topic Re: Long winded credit card question in Credit Cards

Long winded credit card question

Anonymous — Fri, 15 Jan 2016 23:46:42 GMT

Hey everyone, I’m still pretty new here but I’m looking for suggestions on a third card. Get ready for a long winded post lol!

So I’m building my credit and I’ve had some great success recently as I’ve brought up both my TU and EQ to nearly 700 (698 and 686 respectively). My EX is sitting considerably lower at around 625 because of a collection that I’m working on getting deleted. (I’m not applying for anything until that gets deleted and maybe a while after that if my EX doesn’t shoot up considerably)

So I’m looking for a third card to apply for in the future and I just can’t seem to decide which one. I currently have the Discover it Chrome with a limit of $500 and an Amazon Visa with a limit of $500. My AAoA is a little over 6 months and I’ve had my two cards for about 3 months-ish but I’ll wait at least until they’re both 6 months old. I almost never go over 20% usage unless it's a large purchase and I always pay it off before the statement cut. Except for once I let a balance report (less than 10%) because I've heard that's also good to do?

I would really love a travel rewards card but I can’t decide which one. I’m looking at the CSP, Amex PRG, Citi Premier and more recently the Venture. The Venture is really my last choice though (and unfortunately probably the easiest to qualify for right? lol). I will be traveling only domestically and don’t really have an airline of choice so that isn't something I'm worried about.

So my main questions are, will the PRG be useful in building credit since it’s a charge card? If it isn’t I might consider getting another card (maybe a CapOne Quiksilver or something along those lines?) along with the PRG because I’ve heard 3 cards is optimal for building credit.

Also, I’m a student so I don’t make much money at my job but my parents to help me out quite a lot by moving money over to me for rent, bills and food. Could I add this in to my income since many applications ask for the amount of money you have “reasonable access" to? I just want to boost my odds the best I can without lying obviously and I’ve read that’s fairly common for students to do. Also I would wait until I could meet the minimum spend requirements with a few big purchases I’ve been planning and saving for anyways.

Do you guys think I have a shot at any of these cards since I’m so new to the game? Any other recs?

Thanks everyone! And sorry for the long windedness I just like to be thorough so I can get the best recommendations haha.

Re: Long winded credit card question

Anonymous — Sat, 16 Jan 2016 00:02:29 GMT

@Anonymous wrote:
Hey everyone, I’m still pretty new here but I’m looking for suggestions on a third card. Get ready for a long winded post lol!

So I’m building my credit and I’ve had some great success recently as I’ve brought up both my TU and EQ to nearly 700 (698 and 686 respectively). My EX is sitting considerably lower at around 625 because of a collection that I’m working on getting deleted. (I’m not applying for anything until that gets deleted and maybe a while after that if my EX doesn’t shoot up considerably)

So I’m looking for a third card to apply for in the future and I just can’t seem to decide which one. I currently have the Discover it Chrome with a limit of $500 and an Amazon Visa with a limit of $500. My AAoA is a little over 6 months and I’ve had my two cards for about 3 months-ish but I’ll wait at least until they’re both 6 months old. I almost never go over 20% usage unless it's a large purchase and I always pay it off before the statement cut. Except for once I let a balance report (less than 10%) because I've heard that's also good to do?

I would really love a travel rewards card but I can’t decide which one. I’m looking at the CSP, Amex PRG, Citi Premier and more recently the Venture. The Venture is really my last choice though (and unfortunately probably the easiest to qualify for right? lol). I will be traveling only domestically and don’t really have an airline of choice so that isn't something I'm worried about.

So my main questions are, will the PRG be useful in building credit since it’s a charge card? If it isn’t I might consider getting another card (maybe a CapOne Quiksilver or something along those lines?) along with the PRG because I’ve heard 3 cards is optimal for building credit.

Also, I’m a student so I don’t make much money at my job but my parents to help me out quite a lot by moving money over to me for rent, bills and food. Could I add this in to my income since many applications ask for the amount of money you have “reasonable access" to? I just want to boost my odds the best I can without lying obviously and I’ve read that’s fairly common for students to do. Also I would wait until I could meet the minimum spend requirements with a few big purchases I’ve been planning and saving for anyways.

Do you guys think I have a shot at any of these cards since I’m so new to the game? Any other recs?

Thanks everyone! And sorry for the long windedness I just like to be thorough so I can get the best recommendations haha.

I think you're definitely going to have a hard time getting approved for the CSP bcause of your credit age and current limits. Could be the same issue with Citi so I think your best chances is the Venture. Have you checked the CapOne preapproval? Your Experian score is probably too low ofr Amex. That really needs to be closer to 660. As to your question about the PRG, it does help with building credit as any positive account helps. Because there is no limit, i doesn't help with overall utilization so it won't help out there.

