topic Re: Help choosing 2nd Credit Card, Visa/MC, FICO ~720-740 in Credit Card Approvals

Help choosing 2nd Credit Card, Visa/MC, FICO ~720-740

Anonymous — Tue, 04 Mar 2014 04:27:51 GMT

Hi,

Quick introduction:

Call me Ed (or just my handle EngineerEd, no preference). I am currently a junior in college studying material science and engineering.

Relevant Credit History:

Discover It for Students since November 2013, always paid multiple times per month, never carried a balance

~25k in student loans via university and USDOE, interest does not accrue until after graduation

No credit inquiries other than Discover.

Credit Scores:

FICO 720 as of 02/09, when Discover gives me my next statement mid-March I expect it will go up by a decent amount.

Income:

About 10k probably, 9k for sure from a summer internship, a decent amount from part time University jobs.

So I am just looking for general advice on getting a Visa/MC credit card since Discover isn't taken everywhere. I was thinking Chase Sapphire because it has double rewards for restraunts and I do get take-out a lot since I am either too lazy or have no time to cook and wash dishes most days. However after doing some pretty basic research (google "credit score sapphire") it seems that the Chase Sapphire card is relatively selective since the minimum credit limit is $5000/month, so I am doubtful I would be able to get that.

So assuming that applying for Chase Sapphire is a bad idea I was just wondering what else might be a good option. I don't really travel or use hotels often so those rewards aren't the best for me. My most common expenditures are by far restraunts and groceries (about 65/35 split), then past that probably just online shopping like Amazon but that is sporadic and minimal.

So the cards I am now starting to look at are Chase Freedom and CapitalOne Quicksilver. Chase Freedom seems to have a similar setup to Discover It, 1% and 5% rotating categories, Quicksilver is 1.5% across the board which is nice too. I don't know if my credit score/history is good enough for either though.

A few extra questions:

-Should I wait longer before applying for a new credit card? My only hard inquiry is from Discover when I applied in early November of 2013. I have heard to wait ~6 months until applying for another, but I'm curious as to y'alls view on that.

-Should I apply for other student credit cards? I guess the two I would have in mind are the Citi Dividend/Forward cards, as well as CapitalOne Journey. Main reason I am looking at non-student credit cards now is for better benefits (1+5%rotating and 1.5% are both better than 1% for Citi and 1.25% for CapitalOne). However if the odds of me getting a non-student card are low I'd rather just apply for a student credit card.

-Is there a large difference between "rewards points" credit cards and "cash back" credit cards? AFAIK rewards points can be redeemed for stuff like gift cards, which is effectively money that I can spend. At least for Discover cash back can be used for Amazon, gift cards, or just straight credit after reaching a minimum threshold.

Thanks,

Re: Help choosing 2nd Credit Card, Visa/MC, FICO ~720-740

celluloid17 — Tue, 04 Mar 2014 05:00:39 GMT

I'm probably not the best person to respond since I'm not the most versed on various rewards based structures (even with a 16 year credit history!). I think you should ask yourself a couple of questions first. How do you plan to use the card and on what types of purchases will you be predominantly using the card for? If it's gas and groceries, I would look at Sallie Mae MasterCard from Barclay (5% back on $250 a month spend on each category). Also,think about which lender you want to establish a relationship with. If you're thinking about CSP, then it would be worth it to perhaps try your luck at getting approved for a Chase Freedom and then eventually doing a PC to CSP. I think the Quicksilver is a great option if you're not wanting to deal with categories and Cap 1 seems to be many people's first credit card so they may be more willing to open lines of credit for those with younger or no credit history.

I know you're wanting a Visa or MC, but if you at all want an Amex in the future, now would be the time to go for it because once you open your first card with Amex, all future Amex cards will be backdated to the original date of your first account with them, so I would try for one earlier rather than later. Perhaps the American Express BCE?

Re: Help choosing 2nd Credit Card, Visa/MC, FICO ~720-740

Anonymous — Tue, 04 Mar 2014 05:03:26 GMT

I would either try for the Sallie Mae like the poster above me mentioned or try to get a Chase Freedom or American Express BCE. I would probably tend to lean on the Freedom for you since it has the 5% rotating catageroies and they sometimes do the 5% back on restaurants.

Re: Help choosing 2nd Credit Card, Visa/MC, FICO ~720-740

NikoD — Tue, 04 Mar 2014 05:24:56 GMT

My first thought while reading what you wrote was Sallie Mae also. There are two Sallie Mae Mastercards (that I know of) so one may work better for you than the other. I believe with the Upromise one the cash back is credited to your student loans but with the other card you can do that or just get straight cash. If I'm wrong someone please correct me.

