Which card to apply for- TD Bank Cash or US Bank Cash+

[Anonymous]

Hi all, I'm new to this forum but I've been reading a couple posts on here lately. I'm looking to get a new credit card that is a Visa or Mastercard rewards card for when I can't use my Discover or Amex cards. I'm new to credit in terms of my average age of accounts, but I have established history. I have a student loan and 5 cards total: BoA Bankamericard, Discover It, and 3 Amex (Cash Magnet, Blue Cash, Amex Gold). Utilization is at 6% with total limit $16,500 (will be going up to $17,500 once discover reports shortly and then $22,500 once Cash Magnet reports). My cash magnet has not been reported yet and is my newest account. I just paid off my discover completely and part of my student loans(paid $2000 on $3500) but this has not reported yet but should be soon (discover just closed at $0 and loan is reporting at the end of this month). My average age of accounts is 1yr and oldest at 1yr10m. My Transunion FICO 8 is 741, Experian is 728, and Equifax is 729. I was looking at either US Bank Cash+ or the TD Bank Cash card. The rewards on the US Bank card are very appealing, but the TD Card will give me a very low rate for being an employee if I am approved. If anyone would like to recommend anything I could do to make my approval odds greater or even a different card to get I would really appreciate it! Thanks!

-Andrew

[Anonymous]

Welcome first and foremost. I'm fairly new here myself but your scores are definitely around the same when I app for us. I know you said that your amex was your newest card, within the last six months how many cards and/or inquiries have you acquired. I'm asking because my reason for denial was so many new accounts and inquiries. US is definitely sensitive to that......

[Anonymous]

I've read that US Bank uses Transunion, which has 1 inquiry in the last 6 months. Experian has 3, and Equifax has 2. The Amex Cash Magnet is the only card I have gotten in the last 6 months. I should also have a mortgage reporting soon, have had it for a couple months but not on my report yet.

[Anonymous]

That is true they do pull trans, my score was 730 something but I also had 4-5 new account with 5-6 inquiries so I'm sure your in a better situation with that. I'm not too familiar with TD personally but I'm sure someone will comment on that institution. Good luck!! Post your results on whatever you decide would like to know which one you went with

[zerofire]

How many in the past 12? US Bank goes back for a year at least and might switch to two years if it feels like it. The reports go back for 24 months already so it is just a question of if underwriting cares. I think the US Bank Cash+ is the better card to get especially when you consider that APR does not matter when you pay in full. The extra % back will be better in your wallet. The issue is that the issuer is sensitive to inquiries. How did you get a mortgage without inquiries? There should be many from shopping around.

[Anonymous]

I got my mortgage with just one inquiry on each bureau. I went through a credit union and I had a very good rate. Tried to go to BoA but the guy didn't want to take my app so I only have the 1 inquiry on each bureau. In the last year its TU-1, EX-4, EQ-2, last two years are TU-1, EX-8, EQ-5. EQ and EX have 2 each falling off by next year. New accounts in past year- 3. All are less than 2 years.

[zerofire]

In that case step on up to our good friends at US Bank and in the name of the emperor's new grove...pull the lever achunt2143. And not the other lever(TD Bank). With only one inquiry they will probably try to overnight the card until cooler heads prevail and instead send it 7-14 days first class.

BoA is stingy with mortgages. You have to basicly be the president for a Fortune 500 before they think about accepting an application for a new one. They are surprisingly more likely to refinance. I would have had a chat with Chase because they are more likely to want a slice.

[Anonymous]

Would it benefit me to wait until at least Discover reports a $0 balance? Or would it not change much?

[M_Smart007]

---

@Anonymous wrote:

Would it benefit me to wait until at least Discover reports a $0 balance? Or would it not change much?

---

depends on the balance and the limit?  ..

[Anonymous]

$721 on $3500. When it reports it'll be $0 on $4500. Thats my highest balance by about $600. Amex BCE is $180.