topic Re: Help me decide on a new 0% APR card in Credit Cards

Help me decide on a new 0% APR card

TheGameofCredit_ — Sat, 08 Aug 2020 03:32:27 GMT

Hello Credit Community,

The holidays are around the corner and I would like to have a brand new card to shop with this holiday season. To get straight to the point, heres where I stand.

This month I got all my cards to 0%, and one with a high balance [Using 0% APR offer]

- Capital One Journey $0/$500 CL
- Capital One Platinum $0/$300 CL
- Petal Card $0/$750
- Amazon Store Card $0/$600
- Discover Card $2,375/$2,500 @0% APR 14 Months

*My Total Credit across the board is $4,650.
*My credit utilization is roughly 51%.
*My current FICO is 651 on experian/discover app, 636 TU/635 EQ Vantage score.
*I paid 198/500 cap1 & 293/750 petal card the end of last month. My scores haven't updated those payments yet.
*I'll be paying an additional $700 to my Discover card, hopefully before the 27th of this month so it can report for the statement end period
*Average Credit Age: 8 Months
*New Accounts: 5 - , last card I got approved for was the Amazon Store card for $600 02/2020.
*Hard Inquiries: 4
*Collections: 0
*Payment History: Perfect

I have a self-employement annual income of roughly $4,500~$8,800, growing with each year. My business involves using Credit cards to fund me mostly. I invest in collectibles, and later get returns within time a set time period. If I could, I wish I could get a generous loan with a decent APR instead of using credit cards, but beggers can't be choosers.

The cards I was looking at were: Capital One QS, BOA Cash Rewards cards.

Thanks for reading,
Looking forward to the juicy advice you guys will possibly share with me.

- drew

Re: Help me decide on a new 0% APR card

HOODLUMZ007 — Sat, 08 Aug 2020 04:37:31 GMT

I wouldn't do either one of those. Capital one will be a bucket card and BoA requires high credit score. You would do better to check out Navy if you can get in on your own or a relative who was in the military.

Re: Help me decide on a new 0% APR card

randomguy1 — Sat, 08 Aug 2020 04:53:54 GMT

You honestly have had a lot of cards in a quick period of time. I personally would let everything age a bit longer.

Your current limits are an indication of barely getting in. I think your chances would not be high in future short term apps.

Re: Help me decide on a new 0% APR card

TheGameofCredit_ — Sat, 08 Aug 2020 05:14:47 GMT

@randomguy1 wrote:
You honestly have had a lot of cards in a quick period of time. I personally would let everything age a bit longer.

Your current limits are an indication of barely getting in. I think your chances would not be high in future short term apps.

Yeah I figured so. I couldn't believe I even got approved for the amazon and discover card back in January this year. And was given a 2500 line, legit shocked me.

So you think my chances of a new daily card is shot where I currently stand? Even if I get the discover to really low utilization? I use almost all my cards actively but PIF every month. Just this month I started the all cards 0 but 1 plan. But discover needs to come down for me to truly gain the benefits from that...

Im addicted to getting a new card lol, so satisfying...

Re: Help me decide on a new 0% APR card

AllZero — Sat, 08 Aug 2020 05:21:18 GMT

You can request for Product Upgrade on your Capital One Platinum to QuickSilver (not QuickSilver One) in 3-4 months from account open. Capital One check for upgrade link

As recommended up thread, you may want to age your accounts. If not, you may be stuck in low limit hell if approved for a card.

Re: Help me decide on a new 0% APR card

TheGameofCredit_ — Sat, 08 Aug 2020 05:46:02 GMT

How much should I let them age? I went crazy from September 2019 to Febuary 2020 cause before that I had 0 history period. I knew the more I applied the lower my age would be, so I got as many as I could so they could age together.

Re: Help me decide on a new 0% APR card

Brooklyn2018 — Sat, 08 Aug 2020 09:25:17 GMT

@TheGameofCredit_ wrote:
How much should I let them age? I went crazy from September 2019 to Febuary 2020 cause before that I had 0 history period. I knew the more I applied the lower my age would be, so I got as many as I could so they could age together.

IMHO OP, I would give it at least 8-12 months of some great on time payments and let those inquiries age. It's awesome you're PIF-name of the game no interest 😉 That being said, I'd checkout "The Garden Crew" AWESOME BUNCH!!! 😉 Get your mind off applying. I did exactly what you did too quickly and just ended up with low-limit bucketed cards. Take it from me and many others upthread. Chill on app'n and start nap'n. Give your accounts time to shine. I have learned a very valuable lesson from reading and learning about applying for new credit. I NOW review cards/loans I may want or DO WANT and I research research research research and I plan it all out...it takes MONTHS and months of research and planning so much that time passes and before you know it...it's time to apply. It works! I promise!

You definitely do not want to end up with a bunch of inquiries from denials. You want inquiries from aping with a strong(er) profile and that means "gardening."

example: I cold app'd for the Amex card(Delta Gold) got denied. I gardened for 6 months and allowed some dust to settle from 3 Card app spree early this January. App'd Jul 20th BAAM! In the Fam!

