Let's talk travel rewards

[Random_idiot]

I'm doing research before going on a mini app spree (the moment cap 1 reports my new sl), amd I do not have a rewards card, and would like one.

im open to cash back rewards and/or travel rewards.

My sig shows my scores based off of a 49% uti! which will drop to about 10% once cap 1 reports (I made a payment to assure that it gets to 10%)

so A. Which card would offer the best travel rewards system?

and B. Based off of my scores, realistically, what should I apply for?

NOTE: I prequal for discover it, chase freedom, slate, blah blah and got recommended for it. 

I have a 30 day late 3 months ago from Wally store card.

My spending habits are as follows- 35% bills- 33% savings- rest on entertainment and dining.

any help would be appreciated!!

[longtimelurker]

There are actuve threads on the first page of the forum discussing travel cards, you could look there first!

http://ficoforums.myfico.com/t5/Credit-Cards/Should-I-even-have-a-travel-card/td-p/4693072

http://ficoforums.myfico.com/t5/Credit-Cards/Best-OVERALL-travel-card/td-p/4692600

[Random_idiot]

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@longtimelurker wrote:

There are actuve threads on the first page of the forum discussing travel cards, you could look there first!

http://ficoforums.myfico.com/t5/Credit-Cards/Should-I-even-have-a-travel-card/td-p/4693072

http://ficoforums.myfico.com/t5/Credit-Cards/Best-OVERALL-travel-card/td-p/4692600

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Will do, thank you. But still doesn't answer my 2nd question. Based off of my scores, which one realistically should I apply for.

[mongstradamus]

If it were me doing the apping for an good travel rewards card i would say none with fico scores in the low to mid 600s. I think for something like a CSP or Citi premeir you probably need scores closer to 700 range. I would work on slowly inching up your fico scores and try and apply maybe end of the year or early next year. 

[takeshi74]

There is a lot of careful analysis invoolved in any card selection and it just gets much more involved with travel cards.  Definitely refer to existing threads.  As with any rewards card you need to start with your major spend but for travel cards you need to research each rewards program to find which one(s) have redemption options that you can leverage to maximize rewards value.  You also need to crunch the numbers to determine if you have enough spend to being with.  Programs like Membership Rewards, Ultimate Rewards, etc require running a large amount of spend through them to benefit an indiviudal.  Once you've done the analysis on the reward value you can attain you'll be equipped with what you need to compare to cash back cards.  Many find that their spend is better suited to cash back.

We can certainly help you with the analysis but we would need a LOT more information from you in order to point you in the right direction.

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@Random_idiot wrote:

But still doesn't answer my 2nd question. Based off of my scores, which one realistically should I apply for.

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It is never just about score adn we have no idea where your scores will end up with the change in Revolving Utilization.  However, you can refer to resources such as the Credit Pulls Database (Google to find), if desired.  You also need to consider which scoring model and CRA is relevant to a given creditor/product.  Only the score used in the decision for a product is relevant to that decision.  If you don't have that specific model/CRA then you'll need to pull it.

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@Random_idiot wrote:

NOTE: I prequal for discover it, chase freedom, slate, blah blah and got recommended for it.  

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Never rely on prequals.  Sort out your needs/wants and use that to select cards that suit you.  Don't just respond to prequals and offers.  None of those are travel cards anyway.

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@Random_idiot wrote:

I have a 30 day late 3 months ago from Wally store card.

My spending habits are as follows- 35% bills- 33% savings- rest on entertainment and dining.

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Always see what you can do to address derogs as they will tend to hold you down as long as they are on reports.

The percentages really don't help us.  There my only be 1 card that still has bills or utilities as a bonus category and savings is not really relevant to card selection.  What are your biggest spend categories (including noncategory) and what are the volumes like in those catgories?  What sort of range does your total card spend fall into per year?

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@Random_idiot wrote:

I'm doing research before going on a mini app spree

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It's tough to say for certain but items in your OP make it seem like spreeing would be a bad idea for your profile even if scores improve.  I don't get the obsession with gardening and spreeing.  Work on the issues in your reports.  Apply for new accounts as your profile allows (i.e. gradually) versus just gardening and spreeing.

[Anonymous]

I was able to qualify for Amex HHonors with sub-650 scores across the board early this year, around 630ish if I remember correctly.  That said, there were very few new accounts or inquiries at the time, that probably helped.  Also they approved me with a low limit ($1K). But I've already managed to squeeze a free room out of the reward points, and I'll probably qualify for another by year-end. So that card has worked out well for me.