best travel credit card for my rebuild profile?

Anonymous · ‎08-18-2016

Rebuilding and looking to add one travel credit card as my last addition before serious gardening. I can afford the annual fee on any -- and travel 6x+ per yer for work w/o corp. card. -- so leaning Amex, but think I'll get denied.

Profile:

EXP - 644

EQ - 665

TU - 634

Age of Accts: 5 years
Income: $175,000
INQ: 4 last two years, one falling off in Oct. '16
UTIL: 7% ($674/$9,050)
Open credit: 3 credit cards, 2 store cards, 1 personal loan, 1 auto loan, ALL current/no missed payments.
Derogs: 2 collections from 2012 totalling $4k (have PFD'd and waiting response), 1 Car charge-off from 2011 ($4000)
Last negative anything was 2.5 years ago

Notes: score is rising rapidly (was in 500s in January). decent chance to get rid of derog or 2 in the near term, but curious if there's a good travel card I can get now.

Thanks in advance everyone....

UncleB · ‎08-18-2016

I'm sure you're going to get plenty of great suggestions, and since I was in a similar situation score-wise not that long ago I'll give a shout-out to my travel 'solution' - Sam's Club MasterCard.

It's underwritten by Synchrony, so they tend to be a little more forgiving with credit 'dings', however you'll have the best chances of getting the MasterCard version once your TU score is 700-ish (some get approved for the MC with scores slightly lower, but it's YMMV at that point). If you don't get the MasterCard they'll give you the store card, which for your purposes (travel) won't help much.

I like it because it's 3% cash back for all hotels, airlines, etc. - nearly anything considered 'travel'. It also gives 3% back for restaurants (and fast food), and 5% cash back for gas purchases. There's the well-known caveat of only being able to redeem the rewards once a year, but if you're planning to save them up anyway that might be OK.

I got approved last August with a TU score of 709, for a SL of $1500. My credit line today is $20k - which is another reason I like the card... that kind of growth would have been difficult with many other issuers. (Disclaimer - my TU score took a significant jump back in May when my last baddie dropped off, which likely made the big increase possible... with Synchrony CLIs tend to be tied closely to your TU. Before the TU jump my CL was $8500.)

I'm not saying it's the perfect solution, but it might be something to at least take a look at (especially if you shop at Sam's anyway). I'm sure others will be coming by shortly with other great suggestions.

Anonymous · ‎08-18-2016

@UncleB wrote:
I'm sure you're going to get plenty of great suggestions, and since I was in a similar situation score-wise not that long ago I'll give a shout-out to my travel 'solution' - Sam's Club MasterCard.

It's underwritten by Synchrony, so they tend to be a little more forgiving with credit 'dings', however you'll have the best chances of getting the MasterCard version once your TU score is 700-ish (some get approved for the MC with scores slightly lower, but it's YMMV at that point). If you don't get the MasterCard they'll give you the store card, which for your purposes (travel) won't help much.

I like it because it's 3% cash back for all hotels, airlines, etc. - nearly anything considered 'travel'. It also gives 3% back for restaurants (and fast food), and 5% cash back for gas purchases. There's the well-known caveat of only being able to redeem the rewards once a year, but if you're planning to save them up anyway that might be OK.

I got approved last August with a TU score of 709, for a SL of $1500. My credit line today is $20k - which is another reason I like the card... that kind of growth would have been difficult with many other issuers. (Disclaimer - my TU score took a significant jump back in May when my last baddie dropped off, which likely made the big increase possible... with Synchrony CLIs tend to be tied closely to your TU. Before the TU jump my CL was $8500.)

I'm not saying it's the perfect solution, but it might be something to at least take a look at (especially if you shop at Sam's anyway). I'm sure others will be coming by shortly with other great suggestions.

Appreciate the generous amount of information there. Looking at the site now!

driftless · ‎08-19-2016

I think that travel cards really boil down to airline and hotel preferences and high CL's or NPSL to pay for it all. Like UncleB Sam's Club MC, I used a Cap One cash back card as my only travel cards for years. I would suggest a good cash back card until you get your scores up and decide what your travel preferences are.

CSR | Amex Platinum | EDP | QS (2)
Amex Blue Business Plus

UncleB · ‎08-19-2016

@driftless wrote:
I think that travel cards really boil down to airline and hotel preferences and high CL's or NPSL to pay for it all. Like UncleB Sam's Club MC, I used a Cap One cash back card as my only travel cards for years. I would suggest a good cash back card until you get your scores up and decide what your travel preferences are.

+1

Excellent suggestion... and this is actually exactly what I did before I was able to get the Sam's Club MC.

I had a QS1 that I used for literally everything, and while 1.5% isn't as lucrative as 3% at least it was something... and it still adds up quickly! Using a QS (or QS1) now will allow you to earn rewards while you're waiting on that last little 'bump' in your scores to put the better cards within reach.

(I knew some folks would come along with great suggestions!)

Anonymous · ‎08-19-2016

@Anonymous wrote:
Rebuilding and looking to add one travel credit card as my last addition before serious gardening. I can afford the annual fee on any -- and travel 6x+ per yer for work w/o corp. card. -- so leaning Amex, but think I'll get denied.

