Denied Chase Freedom - Not enough credit cards...

For just about anything you want to get off your chest about credit cards.
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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Sep 16, 2014 9:47 pm

My approach is to think more in terms of what cards I want to have in the long run, and then work towards that set as efficiently as I can. It requires patience.

Your approach of maximizing the number of cards, amount of credit, and number of relationships with issuers will certainly give you a lot in the way of signup bonuses, but it might take longer to get the cards you really want - and it comes with a lot more complexity.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when


Super100
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Postby Super100 » Tue Sep 16, 2014 10:33 pm

I applied for a Chase Freedom Card 2 times and i was NOT approved. Then I decided to open a Savings Account with them with just $300 and after 1 month i applied again for a Chase Freedom and I was approved. Then I closed the Savings account with them. When you have a personal account is easier to get approved...

popamode72
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Postby popamode72 » Tue Sep 16, 2014 11:36 pm

Perhaps I'll write down a plan or some kind of end goal so I have a clearer direction of where I wanna go in terms of what cards I'd ideally like to end up with and which cards I will probably either dump because I won't need them anymore or they're not really growing that much or try to upgrade or convert to something else that I'd actually want and need on a long term basis.

I already know for sure that the Wells Fargo card will have to go at some point because I really don't see any point in having it now except for having a bit of history there. It was one of those cards that early on I really had always wanted and that was well before I started learning about just how boring most WF cards are, especially with their rewards. I mean after the promotional six month period, my WF card just becomes a 1% cashback card. Do you think I should just get rid of that one now? It's obviously one of the toy limit cards I still have.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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CarefulBuilder14
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Postby CarefulBuilder14 » Wed Sep 17, 2014 12:45 am

I'm a lot more focused on rewards and customer service than APRs and CLs. If a bank offered me a card with a $10,000 limit and no rewards, I wouldn't be interested at all.

CLIs are good, but I wouldn't care much about getting one on a card for which I didn't have any real purpose.

I suggest making a list of your regular spending categories (as well as infrequent major transactions like a vehicle or special travel, and an 'other' category). Then try to identify your first-choice card to use in that situation. Consider not just rewards but also any inconvenience (like random declines you have to call to fix, handling a dozen frequent flyer programs, etc) and the typical quality of customer service.

Weigh any annual fees against the frequency of using a card and the value that card has in that situation compared to the best alternative. Make logical and reasonable compromises in complexity to try to knock out a few cards. You may lose a few dollars in rewards but will have an easier time tracking everything. You probably don't need multiple airline cards, but making sure you have one chipped no-FTF card could be important. Hopefully, by this point, a few cards should stand out as obvious winners and losers, with a few in between.

When I do this, Sallie Mae and Arrival+ become screamingly good deals. Freedom, It, BCE, and TrueEarnings are well worth having but not quite as important. PRG becomes pretty unattractive. Try to settle on having enough different issuers so you're not too dependent on any one, but don't have more to monitor than you want. Tracking 3 cards with one good issuer is easier than tracking cards with 3 different issuers.

Try to figure out if you'll want to use MR points a lot. If you like them, then waiting a bit and upgrading to an EDP could make a lot more sense than looking for cards with 2% and 3% cash categories.

Once you have a list of the cards you want, it will be easier to work towards it. When I see your list, I and others can suggest what you might close.

And yes, card benefits do change. My set of ideal cards has changed upon seeing Amex charge benefits trimmed. But when most of your cards have some clearly defined use and financial justification, finding a solution is easier.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

popamode72
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Postby popamode72 » Wed Sep 17, 2014 7:10 am

Despite the lower limit, I find myself using my Discover It quite regularly and sometimes their rotating categories are things I'm actually interested in using the card as well as their other offers where I can get some cashback by using the card at specific restaurants they sometimes have listed in their Discover Deals. Only major downside to it is the CL obviously and I'd like to get that increased to match some of my higher limit cards and maybe downsizing will help with that. Amex EveryDay and Chase SW cards have also become primarily go-to cards for me and I especially love getting an extra 20% bonus on my points if I do enough swipes with that one.

Citi I don't use anymore but continue to keep around because it's my oldest card and eventually if their policies change somehow in the next couple of months I'd still like to convert it to the Double Cash card, Wells Fargo I've sock drawered, and I'm planning on not using the Gold Delta Skymiles card as much of the others but still want to use it to handle larger expenses from time to time. Already got the 30,000 bonus Skymiles a while ago on that and will plan to consolidate the limit of it to my ED card when eligible, so eventually one less Amex there. I've been using my charge card more lately though I really think that I'd be better off either upgrading next year or getting rid of that card at some point.

