Which Credit Card Should I Use?

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7 posts
royalflusher
 
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Location: CA

Which Credit Card Should I Use?

Postby royalflusher » Sun Oct 06, 2013 5:57 pm

I'm kind of new to this but hopefully someone can help.

Right now I have a Fico score of 744 and want to apply for a new credit card.
I currently only have two credit cards with very low limits under $800 (Both two years old). All old accounts are paid and I have no collection accounts and no negative payment history. 5 inquiries that are almost 2 years old and credit history is 14 years +

I would love a travel rewards credit card. Was thinking about American Express Gold or Delta Sky... OR a Chase Preferred. Which is best?

Also, is it unreasonable to apply for these cards with my current stats? I don't want to get denied. Should I shoot for something easier to get approved for? Apparently I am "pre-approved" for a Chase Freedom, but I'm not big on cash back.. I would rather have rewards.

I hear some places would like to see large lines of credit before they approve you for their card. Is this true?

Any advice is appreciated!


cashback
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Location: NY

Postby cashback » Sun Oct 06, 2013 8:58 pm

If you fly Delta often and your goal is free flights, go with the Delta card.


If you travel with many airlines and many stay at many hotels, go with CSP.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

thom02099
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Postby thom02099 » Sun Oct 06, 2013 10:51 pm

Consider CLI for those 2 low limit cards. If you have the income to support it, in conjunction with the rest of your profile, I'd say you could be pleasantly surprised, depending of course, on who those two cards are with.

The charge cards from AMEX have more forgiving/easier underwriting, so going for one of those could be a consideration. Depends on how much you're willing to spend for the AF on the cards. The Delta SkyMiles cards are reportedly the easiest to get of all the AMEX cards.

You could try for some of the signature Visa cards, just depends on which issuer you prefer.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

takeshi
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Postby takeshi » Mon Oct 07, 2013 8:26 am

royalflusher wrote:I would love a travel rewards credit card. Was thinking about American Express Gold or Delta Sky... OR a Chase Preferred. Which is best?

As with any question of best on any topic it's a subjective matter. What travel rewards are you looking to get and with which companies? Which rewards program offers the best transfer rates to travel companies that you use the most? Are rewards the only concern? What about other benefits? Have you compared your major spend categories with the rewards earning rates on the cards you're considering? Have you considered AmEx's backdating and whether or not it would be beneficial to you? If you have low limits and you're looking to build you might also want to consider AmEx for their 3x CLI but that, of course, won't apply to their charge cards. Do the annual fees matter? You really need to give us a lot more information if you want us to give you recommendations.

The CSP suits me best but I live in a United hub city and fly almost exclusively with United. Membership Rewards doesn't transfer to United but the Ultimate Rewards with the CSP does.

royalflusher wrote:Right now I have a Fico score of 744 and want to apply for a new credit card.

What's your utilization (balances/limits) like? With under $800 limits it's probably easy to end up with high utilization.

royalflusher wrote:Also, is it unreasonable to apply for these cards with my current stats?

It's said that Chase likes to see limits of $5,000+ for CSP but I can't confirm or disprove that.

royalflusher wrote:Also, is it unreasonable to apply for these cards with my current stats? I don't want to get denied. Should I shoot for something easier to get approved for? Apparently I am "pre-approved" for a Chase Freedom, but I'm not big on cash back.. I would rather have rewards.

If you need to do some building you can earn UR points with the Freedom now, apply for the CSP down the road and use the CSP's better transfer capabilities to transfer points earned with the Freedom if the CSP's travel partners are suited to you.

royalflusher
 
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Joined: Sun Oct 06, 2013 5:40 pm
Location: CA

Postby royalflusher » Mon Oct 07, 2013 11:12 am

Thanks for your help everyone!

thom02099

I'm not too concerned with the AF's for any of the cards. I make a good amount of money (80k) but I just want the best rewards for what I'm paying for. I want to travel more, which is why I would like a larger limit on my cards. I never really used credit cards much, hence my credit limits, so I'm slightly new to the credit card world. :eek:

takeshi
What do you mean by AMX's backdating? I've never heard of that.
I do like the rewards for mainly travel... not so much cash back. Charge cards are also ok because I typically pay my balances in full anyway. Both of the credit cards I have now are payed off. I usually never carry limits... so my utilization is zero.

The reason I didn't want to go the Freedom route is because you can't turn those points into flyer miles. I don't mind Delta Airlines, but I usually fly Virgin America.

I guess my concern is that I can get the best card that I would be approved for right now with my stats. Sounds like AMX might be my best shot?

Do any of you have a AMX? I hear that it's hard to find places that accept them. Is this true?

And if I have to have a balance of $5,000 maybe any one of the AMX's are better for me. The two cards that I have now are unsecured Capital One's but they don't have the greatest benefits.

Thanks again you guys!

PallasAthena
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Postby PallasAthena » Sat Oct 12, 2013 2:58 am

Call capital one and see if they'll upgrade your card to a Capital One Venture. That's a pretty good travel card with no blackout dates. If they won't upgrade you, then apply for it either over the phone or in their website. You sound like a good candidate for it.
Dec '16 Fico: 800+
Ch 7 BK in '06, finally dropped off in '16
2 mortgages
paid off car
$0 CC debt (Disc, Citi, and WF Amex)

rockyrock
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Postby rockyrock » Sun Oct 13, 2013 1:51 pm

Sounds like the Amex PRG would be a good fit for you; if you prefer more acceptance choose the Chase Sapphire Preferred. Either will give you more points while traveling and both transfer to several partner programs. Both also offer some nice travel perks and services.

My recommendation is apply for both and use whichever will give you more for the purchase. PRG for gas and groceries, CSP for hotels and rental cars, etc. The Chase UR Mall offers great point bonuses and even allows you to use other cards to purchase.

IMHO there is no "one" card that is perfect for every purchase. The CSP is my everyday card except for gas/groceries where I use the BCP. I no longer use my Amex Platinum except when traveling for lounge access, concierge, etc. I often consider changing it to a PRG but would miss the travel perks.

Good luck!
American Express (2005): Green & Blue Cash Everyday
Chase: Freedom & UA Club USAA: Signature Visa & American Express
Discover it Bank of Hawaii Hawaiian Airlines WEMC Synchrony Sam's MC
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