Advice, what should I do?

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Snowman
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Advice, what should I do?

Postby Snowman » Fri Mar 29, 2013 5:53 pm

Hi Guys,

As you guys have known for the last few months my credit goals have included getting the Chase Freedom and the Amex BCE and some other cards. My question is, should I apply now, or should I resist my temptation and wait it until June, or just go ahead and apply in the upcoming month?

These are the cards I want to try for but I don't know if I would get approved

1. American Express Blue Cash Everyday,
2. Chase Freedom
3. Chevron Gas card
4. Southwest card (I have heard of people getting approved for lower limits like 2-3k on other forums but I doubt I would get approved for it. )

5. I am planning to open an IRA soon, and maybe with Fidelity or T.Rowe Price, If I open with Fidelity, could I possibly go for their card?

6. If I do not get approved for the BCE, I plan to apply for the Delta Gold since I have heard it is the easiest of revolvers to be approved for. The question is, do I qualify for any of the cards I mentioned or at least have a chance at going for them?

I have a total of 3 inquires on EX (Amex, Chase, Citi) 2 on EQ (Amex and AT&T) and 2 on TU (Amex and Discover) and yes Amex did triple pull me.

My EQ as of today is: 723 and my TU scores as of today is: 724. I'm not sure of my Average Age of my accounts, but my BOFA card is my oldest card at 11 months (will be a year on the 25th of next month). I also have no baddies, no PR's, every thing's clean. I did try for the Chase Freedom back in November but they told me I did not have accounts open long enough to establish a credit history and I was denied. My Citi and Discover cards were opened in October of last year, while my PRG was opened last November. Credit Sesame also has me at 715. (Fako).

I am a student with about 12,000 income and I have a total of 4 cards all listed in my signature. I want to go for a travel card or maybe a hotel card to add to my card mix, but I think It would be doubtful that I would be approved due to my income. I still live at home and all that, but I pay for my tuition, books, gas, phone, and other things and I am just trying to gauge my chances and see where I would stand if I do go ahead and apply. I am also planning to close my PRG before the annual fee hits in November (basically I applied for it becuase I wanted to get my foot in the door with them.)

So that leaves me the key question, what should I do? Should I apply, wait, or just take my chances and see what happens?

Thank you again,

-Snowman
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.


Sevenfeet
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Postby Sevenfeet » Fri Mar 29, 2013 6:33 pm

First of all, your goals are good ones, especially concerning the IRA. Save now...middle age and retirement will come up sooner than you think. Saving is cheap at your age.

Regarding your card goals, I'd look at the long picture and not concentrate so much on getting everything all at once. Your income and short credit history will keep that from happening anyway. And honestly, you've already got some pretty good plastic in your first year. The BofA Cash Rewards, Discover More and Citi Forward are all great prime cards. I would eliminate the Chevron card from the list. Most gas cards aren't worth the trouble and their benefits are slim. For example, your BofA card's gas benefits likely exceed the Chevron's by a wide margin.

The BCE card is a nice card to strive for but I think it may be harder to get. Not to mention you are already getting gas and grocery benefits from your BofA card. The Delta Gold may be a better way to begin with Amex...either that or one of the charge cards, like the Green. Remember, you need to look at the long game with relationships with financial companies.

I would not app for the Chase Freedom for a while. The Slate is an easier card to get and you can product change to the Freedom later. But regardless, waiting until June gets your account age over a year, which will make things easier. Even better is to wait until the current inquiries are at least a year old.

Lastly, opening an IRA and a small brokerage account with Fidelity will make your eligible for their cards. Since BofA's FIA division actually handles Fidelity credit cards, they already have your credit information on file with your Cash Rewards card. Garden it for a little longer, and I'll bet they grant you a card...a small limit for sure, but you have to start somewhere.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

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Snowman
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Postby Snowman » Fri Mar 29, 2013 7:33 pm

Sevenfeet- I agree with you there, my dad has a brokerage account I think with Vanguard and he puts about 7-800 every month in his IRA. I see you have your's with Fidelity, are they good to open an IRA with? I am looking at them or T.Rowe Price, and I am also wondering if one can open more then one IRA if I would want to? I'm curious because I don't know if that is possible or not. I did do some research and I found out that to open an IRA with Fidelity you must be able to deposit 2,500 as the minimum, but they will waive that as long as you contribute 200, so a little bit lower the better. ( I am looking for something like 50-100 contribution every month....the 200 will be 20% of my overall months pay...roughly.)

