What Card should I apply for next?

[imjetguer]

The cards I have are:

Citi PremierPass with a 5k CL and a 0 balance!

Chase Visa with a 2400 CL and a 0 Balance! another yeah!

A Pottery Barn WFNB 1500 CL, 1k balance, paying 600 next month....

Capital One MC with 500 cl with a 185 balance.

My Credit Scores are: (just checked today)

Equifax   671  
Experian   638  

TransUnion   684

I have nothing deragotory on my credit. Everything has been paid on time.

I am looking to apply for a credit card and I was just denied for a Clear American Express so I want to be careful. I am looking to add a card with a generous starting credit limit of 5k-10k. Does anyone have any ideas on what cards I could apply for besides a BOA?

[GFer]

BoA...

[imjetguer]

Besides that one and is there a more specific one that I should apply for?

[haulingthescoreup]

Your EQ is decent; have you checked out credit unions in your area? Or if you're current or separated military, or if you do some forms of civilian contractor work, you can try Navy FCU. (Check their site for all the nitty-gritty.)

As a rule, Bank of America and credit unions have nice initial CL's. Their cards generally don't have a whole lot else going on with rewards, so I consider their CL's their rewards. They fill a niche in your profile to give you that extra line.

How long have you had your Chase? Do you think that you might be able to get a CLI from them? (It will cost a hard, though, if you ask for one.)

[Anonymous]

Yes, a cli with Chase is the way I'd go. And then a gas card (Exxon/Mobil, Shell, etc.).

And......get that WFNB balance down. Then, let everything age.

[imjetguer]

I have had the Chase for 4 months.When I first called and tried the CLI they told me to wait 6 months. So I really don't want to push that. I am looking for a separate card from these.....

[haulingthescoreup]

Let me ask what I should have asked initially: do you have a specific reason why you feel that you need a higher-limit card now, or does this just seem like the next step on your path?

You have four good cards (depending on whether the Cap1 will grow, or if it's one of those with a built-in ceiling.) If you are willing to be patient, let your accounts age, and let your scores rise, you will be in the wonderful position of having CCC's fighting over you, instead of you asking them to let you in.

One very useful thing to do is to look at your reports and see when you have any "birthdays" coming up. If you know your AAoA (average age of accounts) in years and months, how long before it rolls over to the next year older? And especially, when is it due to turn 2 years old, 5 years old, 8 years old? Same for oldest account. If you have any baddies, are any about to turn one year old, two, three, fall off your reports? Your Chase is 4 months old, so in 2 months you should get a tiny bump for its half-birthday. Any other accounts about to hit even-year figures?

I'd give a good look-over to your reports and see what should be happening when, plus keep knocking off the balances. You'll get much better responses when you've hit a few more milestones, the util is way down, and your scores go over 700. Which could be sooner than you think!

[imjetguer]

It just seems like the right next step. I have no baddies, ever. The reason I think my scores are not as high as they should be with me having no baddies and not over in debt is because I just started trying to build my credit last year with the PB card. I also have a West Elm (1500k) but that one I never use nor am I going to. I paid for my car in cash and everything else I have bought has always been in cash. Now I am 23 and I realize that excellent credit is very important. So I would like to add a new card like an amex or discover but scared I will just get a hit and be declined. Which brings me to ask people who know more about this then I do what credit card would I have a better chance getting approved for?

[haulingthescoreup]

OK, well said. I just want to point out the value of timing.

I don't know how many of us here are green with envy at the thought of one year of history, no baddies, and a knowledge of how credit works! Where is my time machine when I need it...

I would still say wait until your scores are in the 700 - 720 range, especially EX, and then look at Bank of America, the Chase Freedom you mentioned, and an American Express charge card. If you've read the threads here, you'll know that AmEx has slammed it into reverse in a complete panic, and I really do think that there is a benefit in establishing a relationship first through a classic charge card, not a revolver. Once your longest history is over 2 years, and your AAoA is over 1 year (at least), check out Discover if you're interested. Not famous for high CL's, but excellent CS and good shop online opportunities. Oh, and a Citi card as well.

But write your plans in pencil, not pen, and keep re-evaluating as you go. If for no other reason than that they change card offerings hourly these days.

[imjetguer]

Thanks, I will take in to consideraton everything you have told me. It is very important for me to have excellent credit as I saw how my parents had a lot of difficulty getting any type of good rate after they ruined their credit.