cancel
Showing results for 
Search instead for 
Did you mean: 

New Card or CLI need HELP!!!

Highlighted
Established Member

New Card or CLI need HELP!!!

Hello everybody,

I need some input on deciding whether I want to open a new card or simply get a CLI one of my excising cards, here is some background info:

I just moved into an apartment where rent is just shy of $3000, since none of my credit cards have a limit over $2000 and I wanted to use the credit card to pay rent, I have to decide.

Score: EQ 772 TU 800 EX 793
Average Age: 3yrs 1 month

Current cards:

Barclays Visa Apple Rewards CL 2000 @ 0%
Chase Slate CL 2000 @ 0%
Discover It 4000 @ 5%
+ 4 additional Retail Store Cards @ 0%
+ 2 additions Retial Store Cards @ <20%

I have had really bad credit in the past, while only making minimum payments, etc. I don’t expect to see an automatic CLI anytime soon, especially after staying between 90-100% Utilization for over 2 years on each card I own.

What do you guys think? I think some kind of rewards card would be nice since I would be charging over $ 36k on the card yearly. Would I even be accepted for something in the $3000+ range? Also would it be worth it since my average credit age is already fairly low?

Any input is greatly appreciated. Have a good day.
18 REPLIES 18
Highlighted
Established Member

Re: New Card or CLI need HELP!!!

** 3 Inquires on credit file (2 from apartment hunting 02/19 and one personal loan app 06/18
Message 2 of 19
Highlighted
Frequent Contributor

Re: New Card or CLI need HELP!!!


@rayy166 wrote:
Hello everybody,

I need some input on deciding whether I want to open a new card or simply get a CLI one of my excising cards, here is some background info:

I just moved into an apartment where rent is just shy of $3000, since none of my credit cards have a limit over $2000 and I wanted to use the credit card to pay rent, I have to decide.

Score: EQ 772 TU 800 EX 793
Average Age: 3yrs 1 month

Current cards:

Barclays Visa Apple Rewards CL 2000 @ 0%
Chase Slate CL 2000 @ 0%
Discover It 4000 @ 5%
+ 4 additional Retail Store Cards @ 0%
+ 2 additions Retial Store Cards @ <20%

I have had really bad credit in the past, while only making minimum payments, etc. I don’t expect to see an automatic CLI anytime soon, especially after staying between 90-100% Utilization for over 2 years on each card I own.

What do you guys think? I think some kind of rewards card would be nice since I would be charging over $ 36k on the card yearly. Would I even be accepted for something in the $3000+ range? Also would it be worth it since my average credit age is already fairly low?

Any input is greatly appreciated. Have a good day.

???


Message 3 of 19
Highlighted
New Contributor

Re: New Card or CLI need HELP!!!

So couple questions:

1) if putting rent on card, who is paying the 2-3% surcharge. If passed on to you then this is not a good idea as it will eat up any rewards value created.

2) if you have a low UTIL now, then I would ask for SP CLI ( Discover every 6 months on cards that do a soft pull). If overall UTIL is under 20%, ask DISCO for a 2x CLI. Barclays might do a soft pull CLI, depends.

3) if you only have 2 inquiries in past year, go ahead and app for 1 more card, just make sure it's one that will soft pull CLI in the future (amex, citi, discover, etc). Amex usually get 3x CLI in first year.

Good luck
Credit Score - 800+, Gardening , TCL - $367k, Largest CL - $96k (Chase Southwest Priority), Oldest Card - 27 years (Amex).
Message 4 of 19
Highlighted
Valued Contributor

Re: New Card or CLI need HELP!!!

What are your current balances/UTI?


Scores - All bureaus 756 +
TCL - Est. $275K
Message 5 of 19
Highlighted
Frequent Contributor

Re: New Card or CLI need HELP!!!

I'd start with your Discover card. You can request a CLI as often as you'd like and it is nearly always a SP. If it is goiong to be a HP they will warn you so that you can retract your request. 

 

Barclays... LOL. The consensus is that they no longer do SP CLIs. All customer initiated CLIs are HP. And, some MF'ers have reported a triople pull for a CLI. Previously, the trick was to call and ask for an APR reduction and while talking with the CSR ask if there are any SP increase offers. YMMV but this "trick" seems to be dead.


Message 6 of 19
Highlighted
Community Leader
Senior Contributor

Re: New Card or CLI need HELP!!!


@CreditMaven1 wrote:
So couple questions:

1) if putting rent on card, who is paying the 2-3% surcharge. If passed on to you then this is not a good idea as it will eat up any rewards value created.

Another way to look at it is that the convenience fee may be worth the convenience of paying with the card. The rewards would offset some of it.

Message 7 of 19
Highlighted
Valued Contributor

Re: New Card or CLI need HELP!!!


@HeavenOhio wrote:

@CreditMaven1 wrote:
So couple questions:

1) if putting rent on card, who is paying the 2-3% surcharge. If passed on to you then this is not a good idea as it will eat up any rewards value created.

Another way to look at it is that the convenience fee may be worth the convenience of paying with the card. The rewards would offset some of it.


Depends on how the convenience fee is charged. If it's a set charge (example - $25 set charge for CC payments), then on a 2% CB card, a 3K payment would be $60 in CB. Which would net you $35. If it's a surcharge, then whatever the surcharge is, that's what the reward should be to so that there's no loss. OP - I would verify which one it is, a set charge or a percentage surcharge.



Scores - All bureaus 756 +
TCL - Est. $275K
Message 8 of 19
Highlighted
Established Member

Re: New Card or CLI need HELP!!!

Lol, I figured someone would catch this. I’m only an authorized user on this card. It was used to start my credit rebuild.
Message 9 of 19
Highlighted
Super Contributor

Re: New Card or CLI need HELP!!!

OP what balances are you carrying now?

I would suggest the Chase Freedom Unlimited but not sure how long you have had the Slate. Then hold the UR earnings for a future use along with CSP to transfer.

Otherwise, generally no rewards are going to really outweigh the convenience fee. 2% just wont do it. And if you have a history of leaving high utilization then maybe putting 3 large on the card is something to think through
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 10 of 19
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.