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Application Strategy for Cards #3-4 in a Cash Back Setup?

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DXness
New Contributor

Application Strategy for Cards #3-4 in a Cash Back Setup?

Hi, I'm looking for advice on what to do next in my rebuilt cash back setup, which has come to a point where there are multiple options and I'm indecisive about the best path forward.  My current goal is to cover every main spending category with at least 3% cash back.  Those categories are online retail, dining, groceries, gas, transit (train and subway), cell phone, general in-store merchandise, and general (non-flight) travel.  Online retail is my heaviest annual spending category, but it's variable - sometimes less than $300 a month, sometimes over $2,500...this is mostly driven by specific equipment needs.

I currently have the SavorOne and BCE, which cover online retail, dining, groceries, gas, and entertainment for 3%.  Other than entertainment, those are the most important categories right now, so I covered them first.

Credit profile:
EX 724, EQ 686, TU 721 (FICO 8s)
UTL 6%
AAoA 10Y 5M
AoOA 15Y 6M
INQ 1/3 (2/6-24)
Open Revolvers: 1 (BCE hasn't started reporting yet even though it's almost been 2 statement cycles)
Open Installments: 8
Baddies: 120D on 6 student loans and 1 closed revolver, none recent

This profile is unlikely to change much in the next few years until those 120Ds drop, they are just killing me.  Unfortunately, I burned Citi and Synch in COs.  Avoided CO with Discover, but they still don't want me back.  That's where my original set of cards went...RIP.

The kind of cards I am looking for now are long-term/forever keepers, ideally traditional revolvers from major national banks.  I'm not too keen on fintechs, store cards, charge cards, and small banks (co-brands are ok).  As for credit unions, my family doesn't have military service history and I'm nowhere near the trade areas of popular ones like FNBO or Redstone.  There are barely even any local ones, I think my area is mostly dominated by banks.  That's ok, but it may take a lot of good cash back cards off the table.

Strategies I've identified are:

A: Stick with covering more categories with 3% cash back, plus a 2% catch all card.  The best card for achieving this seems to be the WF Autograph with transit, phone, and travel.  I don't have a fond opinion of WF, but that coverage is amazing.  I think I'd need to garden down to 0/6 to even have a chance at approval for it, however - WF is still giving me cold vibes with no results in their pre-qual tool.  Another option is the Paypal Mastercard with 3% back on Paypal, which could also act as a 2% catch-all card.  This would require Synchrony to forgive me...I also don't know what their other reqs are with INQs and new accounts.  Having both cards would get me to almost complete 3% coverage since so many places accept Paypal.

B: Go for 4-5% in categories already covered by 3%, since these important categories get more spend than the others, plus a 2% card.  The best card for this goal right now appears to be the Freedom Flex.  Chase is giving me warm vibes with a ton of results in their pre-qual, including the CSP and CSR, cards I don't want, but are nice to see listed.  If Synch doesn't want me back, I could also use the Freedom Unlimited as a catch-all card, although only 1.5%, that's 2/3 positioning for the trifecta if I ever decide to start flying places.  Sad about Citi which probably means no Custom Cash or Double Cash, no Discover IT either.  I also looked at US Bank, but they're so weird...that would be a long time in the garden?  Another option is the Verizon card, with double 4x categories and is the only credit card that still qualifies for their autopay discount...it's also Synchrony.

Timing: The results of upcoming CLI attempts will decide whether I go for the 3rd card soon or garden.  I plan to go for a SavorOne CLI this week (it'll be 90 days) and then try the BCE 3x CLI in late April.  They are currently at $5K and $2K, respectively.  It would be nice to go into the 3rd app with both cards over $5K, although I've seen mixed opinions on whether your current limits influence issuer decisions on future SLs.  If CapOne and Amex don't show me love, it's back to the garden for me. I should be 0/6 in June and that's when I'd try again for CLIs and the 3rd card.  Either way, the 4th card probably won't be until the end of the year, like pre-Christmas to see if they raise the SUBs.  I might go for it sooner if the economy really tanks, though.

