Credit Card Forum
  1. #1
    Green Member
    Join Date
    Nov 2012
    Location
    California
    Posts
    4

    Default Applying for credit card right after car loan?

    Hi all,

    First time poster. Been with Amex for a year now, started with PRG gold now have business and personal platinum cards. I'm looking to apply for the SPG credit card for a few reasons but I don't know if I would have a chance. Here is my background:

    20 years old
    60k income per year
    Amex plat for 1 year
    B of A student garbage credit card 2 years, $700 limit
    VW car loan for 10K
    BMW car loan for 30k

    Both cars are leases and they are on going. Just got the BMW one after help from my dad with cosigning.

    One of my biggest downfalls is that I only have one credit card and the limit is insanely low, the other is my age and credit history. My longest account is the $700 credit card for 2 years. My utilization on it was very high before but has dropped drastically since I got amex.

    I spend around 5k a month on the personal amex and it is paid off with no problems. I spend about $120 a month on the credit card just to show i'm spending and paying it off.

    I did have some trouble getting the lease done with BMW and had to involve my dad. This makes me a little worried about applying for the SPG. I've applied for the chase freedom less than a year ago and got denied so I keep thinking there is no way I'll be approved for the SPG. Want it because rewards are better than plat and I really hope they will give me a limit higher than $700 to show I have higher limit cards on my report.

    What is your guys' take/advice?

    Thanks,

    Ali
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  2. #2
    Centurion Member Snowman's Avatar
    Join Date
    May 2012
    Location
    North Los Angeles County
    Posts
    612

    Default

    Ali,

    Do you know what your current scores/inquires are right now? Once you post that, we'll see how to move on from there. Also what exactly do you do for work that earns 60k at 20? I'm 19, and I'm only making 12k, but hopefully in a few years it will be higher. Also, the SPG card is primarily meant for people that travel a lot and stay at Sheraton/westin properties or travel on business, and the annual fee is I believe 65 dollars. Let your history age for another 6 months and then try for the Freedom, Chase can be pretty picky to get a card from.

    Also, weirdly, my middle name is Ali....coincidence I guess...lol.
    Cards And Credit History
    Bank Of America: BankAmeriCard Cash Rewards (3% Gas, 2% Grocery, 1% everything else). 4/25/12-1,000$ (CLI Increase on 6/15/13)
    Citi: Forward (SM) Card (5x points on Restaurants, bookstores, music stores, video rental stores, movie theaters, 1 point for everything else.) 10/27/12-3,000$ (SP CLI 2/8/14)
    Discover: More. 10/27/12-1,500
    Amex: PRG.- 11/24/12 (Closed 12/13/13) Amex BCE.2k-12/7/13. Amex SPG-4k.-12/8/13
    Chase: Freedom-2,400-5/1/13. Southwest Rapid Rewards Plus- 3,600- 6/15/13.
    Future Cards
    Marriott Premier Rewards
    American Airlines AAdvantage Gold
    Chase Sapphire Preferred
    Fidelity Amex
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  3. #3
    Platinum Member
    Join Date
    Feb 2012
    Location
    US
    Posts
    75

    Default

    I applied for AmEx's Blue Cash Preferred 3 months after getting a car loan and was approved. Check your credit score and see were you're standing at the moment. Don't make any rush decisions that is going to impact your credit in a negative way.
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  4. Centurion Member
    Join Date
    Aug 2012
    Location
    VA
    Posts
    425

    Default

    How do you make 60k a year and spend 5k a month? 5k a month is 60k a year... And where do you work? Lol.

    Active Cards:
    Chase Freedom 10+10 Visa Signature ($9k Limit - 8/2012)
    Chase Sapphire Preferred ($10k Limit - 2/2013)
    Chase Ink Plus ($7k Limit - 2/2013)
    Discover IT ($9.5k Limit - 10/2012)
    AMEX Zync (No Pre-set Limit - 1/2010)
    AMEX Blue Cash Everyday ($20k Limit - 1/2013 - Backdate to 1/2010)
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  5. #5
    Gold Member
    Join Date
    Oct 2012
    Location
    California
    Posts
    36

    Default

    60k at 20, whats the secret?
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  6. #6
    Green Member
    Join Date
    Nov 2012
    Location
    California
    Posts
    4

    Default

    Not going to discredit my parents, they've been a big help. Still live at home and go to school full time. Busted my butt three years and got a home theater company running. Things have been going well and I got a few partners on board, thus the 60k a year. 60k is netted. The 5k a month I spend sometimes includes costs for equipment for customers, travel etc. I travel a lot with friends and usually all fees go on my AMEX. Thus in the end, at 60k spent on my card in the last year, 5k a month.

    I want the card mainly for travel benefits and the fact that I only have one damn credit card with a measly $700 limit. My scores are 701, 707, 696. I've never been late on anything, I think it has mostly to do with number of inquiries due to looking at different cars and being indecisive, low limit on my credit cards, and newly taken debt due to the cars.

    Opinions?

    Thanks in advance!
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