topic Re: New Card(s) Application Plan Help in Credit Card Applications

Help w. New Card(s) Application Plan

kah-pas — Mon, 18 Mar 2019 23:34:56 GMT

I'm going to a prolonged trip abroad soon. (in April / May for at least 6 to 12 months) No family who'd get my mail while I am away and I do not want to bother friends; I used their kindness well too much over my last drawn-out trip. Given the business plans, cash invested in a nice dividend paying shares I would not like to sell and some investments in high risk assets currently sitting at a modest loss (again not something I'd like to liquidate) and cash at hand, I'd love to put $10K of the expenses (25% - 30% of the total trip's cost) on the card, before the business income starts trickling in. But currently I do not have enough credit ($12,200.00 total)

Alas, I do not want to appear hungry for the credit, given it's pretty new, and get rejected. I plan to apply in April given that:
-- I've gotten an $16 K personal loan in November 2017
-- I've gotten a new card, $5K credit limit, in December 2017

My scores:
-- 750 Experian FICO 8
-- AAOA 1 year 4 months
-- oldest account 2 years 8 months
-- 4 credit cards, 1 personal loan is all I have on the CR
-- 100% payment history
-- 2 hard inquires (November 2017, plus one "Misc." the apartment rental company pulled)
-- no deragatories
-- I have two new business credit cards but would not like to mingle private exepenses with the business credit.

I have a feeling that in my case, the credit being "too short" might be an obstacle? What say you, the veteras of the credit game? I went to some of the pre-qualy sites, and there's a (new) Citi Rewards+ Card I am prequalified for (APR 0% is important and I love how it looks) and some others, I can't recall ATM, PNC I think, Chase Sapphire.

But I do not think those pre-qualy amount to much? Basically, April is my last chance, hit or miss. Any advices, suggestions or ideas would be more than welcomed. Thank you!

Re: New Card(s) Application Plan Help

Remedios — Mon, 18 Mar 2019 22:34:31 GMT

I think you're good to go for most cards really, but I would reconsider putting $10K on a card hoping it all goes well with the business later.

Re: New Card(s) Application Plan Help

kah-pas — Mon, 18 Mar 2019 22:39:42 GMT

Appreciate that. Allow me to add that I would -- unless all my investments turn dramatically sour at the same time -- have enough $ to cover the debt by liquidating the investments, if needed. I'd simply hate to sell either income producing assets or at loss ATM, while I wait / work on it / to see how the business would develop.

Re: New Card(s) Application Plan Help

Remedios — Mon, 18 Mar 2019 22:43:49 GMT

So, your main concern is 0% intro apr and decent SL?

What are the limits on your other cards and which other cards do you have? Knowing that will eliminate redundant suggestions

Re: New Card(s) Application Plan Help

kah-pas — Mon, 18 Mar 2019 23:16:39 GMT

@Remedios wrote:
So, your main concern is 0% intro apr and decent SL?

Yes.

What are the limits on your other cards and which other cards do you have? Knowing that will eliminate redundant suggestions

$3,000.00 Capital One Quick Silver
$4,200.00 WF Platinum
$5,000.00 Capital One Venture
AMEX Platinum, pay-over-time $30K enabled, never used.

** Also, the WF gave me a $7,500.00 business card (I bank with them since 2006) and AMEX a $2,000.00 Blue business but I would not use them to comingle funds. Those are fairly recent cards (two weeks) and maybe reflect how they saw my credit worthiness. (the business is a brand new LLC that yet has to generate any income; not before June / July 2019)

I saw a Discover pre-approval link you (Remedios) provided someone else with and went to see just to get a better picture. "Unfortunately, at this time we are not able to provide you an offer due to the following:"
Type of credit score FICO
Your credit score 761
Date March 18, 2019
Key factors that affected your credit score were as follows:
LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED
PROPORTION OF LOAN BALANCES TO LOAN AMOUNTS IS TOO HIGH
TOO MANY INQUIRIES LAST 12 MONTHS

(as a reminder, I have 2 inquires, 0% CLU, 89% loan balance on that personal loan)

Re: New Card(s) Application Plan Help

JaseT — Tue, 19 Mar 2019 01:00:57 GMT

Another Capital One Venture? Often has a higher CL and has no foreign transaction fees.

Re: New Card(s) Application Plan Help

xaximus — Tue, 19 Mar 2019 16:49:51 GMT

@kah-pas wrote:
@Remedios wrote:
So, your main concern is 0% intro apr and decent SL?

Yes.

What are the limits on your other cards and which other cards do you have? Knowing that will eliminate redundant suggestions

$3,000.00 Capital One Quick Silver
$4,200.00 WF Platinum
$5,000.00 Capital One Venture
AMEX Platinum, pay-over-time $30K enabled, never used.

** Also, the WF gave me a $7,500.00 business card (I bank with them since 2006) and AMEX a $2,000.00 Blue business but I would not use them to comingle funds. Those are fairly recent cards (two weeks) and maybe reflect how they saw my credit worthiness. (the business is a brand new LLC that yet has to generate any income; not before June / July 2019)

I saw a Discover pre-approval link you (Remedios) provided someone else with and went to see just to get a better picture. "Unfortunately, at this time we are not able to provide you an offer due to the following:"
Type of credit score FICO
Your credit score 761
Date March 18, 2019
Key factors that affected your credit score were as follows:
LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED
PROPORTION OF LOAN BALANCES TO LOAN AMOUNTS IS TOO HIGH
TOO MANY INQUIRIES LAST 12 MONTHS

(as a reminder, I have 2 inquires, 0% CLU, 89% loan balance on that personal loan)

Based on this - depending on the rewards you're looking for, the Paypal 2% CB might be a good option to look into. If not that, then try pre-qual link to BoA. The Travel rewards card may be a good option. Also, if you havn't looked, check out the Uber Visa card, even though you may get approved possibly with a low SL, it's in the ballpark of no AF and no FTF.