In the market for a new card

[LoginNameInvalid]

Hi,

I'm in the market for a new card but I'm extremely picky with my cards and the hard inquiries that results from applying. So I'm looking to people on here for some direction since I'm realitively new to credit cards especially since nothing has really caught my eye as inticing.

The goal of getting a new card (if I get approved) is to provide some breathing space and to improve my scores.  I currently have 2 credit cards (WF & Citi Diamond Preffered) and the gold AMEX charge card. The limit on the WF is $1k (used half of it) and the limit on the Citi is $6300 (used about 3700).

My scores:

TU: 722

EQ: 717

EX: 727

Never been late for a payment, no collections, and have a lease at $474 a month and only 1 hard inquiry in late June for the Citi Diamond Preffered.

Any ideas on which card would spread my charges and lower the utilization while improving my score? I didn't like the Chase cards and I have a bad history with Chase and JP Morgan.

Thanks all for ideas!   

[Anonymous]

Are those your current balances on those cards? I'd only apply for a card I was going to use, not just to have one. Maybe focus on paying those cards down first, and then apply for a card that will suit your needs?

[Berk]

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@Anonymous wrote:

Are those your current balances on those cards? I'd only apply for a card I was going to use, not just to have one. Maybe focus on paying those cards down first, and then apply for a card that will suit your needs?

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I am guessing that, yes, those are the current balances on the OP's cards. My adivice is the same as yours -  to pay down those cards to improve utilization before he or she worries about obtaining a new card. That will lower the utilization and improve the scores, thus giving them some breathing room. Best of both worlds.

[LoginNameInvalid]

I don't think I mentioned anywhere that I wanted another card jus to have one. The goals were mentioned.

Current balance on the Citi is 3700 out of 6300 limit and WF 500 out of 1000 limit.

My fault, I should have included it in the OP. I'm paying down the cards and not just paying minimums.

 

[Anonymous]

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@LoginNameInvalid wrote:

I don't think I mentioned anywhere that I wanted another card jus to have one. The goals were mentioned.

Current balance on the Citi is 3700 out of 6300 limit and WF 500 out of 1000 limit.

My fault, I should have included it in the OP. I'm paying down the cards and not just paying minimums.

 

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Didn't think I was rude about it, sorry if it seemed that way. Padding utilization just doesn't seem like a good reason to me. I think you should look at the benefits a card has, such as miles, cash back, lounge access, etc. To me, getting a card with the hopes of raising your score just doesn't compute. 

[LoginNameInvalid]

No problem.

Actually, I feel padding the utilization is a good way to go when the score is determined by an algorithm or formula and not determined by a human. The incentives card companies use to intice people such as miles and lounges or cash back isn't something that I look for.

Just looking for a card and company that has good customer service, a reliable mobile app and can used world wide.

[Anonymous]

That's high utilization. You should work on your utilization first and then apply

[Ghoshida]

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@LoginNameInvalid wrote:

No problem.

Actually, I feel padding the utilization is a good way to go when the score is determined by an algorithm or formula and not determined by a human. The incentives card companies use to intice people such as miles and lounges or cash back isn't something that I look for.

Just looking for a card and company that has good customer service, a reliable mobile app and can used world wide.

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Chase Sapphire Preferred.

You'll get good rewards as a bonus.

Your scores are good; if you can pay down your utilization (at least pay the low limit card to zero and some good amount on the other one) you probably have a good chance with them.

Check out their pre-approval site to see if they have an offer for you. Their offers are pretty solid according to this forum and my experience.

[Ragelog]

Based on just wanting a card for padding. Maybe a Discover IT or Bank of America 123 Rewards card they are lenders you currently don't have a relationship with so why not build with them.

[b_diddy]

As others have said, your UTIL philosophy might need to be reversed.  Low util = better scores = higher CLs.