What Should I Apply For?

[Anonymous]

Its about time I got a few new cards. My scores: Ex: 749 Eq: 736 Tu: 754 Right now I'm sporting a BOA PP with 2500, Wells Fargo with 1100 and Chase +1 of 800. I've got just one inquiry in the last year from a recent CLI from BOA. Id also like to try to upgrade my chase card. Can I do that? Obviously I'd like some cards with better limits as well. Thanks!

[Anonymous]

I am assuming those scores are fako and therefore not accurate. Consider buying the equifax fico score from here and posting it. If you can't justify the expense, please post your aaoa, oldest account length, and whether you have any negatives (lates/collections/etc.)

[Anonymous]

I guess you're right. Those are my FAKO scores. Whoops.
OK, pulling from myfico results in an eq of 742.

Furthermore, my aaoa is 52 months.. Age of oldest acct is 70 months. Zero negatives.

[ztnjpv]

You can pretty much apply for anything you want and be approved assuming there's nothing wrong with your balance levels or utilization ratio. 

It simply becomes a matter of what you want. Do you pay in full or carry balances that accrue interest?

Do you want rewards? Cash Back? Points? What do you spend the most on? What you like to buy for leisure?

OR

Do you have balances that you are trying to transfer and need an easy transfer card with a long period of zero APR? Or, do you plan on making some large purchases that you want to pay over time without interest?

You see? With your scores, it's not a matter of being approved, it's a matter of what you want. Everyone is different. State your goals and you'll get some clearer advice.

[Anonymous]

Cool. Given your info, you great shot at everything. Now it is just a matter of how many cards you want and what you are looking for. I assume you pif which is good. Are you looking to maximize rewards and what kind of rewards? Are you looking to enhance your credit file by having higher cl's. Your big issue credit wise is that you are rocking relatively low limits. How many cards are you willing to use regularly? Maybe you don't spend that much, so maybe the biggest signup bonus is what is important. Remember each new card will lower your aaoa. PLEASE DON'T just apply for a bunch of cards. The right strategy should set you up for the future much faster credit wise and get almost everything you want credit card feature wise.

[Anonymous]

Thanks for the responses guys. I don't PIF, all my cards have some balance on them. My utilization rate right now is below 15% on each, however.

As for benefits, I'd like a good gas card and another with cash back. I don't plan on over killing it and applying for a bunch of cards, I just want two more with decent balances so I can spend a little more. I came here specifically because I applied for a chase sapphire a few months ago and they denied me for not having a large enough income? I wasn't really aware that was a qualification for some cards and that spooked me a bit.

[injustifiiable]

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@Anonymous wrote:
Thanks for the responses guys. I don't PIF, all my cards have some balance on them. My utilization rate right now is below 15% on each, however.

As for benefits, I'd like a good gas card and another with cash back. I don't plan on over killing it and applying for a bunch of cards, I just want two more with decent balances so I can spend a little more. I came here specifically because I applied for a chase sapphire a few months ago and they denied me for not having a large enough income? I wasn't really aware that was a qualification for some cards and that spooked me a bit.

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Well, the Sapphire is one of Chase's better cards so income does play more of a factor in their decision making. Were you applying for the regular Sapphire or the CSP?

[Anonymous]

I didn't apply for the SP, not a big fan of cards with annual fees, so it was just the regular. I would apply for the freedom but I know chase looks down in multiple inquiris which I why in my first post I mentioned if I could possibly upgrade my current chase card?

[injustifiiable]

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@Anonymous wrote:
I didn't apply for the SP, not a big fan of cards with annual fees, so it was just the regular. I would apply for the freedom but I know chase looks down in multiple inquiris which I why in my first post I mentioned if I could possibly upgrade my current chase card?

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Ah, got cha. PC from +1 to Freedom may be possible. Always worth a call to ask.

[Revelate]

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@injustifiiable wrote:

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@Anonymous wrote:
Thanks for the responses guys. I don't PIF, all my cards have some balance on them. My utilization rate right now is below 15% on each, however.

As for benefits, I'd like a good gas card and another with cash back. I don't plan on over killing it and applying for a bunch of cards, I just want two more with decent balances so I can spend a little more. I came here specifically because I applied for a chase sapphire a few months ago and they denied me for not having a large enough income? I wasn't really aware that was a qualification for some cards and that spooked me a bit.

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Well, the Sapphire is one of Chase's better cards so income does play more of a factor in their decision making. Were you applying for the regular Sapphire or the CSP?

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Sapphire and CSP have the same underwriting criteria.

Both are Visa Signature cards, which are a minimum of a 5K CL.  As a result, lenders are a little more interested in what your income level is, and that's actually the case with most lenders really.

Focus on cards that have decent CLI policies, I'd absolutely try to PC up to a Freedom from your current card, and I'd consider looking at a Amex BCE, and possibly a few other non-AF / reasonable CLI chance cards which  unfortunately don't know off the top of my head.  Credit Unions would likely be a good avenue as well for longer term growth.