topic Re: Advice on applying for credit cards in Credit Cards

Advice on applying for credit cards

jsweeti1 — Mon, 13 Feb 2023 00:54:14 GMT

Hello all!

I'm new here!

I am not sure if this is the correct place for my questions. Please redirect if not.

Given my FICO scores, what would be the best credit cards to apply for? - located in signature

Also, in your opinion, what credit cards could I close out in the near future? - located in signature

P.S. My current credit utilization is 14% may be even lower since some of my balances haven't been updated yet.

Thank you!

Re: Advice on applying for credit cards

OmarGB9 — Mon, 13 Feb 2023 03:33:34 GMT

Hello and welcome.

We'd need more information to make any meaningful recommendations. By that, I mean please tell us what your goals are. For example, do you want as high of a limit as possible, do you want to chase SUBs (sign up bonuses)? What are your main spend categories? Are AF (annual fees) a deal-breaker? etc.

Re: Advice on applying for credit cards

jsweeti1 — Tue, 14 Feb 2023 04:01:08 GMT

@OmarGB9 wrote:
Hello and welcome.

We'd need more information to make any meaningful recommendations. By that, I mean please tell us what your goals are. For example, do you want as high of a limit as possible, do you want to chase SUBs (sign up bonuses)? What are your main spend categories? Are AF (annual fees) a deal-breaker? etc.

Hello Omar,

I would like higher credit lines. I am not sure about the annual fee as I've been told to never get a cc with a fee. I probably spend the most on rideshare services, groceries, and subscriptions (in that order).

Re: Advice on applying for credit cards

Anonymous — Mon, 13 Feb 2023 05:06:53 GMT

@jsweeti1 wrote:
Hello Omar,

I would like higher credit lines. I am not sure about the annual fee as I've been told to never get a cc with a fee.

That is probably bad advice! Now there are cards out there with annual fees that offer nothing over free cards, and you certainly should avoid them. But many annual fee cards will more than repay the fee *IF* your spending and redemption habits fit the card (i.e. there are very good cards with annual fees which are great for certain people, and a waste of money for others)

Re: Advice on applying for credit cards

mrphilli — Mon, 13 Feb 2023 17:29:29 GMT

How long have you had your Citi Double Cash and Discover IT cards? If you're looking for higher credit limits and the cards aren't new, then it might be worthwhile to see if Citi and/or Discover will increase your current limits before you apply for new credit cards. I feel like you could grow your credit file with the Citi and Discover cards and, as your score improves, more advantageous products should be easier to attain in the future.

I've been able to request credit limit increases on their respective websites, which makes me feel like it is a pretty low stakes affair to see if they'll extend additional credit or not. In the past, they've asked me for my income and housing payment information in order to make a decision with only a soft inquiry.

However, just be aware that these requests can involve a hard inquiry to your credit bureau report. If this is required, then it should be indicated on the web page. If you find out that a hard inquiry will be required for them to make a decision, then you'll need to think about whether it is worth it or not. Some folks guard their hard inquiries like they're gold and others aren't as concerned about them. It is up to you on how you feel about it.

Annual fees? You mentioned not applying for cards with annual fees in this thread. I'm not too knowledgeable about their products, but I thought the Capital One QuicksilverOne and Credit One Platinum cards had annual fees. I'll happily eat crow if that isn't accurate, but that might be something for you to look into with those two accounts.

Card closures? If I were considering closing any of your cards down the road, I'd look at the Capital One Platinum Secured and Credit One Platinum cards first. It feels like you've either outgrown or are outgrowing the need for them considering their limits, the secured nature of the former card (assuming it doesn't graduate to an unsecured card), and the possible annual fee without the additional benefits to make it worthwhile on the latter card.

Is it possible to do a product change for the Capital One QuicksilverOne card? I'm hoping someone more knowledgeable than me can weigh in on this; however, I could see that being a worthwhile decision in the future.

