topic Re: Cash back card question/recommendation in Credit Cards

Cash back card question/recommendation

ambitiouscat79 — Sat, 04 Dec 2021 21:47:07 GMT

Hello,

I am currently working on building my credit which has gone from 580 to the low 700s for all three bureaus in the last two years.

Over the last year I've picked up some good cards like the AMEX Gold and BCP, as well as US Bank Cash+ am looking for an all around flat rate cash back card for miscellaneous expenses.

I have one collection back to 2018 which is still open and trying to figure out how to resolve or negotiate, but in the mean time have been looking at things like the Citi Double Cash and SoFi...

Last card was the Gold in June 2021 and my intention was to garden for a while since I also need to land an auto loan in the next year - but it would be nice to leverage some type of rewards during the holiday season, not sure if the pros outweigh the cons.

thoughts?

SoFI Credit Card Application vs Apple Card?

ambitiouscat79 — Sat, 04 Dec 2021 21:58:05 GMT

Hi,

It seems that the SoFI application is a soft pull to check to see if they will approve, and from what I've read, hard pull if approved.

Is it like Apple Card (Goldman Sachs) where it allows the customer to decide whether or not to accept credit card terms before turning it into a hard pull?

SoFi is not my preferred choice but I wasn't sure if I could shop around and see what I might be approved for before checking other issuers

Re: SoFI Credit Card Application vs Apple Card?

OmarGB9 — Sat, 04 Dec 2021 22:48:44 GMT

I believe it is similar to the Apple Card, yes. However I will let others who have/have applied for this card answer.

As for your last statement. If SoFi isn't your preferred choice, I wouldn't bother even trying to go for it, because even if you were to get approved, you obviously wouldn't be all that thrilled. Personally, I wouldn't just settle for whatever I could get. I'd hold off and work on my credit report to qualify for better/actual desired cards later down the road. It would save you an HP and a new account ding.

Re: Cash back card question/recommendation

Loquat — Sat, 04 Dec 2021 23:46:36 GMT

Are you looking for a flat rate cash back card (2% everywhere) or are you looking to maximize specific categories?

Re: SoFI Credit Card Application vs Apple Card?

sugarcreek67 — Sun, 05 Dec 2021 01:49:50 GMT

When I applied for the Sofi card, once I submitted it, it came back with an approval. No choice for me to accept or decline.

Re: SoFI Credit Card Application vs Apple Card?

FinStar — Sun, 05 Dec 2021 02:52:47 GMT

@ambitiouscat79 wrote:
Hi,
It seems that the SoFI application is a soft pull to check to see if they will approve, and from what I've read, hard pull if approved.

Is it like Apple Card (Goldman Sachs) where it allows the customer to decide whether or not to accept credit card terms before turning it into a hard pull?

SoFi is not my preferred choice but I wasn't sure if I could shop around and see what I might be approved for before checking other issuers

@ambitiouscat79- as mentioned upthread, the SoFi CC is not like GS/Apple Card. If you are approved, there is no option to accept or decline, it will simply show you the end result. If you are declined, no HP. It's only when you're approved that the HP will be done on EX.

Re: SoFI Credit Card Application vs Apple Card?

ambitiouscat79 — Sun, 05 Dec 2021 02:58:30 GMT

thank you for the info - that is helpful info!!! Tangent but related, would you recommend the card?

Re: SoFI Credit Card Application vs Apple Card?

ambitiouscat79 — Sun, 05 Dec 2021 03:59:08 GMT

@FinStar wrote:
@ambitiouscat79 wrote:
Hi,
It seems that the SoFI application is a soft pull to check to see if they will approve, and from what I've read, hard pull if approved.

Is it like Apple Card (Goldman Sachs) where it allows the customer to decide whether or not to accept credit card terms before turning it into a hard pull?

SoFi is not my preferred choice but I wasn't sure if I could shop around and see what I might be approved for before checking other issuers
@ambitiouscat79- as mentioned upthread, the SoFi CC is not like GS/Apple Card. If you are approved, there is no option to accept or decline, it will simply show you the end result. If you are declined, no HP. It's only when you're approved that the HP will be done on EX.

Thank you! This is what I thought might be the case!

