New Card or wait

[Anonymous]

Hey guys,

I'm considering applying for a new primary everyday credit card and was curious if anyone would advise against it in my given situation. I don't travel so was looking at the cash back options with the best sign up bonus, I'm leaning towards the Amex Cash Magnet (1.5% cash back and $250 bonus) or if it would better to get a variety of card companies a Chase Freedom Unlimited 1.5% cash back ($200 bonus) or maybe just wait for Citi Double Cash 2% cash back card to have a sign up bonus. I have been quite active lately getting new cards and increasing the balance on some existing ones i've had for awhile. My amex card i opened 11-16-2018 did not show up on the fico 8 scores i pulled today, so that could have a unknown effect as well. I was also planning on attempting the 3x cli on amex after day 61 like ive read on the forums. Figured I would seek advice from more experienced credit users then myself. I don't plan on purchasing a home/car in the near future, just looking to raise my credit score and take advantage of more credit card benefits. 

Current Credit Card Situation: 6 Cards - $69,000 - 6% utilization - Everything pay in full except Synchrony (0% offer)
Amex Blue Cash Preferred 10k limit (Opened 11-16-2018) - All grocery (6% cash back) and gas (3% cash back)

BB&T Spectrum 15k limit (Opened 7-4-2018) - All other purchases (1% cash back)

Suncoast Credit Union Visa 15k (CLI 6-26-2018 $3500 to $15k) - One reoccurring bill

Sears Mastercard 15k (CLI 11-21-2018 $1800 to $15k) - One reoccurring bill

Capital One Venture 4.5k (PC 11-20-2018 from Quicksilver to Venture to avoid anual fee) - One reocurring bill

Synchrony 9.5k - $3,000 balance but @ 0% interest with equal payments

Mortgage + two auto loans

Hard Inquiries (Experian 4, Equifax 1, Transunion 0) - two inquires on Experian are falling off in 2019 

Credit History - Oldest Accounty 13yrs 6mos - Average Age 5 yrs 10 mos

0 Bad marks on payment history

Fico 8 Scores 12-19-2018  (Experian 796, Equifax 798, Transunion 802)

I appreciate your time and guidance!

[Anonymous]

Youa are at 5/24, you won't be approved for Chase card for at least 18months. I would suggest look into :

• Citi DC, not sure if ever had a SUB, lol
• Wells Fargo propel, it has a 300 USD SUB right now.

Whatever you do, don't get more than 1 or 2 more, then prepare to garden until you are out of 5/24.

[Anonymous]

Thanks for the reply! Not all those cards are recently opened though so I didn’t think I would fall under the 5/24 rule unless I’m misunderstanding it. New cards I’m only at 2 (Amex & BB&T) unless the Capital One PC counts as a new card.

Credit card accounts opened dates:
Suncoast Credit VISA = 1-1-2007
Sears MasterCard = 7-1-2008
Synchrony =8-1-2010
Capital One = 9-1-2011 (but pc on 11-20-18, doesn’t show on report just my personal records)
BB&T Spectrum = 7-1-2018
Amex = 11-16-2018 not showing on 3B reports but opened

[Anonymous]

oh sorry I misread your post. In that case, yeah, do feel free to consider a chase card.

You can always do the math yourself and figure out which one is good https://www.thepointcalculator.com/Credit-Card-Comparison-Tool

[pinkandgrey]

In your situation, you would probably be able to get almost any card. I would personally suggest the Cash Magnet. If you’re an existing AMEX member, it would probably be only a SP. The DC is great, but I don’t know if it’s ever had a SUB or if it ever will. Citi seems to consider the 2% back a reward enough LOL

Good luck!

[Anonymous]

They do have a SUB if referred by an existing Citi Double Cash holder. The existing member just has to go onto their portal and put in the appropriate information and Citi sends a referral link to the person looking to apply.

I'm actually trying to find someone willing to do that for myself.

[xaximus]

I would suggest whatever card actually benefits you the most. If CB is what you are looking for then the Citi DC is a good card. 2% CB for any category spending. Keep in mind, there's some 5% CB cards but their categories are revolving.

[Anonymous]

You can actually get the Sapphire Preferred for the 50k UR point sign up bonus, which can be cashed out for $500. The card waives the annual fee the first year, then for the second year you can product change to a freedom or freedom unlimited so you never have to pay an annual fee.

[Anonymous]

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@Anonymous wrote:
You can actually get the Sapphire Preferred for the 50k UR point sign up bonus, which can be cashed out for $500. The card waives the annual fee the first year, then for the second year you can product change to a freedom or freedom unlimited so you never have to pay an annual fee.

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This is a good point, also look into Chase Sapphire Reserve.

The problem with Chase is you can only get one SUB every 4 years, so you may as well go for bigger SUB. Unless you don't do any travel, CSR may offer you better value than CSP, depending on your spending.

[Anonymous]

Good to know about Chase sub, I ended up going with the Uber Visa (Approved for 13k) for now. Figured with that having no annual fee and 4% on dining / 2% on online retailers that will narrow down what i only get 1% cb to very limited purchases. I also read Barclays Uber card pulls from transuinion which I havent had any pulls against. I do like how the Uber card has a annual $50 statement credit when you spend over $5k a year in addition to the initial $100 sub, is there any other cards that you guys know that offers annual statement credits like that?

Thanks again for the help!