Should I go for Chase Freedom and Capital One Quicksilver?

[lg8302ch]

I guess I am too late for the party. Congrats on your approvals and I am glad you pulled the trigger on Amex because this is what I wanted to recommend. As for QS I hope this will get approved for the no AF Visa version. I like mine and have no complaints about Cap1

[Anonymous]

congrats on the instant approval. do you have a checking account with chase? if you have freedom and chase your rewrds would be 1.1% on everyday spending when its not on 5% categories. 

p.s. on the forum capital one is sometimes referred to as crap one lol but let me know how it goes with the quicksilver!

[Creditaddict]

woohoo...

1. Call Capital One on Monday at 800-955-1455 - That is direct to the presidents office and tell them you would like to follow up on an application.  If it's declined, tell them you would like it reconsidered because Chase and American Express Approved you!

2. Track 61 days on your new Costco American Express... you can request a 3x CLI on it after 61 days, so for you it would be a request for a new CL of $6k.

3. I would request CLI on your Bank of America to $10k... They willl counter back lower if not the full amount but I bet you can get up to at least $4-$5k.

Then off to garden!

[Anonymous]

Thanks for your help credit addict, and I will surely do that with capital one

Is that AmEx a soft pull on day 61? Is it guaranteed? I will probably only put 150$ a month on that AmEx, if I get a CLI to 6000$ wont they just reduce my credit limit eventually because I'm only using a couple hundred $ a month and paying in full!

I also just requested a CLI on my BOA earlier this month and they said yes (moved it to 1500$). will they do another so quickly?

I only spend about 800-1000$ a month on credit cards, I will spread them out amongst the four I have (BoA, AmEx, Chase , and maybe capital one) so it would probably be about 100-250$ per card each month payed in full. If I get credit limit increases wont they just decrease me eventually because I spend so little??

[Creditaddict]

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@Anonymous wrote:

Thanks for your help credit addict, and I will surely do that with capital one

Is that AmEx a soft pull on day 61? Is it guaranteed? I will probably only put 150$ a month on that AmEx, if I get a CLI to 6000$ wont they just reduce my credit limit eventually because I'm only using a couple hundred $ a month and paying in full!

I also just requested a CLI on my BOA earlier this month and they said yes (moved it to 1500$). will they do another so quickly?

I only spend about 800-1000$ a month on credit cards, I will spread them out amongst the four I have (BoA, AmEx, Chase , and maybe capital one) so it would probably be about 100-250$ per card each month payed in full. If I get credit limit increases wont they just decrease me eventually because I spend so little??

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yes the amex CLI are always SP and the amount you spend will not create them to CLD.

you requested the BofA CLI, then I might wait a little bit with the new cards showing and ask them to raise you above your highest cl.

I would spread your spending based on the rewards you earn.

you got the rest of december to earn 5% on the Chase Freedom online purchases

amex is good for costco, all gas and restaurants.

capital one would get the rest of my daily purchases for the 1.5

and I wouldn't use the bofa at all if it's only earning 1%. but if you bank with them I believe you can get .50% bonus when you cash rewards into your bofa savings or checking so that would bring you to 1.5% to match the capital one so you can use both and earn the same.

[Anonymous]

Yes if my quicksilver gets accepted then my BOA card is kind of useless? Im going to take the 1.5% cashback  on the quicksilver over the BoA 1% (since I have an account with them it's actually an additional 10% on the cashback so it ends up being 1.1, 2.2 and 3.3%)

I just think having (potentially) four CCs (BoA cash rewards, Chase Freedom, Cap1 quicksilver, and AmEx True Earnings) is too much for someone who spends $800-1000 a month on CC. 

The BofA cash rewards is the oldest of the them since I got it in aug 2013 and Ive also spend and payed off in full $2500 in three months so there is a lot of use. The credit limit is 1500$ but  I feel like Ive heard a lot of good things with BoA once you've been with them for a while, such as generous CLI and Im sure my banking accounts  will help my leverage. Should I close or keep the card if I get the quicksilver? What shortterm and longterm effects will it have on my credit history? 

[Creditaddict]

KEEP!
I think you are overwhelming yourself focusing on your monthly spend and using 4 cards.,,, you don't have to use them every month... But having them build a solid stronger portfolio

[Anonymous]

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@myjourney wrote:

You should stop now and start the garden process

Any idea how many HP's Chase did?

Cap1 did 3 no doubt.

And do not try Amex 

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Cap1 triple pulls? had no idea..

[Anonymous]

Yes, Cap 1 pulls each bureau

[p-]

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BOSScredit wrote:  Do you think I have a high enough chance of getting accepted for both cards if I apply tomorrow? Or should I wait several months? Any other recommendations? 

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One thing I've learned with Chase is that they are very sensitive to recent applications or new credit.  If you are going for both cards, start with Chase.  Also, make sure you optimize your utilization before you app, i.e. have a balance of 3-9% on only one card, and the rest zeroed out.  If you are denied with Chase, definitely recon.  They will tell you what the problem is if they don't approve you in recon.  They may hold you up at first if you have new credit.

The Freedom is a good cash back card, until you hit the max on the 5% categories.  But they will upgrade you to signature and grow the limit with you, at least if you give up hard pulls about once a year.  If you are into miles and spend enough, it might be worth paying for the CSP, but that is a harder card to get.

The Quicksilver can also become a World MC or Visa Sig.  I started out in credit steps with Cap1, and found thier low tier card service to be a bit stingy with limits.  Although once I got the Execs to upgrade me to a higher tier product, they have been very reasonable when it comes to increases.  They are also willing to do soft pulls usually for CLI which is nice.

I've been hapy with both cards so far, especially since they lack any annual fee.