Edit: I forgot to add that the cash back catagories are also different for the two. I know that the Upromise has a dining catagory and the other one has a books catagory for example.

Re: Help choosing 2nd Credit Card, Visa/MC, FICO ~720-740

Vegas247 — Tue, 04 Mar 2014 05:58:07 GMT

Chase Freedom is my vote! I just got approved for 11k. Plus if you have a Chase checking account, you get 10 percent back every year. I also like the no annual fee Since you are a student, which will help.

Re: Help choosing 2nd Credit Card, Visa/MC, FICO ~720-740

Anonymous — Tue, 04 Mar 2014 06:45:38 GMT

Hey everybody,

Thanks for the prompt replies. I'm leaning towards Chase Freedom now I suppose. The main problem with the Sallie Mae credit cards is that I don't have a car currently, and likely won't have a car until I'm out of college, which won't be until at least December 2015/May 2016(staying an extra semester/year for masters degree). Furthermore, while the Sallie Mae UPromise card does have 4% cash back on restaurants, I checked the actual list of restaurants where it is eligible in my city's area and there wasn't really much anything that I frequent.

I guess I choose Chase over CapitalOne on the grounds that I would rather build a relationship with Chase than CapitalOne, I could see CSP being a good card to work towards more so than anything from CapitalOne for the time being.

I'll probably look to expand towards Amex after a while (maybe by the end of the year or something), but right now my main frustration is not being able to use credit cards at locations which only take Visa/Mastercard.

My only real questions left are:

-It's been only 4 months since I last applied for (and got) a credit card, is it too soon?

-Is it worth considering student credit cards with my credit score/history, or should I go straight for non-student credit cards like Freedom/Quicksilver?

Thanks again,

Re: Help choosing 2nd Credit Card, Visa/MC, FICO ~720-740

Jeff007245 — Tue, 04 Mar 2014 18:29:11 GMT

Chase Checking + Freedom + CSP = Great Combo

Re: Help choosing 2nd Credit Card, Visa/MC, FICO ~720-740

NikoD — Tue, 04 Mar 2014 15:25:16 GMT

While I'm not sure if it's too soon for a new card (maybe someone else could weigh in on that) if you do get a student version, maybe after 6 months or so of proving yourself you could ask for a PC to a better non-student card.

Re: Help choosing 2nd Credit Card, Visa/MC, FICO ~720-740

Anonymous — Tue, 04 Mar 2014 21:15:26 GMT

Thanks everybody!

I decided to hell with it and applied for a few credit cards today.

I first applied for Chase Freedom, they said they have to review, would be decide within 7-10 days. So at this point I was a bit iffy.

I decided to try for an "easier" visa card, went for the CapitalOne Journey Student Rewards card. I applied before in August 2013, was rejected on the spot, but no hard inquiry apparently (according to credit karma only have a hard inquiry from Discover It Student card as of 02/2014). So I figured with a higher credit score of ~720 now and a credit line of 1.5k from Discover It I would probably get approved. Got rejected on the spot, I have no idea why, perhaps the student loans (but still... no late payments).

Then I tried for Citi Forward Student card. I also applie dfor Citi Dividend Student around August 2013, they sent a letter to my house asking for proof of income (W-2 form?). My mother thought they were soliciting, threw out the letter by accident. Meanwhile I had already arrived at college fo the fall semester. This time Citi approved me for a 1.1k credit limit on the spot.

Lastly I took to heed the comment about getting on early with American Express, so I applied for Blue Cash Everyday, not really expecting anything (likey decline or decide over the next week or so), surprisingly got approved on the spot for a 2k credit line, and got a free Amazon Prime membership for a year out of it too.

So all in all, twas a good day, I don't know why Cap1 denied me, but I really don't care anymore, didn't bother trying for Quicksilver if they denied me for their mediocre (relative to quicksilver) student card.

I guess I'll wait and see what happens with Chase Freedom, it would be nice to get started with Chase, but ultimately the more important thing to me was getting a Visa/MC so that I don't have to use a debit card anymore.

Thanks Everybody!

-Ed

Re: Help choosing 2nd Credit Card, Visa/MC, FICO ~720-740

celluloid17 — Tue, 04 Mar 2014 21:27:33 GMT

@Anonymous wrote:
Thanks everybody!

I decided to hell with it and applied for a few credit cards today.

I first applied for Chase Freedom, they said they have to review, would be decide within 7-10 days. So at this point I was a bit iffy.

