topic Re: Looks like I need a Visa, but which one? in Credit Cards

Looks like I need a Visa, but which one?

DoogieBall — Sat, 25 May 2019 11:50:18 GMT

Hello everyone.

I was recently gifted a Costco membership and didn't remember they only take Visa. I'm 8 years post BK so my choices are already limited. My first consideration is the Uber Visa as I could use it for dining but the DP for approval with people with BK has been varied. I've been reading that getting a secured card might not be the best solution as I already have 3 unsecured. QS1, Amex Everyday, Discover It.

Cap1 has been showing Savor Pre-qual for a couple months, although the QS and Venture have been listed under the "You may also like" heading. I'm wondering how solid the QS approval would be. Maybe wait a couple months until the QS shows.

Looking like Citi (IIB) and Chase are auto decline with a BK. BoA denied back in March. Scores are Ex-685 Eq-705 Tu-685

Any other cards I should consider? Thanks

Re: Looks like I need a Visa, but which one?

kdm31091 — Sat, 25 May 2019 12:01:10 GMT

Under the "you may also like" heading...those are not preapproved offers in any way. They're simply marketing. I would not suggest applying for anything under that.

Your options are probably fairly limited at the moment. Barclay may let you in with a very small limit, probably $500, but I don't know if that's really worth it. You were gifted the Costco membership - do you really plan to use it heavily, or is it just a trial kind of thing? Keep in mind that they only accept Visa credit, but any debit card and/or cash is fine, so you don't "need" a Visa credit card to shop there.

Re: Looks like I need a Visa, but which one?

Anonymous — Sat, 25 May 2019 12:08:45 GMT

If you have a prequal for Savor, you would likely be approved for QS as well but I don’t know what network Cap is issuing QS on right now, they switch between VISA and MC.

BBVA ClearPoints would be one to consider if you are in a BBVA market — I got mine with a 670 EX in December.

A lot of CUs issue VISA cards, DCU could be worth a shot as a CU anyone can get into, NFCU being the best if you have the military affiliation to make you eligible.

Re: Looks like I need a Visa, but which one?

DoogieBall — Sat, 25 May 2019 12:18:46 GMT

I had been going with family/friends for the past couple of years but coordinating their availability can be a hassle at times so the year membership with option to renew was good. I don't know how "heavy" I shop, but I've gotten a laptop, gas generator, leaf and snow blower and tires as the bigger purchases within the past year or so. Food items are only about $50-100 a week so my usage is probably light compare to most people.

Only recently I realized I could use a debit card. I rarely carry cash over $100 so most items require a pit stop at the bank before that.

Re: Looks like I need a Visa, but which one?

iheartwings — Sat, 25 May 2019 14:54:46 GMT

Well, I suppose one option which could be a hassle, but if you were not wanting to apply for anything new - would be to use your membership to purchase Costco Cash Cards (their gift card) from Costco.com. Costco.com accepts major credit card brands (V, MC, AE, D), even if the store doesn't.

Re: Looks like I need a Visa, but which one?

AverageJoesCredit — Sat, 25 May 2019 15:24:48 GMT

Have you ACTUALLY applied for the Costco Visa? Being 8 years post bk7 you should be ok with Citi's rules snd there have been people who have gotten it with a bk reporting. Visas are like candy, a dime a dozen, you can get one almost anywhere

Re: Looks like I need a Visa, but which one?

Anonymous — Sat, 25 May 2019 15:26:35 GMT

Perhaps just use a visa debit card, rather than credit?
I think more banks are starting to offer 1% cash back debit cards nowadays. Not the same as a 3-5% credit card, but may be a good option if you want to avoid a hard pull and having an additional new account dropping your aaoa.

Re: Looks like I need a Visa, but which one?

Andypanda — Sat, 25 May 2019 15:30:57 GMT

@iheartwings wrote:
Well, I suppose one option which could be a hassle, but if you were not wanting to apply for anything new - would be to use your membership to purchase Costco Cash Cards (their gift card) from Costco.com. Costco.com accepts major credit card brands (V, MC, AE, D), even if the store doesn't.

Actually costco.com takes evreything but amex, just doubled checked. Not supprised with amex's higher swipe fees.

Re: Looks like I need a Visa, but which one?

iheartwings — Sat, 25 May 2019 16:28:30 GMT

@Andypanda wrote:
@iheartwings wrote:
Well, I suppose one option which could be a hassle, but if you were not wanting to apply for anything new - would be to use your membership to purchase Costco Cash Cards (their gift card) from Costco.com. Costco.com accepts major credit card brands (V, MC, AE, D), even if the store doesn't.
Actually costco.com takes evreything but amex, just doubled checked. Not supprised with amex's higher swipe fees.

