Rewards card for a thin fine?

[Luzzelda]

Hi there folks - I've been reading through these threads for months and learning tons - have made some nice steps forward because of it too!  So thanks in advance!

I've been living overseas for the last 7 years so my credit file is very thin.  I had one credit card when I left which I got behind on - paid in full in 2012 after charge off. Gutted as I had always been 100% for 10 years before that, but I can't change the past and nobody likes excuses.   I moved back to the US earlier this year and was smacked in the face with the realisation that I had a fair credit score at best with thin history and 1 baddie - just as I was needing to buy a car and think about being a real grown up.  Yipes! 

Opened a CapitalOne platinum under credit steps in May, initial $500 CL increased to $5,500 after 6 mo. 

Opened car loan in August at 5% with Chase: autoadjusted scores were showing in low 700s across all three boards. 

I'd really like a travel rewards card - if I'm going to have a credit card, I'd like it to be one that I use and get rewards from.  I really don't want to open cards just for the sake of having cards - I can't see myself having and using more than 3 cards. 

I'm tossing around: Barclays World Mastercard rewards (myFICO says ok for fair/good credit but CK has odds of approval at fair)

CapitalOne Venture (preapproved but would really like a prime account if possible)

CSP: preapproved on their website

Current FICO scores:  EX: 686 (AAoA: 9.1y); EQ: 694 (AAoA: 7.8y); TU: 689 (AAoA 9.1y).  Still have the one baddie.  ENQ are 4, but really 2 (1 from Capital one and then other three from car loan searching). Annual income: $140K

I keep seeing that CSP preapprovals are a strong indicator of yes but I'm scared!  Debating waiting until I've had the car loan for 6 months, but every time I put something on the card I keep thinking - I could have gotten points for this!  Thanks for any advice you can offer!

[newhis]

If you are pre-approved for CSP and you want that card go for it.

Some will say apply for the CSR instead, but I think you can wait until next year for that, PC your CSP to Freedom or Unlimited at that time.

CSP start at $5,000, because you have a car loan with Chase I'm almost sure you will get the card. CSR start at $10,000, you may get it, but you will have little time to use the $300 travel credit this year.

I will say go with Amex BCE also, it grow fast, you can get an offer for $150 cash back on $500 purchase (or $100 on $1,000) and 10% back on Amazon up to $200 cash back for next 6 months. Good luck.

[Anonymous]

I don't know much about the travel cards so I will leave that for the better educated, but I would add that you should check with Cap1 on phone or chat and see if you have an offer for PC (product change). You should be able to change it to at least a QS for cash back if you can't change it to your desired Venture.

[Anonymous]

I say go for it! I personally would go for the CSP because I don't use my card for the bonus catergory that much, but if you would try for the CSR. You can always recon if denied, and as others have mentioned you have the car loan with them which works in your favor. 

[Luzzelda]

See, this is why I posted here!  thanks heaps for really great suggestions.  I hadn't even thought about requesting a PC and will definitely do so.  I'm going to go ahead and bite the bullet and apply for the CSP, it really is the one I want. The CSR would be a longer term goal, I think.  I'm studying up on ways to work reconn calls too - so fingers crossed!

The baddie is due to fall off in May, so when it does I'll go for the AMEX BCE which wouuld put me at my happy 3 cards with rewards. My current open accounts will have some more history then which maybe might increase my odds?  AMEX scares me for some reason.   Then I can sit and garden happily and dream of maybe one day looking at homes with a decent mortgage that I could garden in for real   It's nice to be able to think about applying for these, compared to six months ago when I did a happy dance to get my $500 Capital one platinum!   Thanks again --

[newhis]

Good idea to PC to Quicksilver.

Please go to Amex site, there is an option for pre-qual. That page is very good. You can see if they offer the BCE with the $150/$200 or $100/$200 promo and what APR you can get. You can lower your APR if they don't give you a low one, every 6 months you can try to lower it after the 0% promo.

I do like Amex and Discover. Both grow with SP CLI very fast, so you don't need to worry about your UTIL month to month to have a very good score..

Please keep us posted. Good luck.

EDIT: don't PC to Venture, you will not get the welcome bonus. If they say you prequal for it, you must likely get it. I think Chase, Cap1 and Amex have very good pre-qual sites.

[bourgogne]

you are looking good!  I would get the csr like today so you can get the $ 300 ..  if you can, go into a branch and see if it pops up.  min is $10K sl and if it shows in a branch you will prob get it vs not.  I think ax makes a poor choice for travel as nobody takes it in europe, i will be giving mine back unless they basically give it to me to have.  a venture would prob give you a big sl now that you have been with them, that is an option.  chase is the way if you can get it, esp since they picked up klm/af this past may.  good luck!!

[Anonymous]

Agreed, PC the Cap1 to QS. I personally would get the no AF Amex rewards card that suits your spending the best right now, as others mentioned it grows quickly all with SPs. Once you have more history built up and the lines are larger, go for your travel card of CSP/CSR. You'll likely get approved for CSP today if you did, but you want to wait to get a good starting limit with Chase b/c it's all HP CLIs from there on out.

[Anonymous]

Maybe I'm missing something, but didn't OP state he/she wanted a travel rewards card? Why are we suggesting the Blue Cash cards? I would suggest the EveryDay Card if you go with AMEX since it participates in MR. Lots of point transfer and point accelerator (20-50% bonus) opportunities.

[newhis]

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@Anonymous wrote:
Maybe I'm missing something, but didn't OP state he/she wanted a travel rewards card? Why are we suggesting the Blue Cash cards? I would suggest the EveryDay Card if you go with AMEX since it participates in MR. Lots of point transfer and point accelerator (20-50% bonus) opportunities.

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He likes/wants the CSP and have no more than 3 cards. That's why I told OP to go for CSP and Amex BCE. CSP for travel and BCE for cashback on 3% categories and extra offers from Amex. 

Yes, maybe EDC is bette for OP. Thank you.