There are so many choices that I don't know what to do.  Do you like strategy A or B better?  Are there cards I should consider that I missed?   Is there something coming out to wait for?  Do you have any specific advice for apping WF?  I see a lot of people get rejected...I would love to not get rejected...Sorry I'm all over the place with these thoughts.


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Rebuilding, FICO 8s as of February 2024:


Message 1 of 6
5 REPLIES 5
Zoostation1
Established Contributor

Re: Application Strategy for Cards #3-4 in a Cash Back Setup?

I can't speak to which strategy is better but Capital One generally doesn't like to give a CLI before 6 months, so it may be worth waiting.  They also like to see heavy spend.

Rebuild Started Nov 2021
June 2022 FICO 8:
June 2022 FICO 9:
March 2024 FICO 8:
March 2024 FICO 9:
Message 2 of 6
GTS
Contributor

Re: Application Strategy for Cards #3-4 in a Cash Back Setup?

@DXness

You could try the Bread Cash back as a 2% catch all card. Also from what im seeing reported its like a secret account as in it doesn't report. I don't have this card but have been considering it. Also some people have had luck requesting and getting approved for a CLI as soon as they activate the card.

FICO 8/9:



Chase FF WEMC-$25,200 CL
Chase IHG Premier WEMC-$16,700 CL
Amex BCP-$10,000 CL
PayPal cashback WMC-$8,000 Cl
RCU Platnum Visa-$5,000 CL
Cap1 Savor One WEMC-$5,000 CL
Disco It-$8,000 CL
Disco It-$5,200 CL
Cap1 Quicksilver WEMC-$3,400 CL

Citi Corporate MC-$5,000 CL
AU Citi AA Advantage-$30,000 CL
Message 3 of 6
SouthJamaica
Mega Contributor

Re: Application Strategy for Cards #3-4 in a Cash Back Setup?


@DXness wrote:

Hi, I'm looking for advice on what to do next in my rebuilt cash back setup, which has come to a point where there are multiple options and I'm indecisive about the best path forward.  My current goal is to cover every main spending category with at least 3% cash back.  Those categories are online retail, dining, groceries, gas, transit (train and subway), cell phone, general in-store merchandise, and general (non-flight) travel.  Online retail is my heaviest annual spending category, but it's variable - sometimes less than $300 a month, sometimes over $2,500...this is mostly driven by specific equipment needs.

I currently have the SavorOne and BCE, which cover online retail, dining, groceries, gas, and entertainment for 3%.  Other than entertainment, those are the most important categories right now, so I covered them first.

Credit profile:
EX 724, EQ 686, TU 721 (FICO 8s)
UTL 6%
AAoA 10Y 5M
AoOA 15Y 6M
INQ 1/3 (2/6-24)
Open Revolvers: 1 (BCE hasn't started reporting yet even though it's almost been 2 statement cycles)
Open Installments: 8
Baddies: 120D on 6 student loans and 1 closed revolver, none recent

This profile is unlikely to change much in the next few years until those 120Ds drop, they are just killing me.  Unfortunately, I burned Citi and Synch in COs.  Avoided CO with Discover, but they still don't want me back.  That's where my original set of cards went...RIP.

The kind of cards I am looking for now are long-term/forever keepers, ideally traditional revolvers from major national banks.  I'm not too keen on fintechs, store cards, charge cards, and small banks (co-brands are ok).  As for credit unions, my family doesn't have military service history and I'm nowhere near the trade areas of popular ones like FNBO or Redstone.  There are barely even any local ones, I think my area is mostly dominated by banks.  That's ok, but it may take a lot of good cash back cards off the table.

