topic Re: Advice for 2nd card? in Credit Card Applications

Advice for 2nd card?

Anonymous — Mon, 28 Aug 2017 17:13:39 GMT

Hello,
I've been reading these boards for a while trying to learn as much as i can, but i feel like i finally need some more personalized help and deciding on a 2nd card. I'm looking to accumulate points for future travel.

My only credit card is a BOA Travel Rewards with a $2600 credit limit (I also bank with BOA) which I have had for a little over a year, i've been using this for all spending and always pay in full. I've been an authorized user on my parents amex card with a $40k CL for almost 3 years. I also have some student loans but do not start payments until the end of the year.

Recent college grad, income >50k and most of my spending is restaurants/groceries/apartment rent and bills.
My credit score via the BOA Fico report is 745.

I'm very interested in the Chase Sapphire Preferred/Freedom combination for long term use and travel rewards. Chase website says i'm prequalified for CSP, Freedom, and Freedom Unlimited.
However, i'm still a bit hesitant if i would be approved for CSP because of my limited credit history and only $2600 current limit even though i have a high score. Should I go for it or is my best bet to apply for chase freedom now and wait on CSP? Or is there something else that would help me get approved for CSP/Freedom down the road?

Thank you so much!!

Re: Advice for 2nd card?

Scupra — Mon, 28 Aug 2017 17:29:13 GMT

Welcome to the forums, glad you decided to post! The Chase pre-qual is usually pretty solid. I think your thought process is spot on here. The Freedom is probably as close to a sure thing as it gets and the CSP is probably a great chance. The CSP would require a $5k approval but that isn't much above your current limit. I would personally app for the Freedom now, prove yourself a bit and then tackle the CSP. Good luck and let us know what you choose!

Re: Advice for 2nd card?

Anonymous — Mon, 28 Aug 2017 18:05:38 GMT

Going to agree with the above. I would also suggest getting all three of your scores though (Experian, Equifax, Transunion) as I believe BOA only provide's Transunion's score, although I imagine they'll all be in the same ballpark. Chase's Prequal site is pretty solid on what it'll approve you for. You can always try the Freedom first and afterwards try the CSP, I believe Chase will use the same HP (if you apply the same day) so it won't pull twice.

Have you considered asking BOA for a CLI by any chance?

Re: Advice for 2nd card?

Anonymous — Mon, 28 Aug 2017 19:25:17 GMT

I got an increase from $1600 to $2600 in May before traveling abroad and they did it with no issues/questions, although the $1000 increase was all I had asked for. Would it be too soon to ask again?

Re: Advice for 2nd card?

K-in-Boston — Mon, 28 Aug 2017 19:30:46 GMT

For the BOA Travel Rewards? 3 months should have been enough time for the Request A Credit Line Increase to come back on your account. Only thing you have to lose is a HP, but I've received tons of CLIs from them at 3 month marks. Just be sure to ask them for as much as you would feel comfortable having as a credit line, as they will counter-offer. BOA is a bank that you should not be shy with - if you think you can handle a $25,000 credit line, ask them and they're either give it you, say no, or (usually the case when not asking for small limit increases) meet you somewhere in the middle.

Re: Advice for 2nd card?

fltireguy — Mon, 28 Aug 2017 19:31:03 GMT

If the request credit line increase link is there you can ask again... Ask for $10-15k. If they won't go that high, they'll counter with a lower amount

Re: Advice for 2nd card?

SouthJamaica — Tue, 29 Aug 2017 01:55:02 GMT

@Anonymous wrote:
Hello,
I've been reading these boards for a while trying to learn as much as i can, but i feel like i finally need some more personalized help and deciding on a 2nd card. I'm looking to accumulate points for future travel.

My only credit card is a BOA Travel Rewards with a $2600 credit limit (I also bank with BOA) which I have had for a little over a year, i've been using this for all spending and always pay in full. I've been an authorized user on my parents amex card with a $40k CL for almost 3 years. I also have some student loans but do not start payments until the end of the year.

Recent college grad, income >50k and most of my spending is restaurants/groceries/apartment rent and bills.
My credit score via the BOA Fico report is 745.

I'm very interested in the Chase Sapphire Preferred/Freedom combination for long term use and travel rewards. Chase website says i'm prequalified for CSP, Freedom, and Freedom Unlimited.
However, i'm still a bit hesitant if i would be approved for CSP because of my limited credit history and only $2600 current limit even though i have a high score. Should I go for it or is my best bet to apply for chase freedom now and wait on CSP? Or is there something else that would help me get approved for CSP/Freedom down the road?

Thank you so much!!

IMHO yes you should go for it.

Re: Advice for 2nd card?

Anonymous — Tue, 29 Aug 2017 15:42:27 GMT

Thanks so much for all of the replies!
I see the request for a CLI from BOA on my account, but I also see that they did a hard pull when i last got the credit limit increase which showed up on Transunion. Would the benefit of a CLI outweigh the hard pull and improve CSP approval chances?

Re: Advice for 2nd card?

fltireguy — Tue, 29 Aug 2017 16:42:01 GMT

I'd take another hp personally
The CLI should outweigh the HP..

Re: Advice for 2nd card?

K-in-Boston — Tue, 29 Aug 2017 17:19:10 GMT

BOA HPs are usually well worth it. I'm losing count, but I'm either 5-for-5 or 6-for-6 on $8,000-$20,000 credit line increases at a time with BOA. Having a much larger BOA limit showing than you currently have should improve your starting line with your Chase application(s), so if you ask... ask for as much as you are comfortable with being granted and wait until a few days after your next statement generates so that it reports to the credit bureaus prior to applying with Chase.

Re: Advice for 2nd card?

Anonymous — Wed, 06 Sep 2017 00:30:18 GMT

Just wanted to give an update and thank you all again for the help! After deliberating I applied for the Chase Freedom card and was approved with a 2k SL, and I also got a CLI from BOA to $7,500!!

Decided it would be best to get the Freedom card first especially because this month is 5% on restaurants. It would also be easier for me to hit the spending for the bonus for CSP closer to the holidays. Any recommended time frame on how long to wait before applying for CSP after using my freedom?