topic Re: New Card or CLI need HELP!!! in Credit Cards

New Card or CLI need HELP!!!

rayy166 — Fri, 01 Mar 2019 07:39:30 GMT

Hello everybody,

I need some input on deciding whether I want to open a new card or simply get a CLI one of my excising cards, here is some background info:

I just moved into an apartment where rent is just shy of $3000, since none of my credit cards have a limit over $2000 and I wanted to use the credit card to pay rent, I have to decide.

Score: EQ 772 TU 800 EX 793
Average Age: 3yrs 1 month

Current cards:

Barclays Visa Apple Rewards CL 2000 @ 0%
Chase Slate CL 2000 @ 0%
Discover It 4000 @ 5%
+ 4 additional Retail Store Cards @ 0%
+ 2 additions Retial Store Cards @ <20%

I have had really bad credit in the past, while only making minimum payments, etc. I don’t expect to see an automatic CLI anytime soon, especially after staying between 90-100% Utilization for over 2 years on each card I own.

What do you guys think? I think some kind of rewards card would be nice since I would be charging over $ 36k on the card yearly. Would I even be accepted for something in the $3000+ range? Also would it be worth it since my average credit age is already fairly low?

Any input is greatly appreciated. Have a good day.

Re: New Card or CLI need HELP!!!

rayy166 — Fri, 01 Mar 2019 07:51:43 GMT

** 3 Inquires on credit file (2 from apartment hunting 02/19 and one personal loan app 06/18

Re: New Card or CLI need HELP!!!

Anonymous — Fri, 01 Mar 2019 08:40:43 GMT

@rayy166 wrote:
Hello everybody,

I need some input on deciding whether I want to open a new card or simply get a CLI one of my excising cards, here is some background info:

I just moved into an apartment where rent is just shy of $3000, since none of my credit cards have a limit over $2000 and I wanted to use the credit card to pay rent, I have to decide.

Score: EQ 772 TU 800 EX 793
Average Age: 3yrs 1 month

Current cards:

Barclays Visa Apple Rewards CL 2000 @ 0%
Chase Slate CL 2000 @ 0%
Discover It 4000 @ 5%
+ 4 additional Retail Store Cards @ 0%
+ 2 additions Retial Store Cards @ <20%

I have had really bad credit in the past, while only making minimum payments, etc. I don’t expect to see an automatic CLI anytime soon, especially after staying between 90-100% Utilization for over 2 years on each card I own.

What do you guys think? I think some kind of rewards card would be nice since I would be charging over $ 36k on the card yearly. Would I even be accepted for something in the $3000+ range? Also would it be worth it since my average credit age is already fairly low?

Any input is greatly appreciated. Have a good day.

???

Re: New Card or CLI need HELP!!!

Anonymous — Fri, 01 Mar 2019 13:10:19 GMT

So couple questions:

1) if putting rent on card, who is paying the 2-3% surcharge. If passed on to you then this is not a good idea as it will eat up any rewards value created.

2) if you have a low UTIL now, then I would ask for SP CLI ( Discover every 6 months on cards that do a soft pull). If overall UTIL is under 20%, ask DISCO for a 2x CLI. Barclays might do a soft pull CLI, depends.

3) if you only have 2 inquiries in past year, go ahead and app for 1 more card, just make sure it's one that will soft pull CLI in the future (amex, citi, discover, etc). Amex usually get 3x CLI in first year.

Good luck

Re: New Card or CLI need HELP!!!

xaximus — Fri, 01 Mar 2019 13:39:47 GMT

What are your current balances/UTI?

Re: New Card or CLI need HELP!!!

Caardvark — Fri, 01 Mar 2019 13:42:46 GMT

I'd start with your Discover card. You can request a CLI as often as you'd like and it is nearly always a SP. If it is goiong to be a HP they will warn you so that you can retract your request.

Barclays... LOL. The consensus is that they no longer do SP CLIs. All customer initiated CLIs are HP. And, some MF'ers have reported a triople pull for a CLI. Previously, the trick was to call and ask for an APR reduction and while talking with the CSR ask if there are any SP increase offers. YMMV but this "trick" seems to be dead.

Re: New Card or CLI need HELP!!!

HeavenOhio — Fri, 01 Mar 2019 14:48:10 GMT

@Anonymous wrote:
So couple questions:

1) if putting rent on card, who is paying the 2-3% surcharge. If passed on to you then this is not a good idea as it will eat up any rewards value created.

Another way to look at it is that the convenience fee may be worth the convenience of paying with the card. The rewards would offset some of it.

Re: New Card or CLI need HELP!!!

xaximus — Fri, 01 Mar 2019 14:59:19 GMT

@HeavenOhio wrote:
@Anonymous wrote:
So couple questions:

1) if putting rent on card, who is paying the 2-3% surcharge. If passed on to you then this is not a good idea as it will eat up any rewards value created.
Another way to look at it is that the convenience fee may be worth the convenience of paying with the card. The rewards would offset some of it.

Depends on how the convenience fee is charged. If it's a set charge (example - $25 set charge for CC payments), then on a 2% CB card, a 3K payment would be $60 in CB. Which would net you $35. If it's a surcharge, then whatever the surcharge is, that's what the reward should be to so that there's no loss. OP - I would verify which one it is, a set charge or a percentage surcharge.

Re: New Card or CLI need HELP!!!

rayy166 — Fri, 01 Mar 2019 17:01:03 GMT

Lol, I figured someone would catch this. I’m only an authorized user on this card. It was used to start my credit rebuild.

