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New Card or CLI need HELP!!!

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Established Member

Re: New Card or CLI need HELP!!!

7 of my cards are at 0%.
2 are at 19% and 9%.
Message 11 of 19
Established Member

Re: New Card or CLI need HELP!!!

I have had the Slate since 2016.

If I pay off the balance before the statement posts, putting 3k on a credit card shouldn’t be an issue right? I believe the fee is only $25 (I’ll have to verify that) and i’m also doing it to show monthly use on the card, which would possibly encourage them to give me automated CLI, which would boost my score overall?

Correct me if i’m wrong.
Message 12 of 19
Super 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.

Since you have good credit scores, I would just apply for a new card, with a bank or credit union you don't presently use, which has the type of rewards you would value. E.g, if you would like travel, I would consider Citi Premier. If you like cash, I would suggest Citi Double Cash or PenFed Power Cash rewards.


Total revolving limits 639500 (558000 reporting)
Message 13 of 19
Established Member

Re: New Card or CLI need HELP!!!

Got it, Thank you! I was thinking about a mileage reward card. I’m just curious, what can I do get higher credit limits on my existing cards? I mean like you said, my scores are decent, and other people with similar scores have ALOT higher limits
Message 14 of 19
Established Contributor

Re: New Card or CLI need HELP!!!

I'm not one to offer financial advise, but you should really think about what your end goal is. As others have pointed out, the convenience fees will eat up any rewards you collect, and pretty quickly too.

 

For example, my rent is $2240 a month and my building charges me $69 and change for the priviledge of paying with a CC. If I were to use my 2% cash back Citi DC for that payment, I'd earn only $46, for a net loss of ~$23. Doing that every month for a whole year would also earn me a swift kick in the family jewels from my lovely CPA wife... Smiley Frustrated

 

Your best bet would be to do this short term to hit sign up bonus minimum spends. And only if you make a net gain in value.

 

Just my two cents!

Living that DINK life, baby.
Message 15 of 19
Established Member

Re: New Card or CLI need HELP!!!

Thanks for the input. I need to clarify something, I am looking to use the credit card to pay rent + $300 worth of grocery’s + probably around $200 worth of gas as well monthly.

I heard that the Citi DC card has usually lower CL, if I can’t get a CL above $4000 i’m just wasting a HP.

My income is 65k.
Message 16 of 19
Regular Contributor

Re: Best Cash Back Cars for my needs?

OP, your scores are better than mine and you have better income, so I'd lean more towards apping for a new card. I would make sure the fees are minimal before paying rent with a CC, you'll probably lose money unless you play it correctly with a SUB or something. Anyway, I have the Citi DC and when I got it I was approved for 1,100 (my scores were high 600s at the time). I just recently app'd for the PayPal CBMC with low-mid 700s and was instantly approved for 4,000. The lender is SNYC though, so take it FWIW as an alternative to the Citi DC. Like I said earlier though, maybe app for a card with a decent SUB ($500 after 3,000 spend or 50K+ miles or something). You would probably pull a higher CL on those types of cards anyway.







Message 17 of 19
Moderator

Re: New Card or CLI need HELP!!!

Hi @rayy166, I've merged your two similar threads into one.

 

Please avoid crossposting; it's confusing to follow and is against our guidelines here.  Smiley Wink

 

--UB

Message 18 of 19
Super Contributor

Re: New Card or CLI need HELP!!!

$65k annual income and $3k monthly rent?

Is the fee to pay the rent a flat $25? You can’t take two steps with your Slate:

1) Request a CLI, which will be a HAp but will tell you how much Chase will give you

2) Product Change Slate to Freedom Unlimited. Then keep the UR points you earn for a later app with Chase Sapphire Preferred.
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 19 of 19
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