topic Re: Looking for a new account....Suggestions?? in Credit Cards

Looking for a new account....Suggestions??

Anonymous — Sat, 14 Nov 2015 08:36:40 GMT

Ok, so here I am wondering if its time to get a new CC as I would like a little more variance in accounts. I am aware that everytime I apply and get approved it will lower my AAoA so Im wondering if its even worth it to get a new card at all. But I figure that I have to eventually expand my credit lines as ill be starting a family soon and would like to have a little more credit flexibility. I was looking into Charge Cards and not store cards as my spending options will not be limited to just a specific chain of stores.

I currently have the following from most current approval to last:

DIscover it 5/2015 ... $3500 CL

Old Navy Store Card 9/2014 .... $6000 CL

Walmart Store Card 9/2014 .... $10k CL

BofA Rewards 9/2013 ... $2000 CL

Facts:

AAoA : 1.4 years

Inquiries : TU 4, Exp 6

Utilization : 4%

Fico a solid 761

(FYI I recently received CLI's from walmart $1500 to $10k, Old Navy $300 to $6000 and Discover $2500 to $3500 all last week.)

I would like to try for a card that would perhaps give me a higher starting CL than 7k-10k was considering the Amex everyday card and perhaps a chase product, idk..... this one is for the senior credit guru's on here. My credit Sig is current, so based on that , your suggestions are welcome.

Re: Looking for a new account....Suggestions??

Anonymous — Sat, 14 Nov 2015 09:17:08 GMT

https://m.creditcards.chase.com/prequalified-offers

Get chase out of the way before you app for another cards.

~~Join ppenfed, golden 1, or USC credit union. Why because you will need an auto, home, ploc, and boat loan.~~

clean up your chexs first.

Join amex, after you get a job that pays more than Mickey D's.

Re: Looking for a new account....Suggestions??

Anonymous — Sat, 14 Nov 2015 12:37:14 GMT

where do you spend your money that the BofA card doesn't handle and the the discover? meaning those cards cover a wide array of categories so what's missing?

are you looking at another cash back card or a different type of redemption?

Re: Looking for a new account....Suggestions??

kdm31091 — Sat, 14 Nov 2015 13:52:20 GMT

Don't app just to app. If there's nothing that really jumps out at you at the moment, then you don't need anything.

Furthermore, no one can tell you that you'll recieve the high limit you are after, so that part is up to the creditor and not anyone else. Just because so and so got a high approval on a card doesn't mean you will too. Just keep that in mind.

Re: Looking for a new account....Suggestions??

Anonymous — Sat, 14 Nov 2015 14:06:25 GMT

and chase and amex are known to give limits all over the place. there's no "sure" card to get a $7-$10k limit. sorry.

Re: Looking for a new account....Suggestions??

Anonymous — Sat, 14 Nov 2015 14:13:15 GMT

Your BoA is over 2 years old. Wait for the CLIs to report and then I would hit up a CLI on the BoA card. I went from $1000 to $19,500 with just one call. That should cover a decent amount of your spend and you get cash back.

Re: Looking for a new account....Suggestions??

Anonymous — Sat, 14 Nov 2015 14:18:17 GMT

You mention charge cards, not store cards making it sound like those are THE two categories. I think what you mean is that you were inquiring about major CC vs. store cards. Charge cards, meaning you have to pay them off every month, generally don't have credit limits. Those would be things like Amex Green, Amex PRG, and Amex Platinum. You are wanting something on the Visa/MC/Amex/Discover networks, so a major charge card that you can use anywhere.

If you are starting a family, I'm assuming travel isn't a big part of your short term plans (unless before you start) with the exception of maybe some family visits. So major travel benefits probably isn't what you're looking for. Are you thinking of a higher CL for the insurance it brings re: the unknown of your future situation? If so, I'd go for CU cards. They tend to be the lowest interest of the bunch and often have good CLs. Someone implied that something is up with your Chex. I don't know who does and doesn't use that.

If you were wanting a high CL just for the sake of it, benefits aside, the higher ones have been Cap One Venture or Chase co-branded cards (hotel or airline cards). But again, if you won't be making use of those benefits, it wouldn't seem to make a lot of sense for you. GL.

Re: Looking for a new account....Suggestions??

Anonymous — Sat, 14 Nov 2015 14:58:10 GMT

I would apply for a card that fits your needs/spend. Have you done any research on your own to see which cards are best for you? Unfortunately, no one can tell you the SL.

Re: Looking for a new account....Suggestions??

SouthJamaica — Sat, 14 Nov 2015 17:02:42 GMT

@Anonymous wrote:
Ok, so here I am wondering if its time to get a new CC as I would like a little more variance in accounts. I am aware that everytime I apply and get approved it will lower my AAoA so Im wondering if its even worth it to get a new card at all. But I figure that I have to eventually expand my credit lines as ill be starting a family soon and would like to have a little more credit flexibility. I was looking into Charge Cards and not store cards as my spending options will not be limited to just a specific chain of stores.

