topic Re: Exploring my options. in Credit Cards

Exploring my options.

Anonymous — Wed, 28 Mar 2012 08:34:44 GMT

In the next few months I will have several expenses that i will pay with credit and Im thinking I would want to apply for a new card before that happens. one reason is If I dont do it now I will probably not have another chance at being this "healthy" in less than 6 months and the other one is, If the app is granted, it will increase my credit, helping with the ratio.

My total credit is $4750 usually my ratio is about 35% but my current ratio is 48% .

I have just sent some payments that will take me to about 19%.

My current fako is 670 but hoping as soon as this payments hit it'll go at least 10 points higher ??

I have 9 inquiries in my experian report, 4 of them are mortgage related.

My oldest account is now 3 years old BOFA CL=1k

2nd account is CapitalOne Platinum 1.5 years CL=1750

and last one is Citi Diamond Preferred 6months CL=2000

Im interested in an account that i can actually benefit from as i use it, such as cash rewards or miles.

I am not a frequent flyer but I can use a free trip to hawaii in a year or 2

I have been doing a bit of research on the following:

AMEX Zinc

AMEX gold/green

Capital ONE Venture

Chase Saphire

Chase Freedom

Any ideas as to what card should I apply for ? Obviously the primary goal is to get approved, failure would be very dissapointing and would probaly set me back around 6 months.

Thanks

Re: Exploring my options.

andre181 — Wed, 28 Mar 2012 08:44:16 GMT

Amex Zync/Green/Gold will not be want you want because it will not reduce your utilization ratio and will not allow you to carry a balance if you wish to do so.

That said, you might have a good chance getting approved for Zync once your utilization is reported at 19%.

You might have a change with the VentureOne, but I would say its unlikely.

The other cards you mentioned might also be just out of reach.

If I were you, once your 6th statement comes out for your Citi Diamond Preferred, I would request a credit limit increase from them. In my experience, Citi is pretty good with credit limit increases. Then you should ask if they would let you convert your Diamond Preferred to another card with rewards like CitI Forward.

As far as another card, I would say you would be a great candidate for one of Barclays credit cards. Maybe the Apple Financing Visa. It is pretty easy to get approved with them. And in the event you are denied, you can easily recon with them. They will pull TU when you apply just so you know.

Other people might have some other suggestions.

Good Luck!

Re: Exploring my options.

Anonymous — Wed, 28 Mar 2012 08:52:36 GMT

thanks for your reply. You are right, I wasnt considering that charge cards will not help with ratio But I still like the idea of an Amex charge card, specially if there arent better options right now. As far as Citi, the 6 months are passed, should I do the CLI as soon as my payments get posted to CR? And if I do that, can I,still apply for a card right after? Sorry I dont jnow much about barclays, are they any good? Again, thank you!

Re: Exploring my options.

Anonymous — Wed, 28 Mar 2012 08:58:54 GMT

If you have no baddies then I'll go for the discover more, I had my utilization at 21% when I was approved and they gave me a nice cl of 3000! You do also have a good chance with the zync but it's not a revolver, if you plan on carrying a balance then stay away from charge cards.. Out of all the cards you listed, the chase freedom would approve if there's no delinquencies that are recent and a healthy AAoA of 1.5+ years I recommend the discover more, the 5% categories are great and they will grow with you! Well good luck!

Re: Exploring my options.

Anonymous — Wed, 28 Mar 2012 09:10:37 GMT

I had late payments & collections nack in 06 but paid them in 08 & 09, sadly those are showing dinging my,credit when I paid them, not when I last used them. Discover? never,tought about it, thanks for the homework

Re: Exploring my options.

Anonymous — Wed, 28 Mar 2012 09:26:59 GMT

No problem! Haha discover is great, I love it more than Amex! As far as your baddies, it's a tough one to call.. Ive read of people getting approved with BK and denied as well.. Same with collections and delinquncies.. Good luck tony, let me know what card you end up going for.

Re: Exploring my options.

LS2982 — Wed, 28 Mar 2012 09:35:57 GMT

@andre181 wrote:
Amex Zync/Green/Gold will not be want you want because it will not reduce your utilization ratio and will not allow you to carry a balance if you wish to do so.

That said, you might have a good chance getting approved for Zync once your utilization is reported at 19%.

You might have a change with the VentureOne, but I would say its unlikely.

The other cards you mentioned might also be just out of reach.

If I were you, once your 6th statement comes out for your Citi Diamond Preferred, I would request a credit limit increase from them. In my experience, Citi is pretty good with credit limit increases. Then you should ask if they would let you convert your Diamond Preferred to another card with rewards like CitI Forward.

As far as another card, I would say you would be a great candidate for one of Barclays credit cards. Maybe the Apple Financing Visa. It is pretty easy to get approved with them. And in the event you are denied, you can easily recon with them. They will pull TU when you apply just so you know.

Other people might have some other suggestions.

Good Luck!

Re: Exploring my options.

Anonymous — Wed, 28 Mar 2012 16:54:29 GMT

Will do, thats gonna be in just a couple of days. Going back to Citi CLI, do that first? then apply for another card? thanks Jimmy!

Re: Exploring my options.

Anonymous — Wed, 28 Mar 2012 18:03:51 GMT

by the way, what do you think I lack for the venture card?

Re: Exploring my options.

LS2982 — Wed, 28 Mar 2012 20:36:54 GMT

@Anonymous wrote:
by the way, what do you think I lack for the venture card?

No current lines at $5K or higher.

Re: Exploring my options.

Anonymous — Thu, 29 Mar 2012 09:03:42 GMT

hmmm. Ok, so It wouldnt be a bad idea to request that CLI from CITI, I wondet if they would accept a request for another 3k.

Re: Exploring my options.

LS2982 — Thu, 29 Mar 2012 09:24:34 GMT

@Anonymous wrote:
hmmm. Ok, so It wouldnt be a bad idea to request that CLI from CITI, I wondet if they would accept a request for another 3k.

I would try for 2K max.

Re: Exploring my options.

Anonymous — Thu, 29 Mar 2012 09:26:41 GMT

so if I ask for to much they will just deny me instead of giving me a counter offer?

Re: Exploring my options.

LS2982 — Thu, 29 Mar 2012 09:30:49 GMT

@Anonymous wrote:
so if I ask for to much they will just deny me instead of giving me a counter offer?

IMO, asking for double the CL is best, but you can ask for more, i don't think it deacreases your chances of approval.