JohnB222 wrote:Well after further research, I found out it's only a World Mastercard if you get approved for a CL of over 5k, anything less is just platinum (have no way of knowing which you'd get until it's too late). I am also worried about how Capital One reports their credit limits to the bureaus, the only reason for this card is to improve my credit score (to make up for lacking loans/mortgages), and for no international fees...starting to sound like a Chase Sapphire Preferred would be a better option for me as that would certainly give me a great CL and report to bureaus better. Thoughts?
Well, what are your scores? How long have you had credit? I believe Capital One checks all 3 bureaus.....what are your limits like on your other credit cards? Usually, banks try to match your highest limit if they really want you. But yes, most banks set the World/Singature level at $5K and above.
If your ONLY reason for a new card is to improve your credit to debt ratio than you will want to stay away from reward cards as they are almost always Signature/World (Citibank and Nordstrom Visa do report the limits). Keep in mind too that opening a new credit card will really ding your FICO score for a good year as it is a new account and it will lower your average age of account (AAoA). You may be better off getting a credit line increase on one of your existing credit cards rather than opening a new account.
You mentioned that you have an Amex Blue Cash. What year was it opened? For the cost of an inquiry you could open another Amex card (directly from Amex itself, not BofA or Citibank etc) and that new account will be backdated to the year you opened the Blue Cash. That would be the best solution in my humble opinion as it would not hurt but could actually help your AAoA.
Chase Sapphire is almost always
a Visa Signature/World MasterCard. I can tell you that Chase does not report limits on their Visa Signature/World MasterCard products. My Chase Slate (Platinum) reports and my Chase Freedom Visa Signature does not.
You mentioned a lack of installment/mortgage trades. You could join a credit union if you do not belong to one already and apply for a small personal loan (apply for the loan at the same time as membership so you only have one inquiry). Seriously, like $1,000 or $2,000. Pay it off in a year and you have instant installment history for the cost of a few hundred dollars worth of interest. If you get a secured loan (the loan is secured by your savings (called share savings in credit union speak)) than the interest would be even less.
But again, any new account (except a backdated Amex) is going to really hurt, not help, your credit score (at least initially).