I currently have the following from most current approval to last:

DIscover it 5/2015 ... $3500 CL
Old Navy Store Card 9/2014 .... $6000 CL
Walmart Store Card 9/2014 .... $10k CL
BofA Rewards 9/2013 ... $2000 CL

Facts:
AAoA : 1.4 years
Inquiries : TU 4, Exp 6
Utilization : 4%
Fico a solid 761

(FYI I recently received CLI's from walmart $1500 to $10k, Old Navy $300 to $6000 and Discover $2500 to $3500 all last week.)

I would like to try for a card that would perhaps give me a higher starting CL than 7k-10k was considering the Amex everyday card and perhaps a chase product, idk..... this one is for the senior credit guru's on here. My credit Sig is current, so based on that , your suggestions are welcome.

1. If you want something with a high starting credit limit try Cap One Venture.

2. If you want a great card with low interest and fees, get the Barclay Ring card.

Re: Looking for a new account....Suggestions??

NRB525 — Sat, 14 Nov 2015 18:40:06 GMT

Congratulations on the score improvement. Mid-500's to mid-700's is a result of some diligent effort.

+1 to the idea to see about getting your BofA credit limit increased. It likely is a HP, but it's your oldest account, can be one of the largest CL you see in the short term. Ask for $25k, they will counter with something.

If you are at all interested in Chase Freedom, that should be your next new card app. The Chase limit of 5 cards in the last 24 months, you are nearly at that limit, so Freedom is likely your next app to do. CSP is interesting, until the AF kicks in, and the spend requirement for the bonus is rather daunting. Points from Freedom can be banked for later years, then transferred through CSP when you get around to that card later (keeping in mind the 5 cards per 24 month pacing, which I am personally trying to do)

Do you get a prequalification for the AMEX ED? If so, go for it, the only caution is, if you go for only 10,000 MR points, you won't be able to get another bonus offer on this card if it goes to 20,000 or 25,000 MR points in some future promotion. That said, it's a solid no-AF AMEX card. Whatever they start you out with as a CL, does not matter. You can use the CLI request on line to see about raising it. If that is approved, then 6 months later you can ask for another CLI, so you end up with a significant CL anyway.

In planning your strategy, expanding the CL on the BofA gets you pretty far down the road with good bonus categories. Other cards may be something you app for, but don't think you have to app today for any of them. Research and questions here can help in that decisionmaking.

Re: Looking for a new account....Suggestions??

Anonymous — Sat, 14 Nov 2015 18:44:07 GMT

Use 1 HP to to a BOA credit limit increase. Then if you are surprised on the amount (say if they double or triple your limit) then use another HP and app for the Better Balance Rewards. You will want to research that card here to see if it fits your spend. Basically it would make sense as long as you would be spending less than $556-667 a month on the new card.

Otherwise what is your monthly spend in categories (dining, travel, gas, groceries, general spend, etc)?

Re: Looking for a new account....Suggestions??

NRB525 — Sat, 14 Nov 2015 19:07:24 GMT

@kdm31091 wrote:
Don't app just to app. If there's nothing that really jumps out at you at the moment, then you don't need anything.

Furthermore, no one can tell you that you'll recieve the high limit you are after, so that part is up to the creditor and not anyone else. Just because so and so got a high approval on a card doesn't mean you will too. Just keep that in mind.

I don't see how your reply qualifies as FSR. The OP scores are at 760. The credit limits on the regular credit cards are NOT reflective of that new reality. Thus, the OP deserves commentary that provides insights into what the logical next steps would be, not your boilerplate response of "don't app".

There is an option, when reading these posts, to not reply if one does not have constructive commentary to add.

Re: Looking for a new account....Suggestions??

Anonymous — Sat, 14 Nov 2015 19:10:47 GMT

i guess i didn't take KDM's post in the same manner you did. the OP never specified why the new card is necessary and it sounded like (based off of "looking for variance of accounts) that a card app probably isn't even very necessary. it seemed more of a post to just think about your needs before apping for something that doesn't help you (which far too many here do)

it seemed to be decent guidance to me. maybe i inferred it wrong idk.

Re: Looking for a new account....Suggestions??

Anonymous — Sat, 14 Nov 2015 19:25:56 GMT

my personal take on card apps is always apply for what you want and feel like can benefit you long term or if a bonus will give you that free trip coming up then go for it. i am not a huge fan of churning (let's not argue about it because that's just how i personally feel thinking about it from all aspects) and applying for a card just for the sake of applying and getting approved with no real rhyme or reason is bogus and never wise advice. yes it's nice to have realistically 3 or so credit card accounts but unless your spend requires more then they aren't that necessary unless balances are carried.

Re: Looking for a new account....Suggestions??

kdm31091 — Sat, 14 Nov 2015 20:12:59 GMT

NRB, its not boilerplate. People should not be setting out to get a new card for no reason. Now, there may be a decent reason, as you mentioned. However, it wasnt mentioned by the OP, and seemed like merely wanting to be talked into a card. Im being friendly by advising someone not to potentially waste HPs. Just because you deem my comment as not "constructive" doesnt mean it isnt. "Constructive" I guess would have been boilerplate travel hacking recommendations?

