@Anonymous wrote:
Hello,
I have FICO scores of 741 EF, 741 TU, and 766 EXP respectively. I currently have a cc with a CL of 2k (through my credit union - first cc). I have never been late on a payment and utilize an avg of 8-9%. I have 2 installment accts (student and auto loan - never been late on those also) and have had the cc for about 5 1/2 mo. I'm not looking to apply for a new credit card right away but I will be soon due to me moving states and I want to up my overal credit limit and in turn, lower my credit utilization even further (aside from boosting my score) -- and the fact that my bank doesnt have branches where I'm moving so I want to move to a more mainstream network with more flexibility, (Chase, Citi, Discover etc.) and I want to start earning rewards (I drive and dine out a lot). I'll still obviously keep my current acct open and use it once in a while but I dont want it to be my main one for the reasons I stated above.
I gross about $38k a year from a couple sources, and I'm reletivily young (23).
The only neg factor in my reports is a short history (avg 2 1/2 years). and my student loan is a bit high according to the reports ($16k). Everything else looks good. No collections, no late payments. Nothing
I was looking at the Chase Freedom Ultimate, and Discover it. What do you think my odds are? And could you tell me your experience with either card (if you have it), or company? Thank you!
First of all your CU probably does what is called shared branching. This allows you to walk into a local CU of a different name and do transactions as if you were standing in your home CU. http://sharedbranching.org/
Mainstream network.... So, here's the deal... You should really check out www.depositaccounts.com go under checking / reward checking.... .This will show you checking options paying north of 2% APY up to about 5% if you hit the bonus requirements with places like www.myconsumers.org
I wouldn't worry about the student loan since it's an installment account like a mortgage or auto loan. They're supposed to be reproting high to balance since they're long terms.
With a clean report and your scores I would looking to AMEX / Discover as you're 99% good for an approval with everything you've listed here so far.
AMEX has a couple of flavors to deal with:
ED/EDP have Member Rewards
BCE/BCP have cash back
Depending on what you're into for redemptions is going to determine which way you go with them. They will grow significantly if AMEX likes you using the 3X CLI methods every 6 months after your first CLI at 61 days.
Disco has a couple of options both of which include double rewards at the end of year 1.
discover IT - cashback w/o points to deal with
discover Miles - 1.5% per dollar
Discover has an online portal for shopping where you can also gain 5-10% back on top of your catagory spending for retailers listed in there. They may start "low" since they're conservative but, given some time and history the moon is the limit for your CL.
Both AMEX / Disco do SP CLI's which is nice while you're building up your arsenal of CL's. There's a very good chance you would be approved for both if you're approved for one of them. With your scores it shouldn't be an issue with either but, there's always that chance of a decline as we don't work for them and the computer makes the decision.
