topic Re: Getting a new card? Yes or No? in Credit Cards

Getting a new card? Yes or No?

Anonymous — Fri, 08 Mar 2013 22:25:55 GMT

Hey everyone! It's me again!

So I am looking at getting another credit card. I am not getting it so that I have more credit available to me, I'm getting it so that lenders and FICO will see that I can manage multiple lines of credit responsibly!

My current credit card is 1y 5m along, 100% on time payments, at first it was kept at high utilz (car broke down and had to use the entire limit to get a new one). I have been making the necessary payments and I have kept it in the 10-20% utilz range for the last few months

I am looking at applying for another credit card so that I can expand my "credit portfolio."

Now just basing this off of what I have read from other's reviews from when they applied and what others have suggested for credit scores and standings, I am thinking about applying for an AMEXBE card or a Visa Signature (I'm not sure if this is a charge card only or if you can convert a normal visa CC to this.) I have heard that the concierge is much better on a Visa Signature, and I have been planning some out of the country trips in the future and would be hoping to use this to my advantage.

Credit Score of 722(EQ) / 718 (TURisk)

Now that's what I want, here is what I need to know though:

What cards SHOULD I apply for?

What steps SHOULD I take after approval / denial?
(Upon approval ask for CLI increase @ 61 days / 6 months??)
(Upon denial calling recon??? Keep hounding until I get approved???)

I know that AMEX likes it if you have a history with them and I've heard something about wanting to get the "customer since" date. Does that mean that "customer since" date can be transfered to any other new cards you get, therefore making it seem like you have had these cards longer than you really have?

I have so many questions that I'd like to ask but these ones come up to the forefront for me.

Re: Getting a new card? Yes or No?

swpopham — Fri, 08 Mar 2013 22:29:16 GMT

is that score from here or one of the FAKOs? I would say app for the chase freedom card.

Re: Getting a new card? Yes or No?

Anonymous — Fri, 08 Mar 2013 22:33:53 GMT

@swpopham wrote:
is that score from here or one of the FAKOs? I would say app for the chase freedom card.

Chase freedom seems like a decent fit.

Or an AMEX charge card.

Re: Getting a new card? Yes or No?

Anonymous — Fri, 08 Mar 2013 22:34:30 GMT

722 EQ from here, my last update here for TU was 653 (before the update to the newest one) the TURisk is from the TU site itself. I haven't looked into Chase too much.

Re: Getting a new card? Yes or No?

LS2982 — Sat, 09 Mar 2013 00:13:04 GMT

@Anonymous wrote:
722 EQ from here, my last update here for TU was 653 (before the update to the newest one) the TURisk is from the TU site itself. I haven't looked into Chase too much.

I agree with the Freedom card. Good luck!

Re: Getting a new card? Yes or No?

Anonymous — Sat, 09 Mar 2013 00:18:20 GMT

+1, I love my Freedom! I earned $127 in the first month!

Re: Getting a new card? Yes or No?

SnackTrader — Sat, 09 Mar 2013 01:05:26 GMT

Do you want a card with rewards? Or low APR? Any other type of card wishes?

You clearly want a card with no foreign exchange fees given your travel plans. Unfortunately, no one else seemed to notice, and the Freedom does charge a ForEx fee.

I believe in getting cards that help your financial goals. While getting a solid prime card will certainly help your profile, there may be other cards that are within your reach and will help you better financially. If you could provide more info about your spending, and if you intend to carry a balance or not, perhaps we can get more specific recommendations for you.

Re: Getting a new card? Yes or No?

Anonymous — Sat, 09 Mar 2013 01:16:48 GMT

Thank you snacktrader! That was much clearer than what I had said!

My spending habits tend to look like this at the moment:

Rent ($525)

Gas (~$60)

Insurance (~$65)

Cell phone (~$145)

Entertainment Subscriptions (~$75)

CC (~$20 minimum but I carry a balance for the extra FICO increase)

Utilities (~$35)

Other than that it's mostly eating out and misc. purchases at places like Wal-Mart and WINCO (foods store) I am trying to cut back a lot on eating out and making stuff from scratch though.

My income is ~$3,500/month and I typically spend most of it (trying to fix that for an emergency fund + new car =dp= + home in a few years =dp=)

Re: Getting a new card? Yes or No?

Anonymous — Sat, 09 Mar 2013 02:28:43 GMT

I like chase too. The freedom can be a signature card if you qualify, or the standard relativley easy to get freedom if you dont get the signature. No need to do seperate apps. They will issue whichever you qualify for.

Re: Getting a new card? Yes or No?

swpopham — Sat, 09 Mar 2013 02:43:10 GMT

i think cap one has no forex fees so a simple cash rewards green card should be good then

Re: Getting a new card? Yes or No?

Anonymous — Sat, 09 Mar 2013 02:54:38 GMT

Would you like a card with an annual fee or no annual fee?

Discover IT card has no foreign transaction fees and no annual fee. Has similar categories that rotate every quarter like the Chase Freedom.

Chase Sapphire Preferred has no foreign transaction fees and 2% points on travel and dining. Not to mention 7% year end dividend on the points earned. Annual fee waived for the first year and then $95 after that.

And it's a visa signature.

Re: Getting a new card? Yes or No?

Anonymous — Sat, 09 Mar 2013 02:56:23 GMT

Also spend $3,000 in the first three months and get 40,000 bonus points ($400 statement credit or up to $500 in travel discounts when booking through ULtimate Rewards mall)

Re: Getting a new card? Yes or No?

leoment — Sat, 09 Mar 2013 04:59:12 GMT

If you want a visa signature and plan to travel out of the country, I'd recommend either the Capital One Venture (or VentureOne if you don't want to pay an annual fee), or the BoA Travel Rewards cards. Both are offered as Signature cards, and both have no Forex fees.

Good luck apping!

Re: Getting a new card? Yes or No?

Anonymous — Sat, 09 Mar 2013 12:26:56 GMT

AmEx BCE: Pending
Chase Freedom: Approved (I'll call to see if I can get my account set up to check my CL)

Cap1 VentureOne: Denied (I'll be calling to ask why tomorrow, see if I can talk them into it or possibly a lesser card)