topic Re: Upgrade? Need Advice PLEASE! in Credit Cards

Upgrade? Need Advice PLEASE!

Anonymous — Sat, 21 Apr 2018 18:08:36 GMT

Ok so I want to apply for new cards so that I can take advantage of lower interest rates as well as possible 0% APR for a months. Current cc's are between 23 -25%. Interested in Cash Back and generous starting limits. Any advice? What am I likely to be approved for? Here are my stats.
Credit One (1 year 3 months)
SL: $300
Current Limit : $500

Capital One Platinum (1 year 2 months)
SL: $500
Current Limit: $1250

Citi Thank You Preferred (4 months)
SL: $2000
Currently: $3500

Delta Community Credit P Loan (4 months)
Amount $2000
Paid to Date $500

15 Student Loan Accounts all in good standing. 100% payments.

Usage 40% (Paying Down this month to 28%)
No baddies.
3 Years 10 Months AAoA
Projected Score after cc payment Trans. 721 EQ. 680 Exp. 735 Vantage 721
2 INQs on Transunion - 6 INQs each on Experian and Equifax ( 4 will fall off of each Experian and Equifax between June 2018 and August 2018.)

Re: Upgrade? Need Advice PLEASE!

Anonymous — Mon, 09 Apr 2018 00:21:40 GMT

You could try calling Captal One and see if you're eligible for a product change. I currently have the QuickSilver One and it's been pretty good so far as a cash back card. The product change is just a quick SP.

After that, maybe shoot for an Amex ED or one of the Chase Freedom cards. With your scores, I'm sure you'd get either (or both).

Re: Upgrade? Need Advice PLEASE!

Anonymous — Mon, 09 Apr 2018 01:30:33 GMT

Discover It is good for young/thin files. Amex BCE would also be a good option. What type of spend are you looking to do?

Re: Upgrade? Need Advice PLEASE!

Anonymous — Mon, 09 Apr 2018 01:42:29 GMT

@Anonymous wrote:
You could try calling Captal One and see if you're eligible for a product change. I currently have the QuickSilver One and it's been pretty good so far as a cash back card. The product change is just a quick SP.

After that, maybe shoot for an Amex ED or one of the Chase Freedom cards. With your scores, I'm sure you'd get either (or both).

Does QuickSilver One have an annual fee? I've heard great things about Chase as well.

Re: Upgrade? Need Advice PLEASE!

Anonymous — Mon, 09 Apr 2018 01:54:41 GMT

 wrote:
Discover It is good for young/thin files. Amex BCE would also be a good option. What type of spend are you looking to do?
 
Grocery, entertainment.  My son is also preparing for minor surgery.  May have to foot the bill and submit a claim which may not be approved.
 
Also looking to grow my score in general.  Would like to get a great rate for my first car by the end of the year.
 

Re: Upgrade? Need Advice PLEASE!

Anonymous — Mon, 09 Apr 2018 01:52:08 GMT

It does. $39. Chase Freedoms do not.

Re: Upgrade? Need Advice PLEASE!

Kforce — Mon, 09 Apr 2018 02:12:09 GMT

Unless you have other cards:loans reporting, you have less than a year AAoA, 14 Inq's and 28% Util.

Garden for another 6 months+ , let inq's fall off, lower util, and age accounts.

Re: Upgrade? Need Advice PLEASE!

Anonymous — Mon, 09 Apr 2018 02:15:45 GMT

@Kforce wrote:
Unless you have other cards:loans reporting, you have less than a year AAoA, 14 Inq's and 28% Util.
Garden for another 6 months+ , let inq's fall off, lower util, and age accounts.

I forgot to include student loans. So its 15 other accounts aside from the cc's and personal loan mentioned above. All in good standing. 100% payment score for all accounts. AAoA is 3 years 10 months

Re: Upgrade? Need Advice PLEASE!

Kforce — Mon, 09 Apr 2018 02:50:16 GMT

Getting new cards for rewards and helping your "FICO" scores are kind of like getting a 1-ton truck and wanting 50 mile per gallon. I would work on my "Util", get the car loan, then worry about reward cards.

Re: Upgrade? Need Advice PLEASE!

HeavenOhio — Mon, 09 Apr 2018 11:09:15 GMT

If you request a product-change on your Capital One card, you'll probably be offered the Quicksilver (no fee) or Savor (no fee). Either of those are fine choices. Avoid the QuicksilverOne and its fee.

Regarding the rest, I'd:

Bring utilization down to 8.9% or below.
Apply for one more card.
Close Credit One
Garden until the car loan.

That'll set you up with three good cards from good banks. When it comes time to apply for your auto loan, make sure that one card is reporting a small balance (at least $5 but not much more than that), with the other two cards reporting zero. That'll optimize the revolving portion of your score.

