Chances for new credit cards?

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s2k8k
 
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Chances for new credit cards?

Postby s2k8k » Fri Jan 23, 2015 5:45 pm

Hey everyone!

I have a limited credit history with 2 open credit card accounts. My first card was a Capital One Journey in July 2013, which now has a $750 credit limit. I opened a Discover IT card in February 2014 with a $2000 credit limit. According to my Discover statement, my TU FICO score is 745. I have 2 inquiries on my TU credit report and 3-4 on EX and EQ each. In the past 2 years I applied for 4 credit cards and was approved for 2, with some hard pulls at multiple credit bureaus. At the time I didn't understand the concept of building a credit history, but my most recent credit card application was in February 2014 for the Discover IT card. Total utilization is <9% with average age of accounts @ 15 months. I have no late payments or delinquencies on my credit reports.

I have a big spend ($20k) coming up in the next few months which I can use multiple cards to cover. I'd like to maximize the benefit from this transaction and am planning on acquiring a few cards to meet minimum spends and keep those cards for subsequent use. Income is >$100k. I am planning on applying for the Jetblue amex (I travel on them regularly), US Airways barclay card, and a Chase card. I'd like to establish a good relationship with Amex, Chase, and Barclay, hence my choice in cards (aside from the benefits).

As I was looking at cards, I decided to see what cards I was pre-qualified for on the Chase website, which showed the Slate, Freedom, and Sapphire Preferred cards for me after I entered my information. I understand the CSP requires a minimum $5k credit limit, which even exceeds my total available credit, however I've seen it mentioned that Chase pre-qualifications tend to be accurate. I'm not married to the idea of getting the CSP over the Freedom, especially if I don't have a solid chance of being approved. I've also read that Chase tends to prefer a longer credit history (>2 years), although I don't know if that is an official rule or a guideline. What are the odds for me with a card like the Chase Freedom or Sapphire Preferred(CSP) given my credit history? Also, what do you think of my chances with the Jetblue amex and US airways cards? If not so good, what cards would you recommend?

Thanks in advance.


ingramjuan
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Postby ingramjuan » Sat Jan 24, 2015 12:46 am

Based on personal experience, I would wait another 6 to 9 months before applying for another card.
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
Store Card: Lowes

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lobbythis
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Postby lobbythis » Sat Jan 24, 2015 2:48 am

Probably going to be another one post and done n00b.

CapOne Journey $750, which is a student card, and you make $100k+? Plus, you've had that card a while now. You really need to call them.

I'm not going to write too much until you actually respond. But, if you can prove your $100k+ that you claim, this post makes no sense.

s2k8k
 
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Location: FL, USA

Postby s2k8k » Sat Jan 24, 2015 10:18 am

I didn't know how important income was, relevant to credit history, hence my question. I appreciate the feedback.

takeshi
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Postby takeshi » Mon Jan 26, 2015 9:19 am

Income and credit are two entirely different things. One could certainly have >100K and a student card. Income plays a role in credit decisions but it's just one factor among many.

s2k8k wrote:however I've seen it mentioned that Chase pre-qualifications tend to be accurate.

Accuracy isn't a matter of the creditor. It's all about what your credit was like when the SP was performed versus how your credit is when you apply. Don't rely on prequals.

s2k8k wrote:Also, what do you think of my chances with the Jetblue amex and US airways cards? If not so good, what cards would you recommend?

Select cards based on your needs/wants -- not perceived approval odds. If you're looking to maximize rewards then start with your major spend categories and the volumes that you run through them. Crunch the numbers to see what best fits your spend.



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