What are my chances?/Should I get an additional card?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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What are my chances?/Should I get an additional card?

Postby swtc » Wed Jun 26, 2013 11:44 pm

I have been using the Bank of America Cash Reward card for the past year and a half or so..

Been getting some pre-screened offers lately, so I'm contemplating whether or not it would be worthwhile to to add another card.

My monthly expenditure on the card is <500
My credit line is ~1500
I checked my Equifax FICO score today and it was given as 743
My reported income will be 30K (Am I allowed to add tuition stipend onto this?)

I have some school debt from 2008 (~3500) that I haven't paid a cent of for the last 4 years (still in school, so it's been deferred for another ~3 years or so). I'm primarily concerned about how this might affect my application.

The three cards I'm currently considering are:

Chase Sapphire (I don't think I'm spending enough to warrant preferred)
Chase Freedom (got a pre-screened offer, though it probably doesn't mean much)
and AmEx Costco (~$100 spent at Costco each month)

If I were to apply, would my chances be good? What about my chances of Visa Signature? Or should I just wait for now...

Thank you for your time, any general advice would be much appreciated.

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Postby swipe_masta » Thu Jun 27, 2013 8:52 pm

I would say app for CS and if you really like it app for the CSP (when your spending goes up) and PC your CS to Freedom. With that said tho, I heard from an overwhelming number of people that Chase won't consider you for any of their higher end cards unless you already have a Visa Sig/MC World card (you can reach this status with a card limit's 5k or higher).

I don't know enough about the Amex Costco card to recommend it. I heard it has few benefits...

So, of the three cards you mentioned Freedom would be your best bet. Personally, I think you have a better chance with the Discover It student card. It has the same rewards structure as Freedom (5% rotating categories). Since it is a student card, it should be easier for you to get. Also look into Citi Forward.

As for student loans, it is deferred til you graduate, so it shouldn't affect you. I can't remember if they even show up on your report while it's deferred.

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Postby MemberSince99 » Thu Jun 27, 2013 9:19 pm

Deferred loans do not hurt you.

I agree with swipe, Freedom is the "sure thing". I think you could easily get it based on what I read. And I really bet you could get a regular IT card as well.

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Postby rockyrock » Fri Jun 28, 2013 1:27 am

The nice thing about the Costco Amex is it has no AF. It doesn't really matter how much you spend at Costco; more importantly is how much you spend on gas, restaraunts and travel--those are the higher reward categories. At the end of the day it's all gravey as there is no AF.

One bonus people don't mention is it allows you to consolidate two cards into one. I used to love that about my Sams Discover...
American Express (2005): Premier Rewards Gold & Blue Cash Preferred
Chase: Freedom & UA Club USAA: Signature Visa & American Express
Discover it Bank of Hawaii Hawaiian Airlines WEMC Synchrony Sam's MC
Navy FCU Platinum Visa Citi Double Cash & AT&T Access MC

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