topic Re: What Should I Apply For? in Credit Cards

What Should I Apply For?

Anonymous — Tue, 12 Jun 2012 12:19:58 GMT

Its about time I got a few new cards. My scores: Ex: 749 Eq: 736 Tu: 754 Right now I'm sporting a BOA PP with 2500, Wells Fargo with 1100 and Chase +1 of 800. I've got just one inquiry in the last year from a recent CLI from BOA. Id also like to try to upgrade my chase card. Can I do that? Obviously I'd like some cards with better limits as well. Thanks!

Re: What Should I Apply For?

Anonymous — Tue, 12 Jun 2012 12:42:12 GMT

I am assuming those scores are fako and therefore not accurate. Consider buying the equifax fico score from here and posting it. If you can't justify the expense, please post your aaoa, oldest account length, and whether you have any negatives (lates/collections/etc.)

Re: What Should I Apply For?

Anonymous — Tue, 12 Jun 2012 14:34:45 GMT

I guess you're right. Those are my FAKO scores. Whoops.
OK, pulling from myfico results in an eq of 742.

Furthermore, my aaoa is 52 months.. Age of oldest acct is 70 months. Zero negatives.

Re: What Should I Apply For?

ztnjpv — Tue, 12 Jun 2012 14:57:18 GMT

You can pretty much apply for anything you want and be approved assuming there's nothing wrong with your balance levels or utilization ratio.

It simply becomes a matter of what you want. Do you pay in full or carry balances that accrue interest?

Do you want rewards? Cash Back? Points? What do you spend the most on? What you like to buy for leisure?

Do you have balances that you are trying to transfer and need an easy transfer card with a long period of zero APR? Or, do you plan on making some large purchases that you want to pay over time without interest?

You see? With your scores, it's not a matter of being approved, it's a matter of what you want. Everyone is different. State your goals and you'll get some clearer advice.

Re: What Should I Apply For?

Anonymous — Tue, 12 Jun 2012 15:19:07 GMT

Cool. Given your info, you great shot at everything. Now it is just a matter of how many cards you want and what you are looking for. I assume you pif which is good. Are you looking to maximize rewards and what kind of rewards? Are you looking to enhance your credit file by having higher cl's. Your big issue credit wise is that you are rocking relatively low limits. How many cards are you willing to use regularly? Maybe you don't spend that much, so maybe the biggest signup bonus is what is important. Remember each new card will lower your aaoa. PLEASE DON'T just apply for a bunch of cards. The right strategy should set you up for the future much faster credit wise and get almost everything you want credit card feature wise.

Re: What Should I Apply For?

Anonymous — Tue, 12 Jun 2012 17:30:17 GMT

Thanks for the responses guys. I don't PIF, all my cards have some balance on them. My utilization rate right now is below 15% on each, however.

As for benefits, I'd like a good gas card and another with cash back. I don't plan on over killing it and applying for a bunch of cards, I just want two more with decent balances so I can spend a little more. I came here specifically because I applied for a chase sapphire a few months ago and they denied me for not having a large enough income? I wasn't really aware that was a qualification for some cards and that spooked me a bit.

Re: What Should I Apply For?

injustifiiable — Tue, 12 Jun 2012 17:33:28 GMT

@Anonymous wrote:
Thanks for the responses guys. I don't PIF, all my cards have some balance on them. My utilization rate right now is below 15% on each, however.

As for benefits, I'd like a good gas card and another with cash back. I don't plan on over killing it and applying for a bunch of cards, I just want two more with decent balances so I can spend a little more. I came here specifically because I applied for a chase sapphire a few months ago and they denied me for not having a large enough income? I wasn't really aware that was a qualification for some cards and that spooked me a bit.

Well, the Sapphire is one of Chase's better cards so income does play more of a factor in their decision making. Were you applying for the regular Sapphire or the CSP?

Re: What Should I Apply For?

Anonymous — Tue, 12 Jun 2012 18:02:40 GMT

I didn't apply for the SP, not a big fan of cards with annual fees, so it was just the regular. I would apply for the freedom but I know chase looks down in multiple inquiris which I why in my first post I mentioned if I could possibly upgrade my current chase card?

Re: What Should I Apply For?

injustifiiable — Tue, 12 Jun 2012 18:34:13 GMT

@Anonymous wrote:
I didn't apply for the SP, not a big fan of cards with annual fees, so it was just the regular. I would apply for the freedom but I know chase looks down in multiple inquiris which I why in my first post I mentioned if I could possibly upgrade my current chase card?

Ah, got cha. PC from +1 to Freedom may be possible. Always worth a call to ask.

Re: What Should I Apply For?

Revelate — Tue, 12 Jun 2012 21:13:16 GMT

@injustifiiable wrote:
@Anonymous wrote:
Thanks for the responses guys. I don't PIF, all my cards have some balance on them. My utilization rate right now is below 15% on each, however.

