Advice on applying for credit cards

[jsweeti1]

Hello all!

I'm new here!

I am not sure if this is the correct place for my questions. Please redirect if not.

Given my FICO scores, what would be the best credit cards to apply for? - located in signature

Also, in your opinion, what credit cards could I close out in the near future? - located in signature

P.S. My current credit utilization is 14% may be even lower since some of my balances haven't been updated yet. 

Thank you!

[OmarGB9]

Hello and welcome.

We'd need more information to make any meaningful recommendations. By that, I mean please tell us what your goals are. For example, do you want as high of a limit as possible, do you want to chase SUBs (sign up bonuses)? What are your main spend categories? Are AF (annual fees) a deal-breaker? etc.

[jsweeti1]

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@OmarGB9 wrote:

Hello and welcome.

We'd need more information to make any meaningful recommendations. By that, I mean please tell us what your goals are. For example, do you want as high of a limit as possible, do you want to chase SUBs (sign up bonuses)? What are your main spend categories? Are AF (annual fees) a deal-breaker? etc.

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Hello Omar,

I would like higher credit lines. I am not sure about the annual fee as I've been told to never get a cc with a fee. I probably spend the most on rideshare services, groceries, and subscriptions (in that order). 

[Anonymous]

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@jsweeti1 wrote:

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Hello Omar,

I would like higher credit lines. I am not sure about the annual fee as I've been told to never get a cc with a fee. 

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That is probably bad advice!   Now there are cards out there with annual fees that offer nothing over free cards, and you certainly should avoid them.   But many annual fee cards will more than repay the fee *IF* your spending and redemption habits fit the card (i.e. there are very good cards with annual fees which are great for certain people, and a waste of money for others)

[mrphilli]

How long have you had your Citi Double Cash and Discover IT cards? If you're looking for higher credit limits and the cards aren't new, then it might be worthwhile to see if Citi and/or Discover will increase your current limits before you apply for new credit cards. I feel like you could grow your credit file with the Citi and Discover cards and, as your score improves, more advantageous products should be easier to attain in the future.

I've been able to request credit limit increases on their respective websites, which makes me feel like it is a pretty low stakes affair to see if they'll extend additional credit or not. In the past, they've asked me for my income and housing payment information in order to make a decision with only a soft inquiry.

However, just be aware that these requests can involve a hard inquiry to your credit bureau report. If this is required, then it should be indicated on the web page. If you find out that a hard inquiry will be required for them to make a decision, then you'll need to think about whether it is worth it or not. Some folks guard their hard inquiries like they're gold and others aren't as concerned about them. It is up to you on how you feel about it.

Annual fees? You mentioned not applying for cards with annual fees in this thread. I'm not too knowledgeable about their products, but I thought the Capital One QuicksilverOne and Credit One Platinum cards had annual fees. I'll happily eat crow if that isn't accurate, but that might be something for you to look into with those two accounts.

Card closures? If I were considering closing any of your cards down the road, I'd look at the Capital One Platinum Secured and Credit One Platinum cards first. It feels like you've either outgrown or are outgrowing the need for them considering their limits, the secured nature of the former card (assuming it doesn't graduate to an unsecured card), and the possible annual fee without the additional benefits to make it worthwhile on the latter card.

Is it possible to do a product change for the Capital One QuicksilverOne card? I'm hoping someone more knowledgeable than me can weigh in on this; however, I could see that being a worthwhile decision in the future.

Store cards? I could see the Target Red Card being useful for groceries. I'm not sure about the Overstock.com or Macy's Star Rewards cards, though. Do those cards offer benefits that matter to you? If so, keep 'em. If not, consider closing them or tossing them in the sock drawer.

[SouthJamaica]

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@jsweeti1 wrote:

Hello all!

I'm new here!

I am not sure if this is the correct place for my questions. Please redirect if not.

