No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hey guys,
Navy Fed pledge loan just hit my credit (95% paid off). Boosted EXP to 780, EQ to 804.
I currently have:
Discover It $1500 (1yr - CLI 7mo ago but new CLI's getting denied for "not enough experience w/ current CL")
NFCU CashRewards+: $5k (6mo)
Chase Freedom Flex: $3k (5mo)
Chase Freedom Unlimited: $10k (1mo)
Looking to add some cards before gardening for a bit.
Currently 3 inq's on EXP, 1 on TU, and 0 on EQ. I'd be looking to add a 2nd NFCU card, but I want to wait until I have more cash in my checking/savings with them to maximize trust so they give me a better SL.
My ultimate goal is biz funding, but my current goal is to get up to $100k avail personal credit ($19.5k now).
Wondering in my situation what you all would do next.
Appreciate all feedback 🙏
It looks like you are team cash back? You have 2% min covered with your Navy cR+. And you have a few 5% rotators. How about another 5% rotator? citi Custom Cash? You can start with the pre-qual tool.
https://online.citi.com/US/ag/cards/pre-screen
Others might have better ideas.
GL!
I'd wait until you have 0 inquiries, and your current lineup ages to one year if applying with Citi, or USB. The best thing you can do IMO is keep reported utilization low, continue to build your positive payment history, and request some CLIs on what you have. That NFCU card should be eligible every 6 months (but request it on line for SP).
If you really want to add another account that has the potential to grow, look at an Amex revolver. Even if you get started with a low limit, they can grow like wildfire.
You opened 4 cards in less than a year. Your newest is only 1 months ago.
I feel like you should garden NOW because you're going to be getting some serious diminishing returns in SL if not outright denials.
I'd sit pat and make a game plan instead. Plan out your next card, yes, but for a year from now, not before gardening. Think about your overall lineup goals, and how to move towards that. What are holes in your line-up for your major expenses? Are there credit unions or other relationships that you should work on building to be approved down the line?
You mention the eventual goal of "Biz Funding"... make sure that the Chase Ink cards are on your radar, but remember that the 5/24 rule will apply so either get one NOW as your 5th card, or you have to wait until you're back under 5/24 to add any (and they're worth it!!!)
Alternately: try for an AmEx. Either a BCE or a BCP (either would cover Groceries/Gas, which you do not currently have a specific card for, and the BCE gives 3% US online shopping as well). The reasoning being that once you have a relationship with them, they don't usually do hard pulls for future cards, so that will save you inquires down the line. Also, AmEx is awesome.
EDIT: Also, I didn't see @JoeRockhead had also recommended an AmEx until after I posted this, lol.
Thank you guys for the great tips. I just got approved for the max $8k CLI on Navy Fed card (posted in approvals as well). Will def look into Citi and AmEx pre-approvals for a possible next card.
As far as specific rewards go, I'm not too picky. I am considering doing ecom and have heard the AmEx Gold is the best card for 4% back on ad spend, so maybe I'll look at that.
Appreciate you all! 🙏
@Salahh wrote:Thank you guys for the great tips. I just got approved for the max $8k CLI on Navy Fed card (posted in approvals as well). Will def look into Citi and AmEx pre-approvals for a possible next card.
As far as specific rewards go, I'm not too picky. I am considering doing ecom and have heard the AmEx Gold is the best card for 4% back on ad spend, so maybe I'll look at that.
Appreciate you all! 🙏
Not sure what ecom is, nor what ad spend is? The AmEx Gold Card does not give % back. It gives MR points. Everyone values those differently from 0.5cpp to over 2cpp. It has an ouchy Annual Fee.
Good luck with your decisions!
Ecom = e-commerce. In my case, dropshipping using ads on social media
ad-spend = paying for those ads
It's just what I've heard. I haven't actually confirmed with AmEx.
Other than that, goal is mostly just to increase avail. credit (total now $27.5k) :-)
@Salahh wrote:Ecom = e-commerce. In my case, dropshipping using ads on social media
ad-spend = paying for those ads
It's just what I've heard. I haven't actually confirmed with AmEx.
Other than that, goal is mostly just to increase avail. credit (total now $27.5k) :-)
You're thinking of the Business Gold, not the personal Gold. Personal Gold AmEx is 4x Groceries/Restaurants.
Biz Gold is 4x on your top 2 monthly spend categories (out of 6 categories), one of which is "US media providers for advertising in select media (online, TV, radio)", as well as credits that can be used at FedEx ($240 yearly, divided up into monthly).
We have a separate forum for business credit, but some of us do include biz cards in our line-up.
Oh, thank you! You just saved me from getting a personal AmEx Gold for no reason
Speaking of AmEx, last time I applied (BCE), they asked me to connect my bank and after assessing they instantly denied me (it's not impressive)
@Salahh wrote:Oh, thank you! You just saved me from getting a personal AmEx Gold for no reason
Speaking of AmEx, last time I applied (BCE), they asked me to connect my bank and after assessing they instantly denied me (it's not impressive)
And that's a definite sign you should NOT apply for any more cards for awhile!