topic Re: Help me choose a Mastercard in Credit Cards

Help me choose a Mastercard

DVH1980 — Sun, 02 Sep 2012 12:36:08 GMT

Been killing builders and adding prime cards the last couple months and still need a good MC. After I get my MC and Amex I should be set for my credit card needs.

My current lineup:

USAA Rewards Visa, 3k limit, used as my everyday spending card

Local CU Visa, 3500 limit, used to pay my 2 car loans that are also through the CU

Discover More, 3k limit, use this for the 5% categories and also for bigger purchases since it has no interest for 18 months

Barclays Apple, 3500 limit, only used to pay my netflix to show activity

Cap 1 Mastercard, 750 limit, will be dropping this one today!

USAA Secured Amex, 500 limit, got this to get my foot in the door with USAA, I also use is for buying electronics/appliances to take advantage of buyer protection/extended warranty. Hopefull getting a true Amex next month and this will be closed after the 2 years is up.

So after closing my Cap 1 that will leave a hole in the MC department. The wife and I are starting to travel a little more so maybe a MC geared towards that? What are some of the better MC's you are carrying? I tried for the Barclays Rewards MC but becasue im a resident of IA, they wont issue me one.

Re: Help me choose a Mastercard

DVH1980 — Sun, 02 Sep 2012 12:42:49 GMT

Here a quick breakdown of my crdit profile:

TU FICO-697

EX FAKO-679

EQ Fako-679

2 derogs, 5+ years old

AAOA-1.2 years

INQ in the last year, 4-ex, 4-tu, 5-eq

UTL- 13%

Re: Help me choose a Mastercard

Anonymous — Sun, 02 Sep 2012 12:53:26 GMT

You could probably go for a Chase Freedom MasterCard. You may get a 7-10 day message, but you would probably have success in recon. Make sure you go through the MasterCard website to apply though.

Re: Help me choose a Mastercard

DVH1980 — Sun, 02 Sep 2012 13:04:36 GMT

Ive considered this option, it seems as though Chase offers relatively low initial credit limits. I actually have a charged off Chase account from 12 years ago so Im not sure if they would issue me a card anyways.

Re: Help me choose a Mastercard

DVH1980 — Sun, 02 Sep 2012 13:32:28 GMT

I was thinking about Citi for a MC, not sure if my current scores/profile will get me in the door though.

Re: Help me choose a Mastercard

LS2982 — Sun, 02 Sep 2012 13:46:35 GMT

You might be blacklisted by Chase but 12 yrs is a long time, you may be able to get back in. Your other CL's would help you get a decent limit from them.

Re: Help me choose a Mastercard

webhopper — Sun, 02 Sep 2012 13:51:11 GMT

I was offered a 5k initial limit

Re: Help me choose a Mastercard

DVH1980 — Sun, 02 Sep 2012 14:09:41 GMT

@LS2982, Thats what I was thinking. I wasnt sure if they black listed or not.

Re: Help me choose a Mastercard

LS2982 — Sun, 02 Sep 2012 14:26:46 GMT

Only way to know is to try! I'm in the same boat with Citi, 10 yr old CO I'm hoping they have forgiven.

Re: Help me choose a Mastercard

DVH1980 — Sun, 02 Sep 2012 14:32:36 GMT

Intersting, I was digging through my credit rebuild book and was looking through my previous denial letters and found one from Chase. I guess I apped with them back in May on a mini app spree, only denial reason listed:

"Your credit report reflects delinquent past/present credit obligations"

Hmmmm

Re: Help me choose a Mastercard

wreith — Sun, 02 Sep 2012 14:34:01 GMT

Since you already have the USAA Visa why not get the USAA MC as well. I have both the Amex and MC through them. I don't think you should have any problem getting them. And if I'm not mistaken, which I could be, you should be able to combine the points from both of them.

Re: Help me choose a Mastercard

DVH1980 — Sun, 02 Sep 2012 14:34:58 GMT

Also apped Citi at the same time for a Doamand preferred MC, got an almost identical response. Do you have to be prefcetly clean to get in with these guys? It seems I have seen others get approved with derogs on their report. Myabe their overall credit profile was stronger and thus it was easier to overlook the derogs?

