topic Re: Which credit card should I apply for in Credit Card Applications

Which credit card should I apply for

Anonymous — Tue, 20 Aug 2019 22:35:56 GMT

So this is my current credit situation:

Oldest credit line is a 13 year old store credit line of $2500. Never late

I have multiple accounts (12+) all paid satisfactory. 3 credit cards 6 months old with a combined credit limit of $2800, An auto loan 6 months old, and another installment loan that is 2 years old. 3% utilization.

I have an auto loan that was charged off but paid for less than owed that is 6 years old. No other baddies.

8 inquiries in the last year. 6 months ago I started my credit rebuilding. My current score is an avg of 690 fico 8.

My question is, I'd like to add 1 more credit card before gardening for the next year. What would be the best travel card that I could get with a high limit that would look past my charged off auto. I'd love to get the chase sapphire preferred. But figure maybe USAA or penfed might give me a better SL. Any thoughts or recommendations? Doesnt necessarily have to be a travel card if it'll not me a higher SL.

Thanks in advance for any replies

Re: Which credit card should I apply for

Anonymous — Tue, 20 Aug 2019 22:38:07 GMT

Would also like to point out that I know NFCU would be my best bet, but they are who I burned on the auto unfortunately. I do plan on getting my relationship back with them and paying the remainder of the auto off.
Also it should be noted that my income is in the 100-120k range.

Re: Which credit card should I apply for

coreysw12 — Tue, 20 Aug 2019 23:39:43 GMT

You said you settled your delinquent auto loan for less, but then you said you plan to pay off the remainder of it soon. I'm not sure what you mean. If you settled the account for an agreed amount, then there is no need to pay off any more of it - that's what "settled" means.

Re: Which credit card should I apply for

Anonymous — Wed, 21 Aug 2019 00:01:24 GMT

It is paid in full for an agreed upon amount. However to get back in with NFCU I will have to satisfy the account in full. It isn't to better my score, just to solely be in good standing with NFCU as they were/are an amazing CU. I'd love to do business with them again and to do that my old debt would need settled in full.

Re: Which credit card should I apply for

AllZero — Wed, 21 Aug 2019 00:10:03 GMT

PenFed likes clean profiles. That charge off might impact your approval odds until it gets removed from your credit report.

It appears you have sufficient income. They like low DTI too. For new customers, max credit line approval is $10k. Expect 1 hard EQ inquiry for membership and another for CC application.

The Pathfinder or PCR CC might suit your needs.

Re: Which credit card should I apply for

Anonymous — Wed, 21 Aug 2019 01:06:43 GMT

I was under the impression penfed used the same HP for 45 days. Is that no longer true?

Re: Which credit card should I apply for

AllZero — Wed, 21 Aug 2019 01:21:23 GMT

That was the old policy. New data points shows 1 pull per application. Triple pull for just thinking about them.

Re: Which credit card should I apply for

coreysw12 — Wed, 21 Aug 2019 05:10:36 GMT

@Anonymous wrote:
It is paid in full for an agreed upon amount. However to get back in with NFCU I will have to satisfy the account in full. It isn't to better my score, just to solely be in good standing with NFCU as they were/are an amazing CU. I'd love to do business with them again and to do that my old debt would need settled in full.

I see, and that makes sense. Are you sure that's NFCU's policy, though? (That they won't do business with you until you pay the full debt)?

I don't have any experience with NFCU personally, so I have no idea if that's their policy... but generally speaking, most creditors won't make you pay a previously-settled balance before considering you for new credit. Many major banks will happily welcome back any returning customers with decent credit profiles regardless of any past losses they've had with that customer. Cap1 and Chase, for example, don't care if you settled with them for less in the past, as long as you have a good credit profile now.

