Is this a good set of cards? What are my chances anyway?

For just about anything you want to get off your chest about credit cards.
22 posts
WilliamJefferson
Green Member
Green Member
 
Posts: 21
Joined: Thu Jun 19, 2014 3:59 pm
Location: Near one of those big lakes

Is this a good set of cards? What are my chances anyway?

Postby WilliamJefferson » Thu Jun 19, 2014 4:19 pm

Hello,

I'm looking to get a set of cards to maximize my rewards. In addition to these, I may want to get a card that gets be good rewards on hotels and airfare, but I won't be using it all that much so I figured I'd put that on the back burner. Though when I do pay for something, it'll be a relatively big purchase.

My question:
1. Is this the right set of cards? Is there a different set that would be better?
2. How likely am I to get approved for these cards?
3. What should be the order in which I apply for these cards?

US Bank Cash+ Plus Visa Signature: Use the 5% rewards for Restaurants and Fast Food, unless I know I'm going to make a big purchase in another category that month. 2% will be drug stores which I won't use much, or groceries if I don't get the grocery card I want.

Chase Freedom: Mainly want it for the 5% on Amazon next quarter. Other quarters it gives me a bit more flexibility. Additionally there might sometimes be good offers for me on their merchant specific offers thing.

Amex Blue Cash Preferred: 6% on supermarkets, 3% on gas, 2 years annual fee is covered by spending $1000 in 3 months. What's not to like?

My Credit Karma score is 688 and my Vantage score is 734. The specific breakdown was:

Credit Card Utilization: B (33%)
Payment History: A (100%)
Derogatory Marks: A (0)
Age of Credit History: F (6 months)
Total Accounts: F (1 account, open)
Credit Inquiries: C (3, one for my first credit card, one for an increase, one for rent)

I've always paid in full on time, never had to pay interest on a balance. I have one credit card with $3000 limit. My 2014 income will be about 104K. I am 23 years old and single. I have about 47K in investments+checking account, all but about 14K of that can be liquidated quickly.

If you need additional information let me know.


jrmsu
Platinum Member
Platinum Member
 
Posts: 79
Joined: Sun May 04, 2014 9:53 am
Location: Mississippi

Postby jrmsu » Thu Jun 19, 2014 6:52 pm

WilliamJefferson wrote:Chase Freedom: Mainly want it for the 5% on Amazon next quarter. Other quarters it gives me a bit more flexibility. Additionally there might sometimes be good offers for me on their merchant specific offers thing.


Have you looked at the Chase Amazon.com Rewards Card? It has a year-round 3% on Amazon purchases and 2% on restaurants, gas stations, and drug stores. I would also look at the Discover It. The quarters are very similar to the Chase Freedom and the Shop Discover discounts are awesome.
My Cards:

Discover It - $8,450 (9/13)
BankAmericard Cash Rewards Visa Signature - $5,000 (4/14)
Chase Freedom - $3,000 (5/14)
AMEX Hilton HHonors - $16,500 (6/14)


WilliamJefferson
Green Member
Green Member
 
Posts: 21
Joined: Thu Jun 19, 2014 3:59 pm
Location: Near one of those big lakes

Postby WilliamJefferson » Thu Jun 19, 2014 10:40 pm

Been looking into it more.

It seems like the US Bank Cash+ probably won't happen. So I'm going to try and submit applications for all of these simultaneously (expecting that I get some, don't get others).

1. Barclaycard Arrival (Airfare and Hotel)
2. Sallie Mae Mastercard (Gas, and if I don't get the Amex Blue Cash Preferred then Groceries up to the $250 limit also, rest going on Fidelity card)
3. Discover It (Free FICO score mainly, will probably charge one thing a month on it just so there's activity. If Holiday Shopping includes Newegg it'll be useful for buying a new computer around then, maybe some of the Shop discover things will be useful)
4. Chase Freedom, for what I said. I'm patient enough to wait for whatever big purchase I need from Amazon. An occasional $50 purchase doesn't net that much cash back that I'm not going to worry too much about getting an extra 1% by having the Amazon Rewards card.
5. Amex Blue Cash Preferred, for groceries (the gas is not going to be useful for me if I get the Sallie Mae, I'm never going to spend $250 on gas in a month) - This has an annual fee but the initial bonus covers 2 years of it.
6. Fidelity Investment Rewards (anywhere where I can't get better than 2%, I can get 2% with this)

I'm not really interested in the Chase Amazon Rewards Card. I don't see much of a use case for me. At best it'll give me an additional 1% on Amazon purchases not made while either the Discover It or Chase Freedom card have a better reward. I don't make many of these purchases, it would end up at very best being a few bucks to me. Not worth dealing with.

The only thing I'm a bit hesitant about is that to get the intro bonuses I need to spend in 3 months:

$1000 on Barclaycard Arrival
$500 on the Chase Freedom
$1000 on the Amex Blue Cash Preferred

I only charge a few hundred dollars in a normal month of non-restaurant charges. So to get $2500 means I have to charge pretty much everything on these three cards for the first three months (I'll at least do one charge a month on the other three just to keep it active, just something small). Of 'course, I don't even know if I'll get all of those, so it may be no problems at all if I don't get the Barclaycard or the Amex Blue Cash Preferred.