Given my FICO scores, what would be the best credit cards to apply for? - located in signature

Also, in your opinion, what credit cards could I close out in the near future? - located in signature

P.S. My current credit utilization is 14% may be even lower since some of my balances haven't been updated yet. 

Thank you!

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Welcome to the forum.

If I were you I wouldn't necessarily add any cards, but if you wanted to add a cash back card I would suggest the American Express Blue Cash Everyday.

As to closing cards, I would close Credit One.

[Rogue46]

The Amex blue cash preferred offers 6x on groceries. 6x on streaming and 3x on ride sharing which seems to cover your main categories 

It does have a $95 annual fee but it's waived the first year.

[OmarGB9]

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@jsweeti1 wrote:

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@OmarGB9 wrote:

Hello and welcome.

We'd need more information to make any meaningful recommendations. By that, I mean please tell us what your goals are. For example, do you want as high of a limit as possible, do you want to chase SUBs (sign up bonuses)? What are your main spend categories? Are AF (annual fees) a deal-breaker? etc.

---

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@OmarGB9 wrote:

Hello and welcome.

We'd need more information to make any meaningful recommendations. By that, I mean please tell us what your goals are. For example, do you want as high of a limit as possible, do you want to chase SUBs (sign up bonuses)? What are your main spend categories? Are AF (annual fees) a deal-breaker? etc.

---

Hello Omar,

I would like higher credit lines. I am not sure about the annual fee as I've been told to never get a cc with a fee. I probably spend the most on rideshare services, groceries, and subscriptions (in that order). 

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Well higher limits generally depend on your individual credit profile. But, there are a few lenders know to be a bit more generous than others, such as NFCU (if you qualify). Otherwise it's dependent on income, credit and payment history, etc.

And whoever told you that or if you saw/read it on the internet somewhere, ignore it. Just because a card has an AF doesn't mean it's automatically a ripoff. Sure, some subprime, predatory cards have sky-high AFs and other fees, but some prime cards by well-known issuers also have fees, but they also have many perks to go along with that.

That said, Amex BCP may be a good one (6x streaming and groceries [assuming you're referring to streaming subscriptions]) and 3x transit (rideshare), but it has a $95 AF.

Or perhaps Navy Federal Credit Union  MoreRewards (again, if you qualify to join Navy Federal). It has 3x on gas, transit, and groceries. Also 3x on dining/fast food (I know you didn't mention this, but I'm just pointing it out as a bonus multiplier on the card). No AF.

[markhs777]

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@jsweeti1 wrote:

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@OmarGB9 wrote:

Hello and welcome.

We'd need more information to make any meaningful recommendations. By that, I mean please tell us what your goals are. For example, do you want as high of a limit as possible, do you want to chase SUBs (sign up bonuses)? What are your main spend categories? Are AF (annual fees) a deal-breaker? etc.

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@OmarGB9 wrote:

Hello and welcome.

We'd need more information to make any meaningful recommendations. By that, I mean please tell us what your goals are. For example, do you want as high of a limit as possible, do you want to chase SUBs (sign up bonuses)? What are your main spend categories? Are AF (annual fees) a deal-breaker? etc.

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Hello Omar,

I would like higher credit lines. I am not sure about the annual fee as I've been told to never get a cc with a fee. I probably spend the most on rideshare services, groceries, and subscriptions (in that order). 

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Yes it has has a $95'annual fee however it's a very nice card for your spending: The Savor One cash rewards card. Check it out.

[FireMedic1]

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@jsweeti1 wrote:

Hello all!

I'm new here!

I am not sure if this is the correct place for my questions. Please redirect if not.

Given my FICO scores, what would be the best credit cards to apply for? - located in signature

Also, in your opinion, what credit cards could I close out in the near future? - located in signature

P.S. My current credit utilization is 14% may be even lower since some of my balances haven't been updated yet. 

Thank you!

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Welcome @jsweeti1 

My question is. How long has it been from first to last card in your lineup? All in the past year for an example.