Re: Cash back card question/recommendation

ambitiouscat79 — Sun, 05 Dec 2021 03:02:45 GMT

A flat cash back preferably to fill in misc gaps whether in points or cash back - I already have the Amex gold and bcp for dining/groceries/gas/streaming and an Apple Card for Apple Pay or apple/bike... also us cash plus for utilities and gym... So it would ideally be for misc expenses for Christmas shopping, random online shopping, misc expenses...

Re: SoFI Credit Card Application vs Apple Card?

sugarcreek67 — Sun, 05 Dec 2021 03:04:50 GMT

Strait 2% unlimited card no AF, No FTF can redeem your cash back into your sofi money account.

Re: Cash back card question/recommendation

Anonymous — Sun, 05 Dec 2021 03:21:27 GMT

@ambitiouscat79 wrote:
Hello,

I am currently working on building my credit which has gone from 580 to the low 700s for all three bureaus in the last two years.

Over the last year I've picked up some good cards like the AMEX Gold and BCP, as well as US Bank Cash+ am looking for an all around flat rate cash back card for miscellaneous expenses.

I have one collection back to 2018 which is still open and trying to figure out how to resolve or negotiate, but in the mean time have been looking at things like the Citi Double Cash and SoFi...

Last card was the Gold in June 2021 and my intention was to garden for a while since I also need to land an auto loan in the next year - but it would be nice to leverage some type of rewards during the holiday season, not sure if the pros outweigh the cons.

thoughts?

TD bank came out with a new card over the summer. I have it and it seems to be similar to the Citi card.1% when you charge and 1% when you pay. So far a very good card. I have the Citi one that you are talking about as well. Both very similar cards. However, with a collection I think that TD bank would be more open to approving you. I am not so sure about Citi. You really need to check the forums to see how others faired with the Citi card and collections.

Thanks

Mark

Re: Cash back card question/recommendation

Rockysocks — Sun, 05 Dec 2021 03:24:12 GMT

@ambitiouscat79 wrote:
A flat cash back preferably to fill in misc gaps whether in points or cash back - I already have the Amex gold and bcp for dining/groceries/gas/streaming and an Apple Card for Apple Pay or apple/bike... also us cash plus for utilities and gym... So it would ideally be for misc expenses for Christmas shopping, random online shopping, misc expenses...

Have you looked into the AOD Visa Signature with 3% back on everything?

Re: Cash back card question/recommendation

FinStar — Sun, 05 Dec 2021 04:07:51 GMT

@ambitiouscat79 wrote:
thank you for the info - that is helpful info!!! Tangent but related, would you recommend the card?

@ambitiouscat79

Since your SoFi/Apple Card discussion has evolved into additional cashback recommendations, your 2 threads have been merged to avoid multiple topics based on the same premise.

Re: Cash back card question/recommendation

SouthJamaica — Sun, 05 Dec 2021 05:29:49 GMT

@ambitiouscat79 wrote:
Hello,

I am currently working on building my credit which has gone from 580 to the low 700s for all three bureaus in the last two years.

Over the last year I've picked up some good cards like the AMEX Gold and BCP, as well as US Bank Cash+ am looking for an all around flat rate cash back card for miscellaneous expenses.

I have one collection back to 2018 which is still open and trying to figure out how to resolve or negotiate, but in the mean time have been looking at things like the Citi Double Cash and SoFi...

Last card was the Gold in June 2021 and my intention was to garden for a while since I also need to land an auto loan in the next year - but it would be nice to leverage some type of rewards during the holiday season, not sure if the pros outweigh the cons.

thoughts?

The inquiry and new account won't help your auto loan application.

A good cash back card is the FNBO Evergreen 2%% cash back card.

Re: Cash back card question/recommendation

ptatohed — Sun, 05 Dec 2021 10:20:48 GMT

@ambitiouscat79 wrote:
Hello,

I am currently working on building my credit which has gone from 580 to the low 700s for all three bureaus in the last two years.

Over the last year I've picked up some good cards like the AMEX Gold and BCP, as well as US Bank Cash+ am looking for an all around flat rate cash back card for miscellaneous expenses.

I have one collection back to 2018 which is still open and trying to figure out how to resolve or negotiate, but in the mean time have been looking at things like the Citi Double Cash and SoFi...