Profile:
EXP - 644
EQ - 665
TU - 634

Age of Accts: 5 years
Income: $175,000
INQ: 4 last two years, one falling off in Oct. '16
UTIL: 7% ($674/$9,050)
Open credit: 3 credit cards, 2 store cards, 1 personal loan, 1 auto loan, ALL current/no missed payments.
Derogs: 2 collections from 2012 totalling $4k (have PFD'd and waiting response), 1 Car charge-off from 2011 ($4000)
Last negative anything was 2.5 years ago

Notes: score is rising rapidly (was in 500s in January). decent chance to get rid of derog or 2 in the near term, but curious if there's a good travel card I can get now.

Thanks in advance everyone....

If your leaning Amex, you could give the Delta Gold a try. Thats rumored to be one of the easier ones to get. You may be borderline though with your scores and history, so its hard to tell. Might be better to wait a little and see if your scores can rise a little. Good luck!

Anonymous · ‎08-19-2016

You should try for an Amex. I think you are likely to be approved, at least for one of the charge cards, with your profile and income. My stats are somewhat similar to yours and I was approved for the Platinum charge last month.

takeshi74 · ‎08-19-2016

@Anonymous wrote:

Derogs: 2 collections from 2012 totalling $4k (have PFD'd and waiting response), 1 Car charge-off from 2011 ($4000)
Last negative anything was 2.5 years ago

Don't just garden and spree. Get these items resolved before worrying about applying for new credit. Your credit profile determines what you qualify for and it's not just approvals but limits, APR, promo offers. etc.

Don't just look for cards that you think you can get approved for. "Travel" covers a wide range of cards. With any card selection you need to consider your needs/wants and use that info to find cards that suit you. You need to run the numbers for your spend. For programs like Membership Rewards, Ultimate Rewards, Thank You, etc you need to go well beyond just earnings on spend and run the numbers all the way through redemption to determine the value you can get from each program so you can compare. It may be that you're better off with cash back cards but you need to do the calculation so you can compare.

@Anonymous wrote:
Profile:
EXP - 644
EQ - 665
TU - 634

What model(s) are these?

It's never just about score but if you're going to reference scores you need to be aware of the specific scoring models as well as the CRA's. If you want to know where you stand score-wise with a given product then you need to know the model & CRA used in the decision for the product and pull that specific score. Regardless of the model(s) above, they will not apply for every product out there. You cannot use a score generated by one model to determine a score generated by another model.

@Anonymous wrote:
Open credit: 3 credit cards, 2 store cards, 1 personal loan, 1 auto loan, ALL current/no missed payments.

That's great but your dergos kill your postitive payment history which is why you need to get them removed if possible. What about new accounts? Which of your accounts are 2 years or less?

Anonymous · ‎08-19-2016

@takeshi74 wrote:
@Anonymous wrote:

Derogs: 2 collections from 2012 totalling $4k (have PFD'd and waiting response), 1 Car charge-off from 2011 ($4000)
Last negative anything was 2.5 years ago
Don't just garden and spree. Get these items resolved before worrying about applying for new credit. Your credit profile determines what you qualify for and it's not just approvals but limits, APR, promo offers. etc.

Don't just look for cards that you think you can get approved for. "Travel" covers a wide range of cards. With any card selection you need to consider your needs/wants and use that info to find cards that suit you. You need to run the numbers for your spend. For programs like Membership Rewards, Ultimate Rewards, Thank You, etc you need to go well beyond just earnings on spend and run the numbers all the way through redemption to determine the value you can get from each program so you can compare. It may be that you're better off with cash back cards but you need to do the calculation so you can compare.

@Anonymous wrote:
Profile:
EXP - 644
EQ - 665
TU - 634
What model(s) are these?

It's never just about score but if you're going to reference scores you need to be aware of the specific scoring models as well as the CRA's. If you want to know where you stand score-wise with a given product then you need to know the model & CRA used in the decision for the product and pull that specific score. Regardless of the model(s) above, they will not apply for every product out there. You cannot use a score generated by one model to determine a score generated by another model.

@Anonymous wrote:
Open credit: 3 credit cards, 2 store cards, 1 personal loan, 1 auto loan, ALL current/no missed payments.
That's great but your dergos kill your postitive payment history which is why you need to get them removed if possible. What about new accounts? Which of your accounts are 2 years or less?

Answers!

1. Scores are Fico8

2. In terms of what I need out of the travel card -- I can expense the AF for any card as I'll use 6x+, really want something with good perks and high limit so when I take a week-long work trip it doesn't suck out half my available credit. Hence desire for a charge card perhaps.

3. Derogs in process of being handled have goal of 6 months to have all taken care of one way or another.

4. New accounts -- 6 accounts in last 2 years including the installment loan. Newer Accounts: QS (2.11), QS1 (4mo), Discover IT (10mo), Overstock (4mo), Boscovs (2mo), Personal Loan (4mo), Fingerhut (8mo)

Fantastic help, thanks everyone. I suppose I'm trying to determine whether there's an appropriate card that can hold me over until I can for sure qualify after my derogs disappear. Have some more homework to do.

Anonymous · ‎08-19-2016

@Anonymous wrote:
You should try for an Amex. I think you are likely to be approved, at least for one of the charge cards, with your profile and income. My stats are somewhat similar to yours and I was approved for the Platinum charge last month.

IF I do this, I should apply for the Platinum AND the Delta Revolver bc it's one hard pull, correct?