Where to apply? PenFed, AMEX, Chase or Discover

[getontrack2021]

I'm looking for a higher limit credit card for travel & emergencies. I know it's a stretch to probably get approved for an AMEX and i know with Chase there's a 5/24. I currently have a secured NRewards with NFCU its $500 limit (open since 2015) and I have a savings account with PenFed & Checking & Savings w/NFCU. I would like a card outside of NFCU.

Any suggestions on what card I could possibly get approved for?  Even open to suggestions outside the ones mentioned.

Income $125K annually

Credit history 5 yrs 11 months

Last late payment Feb on Auto loan, balance on loan is $5,500

Fico 8 Bankcard EQ 590, TU597, EX629

Fico 9 EQ 544, TU502, EX 591

Fico Bankcard 9 EQ553, TU518, EX592
No HP inquires in over 1 yr

I am in the process of rebuilding somewhat but feel comfortable where I'm at since I'm working on bringing my DTI down.

I did have a closed Cap1 $750 CC in 19. It is in collections and I plan on doing a PFD.  I had a NFCU cashRewards $3,100 that is closed not in collections. Paid on monthly no lates.

[Jnbmom]

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@getontrack2021 wrote:

I'm looking for a higher limit credit card for travel & emergencies. I know it's a stretch to probably get approved for an AMEX and i know with Chase there's a 5/24. I currently have a secured NRewards with NFCU its $500 limit (open since 2015) and I have a savings account with PenFed & Checking & Savings w/NFCU. I would like a card outside of NFCU.

Any suggestions on what card I could possibly get approved for?  Even open to suggestions outside the ones mentioned.

Income $125K annually

Credit history 5 yrs 11 months

Last late payment Feb on Auto loan, balance on loan is $5,500

Fico 8 Bankcard EQ 590, TU597, EX629

Fico 9 EQ 544, TU502, EX 591

Fico Bankcard 9 EQ553, TU518, EX592
No HP inquires in over 1 yr

I am in the process of rebuilding somewhat but feel comfortable where I'm at since I'm working on bringing my DTI down.

I did have a closed Cap1 $750 CC in 19. It is in collections and I plan on doing a PFD.  I had a NFCU cashRewards $3,100 that is closed not in collections. Paid on monthly no lates.

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If those are your current scores you won't get into chase and I don't think you are going to get high limit cards until you work on your negatives that are holding down your scores . You can try discover pre qualify but more than likely they will offer you a secured card .

[getontrack2021]

Thank you for that. That's kind of what I figured but I thought it would be worth a shot.

[Amex_or_bust]

I would probably attack it this way

• pay off anything in collections
• repay NFCU for the cash rewards so you can get other cards in their lineup
• look at US Bank secured card options (if you want a visa for travel/gas)
  • They can graduate in a year with whatever credit limit you set up (the limit is 5,000)
  • You can add funds/increase the limit throughout the year

I was approved for my first Amex (Delta Gold) at 690 with about half your income. Within about 5 months I was able to add the Gold and Platinum cards. Penfed and Chase definitely need to wait a bit. Check out Discover's prequalify tool but if you are traveling internationally I would look at a secured visa first.

Some of the issues need time to heal but a year from now you can be a great place.

[Guyatthebeach]

Getontrack2021,

I would check the preapproval on Discover. You may get lucky.

Unit you get your score over 650, hold off on Penfed.  I would not apply for Amex and Chase until you get those closed accounts paid off and a year has passed since your last late payment.

One thing I would recommend is adding secured funds to increase your CL on your secured card.

Keep making payments on time, you will get there.

Guyatthebeach

[SouthJamaica]

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@getontrack2021 wrote:

I'm looking for a higher limit credit card for travel & emergencies. I know it's a stretch to probably get approved for an AMEX and i know with Chase there's a 5/24. I currently have a secured NRewards with NFCU its $500 limit (open since 2015) and I have a savings account with PenFed & Checking & Savings w/NFCU. I would like a card outside of NFCU.

Any suggestions on what card I could possibly get approved for?  Even open to suggestions outside the ones mentioned.

Income $125K annually

Credit history 5 yrs 11 months

Last late payment Feb on Auto loan, balance on loan is $5,500

Fico 8 Bankcard EQ 590, TU597, EX629

Fico 9 EQ 544, TU502, EX 591

Fico Bankcard 9 EQ553, TU518, EX592
No HP inquires in over 1 yr

I am in the process of rebuilding somewhat but feel comfortable where I'm at since I'm working on bringing my DTI down.

I did have a closed Cap1 $750 CC in 19. It is in collections and I plan on doing a PFD.  I had a NFCU cashRewards $3,100 that is closed not in collections. Paid on monthly no lates.

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The best card for "travel and emergencies", if by "emergencies" you mean travel-related emergencies, is the Amex Platinum.

But at this point your profile won't support getting any good card, let alone a "higher limit" card, so you should just put your plans on hold until you've strengthened your profile.

[getontrack2021]

Thank you that makes sense and sounds likea more accurate long term plan.

[getontrack2021]

Wow I really like this plan. I recently got a promotion and more income coming from making almost 45k a year. There were some not so sound choices made when I was struggling and didn't have the best grasp on my finances. I understand things take time so I just need to be patient and pay off what's in collections and then up my secured card amount. Patience is a virtue!

[TRC_WA]

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@getontrack2021 wrote:

Thank you for that. That's kind of what I figured but I thought it would be worth a shot.

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I got my Amex Delta Gold with an EX of 665.  PenFed Gold EQ (FICO 9) of 696.  (My FICO 8 showed 677)

With those scores I think you are wasting your time with apps.  As others have said... work on the negatives and make payments on time.  You'll get there!

Good luck!