Next Card To Get? Advice Needed

[Citylights18]

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@SouthJamaica wrote:

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@Justocrates wrote:

I currently have a couple of lower limit cards.  I am looking to get my first higher limit card and I have been waiting a long time to even apply. Mainly because I don't know which one I should apply for. Essentially I am looking to get the highest limit possible and to obtain my "main card".  

I would love some direction please as this is a pretty big decision for me. I have 0 pulls reporting right now.  I want to get some ideas as to what my likely best options are. 

currently I have..

Discover $1500 limit

Capital One QuicksilverOne $1000 limit

Capital One Platinum $500 limit

Lowes $1300 Limit

All have under 30% usage except Lowe's because they basically gave me enough credit to cover the purchase with the amount given.

My scores are

701 - TU

721 - EX

723 - EQ

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I don't think it's the right time for you. It will be when you get Lowes paid off.  Then I would apply for the Chase Freedom Flex or Freedom Unlimited.

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The Freedom line I agree is better at this level. Sapphire line is geared toward a big spender that vacations multiple times a year.

[Michizane]

Pay down your cards to the AZEO method. And keep one balance at or below 8.9% (your main card that you run recurring bills on) and your scores will shoot up. If you have a Discover iT card, you will probably be able to get a CLI and it makes a fantastic backup card with its rotating categories (right now it's PayPal and restaurants at 5%, so I'm using PayPal to buy as much of my stuff as possible and getting great cashback). And with your improved scores you might be able to upgrade to your Cap One card to QS which has no annual fee.

With your higher scores and after you have maintained this level of spending/paying off for like 3-6 months (or atleast till your report updates within a month or so), you will have a ton of options with your new score and it will depend on what you spend money on the most.

The general advice is to look at whatever categories you spend the most money on, get a credit card for that. For example, if it's groceries, AMEX BCP is one of the best, etc. then get a solid 2% cashback card as your "main card". Since most of the cards if not all that give above 2% cashback are specialized in specific categories that may not benefit your specific spending pattern.

In short get a 2% card as your "main card", and make sure the redemption model works for you. PayPal CB MasterCard can be great if you use PayPal...Citi DC may not be great if you don't care for Thank you points and you don't want to wait to redeem after you hit $25. Then you get a different card to match your spending pattern...People call out Chase Freedom cards since it covers a lot of bases...but is not as useful for me IMO (and may not be for you). 

Last piece of advice is always to pay in full before you accrue interest. Otherwise all these rewards are pointless...since you will be paying it back in interest.

[Horseshoez]

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@digitek wrote:

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Annual income is going to be one of the most important factors in your initial credit limit, CU's will generally ask for proof of this, Amex will probably not.

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Maybe it is just me, but I've experienced exactly the opposite; I've been a member of at least a half-dozen credit unions over the years and never once asked for POI.  American Express on the other hand...

[digitek]

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@Horseshoez wrote:

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@digitek wrote:

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Annual income is going to be one of the most important factors in your initial credit limit, CU's will generally ask for proof of this, Amex will probably not.

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Maybe it is just me, but I've experienced exactly the opposite; I've been a member of at least a half-dozen credit unions over the years and never once asked for POI.  American Express on the other hand...

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I can dig that. I have the exact opposite experience. I was asked for POI from 2 of the 3 credit unions I am a part of when I applied for credit cards with them. I've been with Amex for a few years and have had a few cards with them and they have never asked for POI. They ask what my income is every once in awhile, but never pay stubs, taxes, etc... I guess if you push them hard enough they can ask you to prove it =D