Store cards? I could see the Target Red Card being useful for groceries. I'm not sure about the Overstock.com or Macy's Star Rewards cards, though. Do those cards offer benefits that matter to you? If so, keep 'em. If not, consider closing them or tossing them in the sock drawer.

Re: Advice on applying for credit cards

SouthJamaica — Mon, 13 Feb 2023 17:54:32 GMT

@jsweeti1 wrote:
Hello all!
I'm new here!

I am not sure if this is the correct place for my questions. Please redirect if not.

Given my FICO scores, what would be the best credit cards to apply for? - located in signature

Also, in your opinion, what credit cards could I close out in the near future? - located in signature

P.S. My current credit utilization is 14% may be even lower since some of my balances haven't been updated yet.

Thank you!

Welcome to the forum.

If I were you I wouldn't necessarily add any cards, but if you wanted to add a cash back card I would suggest the American Express Blue Cash Everyday.

As to closing cards, I would close Credit One.

Re: Advice on applying for credit cards

Rogue46 — Mon, 13 Feb 2023 18:04:08 GMT

The Amex blue cash preferred offers 6x on groceries. 6x on streaming and 3x on ride sharing which seems to cover your main categories

It does have a $95 annual fee but it's waived the first year.

Re: Advice on applying for credit cards

OmarGB9 — Mon, 13 Feb 2023 19:52:31 GMT

@jsweeti1 wrote:
@OmarGB9 wrote:
Hello and welcome.

We'd need more information to make any meaningful recommendations. By that, I mean please tell us what your goals are. For example, do you want as high of a limit as possible, do you want to chase SUBs (sign up bonuses)? What are your main spend categories? Are AF (annual fees) a deal-breaker? etc.
@OmarGB9 wrote:
Hello and welcome.

We'd need more information to make any meaningful recommendations. By that, I mean please tell us what your goals are. For example, do you want as high of a limit as possible, do you want to chase SUBs (sign up bonuses)? What are your main spend categories? Are AF (annual fees) a deal-breaker? etc.

Hello Omar,

I would like higher credit lines. I am not sure about the annual fee as I've been told to never get a cc with a fee. I probably spend the most on rideshare services, groceries, and subscriptions (in that order).

Well higher limits generally depend on your individual credit profile. But, there are a few lenders know to be a bit more generous than others, such as NFCU (if you qualify). Otherwise it's dependent on income, credit and payment history, etc.

And whoever told you that or if you saw/read it on the internet somewhere, ignore it. Just because a card has an AF doesn't mean it's automatically a ripoff. Sure, some subprime, predatory cards have sky-high AFs and other fees, but some prime cards by well-known issuers also have fees, but they also have many perks to go along with that.

That said, Amex BCP may be a good one (6x streaming and groceries [assuming you're referring to streaming subscriptions]) and 3x transit (rideshare), but it has a $95 AF.

Or perhaps Navy Federal Credit Union MoreRewards (again, if you qualify to join Navy Federal). It has 3x on gas, transit, and groceries. Also 3x on dining/fast food (I know you didn't mention this, but I'm just pointing it out as a bonus multiplier on the card). No AF.

Re: Advice on applying for credit cards

markhs777 — Mon, 13 Feb 2023 22:41:03 GMT

@jsweeti1 wrote:
@OmarGB9 wrote:
Hello and welcome.

We'd need more information to make any meaningful recommendations. By that, I mean please tell us what your goals are. For example, do you want as high of a limit as possible, do you want to chase SUBs (sign up bonuses)? What are your main spend categories? Are AF (annual fees) a deal-breaker? etc.
@OmarGB9 wrote:
Hello and welcome.

We'd need more information to make any meaningful recommendations. By that, I mean please tell us what your goals are. For example, do you want as high of a limit as possible, do you want to chase SUBs (sign up bonuses)? What are your main spend categories? Are AF (annual fees) a deal-breaker? etc.

