Amex EveryDay, Discover it or CapOne Quicksilver....

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faali
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Amex EveryDay, Discover it or CapOne Quicksilver....

Postby faali » Wed May 27, 2015 2:11 pm

Which should I try for?
Rewards are a plus but my main purpose for getting a card is just to help establish good credit. Just looking for average perks like fraud protection/car rental insurance. I'm not a huge spender, just young and looking to set my credit up for a car loan in the near future.

I have a CapOne secured that got a CLI of $300 to $500 total this month. I always pay my balance in full and never late. As far as credit, that's all I have and I just reached the 6 month mark with a credit score of 662 TU/667 EX. Negatives on my CR are lack of other credit lines and 5 inquiries (2 are set to drop off in the next couple months).

Should I try for either of these cards? Any suggestions for others? I have been advised to go to a credit union but to be honest, they seem a bit complicated and I'm rather lazy. I really would like to hit the 700s as soon as I can. Any advice/guidance is appreciated, thanks :)


Vermonster
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Re: Amex EveryDay, Discover it or CapOne Quicksilver....

Postby Vermonster » Wed May 27, 2015 2:34 pm

I think you have to cross out any Amex revolver for a little bit longer. They really like to see a 680 or higher and a little thicker file. If you really want to try a shot at Amex I would do it last so a denial doesn't hurt you much.

I think the Discover It is a good option. They like thin clean files. you might not get much of a limit, but I don't see why you wouldn't be approved.

How long have you had the secured Cap One? If possible call the EO and see if they can convert it to unsecured. I would think you could apply for a QS or QS1.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

faali
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Re: Amex EveryDay, Discover it or CapOne Quicksilver....

Postby faali » Wed May 27, 2015 3:06 pm

Vermonster wrote:I think you have to cross out any Amex revolver for a little bit longer. They really like to see a 680 or higher and a little thicker file. If you really want to try a shot at Amex I would do it last so a denial doesn't hurt you much.

I think the Discover It is a good option. They like thin clean files. you might not get much of a limit, but I don't see why you wouldn't be approved.

How long have you had the secured Cap One? If possible call the EO and see if they can convert it to unsecured. I would think you could apply for a QS or QS1.


Thanks for the reply
I figured the Amex was a long shot but damn it, I want one, can't explain it lol. I've had the cap one for 6 months, I've read they don't convert to unsecured? But then again, I've read many other contradictory things about cap one secured cards.. I applied for the Discover it almost one year ago with a cosigner but got declined. Cosigner's credit wasn't as great as I thought and I had no credit history at the time. Think I'll get an approval or do you think it best to wait a few more months?

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CarefulBuilder14
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Re: Amex EveryDay, Discover it or CapOne Quicksilver....

Postby CarefulBuilder14 » Wed May 27, 2015 3:35 pm

Chase Freedom is good. I can't guarantee you'll get approved, but you've got a fair chance. A few people (myself included) can get a low-limit one with no history. It's a card you might find useful for a very long time.

Amex ED might be good. I have the annual fee version and the rewards are great. You might want to consider the Blue Cash Everyday (BCE) as an alternative, though. MRs are great if you fly a lot and earn a lot of MR points. The tradeoff of the program is that you can't do much with the points if you don't fly often and/or only have a small number of them. You might be better off (for now, at least) avoiding jumping through the travel reward hoops and getting rewards in a simple form that everyone can use - cash!

How much spending would you be putting on the card each month?

Like you, Discover initially declined me due to having very little history.

I would try to get away from Capital One. They have (and generally deserve) a bad reputation for customer service. Discover, Amex, and Chase tend to have much better service. Keep the secured Capital One card open for now, though.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
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kcm7
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Re: Amex EveryDay, Discover it or CapOne Quicksilver....

Postby kcm7 » Wed May 27, 2015 10:35 pm

The other thing to consider with the AmEx ED is that, to harness its full potential, you have to make a certain number of purchases (20) each month. In other words, you should be prepared to use the card for everything.

