Help me fire my Wells Fargo Secured

[f1_StudentInUS]

I am interested in a card that gives cashback + no foreign transaction fees (FTF)

These two cards are in my sights

1. Penfed Visa Platinum Rewards (no Foreign Transaction exchange fees + good rewards)
2. American Express Blue Cash Everyday (seems like a good card except the Foreign Transaction exchange fees)

My credit scores:

creditkarma: 734
creditsesame: 752
DCU: 730

My credit history:

Came here as a student in 2011 and hence my credit history is just 2 years old.

The history is spotless (no lates etc) and out of the three cards only one is secured (wells fargo has an extremely high standard of unsecuring a card and I am looking to replace their card with either of the two)

1.5 years DCU (Credit Union) $2k (Unsecured. No cash back or rewards. They preapproved me for a CLI to $10k but I am "saving it" for the new cards instead)
1.2 years FCU (Credit Union) $4k (Unsecured. No cash back or rewards.)
2 years Wells Fargo $1.2k (Secured. 1% cash back. $18 annual fee)

Overall, as of last 3 months the utilization went to 20%. This is because I maxed out my $1.2k Wells Fargo credit card to maximize the cash rewards in anticipation of closing it by August.

Before, even 3 months ago it was ~9%.

a. What are my chances for #1 and #2? (I don't want to be injecting more hard inquries into my CR that gets me nothing)
b. Is applying for Penfred a haste of time and effort (heard that they are very selective about membership and even more difficult with handing out the rewards credit card?)
c. Is there an alternate CC that has both good rewards and low/no FTF that I can apply for?

[Open123]

---

@f1_StudentInUS wrote:

I am interested in a card that gives cashback + no foreign transaction fees (FTF)

---

1.  Cap One 1.5%

2.  Discover

3.  Pen Fed (which you mentioned)

4.  JCB Murakai 3% (if they're available in your market)

That's all I can think of off the top of my head.

[f1_StudentInUS]

I do like the penfred card but with my young (2yr old) credit history, what are my chances?

When I asked my CU for a rewards card, they said that they need atleast a 5yr old credit history to qualify people for one.

How are the CS reps at Penfred? Are they helpful/chatty? If they deny me the rewards card how can I make the hard enquiry work for me? What other offering of theirs can I reuse?

[Open123]

---

@f1_StudentInUS wrote:

How are the CS reps at Penfred? Are they helpful/chatty? If they deny me the rewards card how can I make the hard enquiry work for me? What other offering of theirs can I reuse?

---

I'd imagine Penfed's criteria to be similar to other CUs.  

Unfortunately, I've never dealt with Penfed and not familiar with them.  Perhaps, another can chime in some of Penfed's characteristics.

[f1_StudentInUS]

I was told by WF CSR that my card would be unsecured in August.

I apped for and got approved for the Penfed gas card too: http://ficoforums.myfico.com/t5/Credit-Cards/Help-me-fire-my-Wells-Fargo-Secured/td-p/2225669

Hope everything works out!

[manwoot]

---

@Open123 wrote:

---

@f1_StudentInUS wrote:

How are the CS reps at Penfred? Are they helpful/chatty? If they deny me the rewards card how can I make the hard enquiry work for me? What other offering of theirs can I reuse?

---

I'd imagine Penfed's criteria to be similar to other CUs.  

Unfortunately, I've never dealt with Penfed and not familiar with them.  Perhaps, another can chime in some of Penfed's characteristics.

---

Penfed is a pretty conservative lender when it comes to approvals.  That being said, if you can get in good with them your stuff will grow quickly.

What about a Chase Sapphire Preferred?

[f1StudentInUS]

Thanks for the reply!

I am glad to have the Penfed card: wish it still had the 3% on groceries but guess I will have to do with just 5% gas.

I don't like products from Chase or Citi. Definitely not points based cards that do not have straight cashback.

It's becuase I don't understand them, and all the layers of conversions and redemption rules eat away a lot of time at the very least.

One card I DO like is the US Bank Cash+ but my credit history is too thin I am afraid so I never applied.

[enharu]

The points system can be somewhat confusing for beginners, but its not overly complex to the extent where you need like a professional to help you with it.

Check out several blogs, such as the points guy, million miles secrets, etc. they do talk about the different points systems and explain the best ways to go around redeeming those points.

As for chase, each point is pretty much equivalent to 1cent if you redeem for cashback.