topic Re: Need help choosing my second credit card in Credit Cards

Need help choosing my second credit card

Anonymous — Tue, 24 Jun 2014 02:00:45 GMT

Hello everyone, I am just a tiny bit confused as I don't think that my situation is like many other 20 year olds. I got a Capital One Student Journey 1.25% CB card that is pretty much stuck at $750CL. My score is about 705 and I have 23 months on the oldest account (the card-- I also have a co-signed auto loan).

I was really looking for a new card with a higher CL (I save my money and travel a lot, which requires $1,500-2,000 plane tickets) and hopefully a better rewards program. From what I have read, my score is ok for most decent reward cards (Chase, Barclays, etc.). Will the history limit me at all though? Are there any I should really look in to?

Re: Need help choosing my second credit card

Closingracer99 — Tue, 24 Jun 2014 02:03:22 GMT

@Anonymous wrote:
Hello everyone, I am just a tiny bit confused as I don't think that my situation is like many other 20 year olds. I got a Capital One Student Journey 1.25% CB card that is pretty much stuck at $750CL. My score is about 705 and I have 23 months on the oldest account (the card-- I also have a co-signed auto loan).

I was really looking for a new card with a higher CL (I save my money and travel a lot, which requires $1,500-2,000 plane tickets) and hopefully a better rewards program. From what I have read, my score is ok for most decent reward cards (Chase, Barclays, etc.). Will the history limit me at all though? Are there any I should really look in to?

Chase finally let me app for the Freedom after a year on my account along with the Chase sapphire card. Amex BCE i got around 6 months onto my account. Amex gave me $1k with only my Discover posting once at the time i got it

I would say if you have 23 months you could get higher limits ?

Re: Need help choosing my second credit card

Themanwhocan — Tue, 24 Jun 2014 02:09:37 GMT

The real question is, do you have a significant income? Without income, you're stuck applying for student cards. And stuck with student card limits.

Re: Need help choosing my second credit card

Anonymous — Tue, 24 Jun 2014 22:13:27 GMT

All in all my tax return shows $50-60k, mainly due to investment income (much of which is retained). Otherwise I have a dinky part time job that nets me about $7,000 annually. Just don't know if a tax return can serve as proof of income if needed.

Re: Need help choosing my second credit card

Kenny — Tue, 24 Jun 2014 22:56:12 GMT

@Anonymous wrote:
All in all my tax return shows $50-60k, mainly due to investment income (much of which is retained). Otherwise I have a dinky part time job that nets me about $7,000 annually. Just don't know if a tax return can serve as proof of income if needed.

Wow, yes you are definitely not like the average 20 year old to have a 50-60k tax return with most of it being investment income! If you're using it, then yes it's definitely income and you definitely have proof with your taxes if need be.

Re: Need help choosing my second credit card

Kenny — Tue, 24 Jun 2014 22:58:28 GMT

@Anonymous wrote:
Hello everyone, I am just a tiny bit confused as I don't think that my situation is like many other 20 year olds. I got a Capital One Student Journey 1.25% CB card that is pretty much stuck at $750CL. My score is about 705 and I have 23 months on the oldest account (the card-- I also have a co-signed auto loan).

I was really looking for a new card with a higher CL (I save my money and travel a lot, which requires $1,500-2,000 plane tickets) and hopefully a better rewards program. From what I have read, my score is ok for most decent reward cards (Chase, Barclays, etc.). Will the history limit me at all though? Are there any I should really look in to?

I would try sending a message to the EO for a CLI and maybe a PC to a higher & CB either Quicksilver 1.5% or Venture that's 2%.

Of course, you can always app for the Freedom, Travel Rewards with BoA, Arrival, those types of cards, as well. Do you specifically need a travel card or do you need something that meets most of your daily expenses?

Re: Need help choosing my second credit card

heyarrnold — Tue, 24 Jun 2014 23:01:31 GMT

@Anonymous wrote:
All in all my tax return shows $50-60k, mainly due to investment income (much of which is retained). Otherwise I have a dinky part time job that nets me about $7,000 annually. Just don't know if a tax return can serve as proof of income if needed.

As long as you have a tax return, you can definitley use the $50-$60k as part of your income during your application.

Have you thought about an Amex?

Re: Need help choosing my second credit card

Anonymous — Wed, 25 Jun 2014 00:28:10 GMT

Yeah, just looking for a card to use for the expensive plane tickets. I otherwise live off of $7,000 a year while in school and only really bug the business for a distribution if I need to. I don't spend more than say $500 a month, but it would be awesome to be able to charge the plane tickets. Last time I used a debit card with the airline I took and had an issue with some fraud (luckily the bank caught it within the 2 business days and called me).

Given my largest purchases are gas and travel (air/hotel), that is why I thought to ask. We have frequent British Airways, US Air, and American flights from our airport. Going to call Cap One to try to upgrade the CL and/or PC because they come really close to the exchange rate that Google lists (with no fees). The rewards are limited however and I figured that I might want to look in to getting something new with a sign up offer and better rewards.