As Careful Builder already suggested, the Blue Cash cards make a good alternative. You get inflated rewards on groceries, gas and department stores straight out the gate -- and your rewards are in cash.
Cards:

-Capital One Quicksilver
-Barclaycard Arrival (no AF)
- US Bank (no rewards)
-IHG

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Re: Amex EveryDay, Discover it or CapOne Quicksilver....

Postby Whatamuji » Wed May 27, 2015 11:27 pm

I have personal experience with both Discover IT and CapOne Quicksilver. Discover IT was the first card I got last August with virtually no credit history whatsoever (have a Kohls card which I've only used once for a $300 purchase). I received a pre-screened offer in the mail and was approved for a $500.00 credit limit @ 12.99% APR. I received a Credit Limit Increase (CLI) about 6 months later to $750. I personally enjoy the great customer service I've experienced when calling their 1-800 number and they've always been polite and helpful in answering my questions. Tip though is to not call them on the weekends or late at night (past 10 local time) as their customer service mileage may vary. I also enjoy the 5% cashback rewards calendar but they also offer a 2% cashback on restaurants and gas and 1% cashback on anything else if you're not into a revolving calendar. Just have to call and ask them to switch you to the rewards program you want. My only caveat (which is minor) is that the reward calendar requires activation online or by phone before you can receive the 5% (but that's standard for any calendar rewards program.) My CapOne Quicksilver card I don't nearly use as much as my Discover card but the 1.25% cashback with no limits is nice. Customer service is about average as with any other large company. If you had to choose one or the other I'd say go with Discover.

MemberSince99
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Re: Amex EveryDay, Discover it or CapOne Quicksilver....

Postby MemberSince99 » Thu May 28, 2015 8:56 am

I'm going to go out on a limb here and say apply for the Amex, once you are sure 6 months have reported. Worst they can say is no. Generally they pull only EX, BUT, if you are borderline and you may be, they might pull all three. Just be aware of that.

Discover will pull EQ generally as well. You MIGHT get lucky with them and get a big starting limit. Hard to say. I would say also app for that one.

Finally be aware that Cap One WILL pull all three that is a certainty. If you are interested in Quicksilver I'd suggest you try their prequalify site and see if that pops up for you - if it does for sure go for it if you want it.

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Re: Amex EveryDay, Discover it or CapOne Quicksilver....

Postby takeshi » Thu May 28, 2015 9:56 am

faali wrote:I have been advised to go to a credit union but to be honest, they seem a bit complicated and I'm rather lazy. I really would like to hit the 700s as soon as I can. Any advice/guidance is appreciated, thanks :)

Which is a bigger priority? Credit unions aren't complicated. You just have to join before you can apply for their cards. A CU with more lax approval criteria can help with building your credit.

kcm7 wrote:The other thing to consider with the AmEx ED is that, to harness its full potential, you have to make a certain number of purchases (20) each month. In other words, you should be prepared to use the card for everything.

You also need to look at MR redemptions and ensure that you can redeem points at a decent value. Point value can vary quite a bit depending on redemption. This is a sweeping generalization and I generally advise against using them but rewards programs like MR generally benefit those with more spend. OP can run the numbers for his spend and should do so if rewards are a consideration. However, it seems like approval may be the priority here.

faali
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Re: Amex EveryDay, Discover it or CapOne Quicksilver....

Postby faali » Thu May 28, 2015 12:49 pm

Thanks for all the replies, I wouldn't have a clue if it wasn't for this forum

I will ruminate on all this over the next couple days and post an update with my choice :)

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Re: Amex EveryDay, Discover it or CapOne Quicksilver....

Postby kdm31091 » Wed Jun 03, 2015 1:50 pm

faali wrote:Thanks for all the replies, I wouldn't have a clue if it wasn't for this forum

I will ruminate on all this over the next couple days and post an update with my choice :)


To me, the Quicksilver or Discover are better for lower spend. I know you aren't looking at rewards so much. I can say that in my opinion, it can be tougher to get an Amex as one of your first cards vs a Discover or Capital One.

I'd go for the Discover most likely, seeing as you have the Capital One secured card.



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