CC App Recommendations

Anonymous · ‎09-19-2017

Hi! I've currently no CC debt as we're going to be purchasing a house in about a month. I'm looking for recommendations on cards I should app for before the new mortgage reports. My EQ and TU reports pretty much have only student loans on them, and EX has my Credit Union loans including auto and mortgage (refinanced, so now marked closed on EQ/TU), so EX has my highest debt-to-income ratio. I make just over six figures and thought that right after closing would be a good time to do an app. spree. All the cards in my sig. have no balance at the moment, and some of the CLs just went up through requests/SPs (Discover went from $5.5k to $7k, Lowe's from $10k to $20k, Amazon from $2.2k to $10k). I don't want the HP at the moment for my BBMC so will wait on that. Any thoughts on what I should get based on my current FICO 8 scores/income/balances? Would like a higher SL if possible, but have read up on the 3x CLI for AmEx scenario, so might try that if recommended. There are just so many out there to choose from, I want to take this opportunity to get a good card to keep for a very long time that will grow with me. I don't travel, so no travel cards, and I'm not particularly a fan of AFs. Wouldn't mind one with regular low interest rate or good rewards (Like Citi DoubleCash, but not sure if there's a better one). Let me know if there's anything else that could help with recommendations. I shop a lot at Sam's/Walmart if their card is any good, although a Visa with good rewards would be just as useful and can be used anywhere. Thanks!

UncleB · ‎09-21-2017

@Anonymous wrote:

Hi! I've currently no CC debt as we're going to be purchasing a house in about a month.

I'm looking for recommendations on cards I should app for before the new mortgage reports. My EQ and TU reports pretty much have only student loans on them, and EX has my Credit Union loans including auto and mortgage (refinanced, so now marked closed on EQ/TU), so EX has my highest debt-to-income ratio. I make just over six figures and thought that right after closing would be a good time to do an app. spree.

All the cards in my sig. have no balance at the moment, and some of the CLs just went up through requests/SPs (Discover went from $5.5k to $7k, Lowe's from $10k to $20k, Amazon from $2.2k to $10k). I don't want the HP at the moment for my BBMC so will wait on that. Any thoughts on what I should get based on my current FICO 8 scores/income/balances?

Would like a higher SL if possible, but have read up on the 3x CLI for AmEx scenario, so might try that if recommended. There are just so many out there to choose from, I want to take this opportunity to get a good card to keep for a very long time that will grow with me. I don't travel, so no travel cards, and I'm not particularly a fan of AFs. Wouldn't mind one with regular low interest rate or good rewards (Like Citi DoubleCash, but not sure if there's a better one).

Let me know if there's anything else that could help with recommendations. I shop a lot at Sam's/Walmart if their card is any good, although a Visa with good rewards would be just as useful and can be used anywhere. Thanks!

Hi @Anonymous, and welcome to myFICO!

You probably already know the first thing I'm going to mention, but for the sake of anybody else who might be reading I'll start off with a gentle reminder not to app for anything until you close on your mortgage.

Now, with that out of the way I'll start by re-capping what you have in your siggy... we have a lot of mobile users, and unless you have a mobile signature set up as well they won't be able to see what you have.

Discover IT - $7,000 / Best Buy Mastercard - $10,400 / Lowe's - $20,000 / Amazon Store Card - $10,000 / Synchrony Bank Newegg - $3,000 / Synchrony Bank Sleep Number - $5,000

FICO 8: EQ 785 / TU 755 / EX 727 (One 30-late from 6.6 yrs ago on EX)

You have some strong cards already - and strong scores as well - so I don't see any urgency in figuring out what to app for in the window after you close but before the mortgage reports. You might see a small dip right at first, but I suspect you'll see a nice boost after a few months... perhaps even a significant boost if you don't have a mortgage reporting already (like you mention on your EQ and TU).

That said, if you would still like to explore your options we can of course do so. By telling us you don't have an interest in travel cards that helps to 'reduce the noise', and allows us to focus on your specific needs/wants.

Like you say, there are many great options, so to give more specific feedback we'll need to know a little more about what you're looking for. For example, the American Express BCP (Blue Cash Preferred) is a fantastic option for those who have significant spend at grocery stores (6% cash back) but not so much for those who buy groceries exclusively at Wal-Mart (which usually doesn't code as grocery). There are a large number of general-spend 1.5% and 2% cards around, and even a couple of 2.5% cards if you have the right memberships (Alliant and USAA).

I apologize if my post here is a bit vague, but as the thread continues the community will be able to offer feedback and advice more specific to your wants and needs.

Anonymous · ‎09-21-2017

Hi Uncle B, and thanks for the welcome! Been reading an awful lot on here these past couple months as we get ready. Our CRs were pulled yesterday, so we'll see how it goes. I do know not to do anything until after we close. Yeah that's not a mobile signature. I like the signature people have with the pictures of their cards that show the limit if you hover over it but I couldn't figure out how to do that. I have a mortgage reporting in EX from my credit union (which only posts to EX), but my previous mortgage reported to all three, and so will the new one. The reason I wanted to do the apps before the new one posts is that the monthly payment it shows is going to give serious pause to anyone or any algorithm looking at it, as the new payment is almost $4k, and individually I make $9.1k/month, so I'm worried about declinations due to debt-to-income. Of course with the Mrs. we don't have any debt-to-income ratio issues, but individually it looks pretty bad, especially on EX since it will be reporting both mortgages. I would still like to explore options. What I'm looking for are cards that can be used anywhere, so no store cards. I had read about AmEx BCP but don't really shop at grocery stores, just Sam's Club and Wal-Mart and they are considered warehouse clubs and superstores, respectively, as I recall. I'm not interested in opening any new bank accounts to get the bonuses, that's just one more thing to keep track of. I guess if I had to pick I'd want an AmEx revolver (could use advice on which one), and maybe a good rewards one like Citi DoubleCash or one that just does 2% upfront instead of the 1%/1% on the DoubleCash. Maybe even one with no rewards but a low interest rate. Is that Simmons one any good? I read that it's difficult to get so I'm not sure if I would qualify, but I do remember reading somewhere it's a low rate. Looking forward to any advice the community can provide! Thanks!