Hello Omar,

I would like higher credit lines. I am not sure about the annual fee as I've been told to never get a cc with a fee. I probably spend the most on rideshare services, groceries, and subscriptions (in that order).

Yes it has has a $95'annual fee however it's a very nice card for your spending: The Savor One cash rewards card. Check it out.

Re: Advice on applying for credit cards

FireMedic1 — Mon, 13 Feb 2023 22:58:19 GMT

@jsweeti1 wrote:
Hello all!
I'm new here!

I am not sure if this is the correct place for my questions. Please redirect if not.

Given my FICO scores, what would be the best credit cards to apply for? - located in signature

Also, in your opinion, what credit cards could I close out in the near future? - located in signature

P.S. My current credit utilization is 14% may be even lower since some of my balances haven't been updated yet.

Thank you!

Welcome @jsweeti1

My question is. How long has it been from first to last card in your lineup? All in the past year for an example.

Re: Advice on applying for credit cards

jsweeti1 — Tue, 14 Feb 2023 03:50:27 GMT

@FireMedic1 wrote:
@jsweeti1 wrote:
Hello all!
I'm new here!

I am not sure if this is the correct place for my questions. Please redirect if not.

Given my FICO scores, what would be the best credit cards to apply for? - located in signature

Also, in your opinion, what credit cards could I close out in the near future? - located in signature

P.S. My current credit utilization is 14% may be even lower since some of my balances haven't been updated yet.

Thank you!
Welcome @jsweeti1
My question is. How long has it been from first to last card in your lineup? All in the past year for an example.

From oldest to youngest: Discover (5/2020), Target Redcard/TD Bank (09/2020), Credit One (09/2020), Macy's (09/2020), Overstock (2020), Capital One Platinum (12/2021), Capital One Quicksilver One (11/2022), Citibank Double Cash (01/2023). I am looking to close out accounts, but I am concerned that my score will drop. Macy's and Overstock I do not use at all, so they carry $0 balances all the time.

(P.S. I did have credit cards back in 2015, but I was young, dumb, and uneducated about finances and credit cards, so I ended up settling these accounts. Luckily the derogatory marks will be off my credit report in the next year or so.)

Re: Advice on applying for credit cards

jsweeti1 — Tue, 14 Feb 2023 04:32:42 GMT

@mrphilli wrote:
How long have you had your Citi Double Cash and Discover IT cards? If you're looking for higher credit limits and the cards aren't new, then it might be worthwhile to see if Citi and/or Discover will increase your current limits before you apply for new credit cards. I feel like you could grow your credit file with the Citi and Discover cards and, as your score improves, more advantageous products should be easier to attain in the future. I've had Discover for almost 3 years and my Citi I just recently received

I've been able to request credit limit increases on their respective websites, which makes me feel like it is a pretty low stakes affair to see if they'll extend additional credit or not. In the past, they've asked me for my income and housing payment information in order to make a decision with only a soft inquiry. I did request an increase from Discover a month or so ago and went from $500 to $2,000 CL

However, just be aware that these requests can involve a hard inquiry to your credit bureau report. If this is required, then it should be indicated on the web page. If you find out that a hard inquiry will be required for them to make a decision, then you'll need to think about whether it is worth it or not. Some folks guard their hard inquiries like they're gold and others aren't as concerned about them. It is up to you on how you feel about it.

Annual fees? You mentioned not applying for cards with annual fees in this thread. I'm not too knowledgeable about their products, but I thought the Capital One QuicksilverOne and Credit One Platinum cards had annual fees. I'll happily eat crow if that isn't accurate, but that might be something for you to look into with those two accounts. Nope, they do not. I was told the cards with annual fees = bad but I am learning from the commentors in this post that it's not necessarily true

