topic Re: Next Card To Get? Advice Needed in Credit Cards

Next Card To Get? Advice Needed

Justocrates — Sun, 01 Aug 2021 03:20:47 GMT

I currently have a couple of lower limit cards. I am looking to get my first higher limit card and I have been waiting a long time to even apply. Mainly because I don't know which one I should apply for. Essentially I am looking to get the highest limit possible and to obtain my "main card".

I would love some direction please as this is a pretty big decision for me. I have 0 pulls reporting right now. I want to get some ideas as to what my likely best options are.

currently I have..

Discover $1500 limit

Capital One QuicksilverOne $1000 limit

Capital One Platinum $500 limit

Lowes $1300 Limit

All have under 30% usage except Lowe's because they basically gave me enough credit to cover the purchase with the amount given.

My scores are

701 - TU

721 - EX

723 - EQ

Re: Next Card To Get? Advice Needed

Horseshoez — Sun, 01 Aug 2021 03:28:37 GMT

@Justocrates, given your current profile, I'm thinking a Credit Union; Navy Federal (if you qualify to join) or PenFed are a great place to start.

Re: Next Card To Get? Advice Needed

TSlop — Sun, 01 Aug 2021 03:30:45 GMT

I don't really have a specific direction to point you, but I can offer some suggestions. I assume by your use of the "main card" term that you are looking for one that will get most of your spend. Unless you have specific travel/hotel/airline cards in mind, I'd go for something with at least 2% cashback. You could look at the Citi DC card, or a credit union card. I don't know how generous Citi is with the DC card, but credit unions may give higher limits.

Re: Next Card To Get? Advice Needed

Justocrates — Sun, 01 Aug 2021 03:33:27 GMT

I keep getting PreApproval offers for the Chase Saphire Preferred. I was also considering the Bank Of America Rewards card or Citi Double Cash.

Why would you suggest a credit union next instead?

Re: Next Card To Get? Advice Needed

Horseshoez — Sun, 01 Aug 2021 03:40:33 GMT

@Justocrates wrote:
I keep getting PreApproval offers for the Chase Saphire Preferred. I was also considering the Bank Of America Rewards card or Citi Double Cash.

Why would you suggest a credit union next instead?

The criteria you gave us was focused on the highest limit possible; credit unions have a pretty good reputation for offering relatively high limits for folks with lower limit cards. If you have other criteria, you'll need to help us out with what you're shopping for.

Re: Next Card To Get? Advice Needed

Justocrates — Sun, 01 Aug 2021 04:31:53 GMT

No I don't. I mean.. rewards are always nice but it sounds like you can get rewards cards with the CU anyway. I only ask because I didn't know the answer.

One last thing.. with a CU wouldn't I need to have an account with them? Prior to the credit card of course.

Re: Next Card To Get? Advice Needed

Remedios — Sun, 01 Aug 2021 04:53:31 GMT

@Justocrates wrote:
I currently have a couple of lower limit cards. I am looking to get my first higher limit card and I have been waiting a long time to even apply. Mainly because I don't know which one I should apply for. Essentially I am looking to get the highest limit possible and to obtain my "main card".

I would love some direction please as this is a pretty big decision for me. I have 0 pulls reporting right now. I want to get some ideas as to what my likely best options are.

currently I have..
Discover $1500 limit
Capital One QuicksilverOne $1000 limit
Capital One Platinum $500 limit
Lowes $1300 Limit
All have under 30% usage except Lowe's because they basically gave me enough credit to cover the purchase with the amount given.

My scores are
701 - TU
721 - EX
723 - EQ

Hi and welcome

Is Lowes card maxed out at the moment?

Re: Next Card To Get? Advice Needed

csryang — Sun, 01 Aug 2021 05:16:44 GMT

Amex and Credit Union cards typically have the higher limit potential.

Other than that, you should easily get higher limit card if your income is high.

In addition, it seems that your credit score is not optimized yet...

To get the best possible fico score before any credit card application--

1) to set the statement closing date to be the same or close to each other for better tracking

2) pay off all credit card balances except leaving one card with 1-9% credit utilization, not zero, before its statement closing.

3) once you see the fico score boost, then it's the time to apply!

Re: Next Card To Get? Advice Needed

Anonymous — Sun, 01 Aug 2021 07:39:47 GMT

Everything @csryang just said!

For higher limits, and decent cash back rewards, with rapid CLI I second AMEX.

