@JNA1 wrote:
I didn’t know about Apple not reporting. Why is that?
I’ve got prequels from Citi (DC), AMEX (Blue Everyday cash back and Delta Sky Miles), Cap 1 (Quicksilver), BOA (Cash Rewards). I got no offers from Chase.
I just don’t know what my credit lines would be with the others. I hear the horror stories people using a HP to get a $1000 limit. I felt like at least I knew I was getting a $7500 CL with Apple, not if they aren’t reporting, that might change my thinking.
You're getting offers, which is a good sign.
BoA does not have a good prequal site. I do like their Cash Rewards card, 3-2-1% categories that you pick.
Capital One is good if you don't mind the triple inquiry. QS is only 1.5% cash back.
Who do you bank with?
I currently bank with a small regional bank. I’ve been thinking about opening an account with a big bank or Credit Union though.
Recommendations?
Recommendations?
Navy Federal Credit Union. Membership restrictions. TU puller.
Pentagon Federal Credit Union. Open membership.
Bank Of America. EX or TU puller for cards. Soft pull CLI every 90 days, if eligible.
Pentagon Federal Credit Union. Open membership.
Bank Of America. EX or TU puller for cards. Soft pull CLI every 90 days, if eligible.
@JNA1 wrote:
I didn’t know about Apple not reporting. Why is that?
I’ve got prequels from Citi (DC), AMEX (Blue Everyday cash back and Delta Sky Miles), Cap 1 (Quicksilver), BOA (Cash Rewards). I got no offers from Chase.
I just don’t know what my credit lines would be with the others. I hear the horror stories people using a HP to get a $1000 limit. I felt like at least I knew I was getting a $7500 CL with Apple, not if they aren’t reporting, that might change my thinking.
If you are using BoA's prequal form, that isn't a true prequal form. That form is just suggesting what you need to get. The only way you'll know about BoA is by taking a HP when applying for the card.
IMO, I would go with the Apple approval. You mentioned several things that you liked and seemed important. The ability to take advantage of the 2% Apple Pay. There are people like my DW who don’t use this feature at all or in small towns and few businesses to take advantage of this feature. Second and most important, the $7500 SL is very good. Especially, early in your credit journey it’s a good feeling to have that size SL. Take the Apple card, and consider the AMEX to get in the AMEX family. Double check the AMEX features of the card and signup bonus to make sure you can meet it. Then slow down on the apps, follow up in 61 days for the AMEX 3x CLI and repeat 180 days later. If you begin with a $1K SL, you’ll potentially have a $9K limit 8 months later. So within a years time you would likely have 2 cards over $7500 and I’m very hopeful Apple would report by 8 months. After the 2 cards are reporting, then prequal for your favorite Discover card as it seems they tend to be in the ballpark of your other card limits. (Personal experiences with me and DW) So potentially, a year from now, you would have 3 main cards with Apple, Amex, and Discover. Just a strategy suggestion based on YOUR experience and questions. Because the credit card experience can evolve into a “hobby” or it can be strategically done to maximize your credit. Good luck on your credit journey!!
Noneed2nv, I’m seriously leaning towards it. It’s not perfect, but I have been working towards getting a flat rate 2% card anyway to use for everyday since my Discover It’s Cash Back match ends (2% everywhere basically) in a few months. I still want a true 2% everywhere card, but the more I research it, I can use this Apple Card for probably the majority of places I already buy things. I can use this until a get a true 2% card.
My Discover card has given me one CLI and I’m now up to $6500 on it. My wife and I have gotten to the point that we use the Discover card to pay for everything nowadays, but this requires me to make multiple payments a month, especially before the recent CLI. We were spending more than the limit of the card most months, but I made a lot of $1000 (or more) payments every week to 10 days to stay under the limit, and always paid the balance off before the 20th when Discover reports. That temporarily dinged me once because Discover reported mid cycle once and made my utilization ratio pretty high. If nothing else, the $7500 on this card would help me that regard just having more available credit, even if I didn’t use it much.
On the Amex card, my goal Amex is to eventually get is the Blue Cash Preferred Card, but the Blue Cash Everyday is definitely not bad, especially if the CLI’s work like that.
My Discover card has given me one CLI and I’m now up to $6500 on it. My wife and I have gotten to the point that we use the Discover card to pay for everything nowadays, but this requires me to make multiple payments a month, especially before the recent CLI. We were spending more than the limit of the card most months, but I made a lot of $1000 (or more) payments every week to 10 days to stay under the limit, and always paid the balance off before the 20th when Discover reports. That temporarily dinged me once because Discover reported mid cycle once and made my utilization ratio pretty high. If nothing else, the $7500 on this card would help me that regard just having more available credit, even if I didn’t use it much.
On the Amex card, my goal Amex is to eventually get is the Blue Cash Preferred Card, but the Blue Cash Everyday is definitely not bad, especially if the CLI’s work like that.
Yes, they cash match is given on the first billing cycle after you’ve had the card for 12 months. You can use what you’ve earned during that time (5% on quarterly categories, 1% on everything else) without affecting the cash back match, but you won’t get the matched cash until the year is up. I’m currently sitting at $540 (I haven’t redeemed anything) and some change and I expect to earn another $110-120 before my year is up, and I’m h point mb to wait until I get the entire $1300+ to redeem.
That said, on the quarters that allow you to use PayPal, Amazon, Walmart.com, etc is awesome earnings at 10%. I didn’t get the full $150 on every quarter (because I didn’t buy things I wouldn’t normally just to get the 10% cash back), but on the quarters that rewarded PayPal, Amazon, etc. I juggled things around and got all of that.
That said, on the quarters that allow you to use PayPal, Amazon, Walmart.com, etc is awesome earnings at 10%. I didn’t get the full $150 on every quarter (because I didn’t buy things I wouldn’t normally just to get the 10% cash back), but on the quarters that rewarded PayPal, Amazon, etc. I juggled things around and got all of that.
I’m right there with you. In fact, I feel foolish that I haven’t been doing this all along. If I had been earning cash back and applying it in my mortgage on the front end years ago, it would be paid off by now!😞
The sad thing is that I was proud and kinda bragged about not needing credit cards and loans all those years.
I like making my money work for me now!
The sad thing is that I was proud and kinda bragged about not needing credit cards and loans all those years.
I like making my money work for me now!