I wasn't really planning to go for everything all at once, and like you said It is best to look at the long game of with relationships with financial companies. The main reason why I was wanting to get a gas card was to have a card from GE. (I don't shop much so most of their cards would not really make sense for me.) And thank you, I have done my best to keep my credit clean and to make it as good as it can be with the short amount of history.

I wanted the BCE because mainly it would be my backup gas card (for example, my BOFA statement date cuts from the 25th-28th, and I always pay my balance before it cuts so that way it will always have a 0 balance.) And so my Amex will not cut until April 5th-7th (it is anyone of these dates is when my card usually cuts.) That was mainly the reason why I was wanting to apply for it, as well as the fact that I don't want to use my PRG at gas stations either...I'd rather use it for buying more expensive things or for special events. Sevenfeet, when do you think I should apply for the Delta Gold, or should I go for the BCE and if that does not work, go for the Delta card? I already have the PRG, but I might close it in November because of the annual fee.

I would get the slate, but I hear that it is mostly a card that is used for balance transfers, and I rarely if ever carry balances so I don't want apply for it if I don't need it. So I guess it is better to wait to apply in June isn't it?

Ahh that is pretty cool! I didn't know Fidelity is handled by BOFA's FIA division. I too would hope that they will let me start somewhere...

Thank you for the response Sevenfeet, I appreciate it.

-Snowman.
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.

Sevenfeet
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Postby Sevenfeet » Fri Mar 29, 2013 8:26 pm

The Slate is indeed more known as a balance transfer card but it's also easier to get than the Freedom. Remember, you're working to establish relationships with credit card companies that will show you tangible benefits. Let's say you call them and apply for the Freedom and they decline you but say that you would still qualify for the Slate. I'd take that since with a little gardening, you can upgrade to a Freedom later, which is what I did.

As for the Chevron card, ask yourself this: am I apping for this card just because I want to get a relationship with GE, or is there another GE card you'll really benefit from down the road? I haven't heard you mention such a card. Remember, this is all about you and your needs. You are their customer.

This is probably heresy on boards like this, but I'm not really a big believer that you have to have exactly a 0 balance on the reporting date to the credit bureaus, which is not consistent anyway. What matters is paying in full after the closing date and before the due date. If you have a small amount that end up on your credit report at the end of the month, it's not the end of the world, especially in the long run. And anyway, the credit score modeling programs at MyFico and Equifax seem to allow for small amounts...<10% to be on your report without significantly affecting your scores. In one model I did, paying all my stuff actually made my scores drop significantly versus keeping 1-2% around. Go figure.

And yes, Fidelity uses BofA's FIA. When I apped with them, it was a little strange since I did it over the phone and the guy on the phone clearly had all my data already...he was just verifying it against what I was telling him. They did tell me that my previous experience with BofA helped, especially in my limit granted...the rep on the phone was surprised at the amount I got. Five years of gardening with my BofA card clearly counted for something. And when I was approved, I couldn't use my usual login ID I had with BofA since ultimately the username has to be unique to both websites. So I chose a different one for FIA's Fidelity card.

As for Fidelity versus other firms, the most important thing is picking a firm that clearly puts your interests first. Schedule appointments with them and interview THEM. Find the one who will work for you, charge reasonable fees and do their job well. BTW, credit cards are not really something the Fidelity offices are trained to talk to you about, so don't ask about it....I was a little surprised about this. My relationship with Fidelity began because my company uses them for my 401K, so I already had an account with them.

I'm not a fan of canceling cards just to avoid annual fees. It doesn't help your credit scores anyway, or your overall relationship with Amex. Cancel the annual fee card only when it no longer makes sense to carry it due to the benefits it provides you versus the fee.

Speaking of which, does the Delta Gold have an annual fee or not? And do you fly Delta at least a few times a year?
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

Gamma
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Postby Gamma » Fri Mar 29, 2013 9:22 pm

Snowman, if i was you, I would probably apply for the BCE because if you get rejected anyways, it will be considered a soft pull since your already have a relationship with Amex. I do agree with Seven and wait till around June to apply for Chase. They usually expect to see 1 year of credit history to grant credit. I also agree with what Seven said about the chevron card. That was my very first credit card and was thinking about keeping it open. In the end, I closed it because the reward sucks and there is currently no card I plan to get that is backed by GE. Unless there is a card out there that you like, I would just wait and let your current cards age.