Develope some patience(it's your best friend in the Credit world)

...but, ultimately it's upto you.

Good Luck on your Building Journey!

I❤️NY

Re: Help me decide on a new 0% APR card

TheGameofCredit_ — Sat, 08 Aug 2020 20:35:55 GMT

@Brooklyn2018 wrote:
@TheGameofCredit_ wrote:
How much should I let them age? I went crazy from September 2019 to Febuary 2020 cause before that I had 0 history period. I knew the more I applied the lower my age would be, so I got as many as I could so they could age together.
IMHO OP, I would give it at least 8-12 months of some great on time payments and let those inquiries age. It's awesome you're PIF-name of the game no interest 😉 That being said, I'd checkout "The Garden Crew" AWESOME BUNCH!!! 😉 Get your mind off applying. I did exactly what you did too quickly and just ended up with low-limit bucketed cards. Take it from me and many others upthread. Chill on app'n and start nap'n. Give your accounts time to shine. I have learned a very valuable lesson from reading and learning about applying for new credit. I NOW review cards/loans I may want or DO WANT and I research research research research and I plan it all out...it takes MONTHS and months of research and planning so much that time passes and before you know it...it's time to apply. It works! I promise!
You definitely do not want to end up with a bunch of inquiries from denials. You want inquiries from aping with a strong(er) profile and that means "gardening."
example: I cold app'd for the Amex card(Delta Gold) got denied. I gardened for 6 months and allowed some dust to settle from 3 Card app spree early this January. App'd Jul 20th BAAM! In the Fam!

Develope some patience(it's your best friend in the Credit world)

...but, ultimately it's upto you.

Good Luck on your Building Journey!

I❤️NY

Absolutely the plan. Did more research and I have decided to let my accounts age to 1 year. Which will happen 01/2021! I won't apply for anything until then, and I'll just work with what I got for now. Once they hit one year, I'm going crazy lol. I thankfully still have a good amount of time left for my Discover APR offer. Come Febuary next year, I will be shopping!!! Haha, . Thanks for the advice as always

Re: Help me decide on a new 0% APR card

Anonymous — Sat, 08 Aug 2020 21:13:07 GMT

If you don't have any loans you could add in some, and I do mean some rather than one, installment loans. A couple installment loans can add in a lot of payments and credit mix.

Share/Deposit Secure Loans from credit unions can help build credit in a addition to aging cards. Lenders and their algorithms look at them very positively if paid well.

If it's possible, you could also get a employed job to get more income coming in, as having that lower income will suppress limits and approvals all-around.

I got my first card in Sep 2019 too, but built up to around 50k in lines. Income and what you can learn on the forums can very much change your situation.

Share Secure Loan rundown:

https://www.doctorofcredit.com/strengthen-credit-installment-loan-using-secured-loan-technique/

You can do share secure loans with pretty much any credit union, though Navy Federal is preferred

Re: Help me decide on a new 0% APR card

AverageJoesCredit — Sun, 09 Aug 2020 00:30:55 GMT

@Anonymous wrote:
If you don't have any loans you could add in some, and I do mean some rather than one, installment loans. A couple installment loans can add in a lot of payments and credit mix.

Share/Deposit Secure Loans from credit unions can help build credit in a addition to aging cards. Lenders and their algorithms look at them very positively if paid well.

If it's possible, you could also get a employed job to get more income coming in, as having that lower income will suppress limits and approvals all-around.

I got my first card in Sep 2019 too, but built up to around 50k in lines. Income and what you can learn on the forums can very much change your situation.

Share Secure Loan rundown:
https://www.doctorofcredit.com/strengthen-credit-installment-loan-using-secured-loan-technique/

You can do share secure loans with pretty much any credit union, though Navy Federal is preferred

One does not need multiple loans to increase credit mix. One loan satisfies that requirement , whether a ssl, mortgage, car, pl, etc. No need to get multiple loans just to have more.

Re: Help me decide on a new 0% APR card

Anonymous — Sun, 09 Aug 2020 00:40:50 GMT

@AverageJoesCredit wrote:
@Anonymous wrote:
If you don't have any loans you could add in some, and I do mean some rather than one, installment loans. A couple installment loans can add in a lot of payments and credit mix.

Share/Deposit Secure Loans from credit unions can help build credit in a addition to aging cards. Lenders and their algorithms look at them very positively if paid well.

If it's possible, you could also get a employed job to get more income coming in, as having that lower income will suppress limits and approvals all-around.

I got my first card in Sep 2019 too, but built up to around 50k in lines. Income and what you can learn on the forums can very much change your situation.

Share Secure Loan rundown:
https://www.doctorofcredit.com/strengthen-credit-installment-loan-using-secured-loan-technique/

You can do share secure loans with pretty much any credit union, though Navy Federal is preferred
One does not need multiple loans to increase credit mix. One loan satisfies that requirement , whether a ssl, mortgage, car, pl, etc. No need to get multiple loans just to have more.

Gotta make the report thick