Please recommend a card to a rebuilder

[Anonymous]

Btw, I apologize for the improper grammar. My KB not doing so well, I really miss the old IBM days when keyboards would last more thsan 5 months.
Remember when the imprints were embedded in the plastic board, thus never wore out? Now everything is printed/inked on the keys and go poof a few months later.
The same in regards to the feeling of the keys.
And the sizing of the keys have grown smaller, so many times when pressing one key it pushes it's neighbor.
Horrible hardeware these days.

[jpro]

I’d apply for capital one’s quicksilver as this card was easy for my to get after having just 1 student card. I was not prequalified for it either.

[Anonymous]

Disco - 1 HP, good SL possible, growth potential excellent even with almost no spend, loves thin files
Amex - 1 HP, good SL possible, growth potential excellent with little to moderate spend, friendly to thin files
CapOne - triple HP, good SL maybe, growth usually stingy, rewards meh for the spend patterns they want, thin files seem to be seen equal to thick

[eastsea]

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@Anonymous wrote:
OP stated interest in cash back so in light of that, for an Amex, the BCE would be a better fit.

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Very true.  BCE or the Cash Magnet

Does anyone know if BCE is harder to obtain than Cash Magnet?  

Also between Discover IT Cash Back and Discover IT Miles, is one harder to get than the other?  

[Anonymous]

For Amex, preapproval for one core revolver usually equates to preapprovals for the rest. If BCE is preapproved, you’d likely be approved for CM also. Look at the earning patterns though - CM is straight 1.5% cash back. BCE has boosted earnings for some categories and 1% for all else, so decide which would work better for your lifestyle.

On Disco, I don’t think there’s a distinction between their cards - I’ve never seen them in tiers before. If they’ll OK one, likely they’ll OK any.

[eastsea]

@Inkco,

Appreciate the information, especially regarding Discover.  What type of extra information did Discover request after their initial approval?  Did they call you directly?

The 3 AU accounts are with Amex, Discover and Bank of America.  All have perfect history and credit limits range from $10K to $22K.  Two are in fact sock drawer cards with long history.  One (the Amex) is young but in regular use and I have made a few small purchases using my own card and have also created my own Amex account.  

[Anonymous]

Best advcice is to keep any major card balance low, or paid off.
Also take into consideration of how much of a monthly charge balance you are comfortable in handling.
Example if you have $5k open loop card and charge $1,500.00 in one month, it probably would be best to pay the entire balance, or a very higher portion.
They will most likely consider that your capable of handling that amount f debt after a few months, and most likely (never guaranteed) but most likely will increase your available credit until it reaches  margin in which they start to see adecline in payment history.
Anyone can apply and post extraordinary amounts of income, but the data never lies.
If someone doesn't actually make those earnings the payment history will reflect upobn their ability, across all debts and payments received from all creditors.
You can keep low balances on store (closed loop cards) and a high balance on open loop cards, (Visa/Mastercard etc.) having high balances on open loop cards will prevent you from inbcreasing your available credit on store cards, as well as open loop cards.
That is they weigh major credit card history with triple weight over closed loop cards during evaluations.

On a rare occasion a closed loop card issued under a vendor name may be  meticulous and look carefully over an application and credit history via an actual human, may approve a credit line despite a high credit usage of major cards, especially when the closed loop cards shows a great credit history.

I myself prefer store loop potential creditors to view my application in real world, and not some algorithim.
As such data sets aren't all that accurate yet.
 

[SouthJamaica]

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@eastsea wrote:

I am currently an AU on 3 cards but do not have a card under my own name.  

My data points are:

EX 700, EQ 680, TU 710

Utilization 5% on one card, 2% of TCL, AZEO

One collection (which I do not recognize and am disputing) and it should fall off around March 2020

Retired with decent income and good savings, no debts

Am interested in a card with no annual fee and preferably some cash back. 

I have narrowed down to the following:

Amex Blue Cash Everyday

Discover Cashback or Balance Transfer 

Capital One QuickSilver

Bank of America Cashback

Based on my data points, do I have a chance with any of them?  If not, any other recommendations?  

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IMHO yes you have a good chance with any of them.

The Quicksilver and the BOA card are a bit more useful, since they are MC or Visa.

But I would go for Amex BCE.

[eastsea]

Thank you everyone, really appreciate the help.  

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@SouthJamaica wrote:

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@eastsea wrote:

I am currently an AU on 3 cards but do not have a card under my own name.  

My data points are:

EX 700, EQ 680, TU 710

Utilization 5% on one card, 2% of TCL, AZEO

One collection (which I do not recognize and am disputing) and it should fall off around March 2020

Retired with decent income and good savings, no debts

Am interested in a card with no annual fee and preferably some cash back. 

I have narrowed down to the following:

Amex Blue Cash Everyday

Discover Cashback or Balance Transfer 

Capital One QuickSilver

Bank of America Cashback

Based on my data points, do I have a chance with any of them?  If not, any other recommendations?  

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IMHO yes you have a good chance with any of them.

The Quicksilver and the BOA card are a bit more useful, since they are MC or Visa.

But I would go for Amex BCE.

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Thank you.  I have also decided to save QuickSilver for later as I do not want 3 pulls right off the bat. 

BOA would be ideal as I have other accounts with BOA/Merrill and would qualify for higher rewards, but there are conflicting reports as to how lenient BOA is and I want to maximize the chance that my first app will be an approval.  

Discover is known to be kind to thin files and new comers.  But I just read about Discover beginning to request 4506t forms.  I do not mind sending a 4506t form since my income is fixed and easy to verify but I wonder if they are tightening up in general? 

That leaves Amex, which is also known to be quite generous to anyone who hasn't burned them.  At this point I plan to apply for an Amex card next month letting my AU account age for one more month.  The only decision now is Cash Magnet or BCE.  I am leaning toward Cash Magnet for its simplicity.  

A little additional information: my file is not necessarily thin.  Up till a few years ago I had credit cards under my own name, for decades, bought a house, bought cars, and never had a derog of any type. Only after becoming a widower I decided to simplify my life and canceled all my credit cards.  The canceled accounts (1 Amex, 1 Amex/Macy's, 1 THD/Citibank, and 1 Kohl's/Cap One) are still showing on my credit reports as closed at the request of the consumer and all have perfect history.  I still do not know the cause of that one collection on my file except it was from Citibank but it was not from the canceled Citi card.   I am hoping my good past history will win me a little favor from Amex.