topic Re: Need Help Picking 3rd Credit Card. in Credit Cards

Need Help Picking 3rd Credit Card.

smile90000 — Sun, 24 Jan 2016 14:05:19 GMT

Situation: I have two credit cards and am looking for a third. My main goal is finding a card that tends to offer generous credit limits. My credit union card won't increase my limit available because of the balance on my student loans... The rate is so low it just doesn't make sense to pay my student loans off early even though I could pay three of them off. I prefer to have my rainy day fund. And Citi double cash just gives me $2500.

1. My credit scores vary from 780s to as high as 807.
2. Credit history of over 20 years
3. Pay off balances every month

My total available credit right now is 10,000. I'm just looking for around an additional $2500 to 5000.

I just don't want to waste a hard pull for another 1000.

Thanks!

Re: Need Help Picking 3rd Credit Card.

lg8302ch — Sun, 24 Jan 2016 14:30:43 GMT

What is your AAoA or in other words ... how old are the two credit cards you have? What are you looking for? (Cash back, points/travel, BT, etc) what should this 3rd card do for you other than giving a high limit?

Re: Need Help Picking 3rd Credit Card.

smile90000 — Sun, 24 Jan 2016 15:05:01 GMT

I have two cards. One for 20 years. One 1 year. Student loans are 10 years old.

Besides credit limit. Other factors. 1. Flexibility. I prefer not to get Discover. 2. Regular Interest rate 3. suppose a 0 percent intro interest rate would be nice but not a requirement.

Re: Need Help Picking 3rd Credit Card.

Anonymous — Sun, 24 Jan 2016 15:13:28 GMT

@smile90000 wrote:
I have two cards. One for 20 years. One 1 year. Student loans are 10 years old.

Besides credit limit. Other factors. 1. Flexibility. I prefer not to get Discover. 2. Regular Interest rate 3. suppose a 0 percent intro interest rate would be nice but not a requirement.

What is your defination of [flexibility]?. Also, you didn't touch on whether whether you want a cashback card or miles? Or do you want a hybrid of both? Again, what do you consider a regular interest rate?

If your main goal is just a high limit with some 0% thrown in there then look at the Amex Blue Cash Everyday or you can look at Capital One's Quicksilver Cards or Ventures.

Re: Need Help Picking 3rd Credit Card.

smile90000 — Sun, 24 Jan 2016 15:26:57 GMT

In about a year I will need to make a purchase via credit card of around $14000. Although I have the cash, I prefer to use credit cards so that I have certain protections. I will pay it off within one or two billing cycles. Problem: the current credit limit is just $10,000 between both cars. Sorry I didnt include in my first post.

And flexibility meant I didn't want Discover because it isn't accepted by the vendor I will be using for this purchase.. Given the large charge I guess cash back would be nice if it is higher than the 2% I currently get from Citi.

Re: Need Help Picking 3rd Credit Card.

Anonymous — Sun, 24 Jan 2016 15:48:03 GMT

@smile90000 wrote:
In about a year I will need to make a purchase via credit card of around $14000. Although I have the cash, I prefer to use credit cards so that I have certain protections. I will pay it off within one or two billing cycles. Problem: the current credit limit is just $10,000 between both cars. Sorry I didnt include in my first post.

And flexibility meant I didn't want Discover because it isn't accepted by the vendor I will be using for this purchase.. Given the large charge I guess cash back would be nice if it is higher than the 2% I currently get from Citi.

Ok.. To get something higher than the 2%, it will be on specific/rotating categories for a particular card. But Capital One Quick Silver Cash Rewards gives you 1.5% on purchases and isn't capped. It also gives you the 0% you are looking for.

So provided you don't mind the triple credit pull when you apply, then you should take a strong look at it as they limit given for it is very decent when approved.

Re: Need Help Picking 3rd Credit Card.

Anonymous — Sun, 24 Jan 2016 15:52:29 GMT

Given you have a specific purchase in mind, that might determine the type of card (meaning in case it were to fit into a particular category for rewards). Keep that in mind.

One of the highest CLs would likely come from Cap One, but that would be three pulls instead of one. Other higher limit cards are often co-branded cards from Chase, but those wouldn't be cash back.

Will you need to make the purchase on one card? Or are you just hoping to, but could split it?