One question for you? Why a travel rewards card now if you are a student with limited income? Are you going to be able to take advantage of the benefits of a travel card right now? Maybe for a third card, a cashback card might be a better option right now. Just a suggestion.

Re: Long winded credit card question

myjourney — Sat, 16 Jan 2016 00:13:15 GMT

@Anonymous wrote:
Hey everyone, I’m still pretty new here but I’m looking for suggestions on a third card. Get ready for a long winded post lol!

So I’m building my credit and I’ve had some great success recently as I’ve brought up both my TU and EQ to nearly 700 (698 and 686 respectively). My EX is sitting considerably lower at around 625 because of a collection that I’m working on getting deleted. (I’m not applying for anything until that gets deleted and maybe a while after that if my EX doesn’t shoot up considerably) Bravo on thinking things out thoroughly

So I’m looking for a third card to apply for in the future and I just can’t seem to decide which one. I currently have the Discover it Chrome with a limit of $500 and an Amazon Visa with a limit of $500. My AAoA is a little over 6 months and I’ve had my two cards for about 3 months-ish but I’ll wait at least until they’re both 6 months old. I almost never go over 20% usage unless it's a large purchase and I always pay it off before the statement cut. Except for once I let a balance report (less than 10%) because I've heard that's also good to do?

I would really love a travel rewards card but I can’t decide which one. I’m looking at the CSP, Amex PRG, Citi Premier and more recently the Venture. The Venture is really my last choice though (and unfortunately probably the easiest to qualify for right? lol). I will be traveling only domestically and don’t really have an airline of choice so that isn't something I'm worried about.

So my main questions are, will the PRG be useful in building credit since it’s a charge card? CC's, Charge cards and secured cards are all useful and viewed the same in Fico eyes

If it isn’t I might consider getting another card (maybe a CapOne Quiksilver or something along those lines?) along with the PRG because I’ve heard 3 cards is optimal for building credit.

Also, I’m a student so I don’t make much money at my job but my parents to help me out quite a lot by moving money over to me for rent, bills and food. Could I add this in to my income since many applications ask for the amount of money you have “reasonable access" to? In this case yes but do not overextend the income to look good on the app

I just want to boost my odds the best I can without lying obviously and I’ve read that’s fairly common for students to do. Also I would wait until I could meet the minimum spend requirements with a few big purchases I’ve been planning and saving for anyways.

Do you guys think I have a shot at any of these cards since I’m so new to the game? Any other recs?

Thanks everyone! And sorry for the long windedness I just like to be thorough so I can get the best recommendations haha.My God breathe ..Lol

Any of the cards you like will serve your purpose and all are obtainable if you stick with your plan. I got the sense in reading ths long winded draft (Lol) that you really want the PRG for the bonus and the benefits....It's a really good card in my opinion and very useful

I would also rate Chase, Amex as best in points value with Citi coming up fast but just lacking more transfer partners....

Also to note and this is something to consider.... PRG you must pick a airline each year for airline credit so factor this into your choice

Re: Long winded credit card question

Anonymous — Sat, 16 Jan 2016 00:17:35 GMT

That's what I was thinking with both the CSP and Premier especially with my current low limits. I figured something from CapOne would be a good next step because they're nicer with their limits it seems but I just don't want to waste a hardpull on a card I really don't want much but I guess being this early on in the game I can't really be too picky huh? lol

Since my utilization is never high the PRG could be a good card for me then maybe right? I mean after my EX comes up closer to 700 of course haha.

And my income is limited but luckily I don't have anything I really need to use that income for as my parents help me out a ton in the finanical department and they've encouraged me to travel more before I graduate. Both my Discover and Amazon card offer me cashback and honestly the cashback isn't as exciting to me as earning "points" or "miles" on a card.

Thank you for your reply!

Re: Long winded credit card question

Anonymous — Sat, 16 Jan 2016 00:20:02 GMT

@Anonymous wrote:
That's what I was thinking with both the CSP and Premier especially with my current low limits. I figured something from CapOne would be a good next step because they're nicer with their limits it seems but I just don't want to waste a hardpull on a card I really don't want much but I guess being this early on in the game I can't really be too picky huh? lol

Since my utilization is never high the PRG could be a good card for me then maybe right? I mean after my EX comes up closer to 700 of course haha.