Re: Which credit card should I apply for

Anonymous — Wed, 21 Aug 2019 05:14:46 GMT

@coreysw12 wrote:
@Anonymous wrote:
It is paid in full for an agreed upon amount. However to get back in with NFCU I will have to satisfy the account in full. It isn't to better my score, just to solely be in good standing with NFCU as they were/are an amazing CU. I'd love to do business with them again and to do that my old debt would need settled in full.
I see, and that makes sense. Are you sure that's NFCU's policy, though? (That they won't do business with you until you pay the full debt)?

I don't have any experience with NFCU personally, so I have no idea if that's their policy... but generally speaking, most creditors won't make you pay a previously-settled balance before considering you for new credit. Many major banks will happily welcome back any returning customers with decent credit profiles regardless of any past losses they've had with that customer. Cap1 and Chase, for example, don't care if you settled with them for less in the past, as long as you have a good credit profile now.

Credit unions must be made whole. If you have caused them a loss and you don’t repay it, most CUs won’t even let you have a savings with them.

Re: Which credit card should I apply for

SouthJamaica — Wed, 21 Aug 2019 10:49:38 GMT

@Anonymous wrote:
So this is my current credit situation:

Oldest credit line is a 13 year old store credit line of $2500. Never late

I have multiple accounts (12+) all paid satisfactory. 3 credit cards 6 months old with a combined credit limit of $2800, An auto loan 6 months old, and another installment loan that is 2 years old. 3% utilization.

I have an auto loan that was charged off but paid for less than owed that is 6 years old. No other baddies.

8 inquiries in the last year. 6 months ago I started my credit rebuilding. My current score is an avg of 690 fico 8.

My question is, I'd like to add 1 more credit card before gardening for the next year. What would be the best travel card that I could get with a high limit that would look past my charged off auto. I'd love to get the chase sapphire preferred. But figure maybe USAA or penfed might give me a better SL. Any thoughts or recommendations? Doesnt necessarily have to be a travel card if it'll not me a higher SL.

Thanks in advance for any replies

If you can afford the huge annual fee, I would say the best travel card you could get would be the Amex Platinum.

Re: Which credit card should I apply for

Anonymous — Thu, 22 Aug 2019 02:26:35 GMT

I wouldn't mind paying the fee. But with my credit history, should I even consider the amex platinum?

**bleep**, I was really hoping penfed would be a single pull. I plan on financing my car with them as well. I called today and the lady on the phone said I could apply for the car online and they would use that credit pull for the member qualification as well (because if approved you're auto approved for membership). So that would just be a single pull.

As far as NFCU I tried opening an account with them to get back on their good graces. They denied me and told me I would never be considered again until I fully satisfied the entire debt. Not just the sebtled debt. Unfortunately.

Re: Which credit card should I apply for

SouthJamaica — Thu, 22 Aug 2019 02:34:15 GMT

@Anonymous wrote:
I wouldn't mind paying the fee. But with my credit history, should I even consider the amex platinum?

**bleep**, I was really hoping penfed would be a single pull. I plan on financing my car with them as well. I called today and the lady on the phone said I could apply for the car online and they would use that credit pull for the member qualification as well (because if approved you're auto approved for membership). So that would just be a single pull.

As far as NFCU I tried opening an account with them to get back on their good graces. They denied me and told me I would never be considered again until I fully satisfied the entire debt. Not just the sebtled debt. Unfortunately.

It's not hard to get. My score was probably 25 points lower than yours when I got an Amex Business Platinum.

Re: Which credit card should I apply for

coreysw12 — Thu, 22 Aug 2019 02:40:21 GMT

My credit profile is very similar to yours, roughly the same scores (actually a little lower), similar account age and good accounts with also similar bad accounts. FWIW, Amex's pre-approval site has pre-qual'd me for the Platinum each time I've checked for the last few months. From what I understand, that basically means I'd get it if I applied - I just haven't yet, because I don't really want or need it right now. Anyways, based on my very similar circumstances, I'd say the Amex plat shouldn't be very hard for you to get.

Re: Which credit card should I apply for

Anonymous — Sat, 24 Aug 2019 19:16:13 GMT

Hi Coreysw12-"Amex's pre-approval site has pre-qual'd me for the Platinum each time I've checked for the last few months. From what I understand, that basically means I'd get it if I applied " Here is information on being pre-qualified for credit.