My bad...teehee - I take it that happened when they got divorced.

Re: Looks like I need a Visa, but which one?

ChargedUp — Sat, 25 May 2019 17:32:39 GMT

If you're a AAA member, the BoA AAA Rewards Visa could be a good fit for you...

"The AAA Member Rewards Visa® credit card from Bank of America offer's 3x points on eligible travel and AAA purchases, 2x points on gas, grocery store, wholesale club and drugstore purchases, and 1 point per $1 on purchases everywhere else1. There is no limit to the points you can earnand points can be redeemed for a variety of rewards, including cash back, future travel, gift cards and more. Or, get up to 40% more value than cash when redeeming for a AAA voucher good towards most AAA products and services2."

https://www.aaa.com/AAA_Travel/Financial/credit-card.html

EDIT - I just noticed you were denied by BoA, but it's one to keep in mind for the future... I believe Cap One is issuing Venture as a Visa at the moment, so if it shows you're pre-qualified for Savor, you should be good for Venture as well. Cap One's pre-quals are usually fairly solid.

Otherwise, I can vouch for BBVA Clearpoints if you're in their service area. If you're in BB&T's area, they have been doing soft pull approvals lately, so that might be another lender to look at.

Re: Looks like I need a Visa, but which one?

Hex — Sat, 25 May 2019 20:13:34 GMT

If you tell us your utilization and if you have any baddies other than the BK on your report we might be able to suggest something. Also how many inquires and new accounts do you have? Do you know what your FICO 9’s are? I think there must be something else off on your report besides your BK or your scores would be higher by now.

Re: Looks like I need a Visa, but which one?

Anonymous — Sat, 25 May 2019 20:38:16 GMT

I don't have this issue w/ Sam's Club They're who res about taking any type of card!

Going with a secured card at this point in your journey is a bit bass akwards considering you already have 3 cards that aren't.

If you're pre-approved for Savor and can hit the spend requirement then it's a worthwhile thought to get it. Those of us w/ tons of cards get denied even with 800+ scores.

IIB isn't the end of the world with lenders.. most just require 2-5 years post DC before they let you back in the door with a new account.

BOA - most of their offerings are the 3/2/1 variety for when you get invited back into their good graces.

Citi / Chase auto declines are normal and all you have to do is give them a call to reconsider the app and there are plenty of examples of people in the same situation getting approved.

Costco can be a blessing when it comes to Gas as they're a big contender for the lowest cost per gallon in most situations. The stuff inside the box though doesn't always add up to being the best deal. Price checking items you purchase often between retailers is always a good idea. Sam's for example has the seedless cucumbers that are $2/ea at Whole Foods for 3@$3, Jerky for 15.98/#, pasta for less than $1/pkg when the grocery stores sell them for 1.50-2.00/pkg.

Bigger ticket items can be a little difficult to apples-to-apples on as they usually have a different SKU for the wholesale version and missing some minor features. It all depends on how you shop though in the end whether it's a good deal to go with either store. Even if you're not a member with Sam's you can still shop and just pay the 10% markup unlike Costco.... but, with Costco you can get the GC's and not the membership and pay a markup as well.

Re: Looks like I need a Visa, but which one?

Hex — Sat, 25 May 2019 20:55:52 GMT

Like someone else already said I think the Savor is a MasterCard. But if you do the Cap1 prequal and you select travel rewards as the most important benefit to you the Venture will come up as the prequalified card if you are prequalified for it. Prequals are not a guarantee at Cap1 but they are about as solid of a prequal as you can get. I would not consider “you may also like” a prequal. I’m sure you are aware it will be a triple hard pull to fully apply. The last I knew the Venture was being issued as a Visa card but hopefully someone with a recent Venture approval could post and let us know.

Re: Looks like I need a Visa, but which one?

ChargedUp — Sat, 25 May 2019 21:19:57 GMT

Capital One Venture IS a Visa right now... It only says so on the app page though.

https://applynow.capitalone.com/?productId=5800

Re: Looks like I need a Visa, but which one?

DoogieBall — Sun, 26 May 2019 11:56:35 GMT

@AverageJoesCredit wrote:
Have you ACTUALLY applied for the Costco Visa? Being 8 years post bk7 you should be ok with Citi's rules snd there have been people who have gotten it with a bk reporting. Visas are like candy, a dime a dozen, you can get one almost anywhere

I'm unfortunately in the midset that the common blacklist companies will auto deny. So far my best shot seems to be the Cap1 QS but as far as I can tell, the main benefits being the logo and the SUB. I'll rechek my scores in June when they're reported and likely app the Costco visa

Re: Looks like I need a Visa, but which one?

