Should I apply?

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Snowman
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Should I apply?

Postby Snowman » Wed Jul 11, 2012 1:12 pm

I need some advice here. I want to apply for a Chase Freedom card or a Discover more Card. I currently have 1 card (in my signature) and I pay that off a few days before the statement date cuts off so the balance can be reported as 0, or maybe a few dollars. The problem is that I do not know if I would qualify since I make roughly about 4,200-4,500$ (I work part time). I fear that I will be denied because I have only had this card for a little bit over 2 months...and I do not know what my fico score is since I know that I am allowed to see it once for free every year (and I don't want to apply if my score is really low because of the high utilization). I just do not want to get a hard pull and have my app denied. My current limit on this card is 700 and other than the really high utilization on my first month (75% because of a hospital visit..for an infection) I have paid on-time...no late payments, always paid in full. So my question is that should I take the plunge and apply for either one of the cards and take the hard pull...or hold off for 6 months to a year and then apply so that my credit can be in better shape?
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.


432521
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Postby 432521 » Wed Jul 11, 2012 1:19 pm

I am 90 percent sure that you will get denied for the freedom because when i first applied I put i had an income of 6,000 because that is how much i make working part time as well and my denial letter came and said that my income was to low for the card. I reconned and changed it to 12k because that was how much i would make with my scholarships as well and that was why I was approved.

I am not sure about the discover more because I put 12k on the app, but I got the student version an maybe they will allow you to get the student version with an income of 5k.
March 2011- Wellsfargo Cash Back College Card
May 2012- Chase Freedom
May 2012- Discover IT
August 2012- American Express Blue Cash Everyday

agp
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Postby agp » Wed Jul 11, 2012 1:23 pm

As long as you have no negatives on your credit report, apply for one. If you don't get instant approval then call for reconsideration.

Main Card: Amex Platinum
For gas: Penfed Platinum Cash Rewards
For travel & dining: Chase Sapphire Preferred

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Snowman
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Postby Snowman » Wed Jul 11, 2012 1:33 pm

@432521- I talked to my boss on Sunday for giving me more hours at work, and he said okay because I have seniority on everyobdy else other than the other lady I work with who has been there a year longer than I have so I should make (compared to the 300 I make right now) 600 a month X5 and I've already made about 2,300 this year so I should be close to 6k. I do not have any scholarships since I go to a community college (still am not sure if I am going to transfer or not...it gets really expensive to go to school). So I just pay it all off ASAP with no scholarship. (Hopefully what I have said makes sense).

@agp- I think other than the high utilization for my first month I do not have any negatives but I've only had the card a little over 2 months and I don't if my history is too short. I've always paid in full, before the statement date cuts off, and always on time. No negatives as far as I can see. I just don't want to risk a hard pull on either discover or chase and then be denied as well. I just don't what my chances are getting approved with either card...and I definetely do not mind any low limits on either cards. I've also heard that Chase is a pretty prime bank for Credit Cards so...idk if I should take the plunge or not.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

agp
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Postby agp » Wed Jul 11, 2012 1:42 pm

2 months is short but 6 months is not much longer. Why wait 4 more months for roughly the same chance of success?

Main Card: Amex Platinum
For gas: Penfed Platinum Cash Rewards
For travel & dining: Chase Sapphire Preferred

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Snowman
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Postby Snowman » Wed Jul 11, 2012 1:56 pm

That's true. But I just don't want to get denied with such a short credit history or small income....and have my score take a hit...that's the only thing I am afraid of. Should I apply for both or just one of them right now? and which would be easier to be approved for, based on my history?
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

agp
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Postby agp » Wed Jul 11, 2012 2:19 pm

Discover would be easier. But Chase is more important in the long run as it's one of the biggest, if not the biggest credit card issuer. So establishing a relationship with them early on is important. Chase also offers banking services aside form credit cards compared to Discover should you need them in the future.

Main Card: Amex Platinum
For gas: Penfed Platinum Cash Rewards
For travel & dining: Chase Sapphire Preferred

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Snowman
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Postby Snowman » Wed Jul 11, 2012 2:34 pm

Ya, you're right...Chase probably is the biggest issuer out there (nearly 70% of the guests that come at where I work bank with chase.) I currently Bank with BOFA right now...so I'll probably switch to them once my debit card expires. But I still am not sure If I should take the plunge or not...cause I really want to get it...either one of the cards and I do not mind the low limits. I just do not want to be denied and get a hard pull as well. That's the only thing that's holding me back...other than that, I really want either card. Should I apply for both and see what happens? I just do not want a denial on my CC report. Is my current debt right now factored in? (I currently have a 200.00 balance on my card because I had to fill my gas tank, got my brother a guitar, and got my watch fixed...will that be factored in with the decision?) Also will the I had a 0 balance reported last month but 524 the previous month. Will that hurt my chances of approval? I just do not want my current debt factored in before I apply..because I know before the statement date I will pay my current balance and it will be reported as 0. I'm not totally sure what I should do.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

agp
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Postby agp » Wed Jul 11, 2012 2:42 pm

Go for it. There's always recon. And if that doesn't work, call again and you'll get someone else to give you another recon. Or if you want, just PM me and I'll put you in touch with my banker. Applying through her might give you a better shot.

Main Card: Amex Platinum
For gas: Penfed Platinum Cash Rewards
For travel & dining: Chase Sapphire Preferred

MemberSince99
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Postby MemberSince99 » Wed Jul 11, 2012 3:21 pm

I would say only 2 months is probably too thin for either one. But good luck and for sure recon, nothing to lose.



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