For higher limits, and not so decent rewards, but good benefits, go Navy!

Best of luck to you, keep us posted.

Re: Next Card To Get? Advice Needed

SouthJamaica — Sun, 01 Aug 2021 13:14:28 GMT

@Justocrates wrote:
I currently have a couple of lower limit cards. I am looking to get my first higher limit card and I have been waiting a long time to even apply. Mainly because I don't know which one I should apply for. Essentially I am looking to get the highest limit possible and to obtain my "main card".

I would love some direction please as this is a pretty big decision for me. I have 0 pulls reporting right now. I want to get some ideas as to what my likely best options are.

currently I have..
Discover $1500 limit
Capital One QuicksilverOne $1000 limit
Capital One Platinum $500 limit
Lowes $1300 Limit
All have under 30% usage except Lowe's because they basically gave me enough credit to cover the purchase with the amount given.

My scores are
701 - TU
721 - EX
723 - EQ

I don't think it's the right time for you. It will be when you get Lowes paid off. Then I would apply for the Chase Freedom Flex or Freedom Unlimited.

Re: Next Card To Get? Advice Needed

SouthJamaica — Sun, 01 Aug 2021 13:15:21 GMT

@Justocrates wrote:
I keep getting PreApproval offers for the Chase Saphire Preferred. I was also considering the Bank Of America Rewards card or Citi Double Cash.

Why would you suggest a credit union next instead?

You won't get the CSP because your credit limits are too low.

Re: Next Card To Get? Advice Needed

CreditCrusader — Sun, 01 Aug 2021 13:52:48 GMT

@Horseshoez wrote:
@Justocrates wrote:
I keep getting PreApproval offers for the Chase Saphire Preferred. I was also considering the Bank Of America Rewards card or Citi Double Cash.

Why would you suggest a credit union next instead?
The criteria you gave us was focused on the highest limit possible; credit unions have a pretty good reputation for offering relatively high limits for folks with lower limit cards. If you have other criteria, you'll need to help us out with what you're shopping for.

This...AND they usually offer lower interest rates, to boot.

Re: Next Card To Get? Advice Needed

Anonymous — Sun, 01 Aug 2021 14:01:11 GMT

@Justocrates wrote:
I currently have a couple of lower limit cards. I am looking to get my first higher limit card and I have been waiting a long time to even apply. Mainly because I don't know which one I should apply for. Essentially I am looking to get the highest limit possible and to obtain my "main card".

I would love some direction please as this is a pretty big decision for me. I have 0 pulls reporting right now. I want to get some ideas as to what my likely best options are.

currently I have..
Discover $1500 limit
Capital One QuicksilverOne $1000 limit
Capital One Platinum $500 limit
Lowes $1300 Limit
All have under 30% usage except Lowe's because they basically gave me enough credit to cover the purchase with the amount given.

My scores are
701 - TU
721 - EX
723 - EQ

Have you not tried asking Lowes for a CLI? They are pretty easy to get one and you can easily hit 25K in no time. Those Cap 1 cards will grow very very very slow.

Re: Next Card To Get? Advice Needed

Horseshoez — Sun, 01 Aug 2021 14:54:05 GMT

@Justocrates wrote:
No I don't. I mean.. rewards are always nice but it sounds like you can get rewards cards with the CU anyway. I only ask because I didn't know the answer.

One last thing.. with a CU wouldn't I need to have an account with them? Prior to the credit card of course.

Yes, I believe most (all?) CUs require you to have an account before issuing a credit card. I opened my account with PenFed with a whopping deposit of $5.00.

Re: Next Card To Get? Advice Needed

unsungivy — Sun, 01 Aug 2021 17:50:27 GMT

@Horseshoez wrote:
@Justocrates wrote:
No I don't. I mean.. rewards are always nice but it sounds like you can get rewards cards with the CU anyway. I only ask because I didn't know the answer.

One last thing.. with a CU wouldn't I need to have an account with them? Prior to the credit card of course.
Yes, I believe most (all?) CUs require you to have an account before issuing a credit card. I opened my account with PenFed with a whopping deposit of $5.00.

CUs serviced by Elan can provide cards without joining.

Re: Next Card To Get? Advice Needed

Justocrates — Sun, 01 Aug 2021 20:01:34 GMT

Lowe's card is not maxxed out. About $850 balance on 1300.

