topic Re: Credit Card Application Advice in Credit Cards

Credit Card Application Advice

Kinglord — Fri, 29 Apr 2016 15:36:48 GMT

Greetings, and thank you all on this site for advice and insight over the last couple years. I dont post often, but read ALOT!! Started on this sight in 2012, got serious in 2014 with low 500s. Currently hovering in the high 600s, UTIL is under 10%. Ive opened some decent cards but still given lower CL around $2000 and under.

If possible, can you please view my signature and offer your advice for the next best CC to apply for?

Thanks!

Re: Credit Card Application Advice

Anonymous — Fri, 29 Apr 2016 15:39:36 GMT

You have a decent line of cards. Main question is are you seeking for cash back or travel rewards?

Re: Credit Card Application Advice

Kinglord — Fri, 29 Apr 2016 15:41:09 GMT

cashback is more desirable over travel at this time.

Re: Credit Card Application Advice

Anonymous — Fri, 29 Apr 2016 17:04:18 GMT

That is a great Line of 6 Cards, maybe just beat them to Death

every 6 Monts for CLIs. Maybe BofA Rewards 1-2-3, you should

be approved, I think with your good scores.

Re: Credit Card Application Advice

Anonymous — Fri, 29 Apr 2016 17:50:06 GMT

definitely look into Discover IT. Since you have the Freedom unlimited, the Discover IT is a good combo for 5% categories. If you do not like the categories Discover has the chrom version where it has 2% on gas and resturants and 1% everything else. Again thats just my opinion; everyone is different.

Re: Credit Card Application Advice

Pway — Fri, 29 Apr 2016 17:58:03 GMT

@Kinglord wrote:
Greetings, and thank you all on this site for advice and insight over the last couple years. I dont post often, but read ALOT!! Started on this sight in 2012, got serious in 2014 with low 500s. Currently hovering in the high 600s, UTIL is under 10%. Ive opened some decent cards but still given lower CL around $2000 and under.

If possible, can you please view my signature and offer your advice for the next best CC to apply for?

Thanks!

I am thinking Discover and Capital One Quicksilver. With the accounts you have, how long have they been opened?

Re: Credit Card Application Advice

Kinglord — Fri, 29 Apr 2016 18:04:27 GMT

0-4 years

Re: Credit Card Application Advice

Pway — Fri, 29 Apr 2016 18:09:59 GMT

With the accounts you have opened, you have not tried to get CLI's on those. I would go that route first before opening new accounts. You have some nice cards already as well as two cash back cards.

Re: Credit Card Application Advice

Anonymous — Fri, 29 Apr 2016 18:13:30 GMT

rather than trying to open up new credit cards hoping for higher credit limit, why not try to increase credit lines on existing cards you have? You already have good cards, use those until your credit is over 700, then apply for other new cards you want and get approved for higher credit limit.

Re: Credit Card Application Advice

Kinglord — Fri, 29 Apr 2016 18:20:28 GMT

Appreciate all the comments. But.....

If I were to apply for another card, what is the best one to go for!

Re: Credit Card Application Advice

Anonymous — Fri, 29 Apr 2016 18:26:42 GMT

amex blue cash everyday/preferred.

Re: Credit Card Application Advice

Anonymous — Fri, 29 Apr 2016 19:12:56 GMT

@Anonymous wrote:
amex blue cash everyday/preferred.

Agreed. The Preferred especially is of the best grocery & gas cards.

Re: Credit Card Application Advice

Anonymous — Sat, 30 Apr 2016 02:01:06 GMT

Only thing you seem to be missing is AmEx and Discover like the other guys said, so +1

My new AmEx Blue Cash (no fee) is my favorite card, and it's actually my lowest limit card. It also looks pretty cool....

Re: Credit Card Application Advice

Kevin86475391 — Sat, 30 Apr 2016 02:32:07 GMT

Hmm, rather than advising you on opening new cards, I'd instead recommend that you close those Credit One and US Bank Secured cards. I think your credit has definitely moved to the next level and you don't need sub-prime and secured anymore.

