A few questions

[Anonymous]

I am planning a trip to Europe in the fall and would like to take advantage of a 0% APR intro rate cash back card with a SUB. It's crucial that the initial credit line is at least $5K.  I seem to be on the fence between Capital One Quicksilver or Wells Fargo Cash Wise Rewards Visa.

The negatives for the Capital One are credit pulls from all three bureaus (I currently have credit freezes at all three bureaus after the Equifax fiasco) and thawing all three will cost me a decent amount that would cut into that $150 SUB making it less attractive. Are rumours true about the reputation of Capital One being a subprime lender and having a Capital One CC in my credit profile ding my credit?

The negatives on the Wells Fargo is poor reputation after the ethics issues they have had, not to mention I hear they can be conservative with initial credit lines.

Has anybody had any experience with these two cards?  Can I collect the rewards cash via direct deposit from a different bank other than Wells Fargo? I Do not want to be forced to open up a Wells checking account in order to collect rewards.

Overall I just want a card with a generous starting credit line to revolve vacation expenses on a 0% APR for a few months and pick up a few hundred bucks cash and then put the card into retirement.

I have not had a inquiry since April 2016 (Auto Loan)

Clean report with no negatives, AAOA is 12 years.

Current debt is $29K on a auto loan that I'm two years in with three years left to go and a CC balance of $1,500 on one card. The other two have $0 balance (see below sig for credit lines and FICO scores). 

[pipeguy]

Cap-1 offers sub-prime cards which is the bulk of their credit card business, however, the Venture Card (not Venture-1) is anything but a subprime product and typically comes with a good SL ($10k plus). 

As far as the Wells Fargo card, I've had one since it was introduced, SL was $16k and it's still $16k. Zero issue or problems.

I really don't personally care about the Wells Fargo abuses, nor BoA or Chase or Citi (they all have paid tons of money to the CFPB), big banks do what big banks do. I actually read a story the other day on the new $1B fine just imposed on WF - it was talking about how the CFPB had fined BoA over and over again for the same sins (purchasing Countrywide) and concluded that "big CFPB fines" had become the cost of doing business for big banks.

I'm not condoning bank abuses, I'm just saying that doing business with a credit card issuer is not a personal relationship, and if the card works with no issues, that's all I care about (I leave the moral outrage to others). I also don't care for business to be my social conscience, aka boycott BoA, WF, Starbucks, Target, Walmart, et al for perceived sins, but that's just me.  

[Anonymous]

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@pipeguy wrote:

Cap-1 offers sub-prime cards which is the bulk of their credit card business, however, the Venture Card (not Venture-1) is anything but a subprime product and typically comes with a good SL ($10k plus). 

As far as the Wells Fargo card, I've had one since it was introduced, SL was $16k and it's still $16k. Zero issue or problems.

I really don't personally care about the Wells Fargo abuses, nor BoA or Chase or Citi (they all have paid tons of money to the CFPB), big banks do what big banks do. I actually read a story the other day on the new $1B fine just imposed on WF - it was talking about how the CFPB had fined BoA over and over again for the same sins (purchasing Countrywide) and concluded that "big CFPB fines" had become the cost of doing business for big banks.

I'm not condoning bank abuses, I'm just saying that doing business with a credit card issuer is not a personal relationship, and if the card works with no issues, that's all I care about (I leave the moral outrage to others). I also don't care for business to be my social conscience, aka boycott BoA, WF, Starbucks, Target, Walmart, et al for perceived sins, but that's just me.  

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Thank you for the response and yes poor ethics are not a deal breaker for me. More interested in the cash Back Quicksilver than a Venture since I don't travel a lot. Just did a temporary lift with all three bureaus and I'll pull the trigger this week.

One question, when they determine utilization, do they add the debt to availible credit on all charge accounts as a whole in my credit card portfolio? Or do they look at each individual account? I owed $4K about three weeks ago on my Citi DC card and I'm not sure if a $3K payment I made to drop it to $1K has posted to my credit report. I'm just hoping for a good starting credit line. A sub $5K card does nothing for me. Keeping my fingers crossed.