Re: Need Help Picking 3rd Credit Card.

smile90000 — Sun, 24 Jan 2016 16:13:43 GMT

I can spread the purchase over multiple cards, so I'm only looking for an additional $5000 in credit.

Re: Need Help Picking 3rd Credit Card.

lg8302ch — Sun, 24 Jan 2016 16:22:02 GMT

The only Cap1 card that I could think of getting you close to the purchase limit of 14K is the Venture. They have been handing out 10K starting limits lately. I had similar scores in 2012 and only two BofA cards when I append for Cap1 Cash Rewards and got approved with 5K my first Siggy. Limits and age on these two cards were 5K (27yrs) and 3,5K (15 mts) at that time. Nothing else on my report. To CLI Cash Rewards it was a hassle so do not count on limit to grow. As mentioned above Cap1 is triple pull.

Re: Need Help Picking 3rd Credit Card.

Anonymous — Sun, 24 Jan 2016 16:29:47 GMT

You didn't say whether you care if you get points or cashback. You said no to Discover because the vendor doesn't take it so that makes me think the vendor might not take Amex, otherwise the ED should be a consideration. That leades me to thinking Cap 1 Venture might work for you. The prequal site is pretty reliable so unless you're opted out you should be able to tell if you'd get it, but like someone already said you will take a hit on all three reports. Last I looked, mine offered 0 % interest for 12 months and 0 AF for the first year with 40,000 miles. A quick search of the forum shows that people generally get large limits, but I believe any Visa Sig that you get will get you at least 5k because they won't approve lower than that.

Edited to say you could downgrade to the QS before the anual fee comes up.

Re: Need Help Picking 3rd Credit Card.

lg8302ch — Sun, 24 Jan 2016 16:32:56 GMT

There is the new Fidelity rewards Visa Signature which I believe starts at 5K. With your scores and not apping like crazy lately conservative US Bank / Elan might be willing to get you a 5K limit. The con here is that you basically have to cold app and risk a HP on TU (sometimes EX) There is not enough data points yet as this is a brand new card. In your shoes I would take the chance and play "no risk no fun" strategy. After all what is a HP more or less if you do not plan to go wild with your apps?

@smile90000 wrote:
I can spread the purchase over multiple cards, so I'm only looking for an additional $5000 in credit.

Re: Need Help Picking 3rd Credit Card.

Anonymous — Sun, 24 Jan 2016 16:33:34 GMT

If you already have the cash anyway, you could go for an American Express charge card. There is no preset limit on those, and if you are anticipating a very large charge you can call in and check to see if they would approve the charge beforehand. With Amex, you have one of the best consumer purchase protections you can have. Plus depending on what you are buying, you could get a TON of Amex Membership Rewards points.

Re: Need Help Picking 3rd Credit Card.

djshifted — Sun, 24 Jan 2016 16:37:09 GMT

Not sure about starting limits, but someone may be able to weigh in on the Citi Double Cash since you plan on paying it off right away. You get 1% for purchasing, and another 1% for paying it off.

Re: Need Help Picking 3rd Credit Card.

Anonymous — Sun, 24 Jan 2016 16:59:45 GMT

@djshifted wrote:
Not sure about starting limits, but someone may be able to weigh in on the Citi Double Cash since you plan on paying it off right away. You get 1% for purchasing, and another 1% for paying it off.

OP has double cash, just $2500 limit. You could take a HP for a CLI when the time comes if you're otherwise short, or if you decide you want most on here because of 2%.

I like the idea of the Fidelity Visa (probably because I'm eyeing it myself). But it also made me think of Cash +. It's US Bank so fairly conservative, BUT depending on your purchase it could fit into one of their 5% categories. That'd be nice. They have lots of them. https://cashplus.usbank.com/site/how_it_works It's a sig so min $5k. Down side, if you don't get $5k they often approve for a fairly useless card below the Cash +.

Another option is a card with a CU. They're usually generous limits. I'm partial to DCU. Low rates and high limits, but not the best rewards. Two pulls, one for membership and one for card but can be used for other things in a specified time period (60 days?). There's also Nasa who I've had luck with but they're pretty sketchy. I got $30k PLOC with no HP. They have the bonus that their CC's look really cool.

Re: Need Help Picking 3rd Credit Card.