As for benefits, I'd like a good gas card and another with cash back. I don't plan on over killing it and applying for a bunch of cards, I just want two more with decent balances so I can spend a little more. I came here specifically because I applied for a chase sapphire a few months ago and they denied me for not having a large enough income? I wasn't really aware that was a qualification for some cards and that spooked me a bit.
Well, the Sapphire is one of Chase's better cards so income does play more of a factor in their decision making. Were you applying for the regular Sapphire or the CSP?

Sapphire and CSP have the same underwriting criteria.

Both are Visa Signature cards, which are a minimum of a 5K CL. As a result, lenders are a little more interested in what your income level is, and that's actually the case with most lenders really.

Focus on cards that have decent CLI policies, I'd absolutely try to PC up to a Freedom from your current card, and I'd consider looking at a Amex BCE, and possibly a few other non-AF / reasonable CLI chance cards which unfortunately don't know off the top of my head. Credit Unions would likely be a good avenue as well for longer term growth.

Re: What Should I Apply For?

ztnjpv — Tue, 12 Jun 2012 21:24:20 GMT

Pendie87,

Just remember that rewards cards are useless if you don't pay in pull. The interest paid on balances is A LOT higher than what you could ever gain in rewards. If you don't pay in full, there's really no point.

I would suggest a good low APR card with a long zero APR intro offer like Citi Diamond Preferred, which has zero APR for 18 months on purchases and transfers. THAT would save you a ton in interest payments if got that card and slid balances to it to pay them down faster. There are other good low APR cards with long zero APR intro offers. I would do some research either here in the cards section or places like nerdwallet.com and get two cards like that so you can save money and pay down your balances.

Again, rewards require paying in full to be of any value. Iron clad rule of mathematics.

Re: What Should I Apply For?

Anonymous — Wed, 13 Jun 2012 05:02:06 GMT

@Anonymous wrote:
Thanks for the responses guys. I don't PIF, all my cards have some balance on them. My utilization rate right now is below 15% on each, however.

As for benefits, I'd like a good gas card and another with cash back. I don't plan on over killing it and applying for a bunch of cards, I just want two more with decent balances so I can spend a little more. I came here specifically because I applied for a chase sapphire a few months ago and they denied me for not having a large enough income? I wasn't really aware that was a qualification for some cards and that spooked me a bit.

Pendie, your comments making me a bit nervous. More credit not equal to more income. Are you planning on getting to pif in future? Asking for trouble otherwise and paying unnecessary interest in mean time. If you want to pay down outstanding debt, my recommendation is to got for 0% bt card. Citibank has 18 month 0% bt on some of their cards. Otherwise, if you hold balances from time to time, hopefully for good reasons, find your self an extremely low interest credit card to make those purchases you are planning on paying for over time. Do a search on this forum for suggestions. Lots of credit unions have low Internet cards. 2nd find good rewards card like Amex bcp/bce. Always pif on rewards card and use low interest card for purchases you are planning on paying over time.

Re: What Should I Apply For?

Anonymous — Wed, 13 Jun 2012 22:59:34 GMT

@Anonymous wrote:
@Anonymous wrote:
Thanks for the responses guys. I don't PIF, all my cards have some balance on them. My utilization rate right now is below 15% on each, however.

As for benefits, I'd like a good gas card and another with cash back. I don't plan on over killing it and applying for a bunch of cards, I just want two more with decent balances so I can spend a little more. I came here specifically because I applied for a chase sapphire a few months ago and they denied me for not having a large enough income? I wasn't really aware that was a qualification for some cards and that spooked me a bit.
Pendie, your comments making me a bit nervous. More credit not equal to more income. Are you planning on getting to pif in future? Asking for trouble otherwise and paying unnecessary interest in mean time. If you want to pay down outstanding debt, my recommendation is to got for 0% bt card. Citibank has 18 month 0% bt on some of their cards. Otherwise, if you hold balances from time to time, hopefully for good reasons, find your self an extremely low interest credit card to make those purchases you are planning on paying for over time. Do a search on this forum for suggestions. Lots of credit unions have low Internet cards. 2nd find good rewards card like Amex bcp/bce. Always pif on rewards card and use low interest card for purchases you are planning on paying over time.

Dont you worry Crashem, I used to be really silly with how I used my cards and how i didnt PIF on cards with ridiculous rates, but I've learned and have paid down my current cards to decent levels and I'm about 2 months away from having one balance on a 6% card and none on the rest. I know more credit doesnt equal more income, will definitely PIF in the future.

Anyways, progress report:

Called Chase and they gladly upgraded me to a Freedom card.

Applied for the BCE and got the "your application is pending further review" message. Got discouraged but went ahead and checked the app status anyways and low and behold approved!

Re: What Should I Apply For?

Anonymous — Wed, 13 Jun 2012 23:05:03 GMT

CONGRATS!

Re: What Should I Apply For?

Anonymous — Fri, 15 Jun 2012 15:20:46 GMT

Final update: after upgrading my chase to freedom, I then upgraded my BOA PP to an Americard Cash Rewards card which bumped my CL from 2500 to 5k. Finally just got approved for the Citi Diamond Preferred Card w/ a limit of 4k. I plan on using that as my 0% BT card. I think I dd well for myself. Now time to do some gardening for the next 12 months