Card closures? If I were considering closing any of your cards down the road, I'd look at the Capital One Platinum Secured and Credit One Platinum cards first. It feels like you've either outgrown or are outgrowing the need for them considering their limits, the secured nature of the former card (assuming it doesn't graduate to an unsecured card), and the possible annual fee without the additional benefits to make it worthwhile on the latter card.
Yeah, I am not using them as much especially since the CL is not much to work with. I do use the credit one for subscriptions but they can be easily changed to another card
Is it possible to do a product change for the Capital One QuicksilverOne card? I'm hoping someone more knowledgeable than me can weigh in on this; however, I could see that being a worthwhile decision in the future. Looked this up online it appears it is possible to do a product change. I do not know if it possible for the Quicksliver but it seems that Capital One is willing to do product changes

Store cards? I could see the Target Red Card being useful for groceries. I'm not sure about the Overstock.com or Macy's Star Rewards cards, though. Do those cards offer benefits that matter to you? If so, keep 'em. If not, consider closing them or tossing them in the sock drawer. If I am being honest, I never use the Macy's or Overstock. I just do not shop at those places as much anymore. The Redcard I am tempeted to old onto a bit longer

Re: Advice on applying for credit cards

jsweeti1 — Tue, 14 Feb 2023 04:02:37 GMT

@Anonymous wrote:
@jsweeti1 wrote:
Hello Omar,

I would like higher credit lines. I am not sure about the annual fee as I've been told to never get a cc with a fee.
That is probably bad advice! Now there are cards out there with annual fees that offer nothing over free cards, and you certainly should avoid them. But many annual fee cards will more than repay the fee *IF* your spending and redemption habits fit the card (i.e. there are very good cards with annual fees which are great for certain people, and a waste of money for others)

Thank you for your input! What you're saying makes sense.

Re: Advice on applying for credit cards

jsweeti1 — Tue, 14 Feb 2023 04:04:00 GMT

@SouthJamaica wrote:
@jsweeti1 wrote:
Hello all!
I'm new here!

I am not sure if this is the correct place for my questions. Please redirect if not.

Given my FICO scores, what would be the best credit cards to apply for? - located in signature

Also, in your opinion, what credit cards could I close out in the near future? - located in signature

P.S. My current credit utilization is 14% may be even lower since some of my balances haven't been updated yet.

Thank you!
Welcome to the forum.

If I were you I wouldn't necessarily add any cards, but if you wanted to add a cash back card I would suggest the American Express Blue Cash Everyday.

As to closing cards, I would close Credit One.

Thanks for the welcome! Would you mind expanding on why you would close the Credit One card?

Re: Advice on applying for credit cards

jsweeti1 — Tue, 14 Feb 2023 04:07:00 GMT

@Rogue46 wrote:
The Amex blue cash preferred offers 6x on groceries. 6x on streaming and 3x on ride sharing which seems to cover your main categories

It does have a $95 annual fee but it's waived the first year.

With the Amex blue cash preferred, does the cash back pay for the annual fee? Could you use Cashback to pay for the annual fee? Thanks!

Re: Advice on applying for credit cards

jsweeti1 — Tue, 14 Feb 2023 04:14:55 GMT

Well higher limits generally depend on your individual credit profile. But, there are a few lenders know to be a bit more generous than others, such as NFCU (if you qualify). Otherwise it's dependent on income, credit and payment history, etc.
So funny story (or not so funny), once upon a time, I did have a credit card with NFCU (mom served in the Navy and Army) but 18 y/o me was not so smart with paying off the credit card on time. I do recall them giving me a significant credit line. Probably not the smartest on their part haha.

And whoever told you that or if you saw/read it on the internet somewhere, ignore it. Just because a card has an AF doesn't mean it's automatically a ripoff. Sure, some subprime, predatory cards have sky-high AFs and other fees, but some prime cards by well-known issuers also have fees, but they also have many perks to go along with that.
Thanks! Now, I know better.

That said, Amex BCP may be a good one (6x streaming and groceries [assuming you're referring to streaming subscriptions]) and 3x transit (rideshare), but it has a $95 AF.

