topic Re: Amex and Chase in Credit Cards

Amex and Chase

Anonymous — Tue, 22 Jan 2019 15:17:09 GMT

Hi, this is my first post on the boards. Been lurking around for the last few days. In the next 3-6 months I will be looking at applying for another credit card. After doing a lot of reading over the last week I have narrowed down my next card to either an Amex Gold card or Chase Freedom. I think I have pretty good odds of getting either but wanted to run it by the boards first.

Here is my credit background:

From Experian Website on 1/21/19

-Credit Scores- Experian 708, Equifax 719, Transunion 710

-My oldest account is 3 years and 7 months old. Capital one Secured card. Limit $500. I got real lazy and let some payments slide on this card. 4 late payments with the most recent 9 months ago. Since then all payments have been made on time. Credit utilization 4%.

-Newest account opened in November of 2018 was Capital One Quicksilver One. Credit limit of $3,000. Credit utilization below 30% and paid in full every month. No late payments. From Capital One once 5 months of on time payments they will bump up to $3,500. I am thinking in 6 months of asking if they will change for Quicksilver to avoid another $39 annual fee.

-Revolving utilization 1%

-Only 1 credit card inquiry in the last 2 years. 1 other inquiry by a propane company in August of 2017.

-No mortgage and no car loans. Only Credit Cards.

I think I hit the major points. What are thoughts?

Thanks!

Re: Amex and Chase

simplynoir — Tue, 22 Jan 2019 15:20:06 GMT

Have you checked the prequal sites for both AMEX and Chase to see what pops up?

Re: Amex and Chase

Anonymous — Tue, 22 Jan 2019 15:39:46 GMT

Out of curiosity, why those two cards in particular? They're very different from each other - the Freedom is a 5% cashback quarterly category card that earns points, but those points can only be used for cashback unless you also have a Sapphire Preferred or Sapphire Reserve. By contrast, the Amex Gold earns 4X transferrable points on restaurants and groceries plus 3X on airfare but carries an annual fee. The Amex Gold is also a charge card, which means it's broadly not designed to carry a balance from month to month.

Re: Amex and Chase

Anonymous — Tue, 22 Jan 2019 15:40:25 GMT

Checked both this morning. So far no preapproved offers.

Re: Amex and Chase

xaximus — Tue, 22 Jan 2019 15:42:10 GMT

The QS1 is one of the harder cards to PC since it carries an AF. I would recommending in trying to PC that to a non-AF QS card. Also, I would check prequals as @simplynoir stated.

FYI - the Amex Gold card is a charge card - they generally have more lax UW vs revolving cards. What are your reasons for both cards?

Re: Amex and Chase

Priory_Man — Tue, 22 Jan 2019 15:43:42 GMT

How late were the payments? That could have a big impact on approval.

Re: Amex and Chase

Anonymous — Tue, 22 Jan 2019 15:51:17 GMT

If I got the Chase Freedom card I would go for the Chase Sapphire card next and transfer points from the Freedom card to the Sapphire card for travel. Would probably look to get that card 6 months later. I don't plan on carrying a balance on it and really don't mind the annual fee either. I could easily use the perks to offset the annual fee.

Re: Amex and Chase

Anonymous — Tue, 22 Jan 2019 15:56:48 GMT

I believe they were all 30 days late.

Re: Amex and Chase

Remedios — Tue, 22 Jan 2019 16:01:36 GMT

With such recent multiple delinquencies, I'd hold off on applying for anything right now

Even if approved, it will be under less than stellar terms

I'd let more time pass

Re: Amex and Chase

Anonymous — Tue, 22 Jan 2019 16:07:09 GMT

I'd follow the advice of SImplynoir and do the prequalify on both sites. Also, do you bank at Chase?

Re: Amex and Chase

Anonymous — Tue, 22 Jan 2019 16:08:36 GMT

Ultimately, I am looking for rewards for Travel.

I am thinking another 6 months is probably the best route to go before applying for anything new.

Re: Amex and Chase

Anonymous — Tue, 22 Jan 2019 16:12:58 GMT

No, I bank with a local credit union. But wouldn't have an issue opening an account if it betters my odds.

Re: Amex and Chase

Anonymous — Tue, 22 Jan 2019 16:54:48 GMT

I would personally hold off with applying for stuff right now. You want a great credit card at a great rate. Just in case times turn bad for you, you will not have to be stuck paying 24%+ Interest rates on a simple credit card.

Building credit, and borrowing money is about playing it smart. AMEX Has a good travel card, but I feel you get a better reward with the Capital One Venture card. It does not just limit you the airline.

Also: I do not recommend Capital One, I just think that card is a beauty!

Re: Amex and Chase

Anonymous — Tue, 22 Jan 2019 18:21:35 GMT

Thanks for the responses. I was messing around with the Experian site and their score planner. Not sure how accurate it is but said my score could go up to 733 in 6 months. I think I will wait till then to apply for more credit just to get these new accounts aged a little more and to also lessen those late payments. I'm thinking of going the Chase route with the Freedom card then going for the Sapphire reserve 6 months after that.

Re: Amex and Chase

kshurika — Tue, 22 Jan 2019 23:57:58 GMT

Ignore the score planner. I like Chase the best of the travel cards suites. Run them judiciously and you can get the greatest value from them. I also suggest waiting before you apply, but, in the meantime you can open a Chase checking account with instant deposit. Might as well pick up an extra 200 bucks while you're waiting to get your first Chase card.

Re: Amex and Chase

jdbkiang — Wed, 23 Jan 2019 01:38:52 GMT

Like others, I would encourage you to wait. The multiple late payments really hurt your score. At least wait for them to be more than a year ago, if not even longer.

Opening an account with chase may or may not improve your odds, but a green check mark could be nice.

Re: Amex and Chase

AverageJoesCredit — Wed, 23 Jan 2019 02:01:52 GMT

Lates are the biggest issue here and with Chase being picky on who they let have their credit cards, i would give more time.

Re: Amex and Chase

Anonymous — Wed, 23 Jan 2019 04:05:58 GMT

@Anonymous wrote:
I would personally hold off with applying for stuff right now. You want a great credit card at a great rate. Just in case times turn bad for you, you will not have to be stuck paying 24%+ Interest rates on a simple credit card.

Building credit, and borrowing money is about playing it smart. AMEX Has a good travel card, but I feel you get a better reward with the Capital One Venture card. It does not just limit you the airline.
Also: I do not recommend Capital One, I just think that card is a beauty!

Why (after the first year?) If you can use the transfer partners, OK, (but still not a great rate). Otherwise, how is it better than a free 2% card?

Re: Amex and Chase

jdbkiang — Wed, 23 Jan 2019 05:42:50 GMT

@Anonymous wrote:
@Anonymous wrote:
I would personally hold off with applying for stuff right now. You want a great credit card at a great rate. Just in case times turn bad for you, you will not have to be stuck paying 24%+ Interest rates on a simple credit card.

Building credit, and borrowing money is about playing it smart. AMEX Has a good travel card, but I feel you get a better reward with the Capital One Venture card. It does not just limit you the airline.
Also: I do not recommend Capital One, I just think that card is a beauty!
Why (after the first year?) If you can use the transfer partners, OK, (but still not a great rate). Otherwise, how is it better than a free 2% card?

I feel like it could be worth the AF, especially with how often they offer retention bonuses. But the 10% off from hotels.com is a similar rate to other hotel cards and the transfer partners make it essentially a 1.5 mile per dollar card, which isn't awful, since the baseline is 2 CPP