Re: New Card or CLI need HELP!!!

NRB525 — Fri, 01 Mar 2019 17:02:19 GMT

OP what balances are you carrying now?

I would suggest the Chase Freedom Unlimited but not sure how long you have had the Slate. Then hold the UR earnings for a future use along with CSP to transfer.

Otherwise, generally no rewards are going to really outweigh the convenience fee. 2% just wont do it. And if you have a history of leaving high utilization then maybe putting 3 large on the card is something to think through

Re: New Card or CLI need HELP!!!

rayy166 — Fri, 01 Mar 2019 17:08:31 GMT

7 of my cards are at 0%.
2 are at 19% and 9%.

Re: New Card or CLI need HELP!!!

rayy166 — Fri, 01 Mar 2019 17:16:12 GMT

I have had the Slate since 2016.

If I pay off the balance before the statement posts, putting 3k on a credit card shouldn’t be an issue right? I believe the fee is only $25 (I’ll have to verify that) and i’m also doing it to show monthly use on the card, which would possibly encourage them to give me automated CLI, which would boost my score overall?

Correct me if i’m wrong.

Re: New Card or CLI need HELP!!!

SouthJamaica — Fri, 01 Mar 2019 17:21:39 GMT

@rayy166 wrote:
Hello everybody,

I need some input on deciding whether I want to open a new card or simply get a CLI one of my excising cards, here is some background info:

I just moved into an apartment where rent is just shy of $3000, since none of my credit cards have a limit over $2000 and I wanted to use the credit card to pay rent, I have to decide.

Score: EQ 772 TU 800 EX 793
Average Age: 3yrs 1 month

Current cards:

Barclays Visa Apple Rewards CL 2000 @ 0%
Chase Slate CL 2000 @ 0%
Discover It 4000 @ 5%
+ 4 additional Retail Store Cards @ 0%
+ 2 additions Retial Store Cards @ <20%

I have had really bad credit in the past, while only making minimum payments, etc. I don’t expect to see an automatic CLI anytime soon, especially after staying between 90-100% Utilization for over 2 years on each card I own.

What do you guys think? I think some kind of rewards card would be nice since I would be charging over $ 36k on the card yearly. Would I even be accepted for something in the $3000+ range? Also would it be worth it since my average credit age is already fairly low?

Any input is greatly appreciated. Have a good day.

Since you have good credit scores, I would just apply for a new card, with a bank or credit union you don't presently use, which has the type of rewards you would value. E.g, if you would like travel, I would consider Citi Premier. If you like cash, I would suggest Citi Double Cash or PenFed Power Cash rewards.

Re: New Card or CLI need HELP!!!

rayy166 — Fri, 01 Mar 2019 17:29:03 GMT

Got it, Thank you! I was thinking about a mileage reward card. I’m just curious, what can I do get higher credit limits on my existing cards? I mean like you said, my scores are decent, and other people with similar scores have ALOT higher limits

Re: New Card or CLI need HELP!!!

Stralem — Fri, 01 Mar 2019 22:00:22 GMT

I'm not one to offer financial advise, but you should really think about what your end goal is. As others have pointed out, the convenience fees will eat up any rewards you collect, and pretty quickly too.

For example, my rent is $2240 a month and my building charges me $69 and change for the priviledge of paying with a CC. If I were to use my 2% cash back Citi DC for that payment, I'd earn only $46, for a net loss of ~$23. Doing that every month for a whole year would also earn me a swift kick in the family jewels from my lovely CPA wife...

Your best bet would be to do this short term to hit sign up bonus minimum spends. And only if you make a net gain in value.

Just my two cents!

Re: New Card or CLI need HELP!!!

rayy166 — Fri, 01 Mar 2019 22:12:59 GMT

Thanks for the input. I need to clarify something, I am looking to use the credit card to pay rent + $300 worth of grocery’s + probably around $200 worth of gas as well monthly.

I heard that the Citi DC card has usually lower CL, if I can’t get a CL above $4000 i’m just wasting a HP.

My income is 65k.

Re: Best Cash Back Cars for my needs?

Anonymous — Sat, 02 Mar 2019 06:04:16 GMT

OP, your scores are better than mine and you have better income, so I'd lean more towards apping for a new card. I would make sure the fees are minimal before paying rent with a CC, you'll probably lose money unless you play it correctly with a SUB or something. Anyway, I have the Citi DC and when I got it I was approved for 1,100 (my scores were high 600s at the time). I just recently app'd for the PayPal CBMC with low-mid 700s and was instantly approved for 4,000. The lender is SNYC though, so take it FWIW as an alternative to the Citi DC. Like I said earlier though, maybe app for a card with a decent SUB ($500 after 3,000 spend or 50K+ miles or something). You would probably pull a higher CL on those types of cards anyway.

Re: New Card or CLI need HELP!!!

UncleB — Sat, 02 Mar 2019 09:25:35 GMT

Hi @rayy166, I've merged your two similar threads into one.

Please avoid crossposting; it's confusing to follow and is against our guidelines here.

--UB

Re: New Card or CLI need HELP!!!

NRB525 — Sat, 02 Mar 2019 15:01:39 GMT

$65k annual income and $3k monthly rent?

Is the fee to pay the rent a flat $25? You can’t take two steps with your Slate:

1) Request a CLI, which will be a HAp but will tell you how much Chase will give you

2) Product Change Slate to Freedom Unlimited. Then keep the UR points you earn for a later app with Chase Sapphire Preferred.