And my income is limited but luckily I don't have anything I really need to use that income for as my parents help me out a ton in the finanical department and they've encouraged me to travel more before I graduate. Both my Discover and Amazon card offer me cashback and honestly the cashback isn't as exciting to me as earning "points" or "miles" on a card.

Thank you for your reply!

Ok, that makes sense. I would go the Venture and the PRG route. Different cards and benefits but both worthwhile. Good luck with getting that collection removed and let us know when ou get approved.

Re: Long winded credit card question

Anonymous — Sat, 16 Jan 2016 00:21:57 GMT

Myjourney, thank you for your reply! (I'm not sure how to quote people on this forum my apologies)

I do really like the idea of the PRG and I feel like it's a nice card to have that is a bit easier to get earlier on if your score supports it. I think that will probably be the first one I app for anyways when I get my collection off and my score up AND my current cards reach atleast 6 months. I wasn't aware of the rule about picking your airline to get the airline credit so that's really good to know!

Thanks again!

Re: Long winded credit card question

Anonymous — Sat, 16 Jan 2016 00:24:26 GMT

Thank you, Irish80! Y'all will be the first to know when I app and my results! Although I can almost assure you I will be back with more questions haha thanks again

Re: Long winded credit card question

myjourney — Sat, 16 Jan 2016 00:26:59 GMT

@Anonymous wrote:
Myjourney, thank you for your reply! (I'm not sure how to quote people on this forum my apologies)

I do really like the idea of the PRG and I feel like it's a nice card to have that is a bit easier to get earlier on if your score supports it. I think that will probably be the first one I app for anyways when I get my collection off and my score up AND my current cards reach atleast 6 months. I wasn't aware of the rule about picking your airline to get the airline credit so that's really good to know!

Thanks again!

Forum quoting

Click reply

Top righthand corner hit quote

Enter response

I think PRG is a very good choice for 3 reasons

MR points

Great travel perks

Forces you to only spend what you can afford monthly ....Due in full each month

Re: Long winded credit card question

Anonymous — Sat, 16 Jan 2016 00:29:45 GMT

@myjourney wrote:
@Anonymous wrote:
Myjourney, thank you for your reply! (I'm not sure how to quote people on this forum my apologies)

I do really like the idea of the PRG and I feel like it's a nice card to have that is a bit easier to get earlier on if your score supports it. I think that will probably be the first one I app for anyways when I get my collection off and my score up AND my current cards reach atleast 6 months. I wasn't aware of the rule about picking your airline to get the airline credit so that's really good to know!

Thanks again!
Forum quoting
Click reply
Top righthand corner hit quote
Enter response

I think PRG is a very good choice for 3 reasons
MR points
Great travel perks
Forces you to only spend what you can afford monthly ....Due in full each month

Ah thanks for the tip! haha I think the PRG will be the first one I go after and then garden for 6-12 months and then maybe go after the CSP or Premier

Re: Long winded credit card question

myjourney — Sat, 16 Jan 2016 00:32:03 GMT

@Anonymous wrote:
@myjourney wrote:
@Anonymous wrote:
Myjourney, thank you for your reply! (I'm not sure how to quote people on this forum my apologies)

I do really like the idea of the PRG and I feel like it's a nice card to have that is a bit easier to get earlier on if your score supports it. I think that will probably be the first one I app for anyways when I get my collection off and my score up AND my current cards reach atleast 6 months. I wasn't aware of the rule about picking your airline to get the airline credit so that's really good to know!

Thanks again!
Forum quoting
Click reply
Top righthand corner hit quote
Enter response

I think PRG is a very good choice for 3 reasons
MR points
Great travel perks
Forces you to only spend what you can afford monthly ....Due in full each month
Ah thanks for the tip! haha I think the PRG will be the first one I go after and then garden for 6-12 months and then maybe go after the CSP or Premier

I like this plan even more

Stage 1 and 2

Plan your work and work your plan ...Bravo

Re: Long winded credit card question

Anonymous — Sat, 16 Jan 2016 00:36:48 GMT

I like this plan even more

Stage 1 and 2

Plan your work and work your plan ...Bravo

Haha thank you! I'm excited to get my plan rolling...just gotta get this collection removed first

Edit: I messed up the quote sorry haha

Re: Long winded credit card question

Anonymous — Sat, 16 Jan 2016 02:42:51 GMT

@myjourney wrote:
Also to note and this is something to consider.... PRG you must pick a airline each year for airline credit so factor this into your choice

Just FYI - You do not have to pick it EVERY Year. Once you pick it you do not have to do anything unless you want to change it.