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Snowman
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Postby Snowman » Sat Mar 30, 2013 1:20 am

Sevenfeet- I hear you about the slate. My thinking was that I just did not want to apply for cards I really don't want or need at the moment or get a card (like the Delta and then maybe PC it?). That sounds like a good idea, and maybe I will call them up and see if I qualify for it right now, I wanted the Freedom basically for the categories that it offers.

The main reason why I wanted the Chevron card to be honest was because Is wanted to have a a relationship with GE, and to be honest I'm not really interested in any of their other products simply because I don't shop much and when I do I only buy things I need..so that was really the only reason I was planning to apply for them anyways, but if my BOFA card would be better, then I'd save an inquiry..lol.

Ahh I see. I typically do not like to keep any balances on my cards in case I forget to pay them or something happens and I am away from my computer for an extended amount of time. The only time I really do leave a small balance is when I'm apping for a card and I leave maybe 20$ on there and then just pay it off, but I heard that it does raise your score. I agree, I would think that the FICO model would not penalize you by paying in full, but it looks like they do...lol.

Ahh okay. This would just be my first time opening something other then credit cards and other bank accounts..lol. I wanted to go with vanguard, but I have heard that their initial opening deposit is 3k (which is not an amount I currently have at the moment, but I don't mind making contributions that are in the 50-100$ range.) I will do some more research and then go with what I find, and I was curious with your's and other people's experiences with said firms. I'm surprised too that they don't really talk about their cards.

The only reason why I applied for the PRG was because I wanted to get my foot in the door with Amex and build a relationship with them right now and then down the road I would evaluate my chances and see if I can try for another of their cards. I might cancel it because I just simply do not spend enough to justify the annual fee. If I was spending and getting more out of it I would not mind paying it but when I'm only putting 3-400 a month on it, I just think it is not worth it. Maybe I might re-apply for it sometime in the future when I am making more money.

The Delta Gold does have an annual fee of 95$. I travel on Delta 3-4 times a year, but mainly if I'm going to New York (to visit family) Or Minnesota (also have family there.) or so on. Other then that, I typically fly by whoever has closest specifications of a trip I'm planning. Meaning it leaves at the time I would like to leave at, if it has stops and so on. Domestically, I fly Delta and Southwest quite a bit, and United or American once in a while. But Mainly on Delta and SW. It just depends who has the best timing that fits my schedule as well as the routes and stuff. So yes, I don't fly as often, but when I do, most of my travel is on those two Domestically, internationally it is usually Cathay Pacific, Emirates, or Singapore airlines.

Gamma- Should I apply for the BCE then? I just don't want to apply and get rejected even though it is a soft pull. Yeah, that was the only GE backed card I was thinking of getting since I wanted to have a relationship with them, I don't always have to use my BOFA card, and with the BCE, I would use it until my BOFA card is paid off, so it would be a back up gas card for me..lol. So would I qualify for any of the cards mentioned above though? What should I 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.

MemberSince99
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Postby MemberSince99 » Sat Mar 30, 2013 8:53 am

If you want it, go for it. The ONLY 100% way to know that is certain is to apply. Go for the gusto grab life by the horns don't hold back. It's better to know than to always wonder and agonize over should I do it or not. The only cost will be (for BCE) if you get the card, and I'm sure you are willing to pay an inquiry to get it. So essentially you have nothing to lose. I'm not understanding the hesitation really, though I do the same thing myself but in the end I go for it because you just never know till you try.

If you do I wish you great luck and hope you get it.

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Snowman
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Postby Snowman » Sat Mar 30, 2013 11:19 am

99- Your right, it is just I want to keep my chances as high as possible when I apply, I don't mind the inquiry of course, but I'd rather not waste it and not be approved. But I will go for it, and I'll just see what happens....
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.

Sevenfeet
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Postby Sevenfeet » Sat Mar 30, 2013 8:19 pm

I'd still wait for the 12 month credit card ownership mark. It may make a difference.
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

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Snowman
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Postby Snowman » Sat Mar 30, 2013 8:46 pm

Sevenfeet- Like 99 said, I'd rather find out now and see what happens, rather then wait it out if my chances are the same now as they will be come June....that's the only thing I think. If it increases my chances of getting approved in June, then I am all for waiting it out. I just want the best odds of being approved is all for any of the cards I mentioned in my first post.
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.



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