Opinions/Suggestions Needed Before Proceeding with Application

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
9 posts
Celestine
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Opinions/Suggestions Needed Before Proceeding with Application

Postby Celestine » Sat Feb 11, 2012 11:53 pm

Hello everyone. Need some of everyone's opinions and suggestions.

Will I get rejected if apply now for a new credit card?

I started to work again after months of searching for a job - employment restarted since January 2012. My employment history has been good... I think. From 2005-2011, I have worked full time for only one employer.

As I stated in my previous thread, I have been thinking of getting one of the following cards.
  • Citi Dividend Platinum VISA card
  • Citi Platinum Select VISA card
  • JP Morgan Select VISA Signature Card
  • JP Morgan Priority Club Select VISA Signature Card
I currently have an AMEX Platinum (an upgrade from Gold card). Don't know if having that card will help in the lenders' decision making.

Will it be a shot in the moon kind of thing applying for a new credit card in my current situation?
"Nearly all men can handle adversity, but if you really want to test a man's character - give him power." - Abraham Lincoln


namvet
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Postby namvet » Sun Feb 12, 2012 2:07 am

what about your credit history? That is what the lender of your choice will be looking at. Your employment history should not be a factor as long as you are currently employed and have income. The cards you have your eye on will require excellent credit scores. So if you are in the 700 club then go for it.

DavidNY
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Postby DavidNY » Sun Feb 12, 2012 11:28 am

As long as your credit history is solid, any of those cards should be accessible.

The question is which one do you want based on what those cards are offering.

Celestine
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Postby Celestine » Sun Feb 12, 2012 1:06 pm

Forgot to mention my credit history... From the 3 credit bureaus I am currently in the range between 718-721.

What is the the "Annual Household Income" in the application? Is it everyone 's income in the household or just mine? In my tax return, I am an "independent" but I live with my parents and siblings. The household income confuses me alot.
"Nearly all men can handle adversity, but if you really want to test a man's character - give him power." - Abraham Lincoln

Celestine
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Postby Celestine » Sun Feb 12, 2012 1:12 pm

DavidNY wrote:The question is which one do you want based on what those cards are offering.


Hmmm... From those four, only the Citi VISA cards have no annual fee. The JP Morgan Signature VISA cards have $95.00 and $45.00 annual fee. I don't mind paying an annual fee if the rewards and perks associated with the card are worth paying annual fee.

I did skip Discover cards since they sent me several invitations of pre-approvals in the past but all those got rejected when I applied. And Discover cards are not accepted widely as VISA cards.

The purpose of applying for one of those cards is just to backup my AMEX Platinum since AMEX is not as widely accepted here in California as VISA cards are. I use my AMEX Platinum almost everywhere and to every type of purchase - groceries, gas, dining, rental cars, flowers, etc.

Any suggestions on those four cards that I posted?
"Nearly all men can handle adversity, but if you really want to test a man's character - give him power." - Abraham Lincoln

hjamespyun
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Postby hjamespyun » Sun Feb 12, 2012 4:36 pm

Why not go for a Chase Sapphire Preferred? Save for the EMV chip and different rewards structure/benefits (http://creditcardforum.com/blog/jp-morgan-select-card-review/), it's very similar to the JP Morgan Select, if not better in some regards.
Cards In Use
Chase Sapphire Visa Signature (Downgraded from Sapphire Preferred)
American Express Platinum (Upgraded from Premier Rewards Gold)
Citi ThankYou Preferred World Elite MasterCard

CC Deville
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Credit Situation

Postby CC Deville » Sun Feb 12, 2012 7:01 pm

Do you have any other credit card history besides the American Express? What about car loans, student loans or mortgages? Are you over age 25?

You can have a 700 FICO score but without any meat and potatoes behind it (i.e. revolving credit history) lenders may be aprehensive to be your first.

If you truly have never had a revolving credit card (meaning bankcard Visa/MasterCard) Chase might not be the best to go after. Citibank will probably be a little more willing to be your first.

Citibank Platinum Select is a good no frills card, but there are no rewards associated with it. However, if you plan on using Amex Platinum for nearly everything (which IMHO you should be to justify that $450 annual fee), than a reward card really isn't necessary and the Platinum Select would be a great choice for a low APR back-up card.

Celestine
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Postby Celestine » Mon Feb 13, 2012 4:58 pm

CC Deville wrote:Do you have any other credit card history besides the American Express? What about car loans, student loans or mortgages? Are you over age 25?

You can have a 700 FICO score but without any meat and potatoes behind it (i.e. revolving credit history) lenders may be aprehensive to be your first.

If you truly have never had a revolving credit card (meaning bankcard Visa/MasterCard) Chase might not be the best to go after. Citibank will probably be a little more willing to be your first.

Citibank Platinum Select is a good no frills card, but there are no rewards associated with it. However, if you plan on using Amex Platinum for nearly everything (which IMHO you should be to justify that $450 annual fee), than a reward card really isn't necessary and the Platinum Select would be a great choice for a low APR back-up card.


Age 26. Car loans are already paid off since last year. No mortgage. Currently on a Federal student loan.

Here are the open credit cards in my history.
Household Card (Mastercard) ~1 years
My Bank's Credit Card (Mastercard) ~7 years
Store brand Credit Card (Goodyear/Just Tires) ~3 years

Most of the cards I have are Mastercard so I am looking for a VISA card.
"Nearly all men can handle adversity, but if you really want to test a man's character - give him power." - Abraham Lincoln

CC Deville
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Postby CC Deville » Mon Feb 13, 2012 5:07 pm

You are good to go then. You should be approved for almost anything. Like I said though, unless you plan on using the card a lot, you won't earn the rewards. If you plan on traveling internationally, the JP Morgan Select Visa Signature is a good option since it has the EMV chip; although there is reason to believe Sapphire Preferred will have the chip this year.



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