topic Re: Next card or two in Credit Cards

Two new credit cards

ficofido1414 — Sat, 20 Jan 2024 18:20:29 GMT

Looking for advice and recommendations on adding a couple new cards to my mix.

* no annual fee

* cash back or points cards that can redeem to cash

* higher starting limits of 10k+

stats I am working with

fico 8 scores EQ 786 TU 790 EX 806

new accounts 0x6 0x12 0x24

inquiries 0X6 0x12 0x24

AAOA 4yrs 6mo on EQ TU 6yrs 8mo on EX

oldest acct 8yrs 2mo on EQ TU 30yrs 1mo on EX

utilization over all 5 % . per card 9%,9% 11 % on three cards all other cards paid off 0%

income 65k yr

rent 1000 mo

current credit 10 open cards with limits between 5k - 15k, one pd and closed loc

no mortgage car or loan history

I am considering either applying for 2 BOA cards customized cash & unlimited cash same day ? to utilize hard pulls.

or 1 BOA card with 1 from either CITI custom cash or us bank / elan cash plus.

trying for successful online approvals with no relationship with stated banks

thoughts data points ?

Re: Next card or two

rob022574 — Sat, 20 Jan 2024 02:34:06 GMT

I think perhaps you should go the credit union route, as that seems to be missing from your mix. A CU like PenFed (anyone can get in) or Navy Federal (a bit more restrictive) has really good cards and typically award higher limits.

Re: Next card or two

TomWB — Sat, 20 Jan 2024 03:18:06 GMT

Why don't you get the Bilt card? You are missing out on a lot of points.

Re: Next card or two

SouthJamaica — Sat, 20 Jan 2024 05:14:37 GMT

It doesn't seem like you need more cash back cards, but if that's what you want to do, some cards to consider are Citi Custom Cash, Citi Double Cash, Chase Freedom Unlimited, Redstone CU Signature Visa, Comenity AAA Travel Advantage or Daily Advantage. I see you're already considering US Bank or Elan Cash Plus, which is good too.

Re: Next card or two

Hoben02 — Sat, 20 Jan 2024 11:27:36 GMT

Well you know you can have multiple bofa custom cash cards and assign them to different categories. In my case i have the Suzy komen (online purchases) and bofa custom cash (dining). Since I'm platinum honors get 5.25% reward peer transaction

Re: Two new credit cards

youngandcreditwrthy — Sat, 20 Jan 2024 18:37:23 GMT

I really like BOA and theyll match your highest exposure usually (but also factor in income) BUT if you dont like the initial limit, they will require a HP for an underwriter to increase your SL.

BOA also tends to offer BTs frequently. Do you have Discover? Discover might work, but I dunno about a high sl. Mine was only 4k on a Motiva card from like 2010 LOL

You may also want to consider your total credit lines vs income. Some banks will be more conservative depending on *potential* obligations vs income, so if you've already got your total income in credit, some banks will weight that more heavily or even suggest you close some cards. Chase made me close like 30k in store cards once lol

Re: Two new credit cards

ficofido1414 — Sat, 20 Jan 2024 20:29:39 GMT

the reason i was thinking BOA for two cards was them using the same hard pull for the 2nd card from what i have read on here, if that were the case would they not do the same for a cli ? exposure wise i am at 10 open revolvers with a total limit of 74k and current balances of about 3600 spread over 3 cards but i pay in full every month never carry a balance ever highest limit card is chase @ 15k pnc and wells @ 10.5k each a care credit @ 13300 discover @6500 a couple amex credit cards @ 5k each 1 harge npsl 7500 pot and two other sync cards @ 6k & 2500 how do you think it would play out @ BOA or should I maybe do 1 BOA card with a us bank/elan or CITI card

Re: Two new credit cards

Citylights18 — Sun, 21 Jan 2024 19:13:14 GMT

@youngandcreditwrthy wrote:
I really like BOA and theyll match your highest exposure usually (but also factor in income) BUT if you dont like the initial limit, they will require a HP for an underwriter to increase your SL.

BOA also tends to offer BTs frequently. Do you have Discover? Discover might work, but I dunno about a high sl. Mine was only 4k on a Motiva card from like 2010 LOL

You may also want to consider your total credit lines vs income. Some banks will be more conservative depending on *potential* obligations vs income, so if you've already got your total income in credit, some banks will weight that more heavily or even suggest you close some cards. Chase made me close like 30k in store cards once lol

A forced store card cleanup isn't a bad thing.