Last card was the Gold in June 2021 and my intention was to garden for a while since I also need to land an auto loan in the next year - but it would be nice to leverage some type of rewards during the holiday season, not sure if the pros outweigh the cons.

thoughts?

Not sure if I am answering your question but a year + ago, I had perfect credit except for one medical collection for a minor shin surgery I had, for a measly $108 but I refused to pay because I didn't agree with the bill. Leaving out any more details, I basically disputed the charge month after month after month after month until the medical facility got tired (or short staffed?) of providing validation of the bill. I finally prevailed and I am perfect credit. Over 800 as of last month when I bought a Telluride for $0 down and 1.9% for 60 months. My point? Constantly dispute anything negative on your report.

Re: Cash back card question/recommendation

OmarGB9 — Sun, 05 Dec 2021 11:04:58 GMT

@ptatohed wrote:
@ambitiouscat79 wrote:
Hello,

I am currently working on building my credit which has gone from 580 to the low 700s for all three bureaus in the last two years.

Over the last year I've picked up some good cards like the AMEX Gold and BCP, as well as US Bank Cash+ am looking for an all around flat rate cash back card for miscellaneous expenses.

I have one collection back to 2018 which is still open and trying to figure out how to resolve or negotiate, but in the mean time have been looking at things like the Citi Double Cash and SoFi...

Last card was the Gold in June 2021 and my intention was to garden for a while since I also need to land an auto loan in the next year - but it would be nice to leverage some type of rewards during the holiday season, not sure if the pros outweigh the cons.

thoughts?
Not sure if I am answering your question but a year + ago, I had perfect credit except for one medical collection for a minor shin surgery I had, for a measly $108 but I refused to pay because I didn't agree with the bill. Leaving out any more details, I basically disputed the charge month after month after month after month until the medical facility got tired (or short staffed?) of providing validation of the bill. I finally prevailed and I am perfect credit. Over 800 as of last month when I bought a Telluride for $0 down and 1.9% for 60 months. My point? Constantly dispute anything negative on your report.

I'm sorry, but that is terrible advice. You honestly just got lucky. Typically, when you dispute the same tradeline over and over for the same reason, the CRAs will label you a "frivolous disputer" and either block you from disputing altogether, or they will allow you to dispute, but they will just close the investigation right away every time. I don't know how they didn't do that to you when you kept disputing for months on end, but like I said, it was luck they didn't and also lucky the medical collection finally gave in. I think the fact that it was only $108 also helped you. If it was a much larger amount, I don't think the collection agency would have given in.

Re: SoFI Credit Card Application vs Apple Card?

staticvoidmain — Sun, 05 Dec 2021 12:26:13 GMT

@ambitiouscat79 wrote:
thank you for the info - that is helpful info!!! Tangent but related, would you recommend the card?

I have their card. My opinion two months, or even a month ago would have been different, but SoFi has changed their process. I have mentioned this before in other threads, but currently, you can just apply to SoFi, every month until you get approved, without penalty to your credit. If you're set with it, just do it. Once you "apply", you agree to a hard pull once approved. No more steps between "apply" and "approved with HP"/"Declined with SP".

For what it's worth, I applied three times. The first time was an HP (before they changed their application process). I applied the following month, denied, but SP. I applied again a month after, SP then HP (approved).

As mentioned, I have the SoFi card. It is a straight 2% card. I also have the PayPal 2% (which now has FTF). I did not even consider the Citi DC because it has the worst structure. I applied for the Sofi because it is a real 2% everywhere card in that I can use it abroad, or purchase anything online regardless of where it's coming from, without worrying if I will be charged a 3% fee or not. I also bank with SoFi. They also give you cashback bonuses for a LOT of things, like one-time bonuses such as adding your card to google/apple pay, or recurring cashback bonuses like whenever you get paid on a linked SoFi checking account, (or the 1% daily if you sign in to the app). It is also a WEMC if that matters to you.

I hate when card companies change their terms. If SoFi is in charge of their credit card terms, then it gives me peace of mind, in that I have experience with them grandfathering their original, favorable terms. It's just an assumption, of course.

*My opinion reflects someone who has recently applied, approved, and acquired the card. I could be a little more enthusiastic with bias.