Want Rewards Card

[Anonymous]

Hello all, I have been researching rewards cards for the last month. I currently use my debit card for the vast majority of purchases. I also have a Capital One Platinum card that I have had for a year (CL started at $500 now is $1500), that I use and PIF each month to show some activity. I am 27 years old, make around 85k gross and as of December 5th 2011 have a FICO of 686 (monthly credit score from my bank "powered by" Equifax). I have some baddies (60days) but they were 5 years ago. Since then I have never been late and have paid off one car loan. I currently have a 2 year old car loan, payment is $350/ month and balance is around 16k. I want to apply for and obtain a rewards card next month. I am hoping my score will be a couple points higher than the December report. Of course I like the Chase Sapphire preferred or Amex platinum but I do not want to be turned down. Which direction should I go here? I messed up when I was young, but I have a great recent track record and I make decent coin. All advice is much appreciated.

[JustMe77]

Have you looked at Chase Freedom? I was just approved and got a $200 bonus for signing up (though I think there is a $300 one floating around). I was surprised to get approved. I think my FICO is close to yours. I had late payments (120+ days late) but they were over 3 years ago, I think Chase looks at the last 2 years. Chase gave me the highest APR for the card (22.9) but my limit is $2000 and the rewards are awesome (plus no AF). I always PIF so I don't care about the interest rate. 

[Anonymous]

I have seen that one while researching cards. What CL did you get? How many cards do you currently have?

[JustMe77]

They gave me a $2000 CL, but my income is lower than yours. 

My other current open cards are: 

Capital One Platinum $2000 (opened Sept. 2011) 

Banana Republic Visa $3000 (opened Oct. 2011, converted from Banana Republic store card opened in March 2011) 

Orchard Bank $600 (opened August 2010) 

[SevenNEW]

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@Anonymous wrote:

Hello all, I have been researching rewards cards for the last month. I currently use my debit card for the vast majority of purchases. I also have a Capital One Platinum card that I have had for a year (CL started at $500 now is $1500), that I use and PIF each month to show some activity. I am 27 years old, make around 85k gross and as of December 5th 2011 have a FICO of 686 (monthly credit score from my bank "powered by" Equifax). I have some baddies (60days) but they were 5 years ago. Since then I have never been late and have paid off one car loan. I currently have a 2 year old car loan, payment is $350/ month and balance is around 16k. I want to apply for and obtain a rewards card next month. I am hoping my score will be a couple points higher than the December report. Of course I like the Chase Sapphire preferred or Amex platinum but I do not want to be turned down. Which direction should I go here? I messed up when I was young, but I have a great recent track record and I make decent coin. All advice is much appreciated.

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Are you sure the score is a real FICO? (i.e., does it says to explicitely?)

[LS2982]

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@SevenNEW wrote:

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@Anonymous wrote:

Hello all, I have been researching rewards cards for the last month. I currently use my debit card for the vast majority of purchases. I also have a Capital One Platinum card that I have had for a year (CL started at $500 now is $1500), that I use and PIF each month to show some activity. I am 27 years old, make around 85k gross and as of December 5th 2011 have a FICO of 686 (monthly credit score from my bank "powered by" Equifax). I have some baddies (60days) but they were 5 years ago. Since then I have never been late and have paid off one car loan. I currently have a 2 year old car loan, payment is $350/ month and balance is around 16k. I want to apply for and obtain a rewards card next month. I am hoping my score will be a couple points higher than the December report. Of course I like the Chase Sapphire preferred or Amex platinum but I do not want to be turned down. Which direction should I go here? I messed up when I was young, but I have a great recent track record and I make decent coin. All advice is much appreciated.

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Are you sure the score is a real FICO? (i.e., does it says to explicitely?)

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If he's from Baltimore i'm guessing he banks with M&T and they do offer EQ FICO's.

[Anonymous]

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@Anonymous wrote:

Hello all, I have been researching rewards cards for the last month. I currently use my debit card for the vast majority of purchases. I also have a Capital One Platinum card that I have had for a year (CL started at $500 now is $1500), that I use and PIF each month to show some activity. I am 27 years old, make around 85k gross and as of December 5th 2011 have a FICO of 686 (monthly credit score from my bank "powered by" Equifax). I have some baddies (60days) but they were 5 years ago. Since then I have never been late and have paid off one car loan. I currently have a 2 year old car loan, payment is $350/ month and balance is around 16k. I want to apply for and obtain a rewards card next month. I am hoping my score will be a couple points higher than the December report. Of course I like the Chase Sapphire preferred or Amex platinum but I do not want to be turned down. Which direction should I go here? I messed up when I was young, but I have a great recent track record and I make decent coin. All advice is much appreciated.

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u sure this is a Fico score?

[Anonymous]

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@JustMe77 wrote:

They gave me a $2000 CL, but my income is lower than yours. 

My other current open cards are: 

Capital One Platinum $2000 (opened Sept. 2011) 

Banana Republic Visa $3000 (opened Oct. 2011, converted from Banana Republic store card opened in March 2011) 

Orchard Bank $600 (opened August 2010) 

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I highly doubt that income plays a huge part with it.. I got a 6k limit with 8k income.

[Anonymous]

I am a member of M&T Bank and it does say FICO from EQ on the page. The score has steadily risen over the last few months after I discovered it is best to PIF vs carry a balance. I am hoping for a score on Jan. 5 closer to 700. I want a rewards card to use instead of my debit for obvious reasons. My research has lead me to believe a charge card may not benefit me long term since they do not report or have a CL (wont improve FICO).

[Anonymous]

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@Anonymous wrote:

I am a member of M&T Bank and it does say FICO from EQ on the page. The score has steadily risen over the last few months after I discovered it is best to PIF vs carry a balance. I am hoping for a score on Jan. 5 closer to 700. I want a rewards card to use instead of my debit for obvious reasons. My research has lead me to believe a charge card may not benefit me long term since they do not report or have a CL (wont improve FICO).

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They improve your FICO in a sense by not reporting Util on the card.  AAoA also helps since AmEx backdates (as you open more cards).. (assuming you're looking at AmEx when refering to charge cards)