topic Re: Noob help please: Which cards? What I should ask for etc? in Credit Cards

Noob help please: Which cards? What I should ask for etc?

Anonymous — Thu, 10 Apr 2014 01:56:40 GMT

Hey guys, I am a long time lurker, with lots of searching and studying but first time poster. I appreciate your help before I even start.

About me: Late 20s single male. income is around $70k direct to me. my score is in the 650-700 range. No auto loans, no mortgage. no debt besides the CC below.

My single CC now is BOA Signature Visa since 2004: intially had a $5k limit and tried to up it a few years ago and they were complete jerks since I didnt keep much $ in my checking or savings account with them and would only bump to $6k. always paid on time and above minimum payment. Right now my balance is about $4800 on that limit.

I would like to get some additional cards to lower my utilization rate and although my BOA interest is 9.9% to take advantage of some of the 0% offers while i pay down that debt.

My question is what cards should I apply for and limits I should expect?

Should I do them all on the same day like a spree or does it not matter?

Which ones are going to want my income statements?

The ones I am thinking of:

Chase Slate for balance transfer

Navy FCU ( i think i qualify for membership)

AMEX?

Thanks again

Re: Noob help please: Which cards? What I should ask for etc?

Creditaddict — Thu, 10 Apr 2014 02:08:09 GMT

You are destroying your score with your almost maxed out card.

I would however check the pre-qual on chase.com and see if they are offering you the slate... I bet they are... I would take it... apply first without putting in the Balance Transfer and upon approval and knowing the limit then call in and transfer every penny they will allow you to of your current BofA card.

In your case I would say DONT apply for multiple cards at once because you NEED to move this debt and bring util. down before you will qualify or get better lines on other accounts.

lets start there and post back if you are pre-qual. and if so, how much limit they give you.

Re: Noob help please: Which cards? What I should ask for etc?

Anonymous — Thu, 10 Apr 2014 02:08:14 GMT

First, welcome to the forum. I understand your desire to lower your utilization and 80% is quite high. This may be against the grain but I would consider getting a GECRB card like a Lowe's card. It's easy to get in with them, they're usually very fast to give you large limits and that would a fairly quick/easy way to get your util in better shape. If you garden/grow that card for 6 or so months while paying as much as you can on your BofA, I think you'd be in a better spot to get better terms with Chase, Amex, etc. I can't comment on your chances of approval because I have no experience with apps at such high util. The GECRB and Lowe's type card (and sure TU pull) is where I would go first. Chase may be okay with your util considering the Slate is a BT transfer card by design.

Others will certainly chime in with other options.

Re: Noob help please: Which cards? What I should ask for etc?

fot1 — Thu, 10 Apr 2014 02:39:52 GMT

I would go Slate or Credit uinion....Leaning more to credit union as they tend to be more giving on credit limits

Re: Noob help please: Which cards? What I should ask for etc?

lg8302ch — Thu, 10 Apr 2014 07:47:48 GMT

Welcome to the forum!

I would not app for anything with such a high util and pay down this balance first. Then apply for the desired cards. Paying down is still the better way to lower util than adding new cards ... I know that is the "old fashioned" way but this is my own opinion. Sorry I know that is not what you wanted to hear.

Good luck if you decide to app !

Re: Noob help please: Which cards? What I should ask for etc?

Shock — Thu, 10 Apr 2014 09:00:32 GMT

Agreed here. Pay down 4.4k of that 4800 and be sure it reports before apping for any sort of new card.

Re: Noob help please: Which cards? What I should ask for etc?

signaturecardmember — Sun, 13 Apr 2014 19:24:10 GMT

Thanks guys I appreciate all your help. I had also considered and probably will open a few in store accounts to help my utilization.

Great news, I applied for Chase Slate and was instantly approved for $3k with no balance transfer listed. I also went ahead as others were advised and applied for Freedom with a $7k instant approval.

I obviously will call Chase on the Slate and ask for an increase so I can do a full Balance transfer. Should I do it now or when my card comes? How much additional should I ask for?

Also, any other cards I should go ahead and apply for? Id like to start building with AMEX as well.

Thanks again!

Re: Noob help please: Which cards? What I should ask for etc?

Creditaddict — Sun, 13 Apr 2014 19:31:46 GMT

@signaturecardmember wrote:
Thanks guys I appreciate all your help. I had also considered and probably will open a few in store accounts to help my utilization.

Great news, I applied for Chase Slate and was instantly approved for $3k with no balance transfer listed. I also went ahead as others were advised and applied for Freedom with a $7k instant approval.

I obviously will call Chase on the Slate and ask for an increase so I can do a full Balance transfer. Should I do it now or when my card comes? How much additional should I ask for?

Also, any other cards I should go ahead and apply for? Id like to start building with AMEX as well.

Thanks again!

Id ask for at least 25% more than you need to transfer the entire amount for the slate! call monday when they open (backdoor recon line)

Id say go ahead and apply for amex right now if you want one, should be no issue given your chase succes.

Re: Noob help please: Which cards? What I should ask for etc?

signaturecardmember — Sun, 13 Apr 2014 19:35:25 GMT

Could you please PM Me with that # or is it searchable here on the forums?

Which AMEX would you suggest? a charge card or credit?

Any other cards you would reccomend? would like to get as many open as others to lower my utilzation but plan to keep useage low and paid off.

Thanks

Re: Noob help please: Which cards? What I should ask for etc?

Creditaddict — Sun, 13 Apr 2014 19:37:58 GMT

@signaturecardmember wrote:
Could you please PM Me with that # or is it searchable here on the forums?