If one of your cards is a Chase card, let it report zero and choose a different card to report the small balance. In addition to reporting the statement balance, Chase reports zero whenever you pay to zero, and all cards reporting zero will ding your score by 15–20 points. You may as well have their policy working for you rather than against you.

Re: Upgrade? Need Advice PLEASE!

Anonymous — Mon, 09 Apr 2018 14:35:58 GMT

Have you checked the Amex and/or Discover pre-qual sites? My scores and AAOA were both lower than yours when I was approved for the BCE. The SL was $2000 but with the 61 day CLI it jumped to 6K. I let that show up and then hit up Disco and they responded with an IT card at 3.5K SL. Nothuge numbers by most standards but when you are making that transition from toy limits they seem much, much bigger.

Re: Upgrade? Need Advice PLEASE!

Anonymous — Mon, 09 Apr 2018 15:19:08 GMT

@Kforce wrote:
Getting new cards for rewards and helping your "FICO" scores are kind of like getting a 1-ton truck and wanting 50 mile per gallon. I would work on my "Util", get the car loan, then worry about reward cards.

The new cards would not be for rewards or to improve score. I am interested in getting new cards for better interest rates and 0% APR for a few months since my current cc's have 24% interest rates. At this time I am being offered cards with 13 -17% interest rates.
With that in mind I am wondering which cards in general are more generous with startling limits and cash back.
Also, I am also looking to grow my score in general so I figured I would ask you guys while I had your attention.

Re: Upgrade? Need Advice PLEASE!

HeavenOhio — Mon, 09 Apr 2018 16:27:10 GMT

I'll second the motion for AMEX, probably the BCE (Blue Cash Everyday). It'll likely come with 0% on purchases and balance transfers for a year. As mentioned, you'll probably be able to grab a 3X CLI at 61 days as long as your payment history and utilization are kept in check.

Re: Upgrade? Need Advice PLEASE!

Anonymous — Mon, 09 Apr 2018 16:31:48 GMT

@Anonymous wrote:
@Kforce wrote:
Getting new cards for rewards and helping your "FICO" scores are kind of like getting a 1-ton truck and wanting 50 mile per gallon. I would work on my "Util", get the car loan, then worry about reward cards.

The new cards would not be for rewards or to improve score. I am interested in getting new cards for better interest rates and 0% APR for a few months since my current cc's have 24% interest rates. At this time I am being offered cards with 13 -17% interest rates.
With that in mind I am wondering which cards in general are more generous with startling limits and cash back.
Also, I am also looking to grow my score in general so I figured I would ask you guys while I had your attention.

Like the 1-ton truck example, in general you should decide which is more important, 0% APR or cashback. While a number of OK rewards cards do offer fair 0% APR periods, the cards with the longest period of 0% APR and low/zero BT fees tend to have minimal (at best) rewards

Re: Upgrade? Need Advice PLEASE!

Kforce — Mon, 09 Apr 2018 17:54:49 GMT

A new card or two will lower your "Fico" score because of "AAoA" and Inq's, whether it is for cashback, zero int, low int, or just a nice looking metal card. If you use it to carry a balance, it will drop your score even more!. The real question is will you save more with a low or no interest 3,000 for 12-15 month card or letting you "FICO" score grow and get a better personal or car loan? (3000 with 15% for 1.5 years might save you 700 over your 25%), however (5% vs 7% on a 25,000/7yr car loan might save you 2,000. ** Note: These numbers are just examples, I did not put them in a calculator.*** The point is if you pull the trigger on new cards, you will hurt your FICO, and that might hurt you more than the card helps. Your score is at a point close to believed bucket thresholds. If you let it grow you will probably get a better car/personal loan than getting a new card now. The opposite could also be true. If you get a good CL and 0 for 18 months. maybe you will come out better (HeavenOhio's guess with an Amex) . The real problem is that no one knows the real numbers. (bucket levels, interest rates you will get, Cl that you might be approved for, etc). Everyone is just guessing. I however know that if you do not get a new card, and work at paying down your util, your scores should rise. Better scores and payment history usually lead to better loans and/or cards. You also might be approved instantly for a 5,000-Cl / Zero Amex. Do you have a quarter to flip ?

Re: Upgrade? Need Advice PLEASE!