Strategies I've identified are:

A: Stick with covering more categories with 3% cash back, plus a 2% catch all card.  The best card for achieving this seems to be the WF Autograph with transit, phone, and travel.  I don't have a fond opinion of WF, but that coverage is amazing.  I think I'd need to garden down to 0/6 to even have a chance at approval for it, however - WF is still giving me cold vibes with no results in their pre-qual tool.  Another option is the Paypal Mastercard with 3% back on Paypal, which could also act as a 2% catch-all card.  This would require Synchrony to forgive me...I also don't know what their other reqs are with INQs and new accounts.  Having both cards would get me to almost complete 3% coverage since so many places accept Paypal.

B: Go for 4-5% in categories already covered by 3%, since these important categories get more spend than the others, plus a 2% card.  The best card for this goal right now appears to be the Freedom Flex.  Chase is giving me warm vibes with a ton of results in their pre-qual, including the CSP and CSR, cards I don't want, but are nice to see listed.  If Synch doesn't want me back, I could also use the Freedom Unlimited as a catch-all card, although only 1.5%, that's 2/3 positioning for the trifecta if I ever decide to start flying places.  Sad about Citi which probably means no Custom Cash or Double Cash, no Discover IT either.  I also looked at US Bank, but they're so weird...that would be a long time in the garden?  Another option is the Verizon card, with double 4x categories and is the only credit card that still qualifies for their autopay discount...it's also Synchrony.

Timing: The results of upcoming CLI attempts will decide whether I go for the 3rd card soon or garden.  I plan to go for a SavorOne CLI this week (it'll be 90 days) and then try the BCE 3x CLI in late April.  They are currently at $5K and $2K, respectively.  It would be nice to go into the 3rd app with both cards over $5K, although I've seen mixed opinions on whether your current limits influence issuer decisions on future SLs.  If CapOne and Amex don't show me love, it's back to the garden for me. I should be 0/6 in June and that's when I'd try again for CLIs and the 3rd card.  Either way, the 4th card probably won't be until the end of the year, like pre-Christmas to see if they raise the SUBs.  I might go for it sooner if the economy really tanks, though.

There are so many choices that I don't know what to do.  Do you like strategy A or B better?  Are there cards I should consider that I missed?   Is there something coming out to wait for?  Do you have any specific advice for apping WF?  I see a lot of people get rejected...I would love to not get rejected...Sorry I'm all over the place with these thoughts.


Good cash back cards are the Comenity AAA Travel Advantage and Daily Advantage. I have the Travel Advantage which returns 5% cash back on gas and electric vehicle charging, and 3% on groceries, dining, travel, and AAA.

 

If your online retail uses Amazon a lot, the Chase Amazon Prime Visa is good, with 5% cash back on Amazon, plus 2% on several other categories.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 4 of 6
DXness
New Contributor

Re: Application Strategy for Cards #3-4 in a Cash Back Setup?

Update: Still very undecided, but Team 5% cash back is currently winning.  Constant marketing from EX has put the US Bank Cash+ on my radar, although that's another garden until 0/6 card.  Two 5% categories you choose and a 2% is really attractive...and I don't really care about the caps since the fallbacks have 3% coverage.  I'd also much rather be with US Bank than Wells Fargo if they will take me.  Their 6% Shopper card could also be a longer term play, might be worth paying an AF for.

I successfully got the CLI I wanted from Cap One, a huge $5K CLI to bring that to $10K CL, so far this plan is executing along "best case scenario" lines which is fun lol.  Watching big moves from other posters really makes me want to app for the next thing early, but I must resist and stick to the planned timeline. Smiley LOL


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Rebuilding, FICO 8s as of February 2024:


Message 5 of 6
Larrypatty
Valued Member

Re: Application Strategy for Cards #3-4 in a Cash Back Setup?

Commenity Bread Amex recieved in beginning of March, They reported it to the credit bureau's 2 weeks later. So it doesnt seem like it's a "secret" account anymore.

Message 6 of 6
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