Freedom instant approval- What should I apply for now?

[Anonymous]

This weekend I got instant approval for Chase Freedom with a CL of 1200 and Amazon store card with a 2000 limit. I have a Discover that I got as a student 5 years ago with a $4000 limit. My fico scores range between 697-727. I have 2 inquiries on my report. 

I really want one more before I go to the garden for a year. I got pre-approval for Venture, but I've read some bad things about Cap 1 on this board. Whats the card I should try and get at this stage? 

[tntexans72]

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@Anonymous wrote:

This weekend I got instant approval for Chase Freedom with a CL of 1200 and Amazon store card with a 2000 limit. I have a Discover that I got as a student 5 years ago with a $4000 limit. My fico scores range between 697-727. I have 2 inquiries on my report. 

I really want one more before I go to the garden for a year. I got pre-approval for Venture, but I've read some bad things about Cap 1 on this board. Whats the card I should try and get at this stage? 

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You are aiming to get a SL of $5k. Venture may or may not give you that option. Look for a high tier card that fit your spending habit and go for it. You can take 1-2 more inquires. 

[Anonymous]

Other than scoring an awesome credit limit what is your need for a venture card are you looking for travel?

If you are not in trouble with anyone I would look at the pre-qual for bofa BBR, Citibank and also US bank because they like a clean file and they offer good cash back.

[Anonymous]

Thanks. Which cards are most likely to give a SL of 5k?

[kdm31091]

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@Anonymous wrote:

Thanks. Which cards are most likely to give a SL of 5k?

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Almost any card you apply for, other than ones with a minimum of 5k, will not guarantee you such a limit. People apply for US Bank's Cash+ Visa Signature and recieve 1k cash rewards instead, just as an example. You cannot rely on polling the forum to discover how to get a 5k limit. Just because I got a 5k limit on a Cash+ doesn't mean you would, too, since everyone's file is different.

The Venture card, I believe, does give a minimum of 5k limit, but to me it's about the usefulness of the card, not just having a high limit. The Venture is no better than a Double Cash (except for the lack of FTF if that's a concern), plus you'll have an annual fee and restricted redemption (i.e. a Double Cash is 2% useable for anything, whereas the Venture is 2% for travel purchases only, or gift cards; any cash back redemption is half the value). Unless you know for a fact you will be traveling often, you may not want to be "boxed in" to travel redemptions -- you may rack up a ton of miles that you cannot redeem at full value if travel plans go awry. Of course, the miles never expire, but I think you get what I'm trying to say.

[tntexans72]

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@Anonymous wrote:

Thanks. Which cards are most likely to give a SL of 5k?

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Travel cards are higher tier and they will give you a SL of 5k. You already have a 4K discover so getting to 5k wont be difficult. If your scores are good and util % is low, shoot for a United, Citi AA, Venture, etc...I don't think you have to travel extensively to obtain a travel card. I mean we all take a vacation right? Lol.. the signup bonus will get you a free ticket etc...as always YMMV so good luck. 

[Anonymous]

Capital One's reputation on myFICO has overall improved a lot in the last year. 

A Venture might actually be a great idea. You would be very likely to get approved, and if you are, your limit will be at least $5000 ($10000, even more likely). Your limits overall are kind of low, and it would look to good lenders /underwriters a year from now to see that you have managed a high limit card responsibly.

One thing to consider though is whether your spending would allow you to meet the  $400 sign up bonus. You would be taking three pulls for the Venture, and having a card with a high limit may not be worth the opportunity cost of three HPs if you won't make the sign up bonus (heck, for some people, the three hard pulls aren't even worth it even though they would earn the sign up bonus!) 

[SunriseEarth]

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@Anonymous wrote:

This weekend I got instant approval for Chase Freedom with a CL of 1200 and Amazon store card with a 2000 limit. I have a Discover that I got as a student 5 years ago with a $4000 limit. My fico scores range between 697-727. I have 2 inquiries on my report. 

I really want one more before I go to the garden for a year. I got pre-approval for Venture, but I've read some bad things about Cap 1 on this board. Whats the card I should try and get at this stage? 

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Many people ask the question "what card will give me a high CL", but there are far more factors to consider than this.   You can grow into a higher CL over time.   So it may be better to ask what fits your needs.

What is your monthly spending like?   Do you travel frequenly?   Are you a member of any warehouse clubs (Costco, Sam's, BJs)?   Do you need a low purchase APR or a BT offer?

[kdm31091]

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@Anonymous wrote:

Capital One's reputation on myFICO has overall improved a lot in the last year. 

A Venture might actually be a great idea. You would be very likely to get approved, and if you are, your limit will be at least $5000 ($10000, even more likely). Your limits overall are kind of low, and it would look to good lenders /underwriters a year from now to see that you have managed a high limit card responsibly.

One thing to consider though is whether your spending would allow you to meet the  $400 sign up bonus. You would be taking three pulls for the Venture, and having a card with a high limit may not be worth the opportunity cost of three HPs if you won't make the sign up bonus (heck, for some people, the three hard pulls aren't even worth it even though they would earn the sign up bonus!) 

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I think Sunrise is right though - we need to know the spending habits and what would benefit the person vs just recommending cards with usually high limits.

[Anonymous]

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@kdm31091 wrote:

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@Anonymous wrote:

Capital One's reputation on myFICO has overall improved a lot in the last year. 

A Venture might actually be a great idea. You would be very likely to get approved, and if you are, your limit will be at least $5000 ($10000, even more likely). Your limits overall are kind of low, and it would look to good lenders /underwriters a year from now to see that you have managed a high limit card responsibly.

One thing to consider though is whether your spending would allow you to meet the  $400 sign up bonus. You would be taking three pulls for the Venture, and having a card with a high limit may not be worth the opportunity cost of three HPs if you won't make the sign up bonus (heck, for some people, the three hard pulls aren't even worth it even though they would earn the sign up bonus!) 

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I think Sunrise is right though - we need to know the spending habits and what would benefit the person vs just recommending cards with usually high limits.

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My post included advice (albeit cursory) about the OP taking a look at his or her own spending habits. The OP didn't say one way or another about his/her spending habits, hence why I said "might be a great idea." For all we know, maybe the Victoria's Secret card might be the best fit for the OP. But barring any additional information that would suggest otherwise, I stand by my original statement.