You are right though some lenders do get gun shy on TCL.

Re: Two new credit cards

Citylights18 — Sun, 21 Jan 2024 19:35:52 GMT

@ficofido1414 wrote:
the reason i was thinking BOA for two cards was them using the same hard pull for the 2nd card from what i have read on here, if that were the case would they not do the same for a cli ? exposure wise i am at 10 open revolvers with a total limit of 74k and current balances of about 3600 spread over 3 cards but i pay in full every month never carry a balance ever highest limit card is chase @ 15k pnc and wells @ 10.5k each a care credit @ 13300 discover @6500 a couple amex credit cards @ 5k each 1 harge npsl 7500 pot and two other sync cards @ 6k & 2500 how do you think it would play out @ BOA or should I maybe do 1 BOA card with a us bank/elan or CITI card

I think the BOA rule is no SL greater than 1/2 your income which for you potentially could be a 30k limit.

3% cash back for online shopping is nice. I have an upcoming project and could take advantage of that plus the 15 month no APR BT.

I'm not sure a second BOA card to take advantage of a hard pull is the right move. I wouldn't do it but I'm mainly in it for the promotional APR periods so two cards for me would overlap. I did that before with a Discover and a Citi Rewards+ and ended up not using the Citi Rewards+ for the APR period.

Re: Two new credit cards

mgood — Sun, 21 Jan 2024 23:19:39 GMT

@ficofido1414 wrote:
Looking for . . .
* higher starting limits of 10k+. . . .

. . . or 1 BOA card with 1 from either CITI custom cash or us bank / elan cash plus. . . .

US Bank is not known for high SLs. I got a $2k SL on my Cash+, which was way below the CLs of my other cards at the time. Lots of people with credit profiles very similar to mine got $500 SLs. They can grow over time, but if it's your first time dealing with USB, don't expect a high limit. I don't know about Elan, but they are owned by US Bank. I've heard they might be a little easier to get approved for, but I haven't heard of any significant differences in starting limits.

I'm not sure Citi is all that strong in SLs either.

Some CUs tend to have higher SLs. PenFed is the only one I have experience with and you can get multiple cards with one HP at PenFed.

Re: Two new credit cards

nytokyobred79 — Mon, 22 Jan 2024 05:49:32 GMT

@Citylights18 wrote:
@ficofido1414 wrote:
the reason i was thinking BOA for two cards was them using the same hard pull for the 2nd card from what i have read on here, if that were the case would they not do the same for a cli ? exposure wise i am at 10 open revolvers with a total limit of 74k and current balances of about 3600 spread over 3 cards but i pay in full every month never carry a balance ever highest limit card is chase @ 15k pnc and wells @ 10.5k each a care credit @ 13300 discover @6500 a couple amex credit cards @ 5k each 1 harge npsl 7500 pot and two other sync cards @ 6k & 2500 how do you think it would play out @ BOA or should I maybe do 1 BOA card with a us bank/elan or CITI card
I think the BOA rule is no SL greater than 1/2 your income which for you potentially could be a 30k limit.

3% cash back for online shopping is nice. I have an upcoming project and could take advantage of that plus the 15 month no APR BT.

I'm not sure a second BOA card to take advantage of a hard pull is the right move. I wouldn't do it but I'm mainly in it for the promotional APR periods so two cards for me would overlap. I did that before with a Discover and a Citi Rewards+ and ended up not using the Citi Rewards+ for the APR period.

I tend to agree with @Citylights18 about using the hp for 2 cards if you're not going to end up taking advantage of the promotional APR s. If you have a real need for 2 BOA cards, then by all means, go for it. I was able to obtain 2 cards with 1 hp a year ago but I used both for the promotional APRs and am still using them.

Re: Two new credit cards

NoMoreE46 — Mon, 22 Jan 2024 19:20:11 GMT

Agree with @mgood. Most of the recent CCC approvals have a SL of $5500 (+ / - $2000). The only one I have noted above $10,000 has been @ptatohed.

@mgood wrote:
@ficofido1414 wrote:
Looking for . . .
* higher starting limits of 10k+. . . .

. . . or 1 BOA card with 1 from either CITI custom cash or us bank / elan cash plus. . . .

US Bank is not known for high SLs. I got a $2k SL on my Cash+, which was way below the CLs of my other cards at the time. Lots of people with credit profiles very similar to mine got $500 SLs. They can grow over time, but if it's your first time dealing with USB, don't expect a high limit. I don't know about Elan, but they are owned by US Bank. I've heard they might be a little easier to get approved for, but I haven't heard of any significant differences in starting limits.
I'm not sure Citi is all that strong in SLs either.

