cancel
Showing results for 
Search instead for 
Did you mean: 

Help w. New Card(s) Application Plan

kah-pas
Valued Member

Help w. New Card(s) Application Plan

I'm going to a prolonged trip abroad soon. (in April / May for at least 6 to 12 months) No family who'd get my mail while I am away and I do not want to bother friends; I used their kindness well too much over my last drawn-out trip. Given the business plans, cash invested in a nice dividend paying shares I would not like to sell and some investments in high risk assets currently sitting at a modest loss (again not something I'd like to liquidate) and cash at hand, I'd love to put $10K of the expenses (25% - 30% of the total trip's cost) on the card, before the business income starts trickling in. But currently I do not have enough credit ($12,200.00 total)

Alas, I do not want to appear hungry for the credit, given it's pretty new, and get rejected. I plan to apply in April given that:
-- I've gotten an $16 K personal loan in November 2017
-- I've gotten a new card, $5K credit limit, in December 2017

My scores:
-- 750 Experian FICO 8
-- AAOA 1 year 4 months 
-- oldest account 2 years 8 months
-- 4 credit cards, 1 personal loan is all I have on the CR
-- 100% payment history
-- 2 hard inquires (November 2017, plus one "Misc." the apartment rental company pulled)
-- no deragatories
-- I have two new business credit cards but would not like to mingle private exepenses with the business credit.

I have a feeling that in my case, the credit being "too short" might be an obstacle? What say you, the veteras of the credit game? I went to some of the pre-qualy sites, and there's a (new) Citi Rewards+ Card I am prequalified for (APR 0% is important and I love how it looks) and some others, I can't recall ATM, PNC I think, Chase Sapphire.

But I do not think those pre-qualy amount to much? Basically, April is my last chance, hit or miss. Any advices, suggestions or ideas would be more than welcomed. Thank you!

Message 1 of 7
6 REPLIES 6
Remedios
Moderator

Re: New Card(s) Application Plan Help

I think you're good to go for most cards really, but I would reconsider putting $10K on a card hoping it all goes well with the business later.  

 

Message 2 of 7
kah-pas
Valued Member

Re: New Card(s) Application Plan Help

Appreciate that. Allow me to add that I would -- unless all my investments turn dramatically sour at the same time -- have enough $ to cover the debt by liquidating the investments, if needed. I'd simply hate to sell either income producing assets or at loss ATM, while I wait / work on it /  to see how the business would develop.

Message 3 of 7
Remedios
Moderator

Re: New Card(s) Application Plan Help

So, your main concern is 0% intro apr and decent SL? 

 

 

What are the limits on your other cards and which other cards do you have?  Knowing that will eliminate redundant suggestions 

 

 

 

Message 4 of 7
kah-pas
Valued Member

Re: New Card(s) Application Plan Help


@Remedios wrote:

So, your main concern is 0% intro apr and decent SL? 


Yes.

 

What are the limits on your other cards and which other cards do you have?  Knowing that will eliminate redundant suggestions 

 

$3,000.00 Capital One Quick Silver
$4,200.00 WF Platinum
$5,000.00 Capital One Venture
AMEX Platinum, pay-over-time $30K enabled, never used.


** Also, the WF gave me a $7,500.00 business card (I bank with them since 2006) and AMEX a $2,000.00 Blue business but I would not use them to comingle funds. Those are fairly recent cards (two weeks) and maybe reflect how they saw my credit worthiness. (the business is a brand new LLC that yet has to generate any income; not before June / July 2019)

 

I saw a Discover pre-approval link you (Remedios) provided someone else with and went to see just to get a better picture. "Unfortunately, at this time we are not able to provide you an offer due to the following:"
Type of credit score FICO
Your credit score 761
Date March 18, 2019
Key factors that affected your credit score were as follows:
LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED
PROPORTION OF LOAN BALANCES TO LOAN AMOUNTS IS TOO HIGH
TOO MANY INQUIRIES LAST 12 MONTHS

(as a reminder, I have 2 inquires, 0% CLU, 89% loan balance on that personal loan)


Message 5 of 7
JaseT
Established Contributor

Re: New Card(s) Application Plan Help

Another Capital One Venture? Often has a higher CL and has no foreign transaction fees.


BK7 Filed 12/16, Discharged 3/17 *** Current Revolving CL Total $122.1k *** PIF/AZEO
6/19 FICO SCORES:
On My Radar Cards: Nothing ATM
Future Goal Cards: US Bank Cash +, Citi Double Cash, Discover It, BoA Cash Rewards, USAA Cashback Rewards Plus Amex
Message 6 of 7
xaximus
Valued Contributor

Re: New Card(s) Application Plan Help


@kah-pas wrote:

@Remedios wrote:

So, your main concern is 0% intro apr and decent SL? 


Yes.

 

What are the limits on your other cards and which other cards do you have?  Knowing that will eliminate redundant suggestions 

 

$3,000.00 Capital One Quick Silver
$4,200.00 WF Platinum
$5,000.00 Capital One Venture
AMEX Platinum, pay-over-time $30K enabled, never used.


** Also, the WF gave me a $7,500.00 business card (I bank with them since 2006) and AMEX a $2,000.00 Blue business but I would not use them to comingle funds. Those are fairly recent cards (two weeks) and maybe reflect how they saw my credit worthiness. (the business is a brand new LLC that yet has to generate any income; not before June / July 2019)

 

I saw a Discover pre-approval link you (Remedios) provided someone else with and went to see just to get a better picture. "Unfortunately, at this time we are not able to provide you an offer due to the following:"
Type of credit score FICO
Your credit score 761
Date March 18, 2019
Key factors that affected your credit score were as follows:
LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED
PROPORTION OF LOAN BALANCES TO LOAN AMOUNTS IS TOO HIGH
TOO MANY INQUIRIES LAST 12 MONTHS

(as a reminder, I have 2 inquires, 0% CLU, 89% loan balance on that personal loan)



Based on this - depending on the rewards you're looking for, the Paypal 2% CB might be a good option to look into. If not that, then try pre-qual link to BoA. The Travel rewards card may be a good option. Also, if you havn't looked, check out the Uber Visa card, even though you may get approved possibly with a low SL, it's in the ballpark of no AF and no FTF.



Scores - All bureaus 756 +
TCL - Est. $275K
Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.