You love to recommend MR points whether or not theyd suit someone. Does that make your advice not constructive? Nope. Its your opinion. You have yours, I have mine and we both have equal right to reply. I wont refrain from replying simply because you are tired of my advice. Keep doing you, ill keep doing me. Good day.

Re: Looking for a new account....Suggestions??

Open123 — Sat, 14 Nov 2015 20:53:35 GMT

In my view, both sides to every issue should be considered before taking action.

Having said that, the only times I find the "no app" argument nonsensical is when it's one of the following: (1) go slow, just because it's better to crawl than to walk or run; (2) don't apply for credit, unless you need it; and, finally (3) forget the bonus, since the card may not serve a good purpose for the next 10 years.

In the finance world, decisions are made from quarter to quarter, not even from year to year, let alone from decade to decade.

*Edited* PS - The only time to wait for the sake of wating is when there's either: (1) no other option, or (2) nothing of benefit.

Re: Looking for a new account....Suggestions??

NRB525 — Sat, 14 Nov 2015 20:38:26 GMT

@kdm31091 wrote:
NRB, its not boilerplate. People should not be setting out to get a new card for no reason. Now, there may be a decent reason, as you mentioned. However, it wasnt mentioned by the OP, and seemed like merely wanting to be talked into a card. Im being friendly by advising someone not to potentially waste HPs. Just because you deem my comment as not "constructive" doesnt mean it isnt. "Constructive" I guess would have been boilerplate travel hacking recommendations?

You love to recommend MR points whether or not theyd suit someone. Does that make your advice not constructive? Nope. Its your opinion. You have yours, I have mine and we both have equal right to reply. I wont refrain from replying simply because you are tired of my advice. Keep doing you, ill keep doing me. Good day.

Here's from the original post:

"I would like to try for a card that would perhaps give me a higher starting CL than 7k-10k was considering the Amex everyday card and perhaps a chase product, idk..... this one is for the senior credit guru's on here. My credit Sig is current, so based on that , your suggestions are welcome."

Those are legitimate no AF card options to look into.

OP has 760 scores. To still have $2k limits on a regular credit card is not a situation OP has to put up with. To not do anything to improve credit limits is an option, but there are easy, quick ways to get higher CL and realize the benefits of that higher FICO score. There are also important considerations about the Chase app (it should be first) and the AMEX app (the bonus is once in a lifetime) that are relevant for OP to understand.

Standing pat with a $2k limit just because a commenter can't come up with a good suggestion to just ask BofA for the CLI that the OP deserves, to only say "don't do anything' means you haven't read and tried to understand the OP situation, and help OP make improvements, or don't have any understanding of ways to suggest OP can improve their credit profile. In that situation, if you have nothing constructive to say, no good ideas, no commentary is required.

Re: Looking for a new account....Suggestions??

Anonymous — Sat, 14 Nov 2015 20:51:51 GMT

@Anonymous wrote:
my personal take on card apps is always apply for what you want and feel like can benefit you long term or if a bonus will give you that free trip coming up then go for it. i am not a huge fan of churning (let's not argue about it because that's just how i personally feel thinking about it from all aspects) and applying for a card just for the sake of applying and getting approved with no real rhyme or reason is bogus and never wise advice. yes it's nice to have realistically 3 or so credit card accounts but unless your spend requires more then they aren't that necessary unless balances are carried.

I am not a fan of manufactured spending, but I do like to get a bonus for paying larger bills. I would say your views are more conservative compared to mine. I would often prefer a person combine apps, taking an extra card so long as it gets a bonus, all in moderation, deal with PC later. Always YMMV. And diversifying creditors has its pros and cons. Its all meaningless without the control to budget and not spend in excess.

To ponder, I see a few members here with great scores, huge limits, and they only list like 3 or 4 cards in their signatures. If I was loaning people money I would probably trust them at more at first than I would someone like me...BUT someone else could have a similar profile to mine, but with a longer AAOA, which could trump the 4 card persons....but that is what underwriting is for. Calculating the risk. Consequently "nothing ventured, nothing gained"................right?

Re: Looking for a new account....Suggestions??

kdm31091 — Sat, 14 Nov 2015 21:06:01 GMT

"Improving a credit profile" and going for bonuses and travel points are not one in the same like you imply though. Its fine to go for those things, but who's to say it will benefit OP? Perhaps a decent limit on a cash back card would be better. Who knows?

I agree that OP deserves better limits but to equate that with a need for MR points etc just seems like a weak connection at best. We need more info on OPs spending habits. As stated above too, too much diversity and spreading spend can be bad too if you dont control yourself.

Re: Looking for a new account....Suggestions??

B335is — Sat, 14 Nov 2015 21:17:45 GMT

I would look at establishing a relationship with a Credit Union. They're more likely to give you a good limit, APR and it's an option for financing a car at some point if you need it.