The other thing, I haven't found something else that gives 5% on restaurants. Is there something that does that (or gives better than 2% that I can get with the Fidelity card) other than the US Bank Cash+ which I probably won't get?

supercoolman
Centurion Member
Centurion Member
 
Posts: 176
Joined: Thu Jun 12, 2014 12:48 am
Location: South Bay Area

Postby supercoolman » Thu Jun 19, 2014 10:47 pm

not sure if you can get both US Bank Cash+ Plus Visa Signature and Amex Blue Cash Preferred with what you have described.

Laxsnor
Green Member
Green Member
 
Posts: 7
Joined: Sat Apr 12, 2014 1:04 am
Location: Florida

Postby Laxsnor » Thu Jun 19, 2014 11:31 pm

jrmsu wrote:Have you looked at the Chase Amazon.com Rewards Card? It has a year-round 3% on Amazon purchases and 2% on restaurants, gas stations, and drug stores. I would also look at the Discover It. The quarters are very similar to the Chase Freedom and the Shop Discover discounts are awesome.

There's also the Sallie Mae which I believe offers 5% on Amazon (through bookstores category, up to $750 spending per month).
USBank Cash+ $12,000
Delta Amex $4,000
Sallie Mae $1,000

takeshi
Centurion Member
Centurion Member
 
Posts: 1733
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Postby takeshi » Fri Jun 20, 2014 8:07 am

WilliamJefferson wrote:If you need additional information let me know.

It's not so much the cards that determine if the list is good (one of those always subjective words) as much as your major spend categories. 5% on a category is great but only if you stand to benefit from it. 5% on something you don't spend on or don't spend much on won't help much. We need your major spend categories to answer your question.

WilliamJefferson wrote:Amex Blue Cash Preferred: 6% on supermarkets, 3% on gas, 2 years annual fee is covered by spending $1000 in 3 months. What's not to like?

Again, depends on your spend. Sallie Mae or the old Blue Cash might be a better fit but we don't have the required info to make such a recommendation.

WilliamJefferson wrote:I've always paid in full on time

While relying on CK is a dubious practice (age of accounts is not actually AAoA, for example) the utilization it indicates shows that paying in full doesn't necessarily mean that reported utilization will be low. 30% is the recommended max. Get your utilization down. You may need to pay just prior to statement end to keep it under 30%. When applying, allow only one balance to report with 10% or less utilization.

WilliamJefferson wrote:How likely am I to get approved for these cards?

We're not underwriters but I'd guess not great for US Bank or AmEx.

WilliamJefferson wrote:What should be the order in which I apply for these cards?

I always use order of importance.

WilliamJefferson
Green Member
Green Member
 
Posts: 21
Joined: Thu Jun 19, 2014 3:59 pm
Location: Near one of those big lakes

Postby WilliamJefferson » Fri Jun 20, 2014 11:52 am

The forum delays my posts for some reason.

So I've updated my list to

1. Sallie Mae Mastercard
2. Discover It
3. Chase Freedom
4. Amex Blue Cash Preferred
5. Fidelity Investment Rewards

My spending habits are about $300 grocery, $50 gas, $600 restaurant, $150 assorted other. But occasionally I have big purchases. I will probably buy a new computer this year sometime, probably near the end of this year if I can get 5% cash back from Newegg (no sales tax - often the best price or at least tied with Amazon).

I'd like the US Bank Cash+ but it looks like I probably won't be able to so I'll avoid the inquiry it would give me, and wait until my credit is a bit better.

WilliamJefferson
Green Member
Green Member
 
Posts: 21
Joined: Thu Jun 19, 2014 3:59 pm
Location: Near one of those big lakes

Postby WilliamJefferson » Sat Jun 21, 2014 1:19 am

Just applied for those 5 + Citi Dividend

So far:

Flat out rejected from Sallie Mae and Citi Dividend
The Fidelity one apparently won't pull my credit report until tomorrow morning.
I got approved for the American Express Blue Cash Preferred
Manual review for Discover IT and Chase Freedom

I want to try to call Sallie Mae and see if they'll reconsider. Citi I don't even care about, not sure why I even bothered applying. My roommate just told me to.

The American Express Blue Cash Preferred and the Fidelity were the ones I wanted most so I'm glad I at least got that one. Don't know the credit limit or APR yet, but I don't actually care that much about either of those.

supercoolman
Centurion Member
Centurion Member
 
Posts: 176
Joined: Thu Jun 12, 2014 12:48 am
Location: South Bay Area

Postby supercoolman » Sat Jun 21, 2014 1:23 am

you can call 18006412400 and the machine on that number should tell you your approved CL

WilliamJefferson
Green Member
Green Member
 
Posts: 21
Joined: Thu Jun 19, 2014 3:59 pm
Location: Near one of those big lakes

Postby WilliamJefferson » Sat Jun 21, 2014 10:26 pm

I got the Discover It card. They gave me $1500 CL. Any idea what you think will happen with the others?

I also applied for US Bank Cash+. Figured, why not try?



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 0 guests