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Which Card Is Best Given My Situation

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Anonymous
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Re: Which Card Is Best Given My Situation

I had applied for the BOFA prem Rewards and they actually denied me earlier this month for it. Because of the late pay once to lowes and the utlization of my credit. Though that card is newer and probably requires a higher score. Was suprised no counter offer was made and that they keep pulling credit vs using a report they have on file within 30 days.

Message 11 of 17
Anonymous
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Re: Which Card Is Best Given My Situation

Hope she sticks to them, that interest rate is probably going to cost thousands even if it takes just a year to pay them down.

 

I'd cut the AUs and get disconnected from them and hope they fall off quickly because your own scores are suffering for it.

 

If you can do that AND get your utilization in check personally in a statement cycle I bet your scores go up enough to get some nice starting limits and low APRs.  

Message 12 of 17
Anonymous
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Re: Which Card Is Best Given My Situation

Regarding the Lowes late pay, write a letter to Synchrony requesting they remove the late record as a goodwill gesture since you're a good customer and it was just an oversight.

Message 13 of 17
Anonymous
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Re: Which Card Is Best Given My Situation

I have written to them as of now. Thanks for the great advice! hopefully it helps a lil 

 

I do have a correction to make and I have mis-read something. My wife is not 660 its 691. my apologies. I have removed my AU from the higher card.

Message 14 of 17
Anonymous
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Re: Which Card Is Best Given My Situation

Definitely want to knock down or at the bare minimum drop the Au cards with high utilization (provided this won't wreck your AAOA). While you work on tackling the high balance cards ask yourself the single most important question about opening a new credit line - what it is you're looking for in a card? And do you NEED it?

Do you want to get in on the rewards/travel points game? Are you more interested in cash back than in points, and if so do you want an all purpose flat rate card (any number of 2% CB cards - for this example I'll say PayPal 2% mastercard) or are you looking for rotating 5% categories (discover IT or chase freedom) or multiple-tiered CB cards (citi Costco 4-3-2-1% gas travel Costco all other, Amex BCE/BCP 3-6% grocery, 2-3% gas 1% others - there's tons of these cards).

I recommend looking for a card that will benefit you in the areas you already spend most. In my recent complete overhaul of my wallet I picked up Amex BCE for our grocery, Costco for gas and Costco purchases, discover for 5% (10% with first year cash match) for q4 amazon & target and chase sapphire preferred for travel & dining. All of the cards serve a purpose and area where we were losing out on using my 1% cash wells fargo or 1.5% quicksilver. I'm not suggesting you go on a spree like I did - that was a looooong term plan crafted over 2 years of rebuilding & budget analysis, but consider what's going to benefit you most and go from there. If I read your post correctly you already have 3 cards on which you are the primary & not an Au, along with a home and auto loan. You already have an optimal mix of trade lines and might consider working on those high balances and growing your existing credit limits first.
Message 15 of 17
Anonymous
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Re: Which Card Is Best Given My Situation

Forgot to add in, if you're interested in getting started with travel and rewards points I'd suggest the chase sapphire preferred. It's a great general use/newbie travel card and comes with a killer signup bonus. With all their points transfer partners & the chase travel portal it's a well rounded card if you want something that can be simple and easy to redeem for travel AND ALSO a product that can give you more complex points transfer redemption if you feel like making the effort & putting in the time to maximize bang for your buck.

My other travel recommendations tend to be a 2 card combo of whatever airline & hotel group you frequent most but in most cases I think the sapphire is the better choice for the novice or infrequent traveler.

Do some housekeeping with your balances, start a goodwill letter writing campaign for those baddies and if you're really serious about credit & being prepared to open a new card spend the money to buy a myFICO 3 bureau report with all 28 scores or try credit check total or experian 3 bureau trial accounts and then cancel within the time limit.

Not fretting a missed score or wondering if the fico or "credit score" you're getting from a lender or a free site is accurate is worth the $1-40 you'll spend. If you haven't already redeemed your yearly free reports from annual credit report you might look into doing so as well. Just be warned that they don't give you a score with the free report and if I remember correctly the scores they'll try and sell you are all vantage scores, ie garbage that you can get for free from credit karma.
Message 16 of 17
Anonymous
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Re: Which Card Is Best Given My Situation

Thanks again for the advice Its difficult to get started unless you have a resource like this site to ask questions. I know im not that far off in getting where i want to be. Like i said i am getting alot of prequal from lenders i've been with or newer ones like Amexs PRG 50k  for 1k spent. Al though CSP has not sent me anything.. But I am going to pull the MyFico report to understand completely where I am at.

Message 17 of 17
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