Some CUs tend to have higher SLs. PenFed is the only one I have experience with and you can get multiple cards with one HP at PenFed.

Re: Two new credit cards

ptatohed — Tue, 23 Jan 2024 03:31:08 GMT

@NoMoreE46 wrote:
Agree with @mgood. Most of the recent CCC approvals have a SL of $5500 (+ / - $2000). The only one I have noted above $10,000 has been @ptatohed.

@mgood wrote:
@ficofido1414 wrote:
Looking for . . .
* higher starting limits of 10k+. . . .

. . . or 1 BOA card with 1 from either CITI custom cash or us bank / elan cash plus. . . .

US Bank is not known for high SLs. I got a $2k SL on my Cash+, which was way below the CLs of my other cards at the time. Lots of people with credit profiles very similar to mine got $500 SLs. They can grow over time, but if it's your first time dealing with USB, don't expect a high limit. I don't know about Elan, but they are owned by US Bank. I've heard they might be a little easier to get approved for, but I haven't heard of any significant differences in starting limits.
I'm not sure Citi is all that strong in SLs either.

Some CUs tend to have higher SLs. PenFed is the only one I have experience with and you can get multiple cards with one HP at PenFed.

The one I have had in my name (wife as AU) for a while now is $11,600. Never asked for a CLI. The one we just got in my wife's name (I as AU) is also $11,600.

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Second-citi-Custom-Cash-card/m-p/6709003

Re: Two new credit cards

TiggerDat — Tue, 23 Jan 2024 15:56:36 GMT

@mgood wrote:
@ficofido1414 wrote:
Looking for . . .
* higher starting limits of 10k+. . . .

. . . or 1 BOA card with 1 from either CITI custom cash or us bank / elan cash plus. . . .

US Bank is not known for high SLs. I got a $2k SL on my Cash+, which was way below the CLs of my other cards at the time. Lots of people with credit profiles very similar to mine got $500 SLs. They can grow over time, but if it's your first time dealing with USB, don't expect a high limit. I don't know about Elan, but they are owned by US Bank. I've heard they might be a little easier to get approved for, but I haven't heard of any significant differences in starting limits.
I'm not sure Citi is all that strong in SLs either.

Some CUs tend to have higher SLs. PenFed is the only one I have experience with and you can get multiple cards with one HP at PenFed.

I got a US Bank card, a Visa Signature card, with a $500 starting limit, I found this amusing as I was getting $10,000 limits from others at about that time. I applied later for another card from them and got a $7000 limit, but the limit on the other card is still $500. I guess I should use the card more..... I think I just set it up to get 5% on utility bills....

Yeah, they are a bit tough on some with low limits, but they will actually raise the limit if you use the card and pay it off. I think they prefer you to PIF each month.

I just went through all my cards and set the categories, so that I can now enjoy 5% on almost everything! Thanks Citi Custom Cash, US Bank Cash+, Sam's club, Amex Blue Cash Preferred, etc.

Re: Two new credit cards

youngandcreditwrthy — Tue, 23 Jan 2024 17:00:35 GMT

@ficofido1414

Considering you have not applied for anything in a long time it looks like, you might actually be able to get a citi card with a solid 10k approval SL.

DEFINITELY consider Citi. Also, you NEED to ask Amex for credit limit increases. They will do it with only a sp and increase it up to 3xcli. That may even give you an idea of what lenders will think of your total credit lines vs income currently.

pick your fav boa & citi card an go for it. Do the Citi card FIRST though. It looks liek they cant even TRY to deny you for even ONE inquiry lol

on the boa thing I cant remember, I think I opened the custom rewards card or whatever it was, and I'm fairly certain they made me take a HP to CLI (I honestly cant remember but I'm like 90% sure they did.)
One thing I love about boa is their algorithm seems to always know exactly down to the date of when you have a 0% BT expiring with them and they send me checks in the mail so they indirectly allow me to refinance debt with them cause I just take those checks deposit one into my account, its cash, and then I pay off their own card. And I mean.. I literally get mailers from them with offers for like 2.9% 14 months no BT fee or 0% with a fee for 15 mos or something like that usually in the same month I have another BT expiring. I still don't know how they do this. lol
but boa WILL match your highest limit esp since it looks like yours is from a very prime lender (pnc or disc)