Other than that I'll echo what others have said: focus on gardening and growing the credit lines on the good cards that you have. If you keep moving in a positive direction you'll likely not only be able to qualify for better cards, but also for better starting limits with those cards.

Re: Credit Card Application Advice

joltdude — Sat, 30 Apr 2016 02:41:40 GMT

Ditch the Credit One and the USBank secured.. go for a CLI on both the Cap One cards....... then merge them onto the Cap One QS-1.. or even better.. go for a QS card and merge the other two cards onto it eventually.... (revisiting your scores, i wouldnt go for the QS at this time unless you have a preapproval from C1 for it)

Some flavor Amex or Discover might work well for you... Double Cash (Citi) even... but id try to get some soft pulll CLIs on your current cards, wait for it to report, than app for a card or merge them..

Id really implore you to work what you have a bit not just app for another card.... then go for a new card in 3-6 months...

Re: Credit Card Application Advice

Anonymous — Sat, 30 Apr 2016 04:37:24 GMT

@Kinglord wrote:
cashback is more desirable over travel at this time.

Sounds like you want a card with a bigger SL than your norm. Based on your scores, you want to look at lenders who will pull strictly EQ, TU. Have you thought about Synchrony, Barclay?

Re: Credit Card Application Advice

Kinglord — Sat, 30 Apr 2016 20:37:08 GMT

I already have Barclaycard. I applied for Discover It and I got the sad 5-7 decision. I'm assuming this is a decline. Can anyone offer advice on phone skills to call and ask for a reconsider?

Re: Credit Card Application Advice

Kevin86475391 — Sun, 01 May 2016 01:04:34 GMT

@Kinglord wrote:
I already have Barclaycard. I applied for Discover It and I got the sad 5-7 decision. I'm assuming this is a decline. Can anyone offer advice on phone skills to call and ask for a reconsider?

I'd recommend focusing on being helpful, friendly, and enthusiastic.

Since you haven't actually been denied yet, I'd start with something like, "I was just calling to see if I could get that approved sooner, or if there's any additional information you need from me to help with your decision." Try to be confident but not cocky or pushy. Ask the analyst how they're doing and be pleasant and friendly.

Be prepared to answer their questions and be truthful and forthright, but frame things in a positive light. Emphasize how excited you are about the card and how you've heard good things about it, etc. Be prepared to answer what you want to use the card for. If they ask anything about why your scores aren't higher or about any past trouble you have may have had, mention how you've recently gotten serious about establishing good credit and responsible financial behavior. Reassure them that you're able to pay your bills on time every month and that you take your credit card accounts very seriously.

Mostly just that type of thing. Good luck and let us know how it goes!

Re: Credit Card Application Advice

Anonymous — Sun, 01 May 2016 01:19:05 GMT

@Kevin86475391 wrote:
Hmm, rather than advising you on opening new cards, I'd instead recommend that you close those Credit One and US Bank Secured cards. I think your credit has definitely moved to the next level and you don't need sub-prime and secured anymore.

Other than that I'll echo what others have said: focus on gardening and growing the credit lines on the good cards that you have. If you keep moving in a positive direction you'll likely not only be able to qualify for better cards, but also for better starting limits with those cards.

I totally agree with this approach. Since you did apply for the Discover IT - I do hope you are successful with you recon and get an approval. This is def a great cash back card if the 5% cash back rotating categories meet/match your needs.

Re: Credit Card Application Advice

Anonymous — Sun, 01 May 2016 01:20:48 GMT

A few words of encouragement. I was in the same spot you were 2 years ago. I even had a Credit One card wich I just recently closed. I app'd for the discover card then and wad declined. Last month I app'd again and got an instant approval for a SL of $6,500..highest limit so far! I found after talking to several credit analyst what they really wanted to see was some payment history on my file. So hang in there you are on your way. I know its frustrating when you have decent Fico scores and u get small limits all the time but when it comes to credit lines it seems u need a couple years of payment history to get there.