Re: Next Card To Get? Advice Needed

Justocrates — Sun, 01 Aug 2021 20:09:06 GMT

So.. from what I understand. I have two options.. pay down my Lowe's and any cards above 10%. Ask Lowe's for an increase to get my % down quicker. Wait until they report to raise my FICO. Then apply.

Open an account with Pen CU. Then apply for Credit Card with them.

I thought Inwould be able to get the Chase Saphire Preferred considering I get an ad from them every other day. I guess that is not the case. For future reference.. what should my limits be at if I were to apply for the CSP card?

Re: Next Card To Get? Advice Needed

SouthJamaica — Mon, 02 Aug 2021 00:53:12 GMT

@Justocrates wrote:
So.. from what I understand. I have two options.. pay down my Lowe's and any cards above 10%. Ask Lowe's for an increase to get my % down quicker. Wait until they report to raise my FICO. Then apply.

OR

Open an account with Pen CU. Then apply for Credit Card with them.

I thought Inwould be able to get the Chase Saphire Preferred considering I get an ad from them every other day. I guess that is not the case. For future reference.. what should my limits be at if I were to apply for the CSP card?

They look for people who have experience with at least one card that had a 5k or larger limit.

Re: Next Card To Get? Advice Needed

Citylights18 — Mon, 02 Aug 2021 05:53:13 GMT

@Justocrates wrote:
I currently have a couple of lower limit cards. I am looking to get my first higher limit card and I have been waiting a long time to even apply. Mainly because I don't know which one I should apply for. Essentially I am looking to get the highest limit possible and to obtain my "main card".

I would love some direction please as this is a pretty big decision for me. I have 0 pulls reporting right now. I want to get some ideas as to what my likely best options are.

currently I have..
Discover $1500 limit
Capital One QuicksilverOne $1000 limit
Capital One Platinum $500 limit
Lowes $1300 Limit
All have under 30% usage except Lowe's because they basically gave me enough credit to cover the purchase with the amount given.

My scores are
701 - TU
721 - EX
723 - EQ

Overall looking at your credit profile my thoughts.

-At the moment you only have $4300 of revolving credit. That isn't a great deal and could impact any attempt at acquiring a big boy card with a 10,000+ limit for most of the national issuers.

-Credit scores are pretty good. Don't let these perfectionists on here with 850 make you feel like you have a mediocre score. A decent credit score is 620. A good score is 670 and is about where you need to be to get in the door with Chase. In the low 700s you should be able to get your pick of cards.

Given this information the route I would probably go is get into a good credit union (with high APY and/or high credit products) and leveraget that membership to get higher limit cards. Then with the higher limit cards from the CCs you'll look like a player when you go out to Chase, Citi, Wells, AMEX etc.

Something like this Citizen's offer of a $400 dollar checking acount bonus.

https://www.doctorofcredit.com/ct-de-ma-mi-nh-nj-ny-oh-pa-ri-vt-citizens-bank-400-checking-bonus-2/

They have a decent credit card with 5% on travel/gas through the end of the year.

https://www.citizensbank.com/credit-cards/overview.aspx?

I'm not saying you have to go to Citizen's. It might not be in your geographic region. But this is an example of the type of next step banking relationship you might want to consider to score a bigger credit card.

Re: Next Card To Get? Advice Needed

digitek — Mon, 02 Aug 2021 06:05:33 GMT

@Justocrates wrote:
So.. from what I understand. I have two options.. pay down my Lowe's and any cards above 10%. Ask Lowe's for an increase to get my % down quicker. Wait until they report to raise my FICO. Then apply.

OR

Open an account with Pen CU. Then apply for Credit Card with them.

I thought Inwould be able to get the Chase Saphire Preferred considering I get an ad from them every other day. I guess that is not the case. For future reference.. what should my limits be at if I were to apply for the CSP card?

I would pay down your Lowe's card and all your other balances as much as you can. Wait for that to reflect in your credit scores then pick an Amex card that works with your spend and apply for that. Annual income is going to be one of the most important factors in your initial credit limit, CU's will generally ask for proof of this, Amex will probably not. If you are not satisfied with your initial credit limit with Amex, as long as you are responsible with your credit behavior, they have a pretty easy way of asking for credit limit increases with soft pulls and are usually good at building large credit limits that way. You can look for an "Amex 3x Cli" (or close to that) thread on here for more information. They are a solid lender to get in with.