Should I wait to Apply for a good credit Card

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andy22
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Should I wait to Apply for a good credit Card

Postby andy22 » Tue Aug 29, 2017 11:07 am

Hi everyone, I have question and please excuse me for making it a long one.

I really want to get a premium travel card. (CSP, CSR, Venture, Barclaycard Arrival +). I have a pretty good credit score of 783 but my case gets a little complicated.
I left the US when I finished college to work and eventually start a business in another country. I have been away for the last eight years. The only credit card that I kept open was my AMEx Blue for Students with a CL of 2.5K. I have just started an online business in the States and I would like to put some of my expenses on a credit card that will give me decent rewards.

I opened my personal and business bank accounts with chase because I wanted to get a sapphire card from the get go. I of course tried the CSP but was denied because I was using my sisters physical address as I am not yet leasing an apartment in the states. I do plan on leasing an apartment but not until about a year. I live and work remotely but go to the states very frequently. (AMEX has been cool with this address situation.) So as I already had an Amex card, I applied for the PRG and got it after a brief phone call to explain my address situation. There are a couple of things that I worry about only having amex is that i could be flagged for using it for business expenses as there is no "pre set" spending limit. Plus, i'd like to have a card with a high credit limit on my credit report. I don't want to depend only on Amex. And of course, 195 a year seems a bit steep for what they offer. With this being said I would gladly pay the 450 for a CSR because I can really get a lot of value out of this card. I will apply for this as soon as I have my own apartment.

But in the meantime, I want to get a Visa or Mastercard with a decent CL and hopefully a better than average rewards program with a CL of anywhere between 5K and 12K. Im looking at Cap one Venture or Barclaycard Arrival+. Any suggestions as to which one is easier to get?

The main concern is that they want to get me to show them a lease agreement that is in my name which I can't get right now(chase wanted this for the csp).. Im just trying to not raise any red flags while building a good credit limit.

Any suggestions? Thanks!


swipe_masta
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Re: Should I wait to Apply for a good credit Card

Postby swipe_masta » Tue Aug 29, 2017 9:19 pm

I'm gonna go out on a limb and say you're gonna have to wait until you find a more permanent address. Most credit card applications don't even allow a PO Box address. I think you're running into this problem because you lived outside the US for so long. Normally, when you fill out your information, rarely are you asked to provide proof of residency at the address you supply.

If you kept your Amex credit card, did you see if you could get a credit limit increase/product change to a more useful card? Why did you apply for a charge card vs. a credit card or even a business card if you wanted limits to show on reports? Or was this an afterthought?

Your credit score of 783 is according to whom? If Chase, who you already bank with, is not willing to lend you a line of credit, don't expect Capital One or Barclays to do so. Also, just an FYI, Capital One pulls all three credit bureaus and the Venture isn't really worth it. Never paid much attention to the Arrival+ but Barclays is hard to get along with as a customer and Chase offers superior cards. Have you thought about going into a branch and speaking with someone in-person? Maybe explaining your situation, they can offer you a card if your sister whose address you're using can be your cosigner?

andy22
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Re: Should I wait to Apply for a good credit Card

Postby andy22 » Thu Aug 31, 2017 11:51 am

Thank you for the reply Swipe_masta!

Yeah, for some reason I thought that having a PRG card would look better on my credit report since its a charge card and it pretty much means that you have the ability to pay in full every month, therefore demonstrating that you don't really need to borrow money from the card companies and in theory are "financially stable". I also thought this was considered a "high end" card.

I know Chase has the best cards. Unfortunately, after what happened with my address issue, I have been "blacklisted" by them because of this and I really don't want to apply to any more of their cards if it could end up hurting my score. I will definitely apply for a chase card as soon as I get my apartment lease.

You asked about my 783 credit score.. I got it according to experian. I was told by Chase the the reason why they wouldnt approve my sapphire card was because they couldn't confirm I lived in the United States, not because of my credit score. This was my initial mistake when I opened the accounts because I was using so many addresses (business office, personal po box, sister address), and that's what raised the red flags. I have been to a couple of Chase branches in different parts of the country and no one can really help me out. All they say is to call the credit card reco line and I have done several times even spoken to managers and supervisors. They all say that they are sorry but can't help me out at this time. I kind of understand why this mess started and I am willing to wait until I lease my apartment sometime next year when I move into the US full time to get my precious sapphire card..

My main concern in the meantime is that I have to make some considerable personal and business expenses and I want to have a Visa or Mastercard so I don't feel like I completely depend on Amex. I travel internationally a lot so its not always easy to use Amex. And I wanted to see what is a good visa or mastercard that gave the most flexible and decent rewards and is not too hard to get. And of course.. not from Chase.

Thanks again for your response, and if you have any suggestions please let me know.

have a great day!

Andy

TXviking
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Re: Should I wait to Apply for a good credit Card

Postby TXviking » Sat Sep 02, 2017 11:58 pm

Chase is very paranoid about fraud, and I can easily see them denying an application without a satisfactory address history. That said, I highly doubt they would blacklist you over it. What they do like to see is a two-year address history.

I applied for a CSP in 2016 and a CSR this year, both approved. When I applied for the CSP, I had been at my current address for two years and back in the United States for three.

If there's a Chase branch near you, it may be worth having a chat with a banker there. They don't have any influence on credit card approvals, but they do know the system and may be able to give you some guidance on what you'd need to do to qualify for their cards. The helpfulness of local branch staff does vary, but it may be worth a shot.

But unless there's more to the story, I don't think you have to worry about being blacklisted simply for having a credit card application denied.

andy22
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Re: Should I wait to Apply for a good credit Card

Postby andy22 » Wed Sep 06, 2017 5:14 pm

Thank you TXViking! Will do!

TXviking
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Re: Should I wait to Apply for a good credit Card

Postby TXviking » Thu Sep 21, 2017 4:04 pm

andy22 wrote:Thank you TXViking! Will do!


So what did they say?



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