topic Re: now what? in Credit Cards

now what?

zerbherb — Wed, 04 Nov 2015 15:31:06 GMT

Credit score is around 700's 720's. i have a 20k incomea as a film student which is solid. Cards are a discover it 750$ limit amex everyday 2k limit. Should i aim for cli's or app for the sapphire preferred cause my income and profile support. Plus i can reach the 2k spend bonus from apping with in a branch with two film purchases.

its really the only card i know i need for the forseable future.

Re: now what?

kdm31091 — Wed, 04 Nov 2015 15:32:53 GMT

Sorry but I don't feel a 20k income really does support a CSP long term. There's a $95 annual fee. To earn $95 in rewards, let's just say you're spending even exclusively on the 2x categories (which is not going to be true), you'd still have to spend almost 5k which is 25% of your income right there.

To be more realistic let's assume a total averaged out return of about 1.33%. Roughly have to spend 7k in a year. Again, that's netting basically zero "profit" in rewards, and just enough to cancel the fee.

I'd skip the CSP until/unless your income goes up. It simply will not be worth it.

Re: now what?

CreditCuriosity — Wed, 04 Nov 2015 15:37:31 GMT

CSP would be turned down due to income.. Honestly I would just work on SP CLI's until you graduate and get a job that pays more as really you have 3k in credit @ 20k in income assuming pre-tax. Just my take on it.

Also even if you applied in branch it is 4k spend.. The 2k or 3k or whatever doesn't exist anymore.

Re: now what?

Anonymous — Wed, 04 Nov 2015 15:36:41 GMT

I wouldn't apply for anything until you get more income. Keep what you have.

Re: now what?

Anonymous — Wed, 04 Nov 2015 15:56:15 GMT

kinda along with what's been said but just because you can meet a spend bonus doesn't mean it's a good long-term card for you. and keep in mind the minimum they will approve you for is $5k and that is 2.5x your current highest

Re: now what?

Thomas_Thumb — Wed, 04 Nov 2015 16:09:46 GMT

@zerbherb wrote:
Credit score is around 700's 720's. i have a 20k incomea as a film student which is solid. Cards are a discover it 750$ limit amex everyday 2k limit. Should i aim for cli's or app for the sapphire preferred cause my income and profile support. Plus i can reach the 2k spend bonus from apping with in a branch with two film purchases.

its really the only card i know i need for the forseable future.

Ultimately, it will be best for flexibility and credit score if you have three credit cards. That being said, I would suggest you only consider a 3rd card that has no annual fee.

First step (before getting a new card) would be to ask for a CLI on your Discover Card. You can do this online. They will not do a hard pull without your approval and typically a soft pull is all that is required. You should quality for a $1500 credit line on your Discover Card. If you do a couple CLI requests you may even get up to $2500. Generally need to wait 60 days or more between CLI requests with Discover card.

The below table is from 10 years ago but still has some value regarding CL decisioning - just don't view the CL #s as absolute.

Re: now what?

zerbherb — Wed, 04 Nov 2015 17:50:46 GMT

Alright sounds good. Hopefully discover gives me a higher cl then 2500 after this.

Re: now what?

Anonymous — Wed, 04 Nov 2015 19:19:54 GMT

Have you tried for a CLI on your Amex ED since you got it in March?

Re: now what?

zerbherb — Wed, 04 Nov 2015 23:42:35 GMT

Yeah in may when the new retina macbook pro came out. I didn't use my updated income at first. I was declined for that request.

Re: now what?

Anonymous — Thu, 05 Nov 2015 00:47:08 GMT

@zerbherb wrote:
Yeah in may when the new retina macbook pro came out. I didn't use my updated income at first. I was declined for that request.

You're eligible to try again. It's 90 days from a denial and you're way past that.

Re: now what?

zerbherb — Thu, 05 Nov 2015 03:21:55 GMT

should i wait until i fully pay of the monitor im paying off with zero apr currently. theres 441$ left.

Re: now what?

Anonymous — Thu, 05 Nov 2015 03:35:20 GMT

that probably isn't making much difference depending on current overall utilization