better idea to increase my credit lines.

My question is I am not sure which one I should apply first, and also has good chance to get. Or maybe I should apply for two at the same time? Also should I wait for a few days to get my cleared Util rate updated? I am assuming my FICO score can be improved after it is cleared.

Any suggestion will be appreciated. Thanks.

[rootpooty]

have you tried requesting a cli with chase?

[Anonymous]

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@rootpooty wrote:

have you tried requesting a cli with chase?

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I haven't tried chase cli because I assume the increase won't be much compared to applying a new card, and also I have lots of expense not in the 5% category. 

Is it better to do a CLI first in this case?

If I want to do a CLI, should I call one of the backdoor number listed here?:

Chase: 800-436-7927 (App status - automated)

Chase: 888-270-2127 (App recon)
Chase: 888-245-0625 (Credit Analyst - Recons)

Chase: 888-622-7547 (Chase Executive Ofc. in IL)

Chase: 800-955-9900 (Product change status questions)

Thanks.

[bichonmom]

Getting a CLI w/Chase will help your util and not decrease your AAoA, which new CCs are likely to do.

You can CLI and app for new cards. Personally, I'd CLI first, wait for it to report (so your util is lower and new creditors will see higher CLs). Then app for any new CCs.

Most new CCs aren't going to go much beyond your highest current CL. So, the best way to get higher CLs is to CLI the accts your have (incl your CU CC), even it's HPs. Then when you app, your approvals w/be for higher CLs than you would have gotten if the new CCs had not seen that you already have higher CLs. (Of course, you need to wait for the statements to cut, so your CLI will be reported to the CRAs.)

I really like Amex Costco. Also by getting an Amex now, any new Amex you get in the future will be backdated. You're better off apping in the store because that way your m'ship is verified right away and you'll know if you're approved. If you app for Costco online, it will take a while to find out if you're approved because they need to verify your m'ship w/Costco first.

And I would definitely wait for your util to update before apping for new cards; though you could probably CLI w/o waiting.

[Chris123nTx]

I really like my blue cash pref. The 6% for groceries easily offsets they yearly fee. If you are peapproved, i woild suggest that route, but i am partial since i do like and use mine the most of any of my credit cards, with my chase freedom coming in second.

[spengbab]

I really do like my Discover More card. But its literally the Chase freedom. And I believe Discover does this weird thing when calculating interest rates so you could end up paying more in interest. But my experience has been positive overall. I also love AMEX, theyre really both good companies. I can tell you that my limit with Discover is a lot higher than my Freedom... $1500 vs $500.

[improvingmycredit]

Hey ginger0131!

Welcome to the FICO Forums!

I'd wait to get the utility down with the current CU card then app for the Amex card you want.  As always, YMMV, but I think if the score you posted is a FICO then you won't have any problems getting in with Amex.

The CSP will be a problem for you because of your inexperience with a credit limit above 5K.  CSP likes to see experience with current cards above that CL.

Get the Amex.  Might be a 2K to 3K limit but they might surprise you and give you something bigger.  In any event, you can request a CLI after 61 days for 3X the amount with a SP.  Not a guarantee but typically they approve the 61 day increase.  This should get you over the 5K amount for a future CSP if you so desire. 

Wish you the best of luck with what every you decide.  

[Anonymous]

Thanks for all those suggestion!

I just looked at the 5% categories of DISCOVER, and seems there are many overlapping with Freedom this year.

I think I will wait a few days for the update of my utility in FICO, and then I am leaning to app Amex Costco. If I get approved, I can work on CLI on both Costco and Freedom after 61 days... Any other suggestion is welcome!

[Crashem]

Ginger,

I highly recommend you consider AMEX BCP/BCE or Costco or SPG.  I think you are probably good for the card if you manage your reported utilization for one month.  Do the 0 balance on all but 1 card thing.  (remember this is reported utilization:  if you don't know what I am talking about let me know).

The key thing about AMEX is that you can get CLIs via soft inquiry so your CLI can move up quick.  Plus starting relationship with AMEX is great for backdating later in your credit life.