Re: Long winded credit card question

myjourney — Sat, 16 Jan 2016 02:48:20 GMT

@Anonymous wrote:
@myjourney wrote:
Also to note and this is something to consider.... PRG you must pick a airline each year for airline credit so factor this into your choice
Just FYI - You do not have to pick it EVERY Year. Once you pick it you do not have to do anything unless you want to change it.

I know that I have one Lol

But people and locations and travel destinations change is what I wanted OP to know he/she has a choice ...thus selection of airline

I actually switched mine this year because last year was local this year will be more International

Re: Long winded credit card question

SouthJamaica — Sat, 16 Jan 2016 02:58:57 GMT

@Anonymous wrote:
Hey everyone, I’m still pretty new here but I’m looking for suggestions on a third card. Get ready for a long winded post lol!

So I’m building my credit and I’ve had some great success recently as I’ve brought up both my TU and EQ to nearly 700 (698 and 686 respectively). My EX is sitting considerably lower at around 625 because of a collection that I’m working on getting deleted. (I’m not applying for anything until that gets deleted and maybe a while after that if my EX doesn’t shoot up considerably)

So I’m looking for a third card to apply for in the future and I just can’t seem to decide which one. I currently have the Discover it Chrome with a limit of $500 and an Amazon Visa with a limit of $500. My AAoA is a little over 6 months and I’ve had my two cards for about 3 months-ish but I’ll wait at least until they’re both 6 months old. I almost never go over 20% usage unless it's a large purchase and I always pay it off before the statement cut. Except for once I let a balance report (less than 10%) because I've heard that's also good to do?

I would really love a travel rewards card but I can’t decide which one. I’m looking at the CSP, Amex PRG, Citi Premier and more recently the Venture. The Venture is really my last choice though (and unfortunately probably the easiest to qualify for right? lol). I will be traveling only domestically and don’t really have an airline of choice so that isn't something I'm worried about.

So my main questions are, will the PRG be useful in building credit since it’s a charge card? If it isn’t I might consider getting another card (maybe a CapOne Quiksilver or something along those lines?) along with the PRG because I’ve heard 3 cards is optimal for building credit.

Also, I’m a student so I don’t make much money at my job but my parents to help me out quite a lot by moving money over to me for rent, bills and food. Could I add this in to my income since many applications ask for the amount of money you have “reasonable access" to? I just want to boost my odds the best I can without lying obviously and I’ve read that’s fairly common for students to do. Also I would wait until I could meet the minimum spend requirements with a few big purchases I’ve been planning and saving for anyways.

Do you guys think I have a shot at any of these cards since I’m so new to the game? Any other recs?

Thanks everyone! And sorry for the long windedness I just like to be thorough so I can get the best recommendations haha.

My suggestion would be to apply for a Capital One Quicksilver once your EX report gets cleaned up.

Re: Long winded credit card question

NRB525 — Sat, 16 Jan 2016 04:48:42 GMT

@Anonymous wrote:

I almost never go over 20% usage unless it's a large purchase and I always pay it off before the statement cut. Except for once I let a balance report (less than 10%) because I've heard that's also good to do?

If both of your cards never report a balance, that may be the reason why your scores are held down a bit (excepting the score with the baddie).

You should always have at least one card reporting some sort of balance. It doesn't have to be much, but it does have to be not zero.

Re: Long winded credit card question

Anonymous — Sat, 16 Jan 2016 20:15:19 GMT

@SouthJamaica wrote:
@Anonymous wrote:
Hey everyone, I’m still pretty new here but I’m looking for suggestions on a third card. Get ready for a long winded post lol!

So I’m building my credit and I’ve had some great success recently as I’ve brought up both my TU and EQ to nearly 700 (698 and 686 respectively). My EX is sitting considerably lower at around 625 because of a collection that I’m working on getting deleted. (I’m not applying for anything until that gets deleted and maybe a while after that if my EX doesn’t shoot up considerably)

So I’m looking for a third card to apply for in the future and I just can’t seem to decide which one. I currently have the Discover it Chrome with a limit of $500 and an Amazon Visa with a limit of $500. My AAoA is a little over 6 months and I’ve had my two cards for about 3 months-ish but I’ll wait at least until they’re both 6 months old. I almost never go over 20% usage unless it's a large purchase and I always pay it off before the statement cut. Except for once I let a balance report (less than 10%) because I've heard that's also good to do?

I would really love a travel rewards card but I can’t decide which one. I’m looking at the CSP, Amex PRG, Citi Premier and more recently the Venture. The Venture is really my last choice though (and unfortunately probably the easiest to qualify for right? lol). I will be traveling only domestically and don’t really have an airline of choice so that isn't something I'm worried about.

