topic Re: Suggestions for a new card app... in Credit Card Applications

Suggestions for a new card app...

krmurrayjr10 — Sat, 04 May 2019 22:59:53 GMT

So, I’m currently sitting with a FICO score of just over 700, utilization of about 3%, AAoA just over 2 years, no inquiries or new accounts since last November, a few lates still showing from several years ago, and 1 charge off of about $400 from 6 years ago (looking forward to this finally falling off next year). In addition to a student loan and a car loan from Capital One, I have these cards currently (with limits in parentheses):

Amex: Gold and Plat, Hilton ($3100), Marriott ($3100), and Delta ($2000)

Barclay: AA ($2000) and Miles & More ($3500)

Capital One Venture ($6500)

Citi AAdvantage ($3000)

US Bank/Elan Fidelity Rewards ($4500)

Target ($2100)

I was playing around with Capital One’s credit simulator, which I have found to be reliable in predicting score changes based on past events in my credit report. The simulator is showing upwards of a 50-point score increase by opening a single new card, which seems counterintuitive, but then again, there may be something I’m not thinking of.

If I were to apply for another card, where should I go?

Chase is off the table, because I won’t be under 5/24 until next year, and they’re not showing any prequalified offers, anyway. Neither is Citi.

I do have prequalified offers online with Discover, BB&T, and Amex, and I’ve been receiving mailers from BBVA.

What about Navy Federal? I have deposit accounts there, but was rejected for their Flagship card last year.

If anyone has any tips on where I would have the best chance for both approval and a large SL, I would be grateful!

Re: Suggestions for a new card app...

Brian_Earl_Spilner — Sat, 04 May 2019 23:06:19 GMT

Your score will go down. It would go up if the new limit brought your utilization down a few thresholds, but you're already at 3%.

Re: Suggestions for a new card app...

krmurrayjr10 — Sat, 04 May 2019 23:12:25 GMT

I also thought my score would go down. I then tried the score simulator on Credit Karma, and it is also showing a large increase by opening a new card. Curious...

Re: Suggestions for a new card app...

Jnbmom — Sat, 04 May 2019 23:55:14 GMT

You really can't rely on those simulators, I have 20+ accounts and they tell me to open another one😕They are not reliable.

But in regards to cards, what type of cards are you looking for rewards, travel etc?

Your scores seem good, I would try navy again but not the flagship , it is better to start with one of the others. Navy is good with SLs and grows massively.

Good luck

Re: Suggestions for a new card app...

krmurrayjr10 — Sun, 05 May 2019 01:31:18 GMT

I travel internationally (and buy online outside of the US), so a no-FTF card is an important point for me.

That keeps me thinking about Navy, since their cards appear not to charge FTFs, and, except for the Flagship, don’t charge annual fees. The 30k point SUB on their Amex card is attractive, so maybe I’ll give that one a try...

Re: Suggestions for a new card app...

pinkandgrey — Sun, 05 May 2019 01:36:20 GMT

@Jnbmom wrote:
You really can't rely on those simulators, I have 20+ accounts and they tell me to open another one😕They are not reliable.

But in regards to cards, what type of cards are you looking for rewards, travel etc?

Your scores seem good, I would try navy again but not the flagship , it is better to start with one of the others. Navy is good with SLs and grows massively.

Good luck

Agreed. Navy cards can start massive, and even if they don’t START big, they grow. However, a Discover card would be a great addition for you and Disco often hands out fairly generous SLs. Good luck!

Re: Suggestions for a new card app...

krmurrayjr10 — Sun, 05 May 2019 01:53:44 GMT

Wow.

So, I decided to give Navy another try, and I was instantly approved for $20k at 15.24%.

Wow.

Re: Suggestions for a new card app...

Jnbmom — Sun, 05 May 2019 01:56:22 GMT

Congrats what card did you get?

Re: Suggestions for a new card app...

krmurrayjr10 — Sun, 05 May 2019 01:59:40 GMT

The Amex. Now I’m looking forward to spending $3k to collect those 30,000 points!

Re: Suggestions for a new card app...

Jnbmom — Sun, 05 May 2019 02:01:27 GMT

Glad it worked out for you. Awesome SL

Re: Suggestions for a new card app...

tbque — Sun, 05 May 2019 02:42:20 GMT

Congrats on the new card with Navy and stellar SL!

Re: Suggestions for a new card app...

gdale6 — Sun, 05 May 2019 15:11:55 GMT

As OP has now been approved comments on this thread are now closed. OP is free to start a new thread in the appropriate forum.