DoogieBall — Sun, 26 May 2019 12:04:08 GMT

@ChargedUp wrote:
If you're a AAA member, the BoA AAA Rewards Visa could be a good fit for you...

"The AAA Member Rewards Visa® credit card from Bank of America offer's 3x points on eligible travel and AAA purchases, 2x points on gas, grocery store, wholesale club and drugstore purchases, and 1 point per $1 on purchases everywhere else1. There is no limit to the points you can earnand points can be redeemed for a variety of rewards, including cash back, future travel, gift cards and more. Or, get up to 40% more value than cash when redeeming for a AAA voucher good towards most AAA products and services2."

https://www.aaa.com/AAA_Travel/Financial/credit-card.html

EDIT - I just noticed you were denied by BoA, but it's one to keep in mind for the future... I believe Cap One is issuing Venture as a Visa at the moment, so if it shows you're pre-qualified for Savor, you should be good for Venture as well. Cap One's pre-quals are usually fairly solid.
Otherwise, I can vouch for BBVA Clearpoints if you're in their service area. If you're in BB&T's area, they have been doing soft pull approvals lately, so that might be another lender to look at.

BB&T has branches west of me. I checked their pre-qual offers and 3 showed up so that one looks good. Good to know I have more potential choices than I thought.

Re: Looks like I need a Visa, but which one?

DoogieBall — Sun, 26 May 2019 12:20:12 GMT

@Hex wrote:
If you tell us your utilization and if you have any baddies other than the BK on your report we might be able to suggest something. Also how many inquires and new accounts do you have? Do you know what your FICO 9’s are? I think there must be something else off on your report besides your BK or your scores would be higher by now.

My utilization is >1% with no baddies, 2 new CC accounts the past year, 1 auto loan will be a year old as of June 06.

TU showing Discover. EX showing Amex (approval) and BoA pull (denial). I don't know what my FICO 9s are.

I think my scores are lower possibly because I had (and still have) a very thin file until 2018. Only had one CC post BK, Cap1 Platinum for 6 years which was PC'd to QS1 in December.

Re: Looks like I need a Visa, but which one?

Hex — Sun, 26 May 2019 13:08:06 GMT

I was hoping you would know your FICO 9’s because that’s what PenFed uses and they issue great Visa cards. I think most people can greatly benefit from a relationship with a good credit Union. PenFed has been GREAT to me and I have a BK 7 that was discharged in July of 2016. The first card they gave me was in July 2017. They also approved me for a car loan last June at 1.99%. If you have any current or former military people in your family you might qualify for Navy Federal Credit Union. Navy seems to be easier to get credit from then PenFed. You can join PenFed by making a $17 donation to one of their charities and you don’t need any family connections to get in. PenFed is known for having some of the lowest car loan rates in the country. I don’t know what your car loan rate is, but if it’s high, and you’re thinking of a refi you might consider joining PenFed and applying for a credit card and a refi at the same time. Just joining PenFed results in a EQ hard pull but you could use the same one to apply for a credit card and an auto refi. PenFed tends to be sensitive to new accounts and you do have some but not a ton. People on this forum do complain about PenFed being conservative but I don’t think they’re that bad. I think you have a better than fifty percent chance of credit card approval from them if you want to risk an EQ pull. Just something to think about. Good luck!

Re: Looks like I need a Visa, but which one?

AverageJoesCredit — Sun, 26 May 2019 13:35:31 GMT

@DoogieBall wrote:
@AverageJoesCredit wrote:
Have you ACTUALLY applied for the Costco Visa? Being 8 years post bk7 you should be ok with Citi's rules snd there have been people who have gotten it with a bk reporting. Visas are like candy, a dime a dozen, you can get one almost anywhere
I'm unfortunately in the midset that the common blacklist companies will auto deny. So far my best shot seems to be the Cap1 QS but as far as I can tell, the main benefits being the logo and the SUB. I'll rechek my scores in June when they're reported and likely app the Costco visa

Doogie, please check out the Approvals forum, was a poster just yesterday who got approved the Costco Visa 6 years post bk. Im not 100% sure but i dont think Citi auto denys anyone 8 years post. I remember reading they like 7 years post on legacy cards though i may be wrong. Perhaps @pizza1 can help clarify Citi's policy

Re: Looks like I need a Visa, but which one?

Hex — Sun, 26 May 2019 14:22:00 GMT

Forget what I said about PenFed. I think AJC’s urgent bold font reply might be because he doesn’t think you should app Penfed. I know enough to defer to the superior knowledge and experience of AJC when it comes to credit advice.