So my main questions are, will the PRG be useful in building credit since it’s a charge card? If it isn’t I might consider getting another card (maybe a CapOne Quiksilver or something along those lines?) along with the PRG because I’ve heard 3 cards is optimal for building credit.

Also, I’m a student so I don’t make much money at my job but my parents to help me out quite a lot by moving money over to me for rent, bills and food. Could I add this in to my income since many applications ask for the amount of money you have “reasonable access" to? I just want to boost my odds the best I can without lying obviously and I’ve read that’s fairly common for students to do. Also I would wait until I could meet the minimum spend requirements with a few big purchases I’ve been planning and saving for anyways.

Do you guys think I have a shot at any of these cards since I’m so new to the game? Any other recs?

Thanks everyone! And sorry for the long windedness I just like to be thorough so I can get the best recommendations haha.
My suggestion would be to apply for a Capital One Quicksilver once your EX report gets cleaned up.

I just don't want to waste the hp on all 3 reports (CapOne does that right?) on a card that I really don't want and have no use for rewards wise since my Amazon and Discover card have me covered cash back wise.

Re: Long winded credit card question

Anonymous — Sat, 16 Jan 2016 20:17:12 GMT

@NRB525 wrote:
@Anonymous wrote:

I almost never go over 20% usage unless it's a large purchase and I always pay it off before the statement cut. Except for once I let a balance report (less than 10%) because I've heard that's also good to do?

If both of your cards never report a balance, that may be the reason why your scores are held down a bit (excepting the score with the baddie).
You should always have at least one card reporting some sort of balance. It doesn't have to be much, but it does have to be not zero.

This upcoming billing period I am letting one card report a small balance. Should I pick one card to always have a small balance reporting on or should I alternate or does it matter?

Re: Long winded credit card question

OmarGB9 — Sat, 16 Jan 2016 20:25:16 GMT

Doesn't really matter, but I would suggest alternating the card that reports a balance.

Re: Long winded credit card question

NRB525 — Sat, 16 Jan 2016 20:26:16 GMT

@Anonymous wrote:
@NRB525 wrote:
@Anonymous wrote:

I almost never go over 20% usage unless it's a large purchase and I always pay it off before the statement cut. Except for once I let a balance report (less than 10%) because I've heard that's also good to do?

If both of your cards never report a balance, that may be the reason why your scores are held down a bit (excepting the score with the baddie).
You should always have at least one card reporting some sort of balance. It doesn't have to be much, but it does have to be not zero.
This upcoming billing period I am letting one card report a small balance. Should I pick one card to always have a small balance reporting on or should I alternate or does it matter?

Well, the best action is to ensure at least one card reports at all times. Since you only have two cards, if one goes off reporting when the other is already not reporting, hasn't picked up the reporting baton, now you are back to no cards reporting.

So I go overboard and get 20+ cards reporting all at the same time. Got that "at least one card reporting' well covered, smothered

Technically, you can lose a few points for having two of two cards reporting small balances, but it may be something you want to try to see if it is enough points for you to be concerned with. If not significant points (I'm guessing it is not) then that makes your life easier because one does not have to micromanage cards to zero every month.

Re: Long winded credit card question

Anonymous — Sat, 16 Jan 2016 20:29:46 GMT

@NRB525 wrote:
@Anonymous wrote:
@NRB525 wrote:
@Anonymous wrote:

I almost never go over 20% usage unless it's a large purchase and I always pay it off before the statement cut. Except for once I let a balance report (less than 10%) because I've heard that's also good to do?

If both of your cards never report a balance, that may be the reason why your scores are held down a bit (excepting the score with the baddie).
You should always have at least one card reporting some sort of balance. It doesn't have to be much, but it does have to be not zero.
This upcoming billing period I am letting one card report a small balance. Should I pick one card to always have a small balance reporting on or should I alternate or does it matter?
Well, the best action is to ensure at least one card reports at all times. Since you only have two cards, if one goes off reporting when the other is already not reporting, hasn't picked up the reporting baton, now you are back to no cards reporting.

So I go overboard and get 20+ cards reporting all at the same time. Got that "at least one card reporting' well covered, smothered

Technically, you can lose a few points for having two of two cards reporting small balances, but it may be something you want to try to see if it is enough points for you to be concerned with. If not significant points (I'm guessing it is not) then that makes your life easier because one does not have to micromanage cards to zero every month.

Thank you both for answering! Both of my cards statements cut within about 5 days of each other so I could alternate then right? I don't quite understand the logistics of reporting and not reporting vs statement cut dates and all of that just yet haha