Still trying to figure out what card to get.

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s.jessica
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Still trying to figure out what card to get.

Postby s.jessica » Sat Feb 23, 2013 9:05 pm

I was looking at this Barclaycard MC Barclaycard Rewards MasterCard - Average Credit - Apply Online mostly because it says for average credit and I thought it might be something I could get approved for. I'm just not so sure what I think about them, but right now just trying to get several lines of credit reporting, not trying to impress anyone. At first I wasn't even going to look at it because of the points, but it has no AF and I don't plan on carrying a large balance, so the interest rate isn't an issue. In fact the only thing that got me to take a second look is because I think it's something I might be able to get approved for and at this point I'd jump for joy just to get a few hundred more in credit.

I seriously looked at another Cap1 card, but there's no guarantee I would get more than $500 and the AF for the Platinum card is $19. Not bad, I just don't like the idea they keep making you apply for a new card and pull all three reports each time.

While it totally sounds stupid, I seriously thought about going with a secured card. The problem is that a $300 limit wouldn't really be much help, so I would need to tie up maybe $2,000 of my own money for a year or so. I would think a company like First Progress would make me look worse than I look now -- I have a friend with a First Progress card, credit scores are near 700 and got denied an auto loan because of the First Progress card. He'll likely now have to wait 10 years for the dang thing to drop off his credit reports. I was warned about Wells Fargo, but I don't really need the card to unsecure, I just need a major card with $1,500 to $2,000 reporting to see if that boosts my other limits quicker.

Then it brings us back to Barclays, if I can get that and they give me at least $1,000 CL then I'm set for awhile and no need to put up any money. I just keep thinking there's something I'm missing here and haven't thought about. Don't really want to keep sitting on the Cap1 card and paying the AF.


bdruben
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Postby bdruben » Sat Feb 23, 2013 9:30 pm

I'm in a similar situation with CapOne. They won't raise my CL. Some of the people here have suggested a chase freedom or a discover IT card. I just recently got approved for a Barclays usairways miles card though n my credit score isn't that good

MemberSince99
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Postby MemberSince99 » Sun Feb 24, 2013 7:25 am

If you do apply for Barclay's and are declined, they are reasonably easy to recon with. HOWEVER, if you were borderline in their eyes and have to recon, do NOT go applying for any more credit for the next 6 months, or you risk AA (adverse action) such as them slashing your credit line, or closing your account. They are very easily spooked by people who they see as a possible risk opening up new lines of credit right after they open an account with them, it's one of their "quirks". Just a warning. I will say it doesn't happen to everyone, however it does happen and you should be aware of how they view this and what they could potentially do.

So the good news is, you could possibly get the card, but if you do, be very careful for the first 6 months after getting it if you want to keep it.


bdruben
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Postby bdruben » Sun Feb 24, 2013 7:31 am

I was approved and didn't have to recon plus they gave me a reasonable CL of 1900. Am I safe to apply for another card or I should hold back for 6 months?

s.jessica
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Postby s.jessica » Sun Feb 24, 2013 11:18 am

Myself, I would be happy enough with a $1,500 to $2,000 CL that I would just sit on it for a year. Then just sit back and see what U.S. Bank does with my other card.

I was told I could be easily approved for the Capital One cash rewards card, the one with the $39 AF. By my calculations, I would have to spend $3,000 per year to get $30 back. So then my average monthly spending would have to be $3,000 / 12 = $250 per month just to break even. Someone correct me if I'm wrong, but I could see myself falling a little short of paying for the annual fee every year.

MemberSince99
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Postby MemberSince99 » Sun Feb 24, 2013 10:02 pm

bdruben, it's a YMMV situation. Since you didn't have to recon from what I've read, that means the odds of them doing AA are a lot less than if you were borderline. It wouldn't hurt to careful about inquiries/new accounts in the first 6 months with them, in any case, if you can. It's hard to say anyone is safe or not safe, just that they are known to do AA on people. It's not that common but it does happen.

MemberSince99
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Postby MemberSince99 » Sun Feb 24, 2013 10:03 pm

Yeah, that AF card is good for starting out or rebuilding, once you can get better, it's best to leave it behind.


DavidNY
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Postby DavidNY » Mon Feb 25, 2013 11:21 am

s.jessica wrote:I was looking at this Barclaycard MC Barclaycard Rewards MasterCard - Average Credit - Apply Online


The Barclaycard Priceline and Sallie Mae cards have better rewards.

Daniel
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Postby Daniel » Mon Feb 25, 2013 3:37 pm

s.jessica wrote:Myself, I would be happy enough with a $1,500 to $2,000 CL that I would just sit on it for a year. Then just sit back and see what U.S. Bank does with my other card.

I was told I could be easily approved for the Capital One cash rewards card, the one with the $39 AF. By my calculations, I would have to spend $3,000 per year to get $30 back. So then my average monthly spending would have to be $3,000 / 12 = $250 per month just to break even. Someone correct me if I'm wrong, but I could see myself falling a little short of paying for the annual fee every year.


I was under the impression that the Capital One Cash Rewards card you mentioned has a 50% bonus on cash back once per year. So, if you spent 2600 dollars per year, it would be break even. That is just over $200 per month.

Regarding the Barclay's card limit, based on what I am seeing on Credit Karma, the average limit among cardholders in the 650-700 is well over your 1.5k desired. A link is here. http://reviews.creditkarma.com/credit-cards/barclays/1/?originEvent=278713046
They also have some score data that suggests that only 35% of cardholders have a score below 650 on that card, suggesting it requires slightly above average credit (national average is around 640-650 last time I looked it up. If anyone could verify it would be appreciated).

MemberSince99
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Postby MemberSince99 » Tue Feb 26, 2013 1:01 pm

Barclay's limits are really a YMMV situation. I have scores over 750 and had over 760 when I applied for their rewards Mastercard, and they gave me instant approval but a 2k limit. They would not budge a dollar on that limit, even when I called to recon it. They wouldn't even give me a reason as to why not other than they wanted to see how I handled their card. This is having cards with limits over 10k which I mentioned to them.

So, as always, YMMV when it comes to dealing with creditors.



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