I charge reccurring expenses onto both my ED and Quicksilver cards (as I said, this card is also my second oldest) and the rest I don't even use regularly at all. Wal-Mart one is for the free FICO score (though I know Discover also provides one too but they are at different times in the month) and I've made some purchases with the last cards though obviously not nearly as much as the cards I have listed above. And I guess now that I have a 1.5K limit QS with unlimited 1.5% cashback, I don't really need a 1.5K limit PayPal Smart Connect account with even when linked up with the business debit card doesn't provide as much rewards.

I still like how the GE stuff were the first cards that I saw major CLIs on though so I think I'd still keep the Wal-Mart and Amazon cards and get rid of the Paypal SC and Wells Fargo cards for now and think about getting rid of the Green early next year if I don't find the card particularly as useful as I thought it would be. I'd be getting rid of a little over 2K in available credit there. Or I could go the other way around and dump the Wal-Mart one and keep the other two.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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CarefulBuilder14
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Postby CarefulBuilder14 » Wed Sep 17, 2014 2:12 pm

It sounds like you are never going to use the WF $700 card again. I don't know the terms of the card well, but my limited understanding is that after an intro period of a higher cash back rate, it earns 1% on everything, forever, with no important benefits.

If that is the case, try closing that one card and see how it makes you feel. It is only 3.57% of your total credit limit across all cards, so your utilization won't change much.

If you feel unburdened, you can kill more cards you don't really need later. If you wish you had it back, you can continue trying to immediately maximize your available credit.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

popamode72
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Postby popamode72 » Wed Sep 17, 2014 4:24 pm

CarefulBuilder14 wrote:It sounds like you are never going to use the WF $700 card again. I don't know the terms of the card well, but my limited understanding is that after an intro period of a higher cash back rate, it earns 1% on everything, forever, with no important benefits.

If that is the case, try closing that one card and see how it makes you feel. It is only 3.57% of your total credit limit across all cards, so your utilization won't change much.

If you feel unburdened, you can kill more cards you don't really need later. If you wish you had it back, you can continue trying to immediately maximize your available credit.


Exactly.

Just made the call to close it finally. It was a card I had been wanting to close for a while now after I got better cards and now seems to be the right time to do it. Even for a college card, the rewards after the six month period are quite lackluster. Pretty sure that I'd be eventually be able to get something better on another card like Discover so it won't really be that big of a deal to me in the long run, especially seeing how more of the accounts I have are going to be turning six months in October.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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PlyrStar93
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Postby PlyrStar93 » Wed Sep 17, 2014 4:47 pm

popamode72 wrote:Exactly.

Just made the call to close it finally. It was a card I had been wanting to close for a while now after I got better cards and now seems to be the right time to do it. Even for a college card, the rewards after the six month period are quite lackluster. Pretty sure that I'd be eventually be able to get something better on another card like Discover so it won't really be that big of a deal to me in the long run, especially seeing how more of the accounts I have are going to be turning six months in October.

Glad you took that away. Wells Fargo's rewards seem like inferior. Whichever (no-annual-fee) one you choose the high reward period is always the first six months after account opening, which means that those cards are bound to be put away.

For college cards, the most impressive ones would still be Discover and the old Forward. It's a pity that later opened Forward cards are as lackluster as Wells Fargo.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
All EMV.

popamode72
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Postby popamode72 » Wed Sep 17, 2014 4:53 pm

PlyrStar93 wrote:Glad you took that away. Wells Fargo's rewards seem like inferior. Whichever (no-annual-fee) one you choose the high reward period is always the first six months after account opening, which means that those cards are bound to be put away.

For college cards, the most impressive ones would still be Discover and the old Forward. It's a pity that later opened Forward cards are as lackluster as Wells Fargo.


It really irks me that's the main reason I still have my Forward card open besides for the fact that it's a prime lender issued card. It's contributing quite a lot to my credit history right now but their policies on not letting me PC it to anything else are ridiculous.

The only card that Wells Fargo has that sounds any good to me is their Propel 365 Amex card and I think the Sallie Mae Mastercard would still beat it because there's no annual fee to that card and there's much more rewards potential even though there's a cap there.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)



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