Which Rewards Card (if any) is Best for my situation?

[bigman023]

Hi,

Im wanting a rewards CC to use in lieu of my debit card. I would PIF so rates arent that important.  I would like a decent CL, meaning $1000 or more.

My scores are in my siggy.  I basically have 2 open accounts, which are CC's, and several closed accounts.  NO mortgage (yet), no car payment.  I have a 6 yr old BK13, and my last late payment  on all CRA was 2.5 years ago. I currently have 2 inqs on each report, a lmortgage lender pull in May 2011, and several mortgage lender pulls in a 7 day period in October 2011.

Ex has no collections. TU has 4 unpaid CAs,  3 are 5+ yrs old, and 1 is 2 yrs old. , and EQ has 1 unpaid CA, which 2 yrs old. My  two open CCs are 4 yrs old and 2 yrs old. CL's are $875 and $720. Income is $52K or 2k bi weekly.

From my own research it appears Capital One Cash Rewards for Newcomers may be the best fit. Im just not sure if it's really only for new immigrants. Does Cap 1 only consider you for the card you're apping, or do they consider you for all.  Im opted out so all the pre-qual sites come back with nothing.  Im rebuilding and know I may have to wait a bit.  But I thought I'd check with the forum to get a better idea.

Thanks!

[Anonymous]

If you could get rid of those unpaid collections, you have good chance with barclay. I find their travelocity card giving great return for coach flyers and approval rate is quite high for people with TU FICO 670 or higher. But I know unpaid collection is breaking deal for barclay and most prime lenders so you need to get rid of those first. 

[bigman023]

Thanks for the reply.  Im  in the process of getting a mortgage.  Once this is over, I plan on addressing the CA's.  Do you know if CCC's frown on seeing 'settled for less' on a paid CA.  3 of my CAs are so old, they often send me unsolicitied settlement letters offering me the ability to settle for 25% of the balance.

Also, I was wondering which you, or anyone else, feels is better.  Cash Rewards or Point Rewards.

Thanks

[boomhower]

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@Anonymous wrote:

If you could get rid of those unpaid collections, you have good chance with barclay. I find their travelocity card giving great return for coach flyers and approval rate is quite high for people with TU FICO 670 or higher. But I know unpaid collection is breaking deal for barclay and most prime lenders so you need to get rid of those first. 

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That's not entirely accurate.   You may not get the best rates but you can certainly qualify.  I have two unpaid CA's and have a Chase Freedom and a BOA card(although a crappy one).  I am entirely confident Discover would approve and will be apping for Amex next week, they say I'm preapproved for Glod/Green/Zync.  Unpaid CA's are certainly not a death kill unless they're recent. 

[Anonymous]

From what I read in many forums, settle for less is considered as bad as unpaid collection. You might need to learn about PFD process, paid for delete. 

It doesn't matter whether reward is point or cash back. You need to considered return in % and your spending pattern to know which card will benefit you the most.

[Anonymous]

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@boomhower wrote:

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@Anonymous wrote:

If you could get rid of those unpaid collections, you have good chance with barclay. I find their travelocity card giving great return for coach flyers and approval rate is quite high for people with TU FICO 670 or higher. But I know unpaid collection is breaking deal for barclay and most prime lenders so you need to get rid of those first. 

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That's not entirely accurate.   You may not get the best rates but you can certainly qualify.  I have two unpaid CA's and have a Chase Freedom and a BOA card(although a crappy one).  I am entirely confident Discover would approve and will be apping for Amex next week, they say I'm preapproved for Glod/Green/Zync.  Unpaid CA's are certainly not a death kill unless they're recent. 

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OP have recent unpaid CA on both EQ,TU.