I want a Venture card ... but

[jdbkiang]

BoA pre-approvals are unreliable at best, unless they give you a specific APR instead of a range.

FWIW, I didn’t have a preapproval from Citi when I got my TYPremier either. I was only given a $2K limit, but it’s better than nothing. Is Discover an option for you?

[Anonymous]

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@FinStar wrote:
For BoA, if BK is cited as a reason, they likely won't budge OP. Hopefully, they weren't IIB, otherwise expect to be on their blacklist for a while.

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Thanks for the reply, BoA was not IIB. I did not have a relationship with them nor do I now. Maybe I should open a checking account. But if I did that it would go literally unused as USAA is my primary account.  I have not gotten my letter yet.  I will try to call tomorrow to see if I can get recon. I know I am probably trying to move too fast but I really do want to get an more unsecured vs secured cards. 

[Anonymous]

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@jdbkiang wrote:
BoA pre-approvals are unreliable at best, unless they give you a specific APR instead of a range.

FWIW, I didn’t have a preapproval from Citi when I got my TYPremier either. I was only given a $2K limit, but it’s better than nothing. Is Discover an option for you?

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Thanks for the reply,  I currenly have a secured Discover IT card ($500) 4 months into it. I am hoping for graduation at 8 months.  I won't be able to get considered for another Discover card until I hit 12 months. 

Thanks for the info on the TY Premier, I am going to call tomorrow for a recon. 

[jdbkiang]

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@Anonymous wrote:

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@jdbkiang wrote:
BoA pre-approvals are unreliable at best, unless they give you a specific APR instead of a range.

FWIW, I didn’t have a preapproval from Citi when I got my TYPremier either. I was only given a $2K limit, but it’s better than nothing. Is Discover an option for you?

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Thanks for the reply,  I currenly have a secured Discover IT card ($500) 4 months into it. I am hoping for graduation at 8 months.  I won't be able to get considered for another Discover card until I hit 12 months. 

Thanks for the info on the TY Premier, I am going to call tomorrow for a recon. 

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No problem, glad to help. Have you checked pre-quals with other banks or CardMatch?

[Anonymous]

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@jdbkiang

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No problem, glad to help. Have you checked pre-quals with other banks or CardMatch?

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Card match gives basic restarter cards. I went ahead and apped the QS1 and got a $3000 SL. Not too bad considering the BK7 < 1 year ago. I am I got my total CL @ $5,200 now. I am straight gardening mode now. However I believe that my QS1 is a starter card as well. The welcome email said that after 5 ontime pays I would get a CLI. So it seems this card is "bucketed". I will combine it into my QS in 6 months to free up a Cap One slot and then 6 months later (~18 months out of BK) I will reapply for a new card through CapOne. I should have more doors opened for me by then. 

When debating with myself on whether or not I should get the QS1 it came down to this. I put approx $900 - $1500 a month on my Secured Amex with no rewards.  These are bills and auto pays, pretty much static items with the occasional BestBuy/Lowes purchases and travel expenses that get reimbursed for that are too large for my low SL cards. I pay it in full every month. I can xfer all of that to the QS1 and earn a Benjamin in a years time.  It is also an unsecured line of credit as well USAA now reports as secured on CBRs.  This means I can free up my $1200 and lose the $35 AF that I have into the USAA Amex that will never graduate and only take a 7 month hit to my AAoA. I will let the Secured Amex run its 2 year course just so USAA knows I held up my end of the bargain. 

Since I am also putting everything I have into savings. I have the cash flow for those suprise moments in time ... I am in straight gardening mode for the next 6 months.

[jdbkiang]

Nice! Good thinking. Congrats on the approval, and good luck in the garden!

[Anonymous]

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@jdbkiang wrote:

Nice! Good thinking. Congrats on the approval, and good luck in the garden!

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Thanks! 

[Anonymous]

All the travel/miles/points sites have crunched the numbers. Without exception they all say you need to be spending at least $8,000 a year on travel before a travel card beats a cash back card in value. (I think the lastest numbers are as high as $8,700 but I’m too lazy to look them up now).

So until you start spending that kind of money traveling (that’s basically at least leaving town once per month) don’t worry about a travel card. Maximize your cash back. The only exception is sign up bonus miles but again, wait until you need it.

Your Discover card should be graduating soon. They have a miles cards. You can switch from the cash back to miles cars once your travel spend warrants it.

[clipperskipper]

Don't forget, the Venture card carries with it a $95 annual fee, beginning next year.

[sjt]

I would wait at least until your BK hits the 1 year mark and you get your utilization down to below 8.9%.

I would also look into joining Pen Fed and look into their cards plus getting your loans refinanced.