Anonymous — Mon, 09 Apr 2018 18:28:51 GMT

@Kforce wrote:
A new card or two will lower your "Fico" score because of "AAoA" and Inq's, whether it is for cashback, zero int, low int, or just a nice looking metal card. If you use it to carry a balance, it will drop your score even more!. The real question is will you save more with a low or no interest 3,000 for 12-15 month card or letting you "FICO" score grow and get a better personal or car loan? (3000 with 15% for 1.5 years might save you 700 over your 25%), however (5% vs 7% on a 25,000/7yr car loan might save you 2,000. ** Note: These numbers are just examples, I did not put them in a calculator.*** The point is if you pull the trigger on new cards, you will hurt your FICO, and that might hurt you more than the card helps. Your score is at a point close to believed bucket thresholds. If you let it grow you will probably get a better car/personal loan than getting a new card now. The opposite could also be true. If you get a good CL and 0 for 18 months. maybe you will come out better (HeavenOhio's guess with an Amex) . The real problem is that no one knows the real numbers. (bucket levels, interest rates you will get, Cl that you might be approved for, etc). Everyone is just guessing. I however know that if you do not get a new card, and work at paying down your util, your scores should rise. Better scores and payment history usually lead to better loans and/or cards. You also might be approved instantly for a 5,000-Cl / Zero Amex. Do you have a quarter to flip ?

Got it. Thanks!

Re: Upgrade? Need Advice PLEASE!

Anonymous — Mon, 09 Apr 2018 18:30:54 GMT

@Kforce wrote:
A new card or two will lower your "Fico" score because of "AAoA" and Inq's, whether it is for cashback, zero int, low int, or just a nice looking metal card. If you use it to carry a balance, it will drop your score even more!. The real question is will you save more with a low or no interest 3,000 for 12-15 month card or letting you "FICO" score grow and get a better personal or car loan? (3000 with 15% for 1.5 years might save you 700 over your 25%), however (5% vs 7% on a 25,000/7yr car loan might save you 2,000. ** Note: These numbers are just examples, I did not put them in a calculator.*** The point is if you pull the trigger on new cards, you will hurt your FICO, and that might hurt you more than the card helps. Your score is at a point close to believed bucket thresholds. If you let it grow you will probably get a better car/personal loan than getting a new card now. The opposite could also be true. If you get a good CL and 0 for 18 months. maybe you will come out better (HeavenOhio's guess with an Amex) . The real problem is that no one knows the real numbers. (bucket levels, interest rates you will get, Cl that you might be approved for, etc). Everyone is just guessing. I however know that if you do not get a new card, and work at paying down your util, your scores should rise. Better scores and payment history usually lead to better loans and/or cards. You also might be approved instantly for a 5,000-Cl / Zero Amex. Do you have a quarter to flip ?

Got it. Thanks!

Re: Upgrade? Need Advice PLEASE!

Anonymous — Mon, 09 Apr 2018 18:34:23 GMT

@Anonymous wrote:
@Anonymous wrote:
@Kforce wrote:
Getting new cards for rewards and helping your "FICO" scores are kind of like getting a 1-ton truck and wanting 50 mile per gallon. I would work on my "Util", get the car loan, then worry about reward cards.

The new cards would not be for rewards or to improve score. I am interested in getting new cards for better interest rates and 0% APR for a few months since my current cc's have 24% interest rates. At this time I am being offered cards with 13 -17% interest rates.
With that in mind I am wondering which cards in general are more generous with startling limits and cash back.
Also, I am also looking to grow my score in general so I figured I would ask you guys while I had your attention.
Like the 1-ton truck example, in general you should decide which is more important, 0% APR or cashback. While a number of OK rewards cards do offer fair 0% APR periods, the cards with the longest period of 0% APR and low/zero BT fees tend to have minimal (at best) rewards

While looking through the offers that I have on hand I can definitely see that pattern that you're referring to.

Re: Upgrade? Need Advice PLEASE!

Anonymous — Mon, 09 Apr 2018 22:00:58 GMT

@HeavenOhio wrote:
If you request a product-change on your Capital One card, you'll probably be offered the Quicksilver (no fee) or Savor (no fee). Either of those are fine choices. Avoid the QuicksilverOne and its fee.

Regarding the rest, I'd:
Bring utilization down to 8.9% or below.
Apply for one more card.
Close Credit One
Garden until the car loan.
That'll set you up with three good cards from good banks. When it comes time to apply for your auto loan, make sure that one card is reporting a small balance (at least $5 but not much more than that), with the other two cards reporting zero. That'll optimize the revolving portion of your score.

If one of your cards is a Chase card, let it report zero and choose a different card to report the small balance. In addition to reporting the statement balance, Chase reports zero whenever you pay to zero, and all cards reporting zero will ding your score by 15–20 points. You may as well have their policy working for you rather than against you.

This is perfectly aligned with what I'm going for. Will definitely pay down my cc balances this month. As you said, I figured if I got a card now I could garden until the car loan. Especially with 8 INQ's falling off between June 2018 and August 2018.

Re: Upgrade? Need Advice PLEASE!

DawgZ — Tue, 10 Apr 2018 03:26:43 GMT

PayPal has a 2% cash back....