The fee is once a year but even at that, it pays for itself if you use it enough. PLus, you can upgrade to the regular QS in 6 months or so. Good luck in whatever you decide to app, just don't over do it. If you feel like you should not apply, go with your instincts. You seem like you have a good head on your shoulders and a solid plan so I think you will be fine.
@Anonymous wrote:@mylow
OK thanks. And I wouldn't mind paying a one time annual fee if that meant I could build my credit in the meantime, and then upgrade it the next year for a different card. I think that would be the sensible thing to do. So far the chase freedom is the top of the list.
I know you said the QSlate is better but I'm not seeing any cash back or 0 annual fee in the pre-qualified page.
Yeah I thought you said QuickSilver but what you posted is actually the QuickSIlver 1. Its the one with the AF. Still a decent card though.
@Anonymous wrote:I don't know if you should get the Freedom... it's a decent card but I don't see it as anything special... yea you can set up the 3-headed Chase monster of Freedom, CSP and Freedom Unlimited but... that's a lot of hard pulls and 2 of those cards require better scores... the 3-pack is great for people that really want to go to extreme lengths to max their rewards but I'm not sure that it's what people starting out want to get into...
I think you should get the QS1 right now, build up your credit, upgrade to regular QS... then you can get Discover It or even better, some amex... Discover will be a good mid-pack card and Amex later will let you up your limits quickly...
Once you get over 700, you can really get what you truly want... I think initially you can grow your credit quite quickly... I wouldn't want to waste a hard pull on Freedom... I don't think it gets you anywhere long term without getting the other 2 Chase cards... like I mentioned before, it's great for people that are hardcore into rewards but just me personally, I would rather build my credit up and then get the cards that I NEED rather than focusing on maximizing rewards...
Bottom line of what I'm trying to say is... I think you should: 1) build credit 2) get cards that you need/want 3) if you want/can you can then get into reward maximizing... rather than skip #2 and go straight to #3... which is what 3 Chase cards is... I think it might cost you to miss out on some other good cards with too many pulls and accounts...
I see your point with this but what are you going to recommend he do when he apps the QS1 and get a paltry $500-$1500 starting limit that won't grow fast enough to accommodate his travel this summer? Capital 1 is a great choice of credit building but he will be put on credit steps for sure with limited credit. Why not try to at least jump that line? He is going to be traveling and most likely spending a good bit. He has $15k in savings but nobody wants to spend their travel time making multiple payments and waiting for them to post on Cap1. Sure, he can use his debit card while he waits but that is missing out on cash back rewards the Freedom offers. If he gets declined for the Freedom he can always fall back on the QS1. I would even say app the Platinum too as he will surely get both. I just think it's worth a try to app the Freedom first.
I want it known though that I am no expert. There are others here who know far more than I. This is just what I would do to maximize the use of HP's as well as getting a decent SL if it were me.
@Anonymous wrote:Get the QS1, even with the AF. Get your 1.5% Cash Back
every purchase and ask for CLIs every 3 and 6 months.
Freedom seems to be the flavor of the Month over at
creditcarddotcom as it recommends I get Freedom, Slate,
or a Sapphire as well. But I was just rejected by Chase for
5/24 so the pre-qual site IS not all knowing. Plus a Freedom
Card usally likes a sold 660+ FICO. Chase seems very Picky.
Never trust sites like that or CK for prequals. Hell, I would only half trust most of the card company prequals themselves. Credit karma and creditcard.com both she me able to get chase cards, discover and amex and I am here to preach to ya, I ain't gettin in with any of them. I have too many inquiries.