Is it worth it?

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jupiter
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Is it worth it?

Postby jupiter » Wed Jul 31, 2013 7:17 pm

So I've been building credit over the last year with two cards - a secured one through my credit union (issued July 2012), and one unsecured through CapOne (issued March 2013). Both are at a $500 limit. Recently I got my first offer for a rewards card - BofA's BankAmericard Cash Rewards. The cash back sounds great along with no annual fee, but I'm wondering if it's worth the HP. I currently make about $7,000 balancing college and work, pay my bills off in full monthly, and my TU is 718 according to CreditKarma. Guess I'm afraid that either I'll be denied due to having 2 cards already, or because the last HP was done 4 months ago. Any advice?


MemberSince99
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Postby MemberSince99 » Wed Jul 31, 2013 7:50 pm

I don't see why not. Worst case is you just don't make enough money for it. But you never really know until you try so if it's something you want go for it.

Midori
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Postby Midori » Wed Jul 31, 2013 9:04 pm

If it was me, I'd wait for my March card to hit the 6 or 7-month mark, and see what kind of CLI I got, and let the hits age a little more. I'm sure the BankAmericard won't be the last piece of unsolicited mail you'll ever receive from a credit card company. :o)

takeshi
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Postby takeshi » Thu Aug 01, 2013 10:47 am

jupiter wrote:The cash back sounds great along with no annual fee, but I'm wondering if it's worth the HP.

Only you can answer that. Worth is always highly subjective. It's not worth it to me as I have cards that offer much better rewards on those categories. YMMV.

jupiter wrote:Guess I'm afraid that either I'll be denied due to having 2 cards already, or because the last HP was done 4 months ago. Any advice?

If you're afraid then wait it out. Do you need this card right now?

xbillyjean42x
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Postby xbillyjean42x » Thu Aug 01, 2013 7:48 pm

I'd wait for the age on the Capital one card hits 6 months. Is that the Platinum card? Does it give you an automatic increase in so many months? When I had mine, it was 300, then in 5 or 6 months, it was 500. But I don't know about users who received higher initial limits like 500 and got any more increases. As I'm reading around, Capital One is stingy and doesn't really like to give CLI's. I'd try to apply for another card, but even then your income may be too low at 7k a year if that's it. Don't forget credit scores aren't everything. They can be misleading. People can have negative items on their report and have a seemingly high credit score. And you say you are building credit over the last year or so? Your average age of accounts will be kinda low. That also might be a factor for a denial. Do you need or want it would be my next question lol. Sure you want it, but do you really really need it? Ultimately, it's your decision :) Let us know how it turns out or any more thoughts or questions you come up with.
HSBC Orchard Bank Platinum/Captial One Platinum MC- $3800 Nov 2011
Capital One Platinum MC- $1500 Jun 2012
Discover IT Student- $500 Aug 2013
EECU Credit Union Visa- $500 Aug 2013
Best Buy (Citibank)- $2k Sept 2013
Citi AAdvantage MC-$4k Nov 2013

jupiter
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Postby jupiter » Fri Aug 02, 2013 1:02 am

takeshi - Not really. I'm thinking that waiting for a few months is really the way to go. By then I'll have more history under my belt, along with a CLI from CapOne, I'll be working full time, and my last HP will be from almost a year prior. The only reason to try it now would be to get my secured card's deposit back, but it's not worth putting another HP on my report (I have 3 currently), especially if I'm denied.

jupiter
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Postby jupiter » Fri Aug 02, 2013 2:54 pm

billyjean - Yeah, it's the Platinum card. According to the literature that came with the card, I'll be getting an increase by my 9th statement provided I use the card once a month for 5 months, and make 5 on-time payments, both of which I have done at this point. However, I'm well aware that CapOne is known for being stingy with CLI's, and that I probably won't get another one after that.

I know that my AaoA is kind of against me with only building for the last year, so I'm thinking that waiting until January or February would be better. I'll have my CLI by then (which will raise my score), more history, more income, and my last HP will be almost a year out vs less than 6 months. It makes a lot more sense to do things that way. Think I can live with my money for the secured card being on hold for a little bit longer if it means there's a much better chance of getting the rewards card =).



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