[pipeguy]

Given the scores listed in your signature, I'd say you qualify for just about any card out there BoA offers a good sign up bonus and 0% introduction promos (Red card and Blue travel card). What I would look for is Cash for spend intro and 0% for at least 12 months with No foreign transaction fees - there are a lot of cards out there that'll offer you those 3 things (I also avoid annual fee cards). I should note that both my wife and I have the BoA Blue travel card and we have had no issues using "miles" as cash back including the signup bonus  - they code our favorite winery as "travel" - perfect 

As far as utility, it's a percentage of your total credit lines vs your carried balance. An example would be $40,000 in total credit card lines with a carried $4000 statement combined balance = 10% utility. 

[sarge12]

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@pipeguy wrote:

Given the scores listed in your signature, I'd say you qualify for just about any card out there BoA offers a good sign up bonus and 0% introduction promos (Red card and Blue travel card). What I would look for is Cash for spend intro and 0% for at least 12 months with No foreign transaction fees - there are a lot of cards out there that'll offer you those 3 things (I also avoid annual fee cards). I should note that both my wife and I have the BoA Blue travel card and we have had no issues using "miles" as cash back including the signup bonus  - they code our favorite winery as "travel" - perfect 

As far as utility, it's a percentage of your total credit lines vs your carried balance. An example would be $40,000 in total credit card lines with a carried $4000 statement combined balance = 10% utility. 

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Credit card approval is not just a matter of credit score...DTI is often just as important in the decision. Approval is likely with high scores, but high scores like his, or mine for that matter, does not guarantee approval. It just means that the credit score will not be the reason for the denial, and income is not allowed to be a factor in a score. It is allowed to be used to make a lending decision though. You could actually have an 850 score on all three CRA and still not get a card if your income is not high enough.

[sarge12]

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@pipeguy wrote:

Cap-1 offers sub-prime cards which is the bulk of their credit card business, however, the Venture Card (not Venture-1) is anything but a subprime product and typically comes with a good SL ($10k plus). 

As far as the Wells Fargo card, I've had one since it was introduced, SL was $16k and it's still $16k. Zero issue or problems.

I really don't personally care about the Wells Fargo abuses, nor BoA or Chase or Citi (they all have paid tons of money to the CFPB), big banks do what big banks do. I actually read a story the other day on the new $1B fine just imposed on WF - it was talking about how the CFPB had fined BoA over and over again for the same sins (purchasing Countrywide) and concluded that "big CFPB fines" had become the cost of doing business for big banks.

I'm not condoning bank abuses, I'm just saying that doing business with a credit card issuer is not a personal relationship, and if the card works with no issues, that's all I care about (I leave the moral outrage to others). I also don't care for business to be my social conscience, aka boycott BoA, WF, Starbucks, Target, Walmart, et al for perceived sins, but that's just me.  

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Actually the bulk of Capital One credit cards are not subprime. About 36% of their cards issued are subprime, but this is still higher than most card issuers. Credit One is often confused with Capital One, and Credit One cards are almost all subprime. Capital One has offers catering to nearly every class of cardholder.

[Anonymous]

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@pipeguy wrote:

Given the scores listed in your signature, I'd say you qualify for just about any card out there BoA offers a good sign up bonus and 0% introduction promos (Red card and Blue travel card). What I would look for is Cash for spend intro and 0% for at least 12 months with No foreign transaction fees - there are a lot of cards out there that'll offer you those 3 things (I also avoid annual fee cards). I should note that both my wife and I have the BoA Blue travel card and we have had no issues using "miles" as cash back including the signup bonus  - they code our favorite winery as "travel" - perfect 

As far as utility, it's a percentage of your total credit lines vs your carried balance. An example would be $40,000 in total credit card lines with a carried $4000 statement combined balance = 10% utility. 

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My only problem with the BofA red card is I'll be spending around $4 to $5K on airline and hotel. That card only has a 1% reward value on that type of transaction as opposed to the 1.5% with the Quicksilver. The Red card does offer 2% on groceries but I have a Citi DC at 2% and a Chase with a 5% reward (depending on category). Just wish that BofA card was a 1.5 to 2% across the board card.  I'd jump on it.! Still I greatly appreciate your recommendation