Or perhaps Navy Federal Credit Union MoreRewards (again, if you qualify to join Navy Federal). It has 3x on gas, transit, and groceries. Also 3x on dining/fast food (I know you didn't mention this, but I'm just pointing it out as a bonus multiplier on the card). No AF.

Re: Advice on applying for credit cards

ptatohed — Tue, 14 Feb 2023 08:34:40 GMT

jsw1,

You have some good cards already. Particularly, the citi DC has you covered at 2% minimum cash back (so long as you don't use your CB for statement credits, resulting in a 1.99% CB card ). My advice would be to get your scores up and let time go by before applying for new card. But, when you do, I'd start looking at cards that can get you more than 2% CB (i.e. 3% - 6%). I have to admit, I am in the NO AF camp myself. But that's probably because I cherish true CB and not travel rewards. So, it does depend on what you are seeking, personally. Good luck!

Re: Advice on applying for credit cards

FireMedic1 — Tue, 14 Feb 2023 10:08:32 GMT

@jsweeti1 wrote:
@FireMedic1 wrote:
@jsweeti1 wrote:
Hello all!
I'm new here!

I am not sure if this is the correct place for my questions. Please redirect if not.

Given my FICO scores, what would be the best credit cards to apply for? - located in signature

Also, in your opinion, what credit cards could I close out in the near future? - located in signature

P.S. My current credit utilization is 14% may be even lower since some of my balances haven't been updated yet.

Thank you!
Welcome @jsweeti1
My question is. How long has it been from first to last card in your lineup? All in the past year for an example.
From oldest to youngest: Discover (5/2020), Target Redcard/TD Bank (09/2020), Credit One (09/2020), Macy's (09/2020), Overstock (2020), Capital One Platinum (12/2021), Capital One Quicksilver One (11/2022), Citibank Double Cash (01/2023). I am looking to close out accounts, but I am concerned that my score will drop. Macy's and Overstock I do not use at all, so they carry $0 balances all the time.

(P.S. I did have credit cards back in 2015, but I was young, dumb, and uneducated about finances and credit cards, so I ended up settling these accounts. Luckily the derogatory marks will be off my credit report in the next year or so.)

Perfect timing. They'll be falling off while you let what you have age. Once you pass 700 the doors will open up to so many better cards. Worth the wait. You can ask for early exclusion (EE) from the CRA's. TransUnion will remove items 6 months early. Experian will 3 months early. Equifax dont bother.

Re: Advice on applying for credit cards

SouthJamaica — Tue, 14 Feb 2023 13:07:09 GMT

@jsweeti1 wrote:
@SouthJamaica wrote:
@jsweeti1 wrote:
Hello all!
I'm new here!

I am not sure if this is the correct place for my questions. Please redirect if not.

Given my FICO scores, what would be the best credit cards to apply for? - located in signature

Also, in your opinion, what credit cards could I close out in the near future? - located in signature

P.S. My current credit utilization is 14% may be even lower since some of my balances haven't been updated yet.

Thank you!
Welcome to the forum.

If I were you I wouldn't necessarily add any cards, but if you wanted to add a cash back card I would suggest the American Express Blue Cash Everyday.

As to closing cards, I would close Credit One.
Thanks for the welcome! Would you mind expanding on why you would close the Credit One card?

Because of the fees and the uselessness. Those cards are for people who can't get any other card. You're past that stage in your rebuild.

Re: Advice on applying for credit cards

SouthJamaica — Tue, 14 Feb 2023 13:09:41 GMT

@jsweeti1 wrote:
@Rogue46 wrote:
The Amex blue cash preferred offers 6x on groceries. 6x on streaming and 3x on ride sharing which seems to cover your main categories

It does have a $95 annual fee but it's waived the first year.
With the Amex blue cash preferred, does the cash back pay for the annual fee?

That's debatable. For most people, no.
Also the fee-free version, the Blue Cash Everyday, has something special ... the 3% cash back on all online purchases.

Could you use Cashback to pay for the annual fee?

No.

Thanks!