Which AMEX would you suggest? a charge card or credit?

Any other cards you would reccomend? would like to get as many open as others to lower my utilzation but plan to keep useage low and paid off.

Thanks

yes under the top of credit card "helpful links or something" "Backdoor numbers"

I like BCP or BCE best but many are like the idea of the new Everyday card... Costco is also a great option if you already have membership there.

some like the double apps - 1 charge card (Gold Preferred Rewards) and 1 credit card - charge card first, then credit card... some skip that process and just go credit card.

Re: Noob help please: Which cards? What I should ask for etc?

bada_bing — Sun, 13 Apr 2014 20:00:42 GMT

http://ficoforums.myfico.com/t5/Credit-Cards/Backdoor-Numbers/m-p/408066

I'd caution about doing to much too soon. You have a good plan to pay off and

keep utilization low, but that is going to be a change for you. I'd look into adjusting

your slate/freedom limits to facilitate a balance transfer of your whole BoA balance

and call it good for now. It may be overly cautious, but I'd live with just the new credit

you have for 6 months or a year and see how the discipline feels and the balances

go. Being overly cautious costs nothing other than deferring CL's you aren't intending

to use anyway, right?

I have a BoA AlaskaAir visa I've had for twenty years and I agree, BoA stinks. You'll

find Chase better to deal with.

Re: Noob help please: Which cards? What I should ask for etc?

signaturecardmember — Sun, 13 Apr 2014 20:07:45 GMT

Thanks,

Just did the AMEX Gold without the rewards, the annual fee is more important to me right now then extra points, and also everyday and was approved for both. I guess I have to make an online account to see my CL with the Everday card?

Re: Noob help please: Which cards? What I should ask for etc?

signaturecardmember — Sun, 13 Apr 2014 20:15:42 GMT

Yes,

Just getting the cards to have them there for an emergency, big expense if I move for a new job etc. def wont be changing my spending habits

Re: Noob help please: Which cards? What I should ask for etc?

myjourney — Sun, 13 Apr 2014 20:11:27 GMT

@signaturecardmember wrote:
Thanks,

Just did the AMEX Gold without the rewards, the annual fee is more important to me right now then extra points, and also everyday and was approved for both. I guess I have to make an online account to see my CL with the Everday card?

Congrats X2

Re: Noob help please: Which cards? What I should ask for etc?

Creditaddict — Sun, 13 Apr 2014 20:30:10 GMT

@signaturecardmember wrote:
Thanks,

Just did the AMEX Gold without the rewards, the annual fee is more important to me right now then extra points, and also everyday and was approved for both. I guess I have to make an online account to see my CL with the Everday card?

congrats but since it's free for first year you just burned yoruself on that gold

you can call the status line and find out CL for everyday.

congrats though...

Re: Noob help please: Which cards? What I should ask for etc?

signaturecardmember — Sun, 13 Apr 2014 20:33:47 GMT

Thanks guys!

With the Rewards though can you switch to the non rewards after the first year for the lower annual fee?

Just called the Slate line and was upped from $3k to $8k after requesting $14k so I will move my full BOA balance to this card and work it down

Also an FYI the first recon line for Chase 888-270-2127 (App recon) has been disconnected. Not sure who to alert so it gets removed from teh list.

Re: Noob help please: Which cards? What I should ask for etc?

Creditaddict — Sun, 13 Apr 2014 20:35:42 GMT

@signaturecardmember wrote:
Thanks guys!

With the Rewards though can you switch to the non rewards after the first year for the lower annual fee?

Just called the Slate line and was upped from $3k to $8k after requesting $14k so I will move my full BOA balance to this card and work it down

Also an FYI the first recon line for Chase 888-270-2127 (App recon) has been disconnected. Not sure who to alert so it gets removed from teh list.

you are on a roll!

Re: Noob help please: Which cards? What I should ask for etc?

myjourney — Sun, 13 Apr 2014 20:35:55 GMT

@signaturecardmember wrote:
Thanks guys!

With the Rewards though can you switch to the non rewards after the first year for the lower annual fee?

Just called the Slate line and was upped from $3k to $8k after requesting $14k so I will move my full BOA balance to this card and work it down

Also an FYI the first recon line for Chase 888-270-2127 (App recon) has been disconnected. Not sure who to alert so it gets removed from teh list.

The Gold low AF card has no rewards unless you wish to add and then it cost more

Re: Noob help please: Which cards? What I should ask for etc?

signaturecardmember — Sun, 13 Apr 2014 21:10:29 GMT

Makes sense.

Went ahead and applied for PenFed after opening account and was declined likely due to my high utilization and my account for Navy FCU is under review so I am doe for today. Very happy and greatful for my blessings

Re: Noob help please: Which cards? What I should ask for etc?

vish1 — Sun, 13 Apr 2014 21:40:31 GMT

@signaturecardmember wrote:
Makes sense.

Went ahead and applied for PenFed after opening account and was declined likely due to my high utilization and my account for Navy FCU is under review so I am doe for today. Very happy and greatful for my blessings

You have total of 10k on your chase cards. You can move some limit from freedom to Slate. Say make it 7-8k on slate and rest on freedom.

then you can transfer about 3-3.5k out of your current card to Slate. This will bring you to 1 card with 0 balance and 3500/8000 on ur slate and about 1000/6000 on ur current card.

This will put you in a good shape in terms of util and you can pay down quickly coz of lower interests.

Hope this helps.