Re: Help me choose a Mastercard

DVH1980 — Sun, 02 Sep 2012 14:39:14 GMT

@wreith, Ive considred this but would prefer to have different sources of credit(i.e. from differnt banks). However, if it is possible to combine the points from both cards I may very well go that route. Its been my observation that USAA can be rather slow with the CLI's and initial limits. I figured I might have a better shot of getting a 5k+ limit if I went with a competing bank as opposed to a ban k that has already extended me a line of credit?

Re: Help me choose a Mastercard

wreith — Sun, 02 Sep 2012 14:47:26 GMT

@DVH1980 wrote:
@wreith, I've considered this but would prefer to have different sources of credit(i.e. from different banks). However, if it is possible to combine the points from both cards I may very well go that route. Its been my observation that USAA can be rather slow with the CLI's and initial limits. I figured I might have a better shot of getting a 5k+ limit if I went with a competing bank as opposed to a ban k that has already extended me a line of credit?
LiLike I said I could be wrong, I'm sure someone here knows the answer for sure. I can understand the want to spread the portfolio out. Since you were eligible for USAA are you eligible for NFCU?

Re: Help me choose a Mastercard

DVH1980 — Sun, 02 Sep 2012 14:51:49 GMT

Not eligible for NFCU, unfortunately. The other reason I think I had decided not try for the the USAA MC was that they only offer World MC's and belive those ar 5k minimum limits and im not sure my profile would get there just yet.

Re: Help me choose a Mastercard

webhopper — Sun, 02 Sep 2012 14:53:20 GMT

@DVH1980 wrote:
@wreith, Ive considred this but would prefer to have different sources of credit(i.e. from differnt banks). However, if it is possible to combine the points from both cards I may very well go that route. Its been my observation that USAA can be rather slow with the CLI's and initial limits. I figured I might have a better shot of getting a 5k+ limit if I went with a competing bank as opposed to a ban k that has already extended me a line of credit?

Most people with multiple cards from the same bank find the opposite to be true. Also you can juggle your limits if you want. Basically if you have 1 usaa card with a 10k limit and one with a 2k limit; you can shift your limit around and have 1 card with a 7k limit and one with a 5k limit.

Re: Help me choose a Mastercard

DVH1980 — Sun, 02 Sep 2012 14:58:09 GMT

Hmmm, wonder if I could pull off a World MC right now. I may have to wait, my Secured USAA Amex has only been open for 8 months and my Visa just cut its 4th statement.

Re: Help me choose a Mastercard

Anonymous — Sun, 02 Sep 2012 15:14:26 GMT

Why not go for a Zync to get in with AMEX, then a few months from now with Chase? AMEX tends to open doors with other lenders.

On another note I also had a CO with Chase and made my way back in. However, it was a Best Buy card from 7 years ago and I did pay it off in collections. In speaking with the Executive Office, they said it was a loss to Chase...albeit a $600 loss. Chase is good about second chances and they are definitely worth the effort to get back in with.

I got my Freedom recon to $5k and I'll be gunning for the CSP in OCT/NOV...or as soon as my other two backdated AMEX cards start reporting. I got a zync back in May, which I feel may have helped me initially get back in with Chase. I have a strong feeling they'll take you back...it may take a few recon calls via the backdoor number, but don't give up.

Re: Help me choose a Mastercard

DVH1980 — Sun, 02 Sep 2012 15:17:48 GMT

Thanks to Teletrack(well, thanks to me not paying my bills) I cant get an Amex, yet. I have a work around in progress right now and will be apping Amex at the end of next week if everything goes according to plan.

Re: Help me choose a Mastercard

rtw — Sun, 02 Sep 2012 15:43:54 GMT

I've had the CitiAAdvantage World MasterCard for 4 years and have been really happy with it. Plus American Airlines has just improved their Advantage Program. You now get Priority Access through security and boarding. I started out with a 5K limit and just went up to 8.5K last month. Was approved instantly yesterday for the Citi Hilton HHonors Signature Visa. They pulled EX and TU.