Best rewards card to apply for after closing

Anonymous · ‎02-21-2018

Hello all,

I have been holding tight on new CC apps while rebuilding credit to apply for a mortgage.

We are finally closing on our new home this Friday (update - now officially closed) YAY!! (I know not to send out any apps beforehand) and once the mortgage is closed and funded I'd like a add a few more cards. I would really like a travel rewards card as we travel a lot but it may be a little soon for me to qualify for a good one? We will also most likely add a Lowe's or HD card for the discount on some new home projects within the next few weeks.

I currently only have one CC - Cap1 platinum CL $11,300 (opened 2014 with a $300 CL CLI's via LUV every 6 months since then)

and a Comenity Victoria's Secret card CL $3,300 opened 2015

Fico 8 as of 1/20/18 EQ 709 TU710 EX 680

Bankcard 8 and 4 score for EQ and TU are a little higher 723 / 734

I have a 1 old collection and some student loan lates from 2011 set to drop off in June of this year in EQ and EX TU is clean

Income is a little over $100,000

I am seeing PreQ in Cap 1 for QS1 and Platinum but would *really* like a Venture

Amex is also showing some PreQ's but no travel cards

I have not checked any Chase PreQ's. I had a $1034 C/O card over 7 years old that has dropped of all CUs. We have a business acct with them but I have no personal accts. I do plan to open a checking acct with Chase in the next few weeks. DH banks with them. We have been married a little over a year I just haven't changed my personal acct bank yet.

Thanks in advance for any suggestions! This journey started over 5 years ago post divorce with a defaulted student loan no cards and scores in the low to mid 500's. I still have some work to do but there is finally light at the end of the tunnel. This forum has been invaluable in the rebuilding process. Slow and steady wins the race.

Anonymous · ‎02-22-2018

U.S. Bank Cash +, Amazon Prime Visa Signature, and and Citi Double Cash are my top picks.

Amazon Prime Visa Signature being the easiest to get.

* I now see you're not interested in cash rewards... so take these suggestions for what they're worth.

- Oh, also take into account how many hard inquiries are showing on your credit report. Some people keep applying after 10+ inquiries so maybe its not a big deal. I treat it like it is though.

Anonymous · ‎02-22-2018

Can you be more specific on travel? Are you looking for airline points/perks, or hotel points/perks? If so, I would stick to cards that cater to the brands you like to fly or stay at when traveling.

If you want a card that can cater to both, there are several. You mentioned venture, but CSR (chase), arrival (Barclays), platinum (Amex) are also available, just to name a few.

Anonymous · ‎02-22-2018

Try American Express Blue Cash and Discover It. Both are kind to thin credit files and pay cash back, have 0% intro and no annual fee. Good luck!

simplynoir · ‎02-22-2018

@Anonymouswrote:
Can you be more specific on travel? Are you looking for airline points/perks, or hotel points/perks? If so, I would stick to cards that cater to the brands you like to fly or stay at when traveling.
If you want a card that can cater to both, there are several. You mentioned venture, but CSR (chase), arrival (Barclays), platinum (Amex) are also available, just to name a few.

This is pretty important so deciding that will get the ball rolling.

As far as getting a general all-around nice travel card I would check the Chase prequalification page and see what offers pop up. Good chance the CSP will populate and if so that's a good starter travel card with a nice signup bonus to have if you can meet the spend. With the AF waived the first year it'll be a nice tester card to see if you like travel cards or if after the year decide you rather have a cashback card and can downgrade it to the Freedom/FU card.

Anonymous · ‎02-26-2018

Thanks so much for the replies! Sorry for the delay in response. We closed Friday and spent the weekend moving. No wifi at the new house yet.

Because our travel is not usually with one set airline or hotel chain, in a perfect world, I would love a milage rewards card that didn't tie us to a specific airline and had a sign up bonus or bonus after spending a certain amout in the first month or few months. We typically put about 2-3k on the card / month and pay it off by months end. But I realize I may not be there yet. Would it be better to go for a cash back rewards card(s) now and wait a while to apply for a better milage card once the mortgage reports and I have a few other cards with a less thin credit file?

I'm having a hard time finding the chase Pre-Q page. The links I have found to it don't seem to be working?

Anonymous · ‎02-26-2018

- Oh, also take into account how many hard inquiries are showing on your credit report. Some people keep applying after 10+ inquiries so maybe its not a big deal. I treat it like it is though.

We checked rates with 3 banks for the mortgage each pulled all 3 bureaus so I currently have 9 hard inquiries on my report. They were all within a 2 day time period. I'm not sure how many is too many now if I'm app spreeing for new cards?

HeavenOhio · ‎02-26-2018

If you checked your rates within a reasonably short period of time, they should be scored as one inquiry per bureau. Of course, lenders aren't required to look at them that way. But one would think that they would see that they're mortgage inquiries rather than attempts to land credit cards.

I think that even though you only have the two cards, your 2014 Capital One card with its 11.3K limit should position you nicely for a lot of products.

Anonymous · ‎02-26-2018

Applied and was approved for Amex Delta Skymiles with a 10k CL. Also app'd CSP and got a 30 day notice. Hoping it turns into an approval. I've had a name change (married) a little over a year ago and we have a new address with the new house. Hopefully they just need to verify info / income etc? Fingers crossed.

Now we may go for the Lowe's card and call it good. Is there a timeline for that app or can I wait a week? I think I read it's best to do them all in one day? Hoping that doesn't effect the CSP approval process?

Then I think it's time to plant my booty in the garden for the next year.