IT card + Barclays Rewards MasterCard

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Ikarus
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IT card + Barclays Rewards MasterCard

Postby Ikarus » Thu Feb 07, 2013 1:51 pm

Since January, Discover Card has sent me several pre-screened offers for its new "Discover IT" card and its regular Discover Card.

I like the terms of the new IT card and am thinking of applying.

I've received 3 offers so far:

1) 0% APR for 12 months, then 12.99%

2) 0% APR for 14 months, then 12.99 - 15.99%

3) 0% APR for 14 months, then 15.99 - 18.99%

No annual fee or over-limit fee.

The regular Discover Card is:

1) 0% APR for 12 months, then 12.99%

No annual fee, but there is an over-limit fee.


A bit of history.

I filed for Chapter 7 bankruptcy (BK) before the new laws took effect at the start of 2006. The years have flown and I just hit my 7-year anniversary. One more year and the BK will fall off my credit report.

Here's the catch. I owed Discover $2,500 when I filed my BK.

Are they likely to approve me for their new IT card?

What are the credit lines like for the new IT card?

Anyone know?


Also, I've been getting TONS of Barclay Rewards MasterCard offers. I guess that's a good sign?

Just checked my FICO score through myFICO -- which is free through Merrick Bank. Hooters was one of my first BK cards. They switched to Merrick Bank a few months ago.

Since my BK, I've never been late on a single payment and never carried a balance to accrue interest. I've been very dilligent with my credit.

I currently have $6650 in revolving credit open over 3 credit cards (Merrick, Capital One Visa and Capital One MC). CapOne charges an annual fee and gives me nothing in return. Merrick is a plain card after dropping the Hooters rewards. It's not a ton of credit, but it's worked out for me over the past 7 years.

My FICO score is 725 as of last month, but has been as high as 745 over the past half year.

Are my chances good of getting Barclays or Discover?

How much is too much credit before you tap out?

Thanks in advance,
Ikarus
Merrick Bank (Hooters) 4100
Cap One Quicksilver 2800
Discover it 2500
Citi Forward 5400
Chase Freedom 1000
AMEX Blue Cash Everyday 5500
Citi Dividend 5600
Cap One Visa Platinum 750 (CLOSED)


FutureBillionaire
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Postby FutureBillionaire » Fri Feb 08, 2013 12:27 pm

I've never dealt with a bankruptcy.

I would definitely recommend paying down your balances and only having a balance on one card if you do decide to apply.

Discover and Penfed look at how many apps and how much availabel credit that you have. Apply for banks like that first if you are going on a spree. Make sure your balances are paid down, as I mentioned above.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

DavidNY
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Location: New York

Postby DavidNY » Fri Feb 08, 2013 1:03 pm

Ikarus wrote:I filed for Chapter 7 bankruptcy (BK) before the new laws took effect at the start of 2006. The years have flown and I just hit my 7-year anniversary. One more year and the BK will fall off my credit report.
A BK stays on your reports for about ten years.

Barclay Rewards MasterCard

I prefer their Priceline card for 2% cash back.

Ikarus
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Posts: 146
Joined: Thu Feb 07, 2013 4:53 am
Location: USA

Postby Ikarus » Sun Feb 10, 2013 10:44 pm

FutureBillionaire wrote:I've never dealt with a bankruptcy.

I would definitely recommend paying down your balances and only having a balance on one card if you do decide to apply.

Discover and Penfed look at how many apps and how much availabel credit that you have. Apply for banks like that first if you are going on a spree. Make sure your balances are paid down, as I mentioned above.


Do you know if Discover will grant credit to someone who previously BK'd out of paying them back? Anyone know?

Balances:

Merrick (formerly Hooters): $4100 of $4100 avail

Cap One MC: $1633 of $1800 avail

Cap One V: $617 of $750 avail

Good enough?

I would love to remove Cap One from my wallet; they offer no benefits whatsoever. Now that Hooters is Merrick all I get is an annual fee and a healthy line of credit.

I customarily pay off $1000 to $2000 balances almost monthly, so I'm sure I show a good rate of repayment with no problems.

DavidNY wrote:A BK stays on your reports for about ten years.


I thought a BK mark lasted 8 years. Did that change? Maybe I'm thinking of the amount of time you can have between BK's. (Not that I'd want to go through it again.)

Thanks, guys.
Merrick Bank (Hooters) 4100
Cap One Quicksilver 2800
Discover it 2500
Citi Forward 5400
Chase Freedom 1000
AMEX Blue Cash Everyday 5500
Citi Dividend 5600
Cap One Visa Platinum 750 (CLOSED)

Ikarus
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Posts: 146
Joined: Thu Feb 07, 2013 4:53 am
Location: USA

Postby Ikarus » Thu Feb 14, 2013 4:32 am

Approved for Discover it for $2500. My BK with didn't count against me (or maybe it did by the lower CL)? It's now my 2nd highest card and best (only) rewards card.

Best to wait a while before applying for another card or strike while the iron is hot? I want another rewards card to cancel out my useless Cap One cards.

Which next? Chase Freedom or Citi Forward? I shop on Amazon often.

I looked over PenFed. The $250 up front is nice, but it's mostly a gas card and I don't drive. I use public trans, Zip Car, or bike it.

How does US Bank Cash + benefit you in paying bills? I bank at US Bank, Chase and BOA and tellers at all branches have been very pushy of late to get me to get their credit card? Which is best of the 3?
Merrick Bank (Hooters) 4100
Cap One Quicksilver 2800
Discover it 2500
Citi Forward 5400
Chase Freedom 1000
AMEX Blue Cash Everyday 5500
Citi Dividend 5600
Cap One Visa Platinum 750 (CLOSED)



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