I decided to try for an "easier" visa card, went for the CapitalOne Journey Student Rewards card. I applied before in August 2013, was rejected on the spot, but no hard inquiry apparently (according to credit karma only have a hard inquiry from Discover It Student card as of 02/2014). So I figured with a higher credit score of ~720 now and a credit line of 1.5k from Discover It I would probably get approved. Got rejected on the spot, I have no idea why, perhaps the student loans (but still... no late payments).

Then I tried for Citi Forward Student card. I also applie dfor Citi Dividend Student around August 2013, they sent a letter to my house asking for proof of income (W-2 form?). My mother thought they were soliciting, threw out the letter by accident. Meanwhile I had already arrived at college fo the fall semester. This time Citi approved me for a 1.1k credit limit on the spot.

Lastly I took to heed the comment about getting on early with American Express, so I applied for Blue Cash Everyday, not really expecting anything (likey decline or decide over the next week or so), surprisingly got approved on the spot for a 2k credit line, and got a free Amazon Prime membership for a year out of it too. This is terrific! Now any future Amex card you apply for will have a March 2014 backdate, thus greatly improving your AAoA down the line and helping your future credit prospects!!

So all in all, twas a good day, I don't know why Cap1 denied me, but I really don't care anymore, didn't bother trying for Quicksilver if they denied me for their mediocre (relative to quicksilver) student card.

I guess I'll wait and see what happens with Chase Freedom, it would be nice to get started with Chase, but ultimately the more important thing to me was getting a Visa/MC so that I don't have to use a debit card anymore.

Thanks Everybody!
-Ed

Congratulations on your approval with Citi Forward (Visa or MC?) and achieving your goal of a more versatile credit card! Who knows, now that you've gotten in with both Citibank and Amex, Chase may be more amenable to approving you! Keep us posted...

Re: Help choosing 2nd Credit Card, Visa/MC, FICO ~720-740

hajew86 — Tue, 04 Mar 2014 21:29:37 GMT

I'm new at all of this as well but I pretty sure student loans do not effect what these companies are looking for. I'm sure it may have been the lack of credit history over anything in regards to the Cap1. I'd still call the backdoor numbers and try to recon. Although if you're content with what you have than perhaps it's not worth it.

Congrats on the approvals!

Re: Help choosing 2nd Credit Card, Visa/MC, FICO ~720-740

Anonymous — Tue, 04 Mar 2014 21:33:19 GMT

Defitnely Chase Freedom!!! and it will grow im at a 18k credit line and they are very nice and they have an excellent reconsideration line from what i here.

Re: Help choosing 2nd Credit Card, Visa/MC, FICO ~720-740

Anonymous — Tue, 04 Mar 2014 21:35:08 GMT

Call chase now they will take a look at ur application

Re: Help choosing 2nd Credit Card, Visa/MC, FICO ~720-740

Anonymous — Tue, 04 Mar 2014 21:49:06 GMT

Ok I'm still a bit new to all of this stuff, so do I just use this thread http://ficoforums.myfico.com/t5/Credit-Cards/Backdoor-Numbers/td-p/408066 and use one of the following numbers:

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

?? Who would I be talking to, people who are expecting calls for recons? What should I be prepared to talk about to convince them to approve me for the card (i.e. real life story? college studies description? sob story? credit history? student loans? upcoming summer internship? etc.)?

Thanks in advance,

Re: Help choosing 2nd Credit Card, Visa/MC, FICO ~720-740

celluloid17 — Tue, 04 Mar 2014 21:49:53 GMT

@Anonymous wrote:
Call chase now they will take a look at ur application

This is not a bad idea!

Re: Help choosing 2nd Credit Card, Visa/MC, FICO ~720-740

alvon123 — Tue, 04 Mar 2014 22:37:10 GMT

congrats

Re: Help choosing 2nd Credit Card, Visa/MC, FICO ~720-740

celluloid17 — Wed, 05 Mar 2014 06:26:30 GMT

@Anonymous wrote:
Ok I'm still a bit new to all of this stuff, so do I just use this thread http://ficoforums.myfico.com/t5/Credit-Cards/Backdoor-Numbers/td-p/408066 and use one of the following numbers:

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

?? Who would I be talking to, people who are expecting calls for recons? What should I be prepared to talk about to convince them to approve me for the card (i.e. real life story? college studies description? sob story? credit history? student loans? upcoming summer internship? etc.)?

Thanks in advance,
Ed

Any luck calling one of the recon numbers?