Info on prequalification:

Who initiates this? You (the consumer).
Can this impact my credit score? The prequalification itself doesn't impact your credit, but if you then formally apply for credit, it will show up on your credit report and could impact your scores.
Is this a firm offer of credit? No, prequalification offers state that you "may qualify" for a certain amount. This can also mean that you may not qualify for the loan or credit card once your credit reports are reviewed—if something is concerning to the lender that wasn't available to them in the prequalification assessment comes to light.

It's best to get Preapproved by a company. They come to you.

Info on being Preapproved

Being preapproved, or receiving a preapproval, means that a lender has independently determined that you meet their requirements for a credit opportunity through a soft inquiry credit check. You may receive an offer in the mail that says, "you've been preapproved," from there, you have to decide if you want to submit an application. (I never apply for prequalified offers because you may not get it.) Its also possible to be denied on a preapproval, however, the odds of being denied are ultra slim. If you are shopping for a credit card you are more likely to get it when you are preapproved vs. prequalified. Also, if you haven't already, signed up for Credit Karma please do so. They will provide a list of credit cards that you qualify for and the likelyhood of you getting said card by ranking the offers by odds next to the offer it will show (excellent, very good or good... approval odds). Also, a great thing about the card offers is there are customer reviews for each card.

Re: Which credit card should I apply for

Anonymous — Sun, 25 Aug 2019 04:49:09 GMT

Your sig shows you have the sapphire preferred, did you get it recently? If your profile is similar to mine, I'd really love to get that card. Also, if it's not too intrusive, what did they give you for your SL?

"My credit profile is very similar to yours, roughly the same scores (actually a little lower), similar account age and good accounts with also similar bad accounts. FWIW, Amex's pre-approval site has pre-qual'd me for the Platinum each time I've checked for the last few months. From what I understand, that basically means I'd get it if I applied - I just haven't yet, because I don't really want or need it right now. Anyways, based on my very similar circumstances, I'd say the Amex plat shouldn't be very hard for you to get."

Re: Which credit card should I apply for

coreysw12 — Mon, 26 Aug 2019 17:27:43 GMT

@Anonymous wrote:
Your sig shows you have the sapphire preferred, did you get it recently? If your profile is similar to mine, I'd really love to get that card. Also, if it's not too intrusive, what did they give you for your SL?

Pretty recently, they approved my for the Sapphire and the Freedom Unlimited in the same day, back in May of this year. $8400 on the SP, $5600 on the FU. My scores were around 625 at the time. The odd thing is, I actually had a Chase card that got charged off in 2016; I settled with chase for less than owed in January of this year, and they approved me for these two new cards only 4 months later. I wouldn't expect many other people to have similar results, though. I'm really not sure how I slipped through the cracks, Chase has declined and/or shut down many people's accounts for lesser reasons, but somehow I escaped that fate. YMMV. Good luck, it's a great card so hopefully they give it to you! Can't hurt to try, the worst they can do is say no.

Re: Which credit card should I apply for

Anonymous — Mon, 26 Aug 2019 18:30:48 GMT

Well that gives me hope anyway! I think next month I'll try for the sapphire preferred! I have a checking account with them now albeit only 3 months old. Maybe I'll get just as lucky as you.

Did you take a HP for each of the cards or just one?

Re: Which credit card should I apply for

coreysw12 — Mon, 26 Aug 2019 20:57:44 GMT

They pulled 2 CRA's (TransUnion & Experian), but they used the same pull for both applications. However, I should warn you that Chase HATES people who apply for 2 cards on the same day, and have been known to take adverse action (like cancelling one or both cards) when people do it. I didn't know that when I applied, otherwise I wouldn't have applied twice on the same day... I just got lucky, I guess, but I wouldn't recommend anyone else try their luck with that. Best to wait at least 30 days between apps, ideally 90 days.