Anonymous — Sun, 24 Jan 2016 17:13:36 GMT

@Anonymous wrote:
If you already have the cash anyway, you could go for an American Express charge card. There is no preset limit on those, and if you are anticipating a very large charge you can call in and check to see if they would approve the charge beforehand. With Amex, you have one of the best consumer purchase protections you can have. Plus depending on what you are buying, you could get a TON of Amex Membership Rewards points.

I second this idea. I don't have very high credit limits yet and having an AMEX PRG gives me the confidence to make large purchases if I have the cash anyways. Try to get the 50k intro offer for some massive points.

Re: Need Help Picking 3rd Credit Card.

L-TWT — Sun, 24 Jan 2016 17:18:16 GMT

@smile90000 wrote:
Situation: I have two credit cards and am looking for a third. My main goal is finding a card that tends to offer generous credit limits. My credit union card won't increase my limit available because of the balance on my student loans... The rate is so low it just doesn't make sense to pay my student loans off early even though I could pay three of them off. I prefer to have my rainy day fund. And Citi double cash just gives me $2500.

1. My credit scores vary from 780s to as high as 807.
2. Credit history of over 20 years
3. Pay off balances every month

My total available credit right now is 10,000. I'm just looking for around an additional $2500 to 5000.

I just don't want to waste a hard pull for another 1000.

Thanks!

OP,

why don't you just take a HP CLI on your Citi DC? because they tend do be VERY generous with granting large CLI's, especially if stated credit scores are truthful

My credit scores are similar to yours, and I requested a $25K CLI and received it

Re: Need Help Picking 3rd Credit Card.

Anonymous — Sun, 24 Jan 2016 17:44:17 GMT

Have you considered Penfed? You have nice scores and long history.

Re: Need Help Picking 3rd Credit Card.

SouthJamaica — Sun, 24 Jan 2016 21:04:50 GMT

@smile90000 wrote:
Situation: I have two credit cards and am looking for a third. My main goal is finding a card that tends to offer generous credit limits. My credit union card won't increase my limit available because of the balance on my student loans... The rate is so low it just doesn't make sense to pay my student loans off early even though I could pay three of them off. I prefer to have my rainy day fund. And Citi double cash just gives me $2500.

1. My credit scores vary from 780s to as high as 807.
2. Credit history of over 20 years
3. Pay off balances every month

My total available credit right now is 10,000. I'm just looking for around an additional $2500 to 5000.

I just don't want to waste a hard pull for another 1000.

Thanks!

A card that offers generous credit limits is the Capital One Venture. With your scores you might get a $30k opening limit. And it's a nice looking Visa Signature card, giving 2 points for travel, 1 point for cash, often giving no-fee or no-interest balance transfer offers. Only negative is that Cap One usually pulls 2 or 3 bureaus instead of just 1.

If you really just want 2500 to 5000 then go for the Barclaycard Ring, which is my personal favorite of all cards. No-fee balance transfer offers, cash advance fee of only $3 period, 8.25% interest on everything, even cash advances.

Re: Need Help Picking 3rd Credit Card.

Gmood1 — Sun, 24 Jan 2016 21:23:18 GMT

Since you'll be spending over $2000 in a months time, which gets you 2% cash back. I'd opted for the https://www.nasafcu.com/credit-cards/ . With your scores you're likely to get a $30,000 SL. Just join and after being accepted apply for the card. It has been a soft pull for most of us here. You'll get both card and membership on same soft pull IME.

Re: Need Help Picking 3rd Credit Card.

smile90000 — Wed, 27 Jan 2016 22:00:50 GMT

UPDATE: After getting told no from citibank's online soft pull. I decided to do a hard pull to see what I could get.

I asked for an increase of $2200 to round me upto $5000. Would have liked an increase of $5000, but didn't want to go overboard. Well, they approved me for the additional $2200! I'm glad the hard pull was worth it.

I'm still still about $2500 short of where I want to be. i took a look at the advice and think I will apply for Capital One Quicksilver.

Thanks for everyone for the advice. I was totally lost as to what to do.

Does anyone have suggestions for how long I should wait before applying for Capital? Citibank is just over a year old. And the Citi hard pull is the only one I have had in the last year.

Thanks again! You are awesome!