Should I apply for a new card?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
15 posts
Kicker
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Location: California

Should I apply for a new card?

Postby Kicker » Mon Dec 17, 2012 1:19 am

Hey everyone, I currently have an
- Amex Green Card (Since April 2012)
- Wells Fargo Visa ($1200 Limit) (Since Oct 2011).

I've always made on time payments etc. Hence, I have 2 Credit Card accounts and one Student Loan account (In Good Standing). I've heard we should have more than just 2 Credit Cards if we're looking to see our scores improve.

I've been thinking about applying for the Chase Freedom Card. I'm a college student by the way.

I would really appreciate your feedback and tips.
Thank you!

And would it be "advisable" to inflate your income? I've heard people claim it helps you get approved plus a better credit limit.
My Wallet:

Wells Fargo Visa - $1200 (Obtained 2011)
AMEX Green - NPSL (Obtained 2012)
Chase Freedom - $3000 (Obtained 2012)
Citi Diamond Preferred - $2000 (Obtained 2013)


jdauria
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Location: Arlington

Postby jdauria » Mon Dec 17, 2012 6:46 am

I personally don't think you need another one right now while your in school but thats just personal preference. Do you have a job in school? You said you have a student loan, I would just be worried about paying off your cards come end of each month. College is a great place to start building your credit history. I don't think you'll have a problem getting approved for Chase Freedom if you already have Amex.

Are you just looking for a better rewards program?
[font=Times New Roman][size=80]American Express Green[color=green] [NPSL][/color]
American Express Blue Cash Preferred
Chase Freedom

Future:
American Express Premier Rewards Gold[/size][/font]

Kicker
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Location: California

Postby Kicker » Mon Dec 17, 2012 7:40 am

Thanks for the reply jdauria. The loan is to be paid off after I graduate which will be in a year or two so it's definitely not a burden financially. I've been researching online for some good cards that have a decent approval rate so I thought the Freedom card would be good.

Do you recommend that I look at another card? And I like rewards programs but it's not too crucial.
My Wallet:

Wells Fargo Visa - $1200 (Obtained 2011)
AMEX Green - NPSL (Obtained 2012)
Chase Freedom - $3000 (Obtained 2012)
Citi Diamond Preferred - $2000 (Obtained 2013)


jdauria
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Location: Arlington

Postby jdauria » Mon Dec 17, 2012 7:47 am

Kicker wrote:Thanks for the reply jdauria. The loan is to be paid off after I graduate which will be in a year or two so it's definitely not a burden financially. I've been researching online for some good cards that have a decent approval rate so I thought the Freedom card would be good.

Do you recommend that I look at another card? And I like rewards programs but it's not too crucial.



From the reviews I've read and peoples comments, they love Chase Freedom. I actually applied for Chase Freedom, and still waiting for approval from them. The 5% back on rotating categories is a great rewards program. I applied for Citi Forward and was immediately approved with $6k credit limit, you get 5 pts per $1 spent at restaurants, bookstores, music stores etc. I haven't received the Citi card yet, but I am excited to start the rewards program with them.

I am young just like you (23), and just starting out, trying to build some creditworthiness. If you eat out a lot at school (or bars), the rewards program can only benefit you if your pay it off every month. As for Amex, it's more of a protection thing if someone makes fraudlent charges, you lose the card etc.
[font=Times New Roman][size=80]American Express Green[color=green] [NPSL][/color]

American Express Blue Cash Preferred

Chase Freedom



Future:

American Express Premier Rewards Gold[/size][/font]

Vermonster
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Location: NJ

Postby Vermonster » Mon Dec 17, 2012 8:19 am

I think the biggest draw of the Freedom is Ultimate Rewards. Shopdiscover is the only one that people seem to like more. I've heard people say the Citi version is the worst. YMMV

When I was researching the Freedom I found someone that had a very similar credit file to mine, 4years AoAA, no baddies, Student loans, and about a 710 score. He put $10k on the app for income and Chase gave him a card with a $500 CL. I had been hired, but hadn't started working at my new job at the time so I was told to estimate my income this year. I put a conservative $12k and was given a CL over $2,500.

So yes a higher income helps, but at the same time lying about it could get you into trouble later down the line. $12k was an estimation for me but I can back it up by showing I earned $10k between Jan and Aug.

I hope that helps.
Case Freedom $5k
Chase Sapphire Preferred $6.5k
Amex Blue Cash Preferred $12.4k
Citi Double Cash $3.1k

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Snowman
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Postby Snowman » Mon Dec 17, 2012 9:29 am

Kicker, what are your scores, and what does your history look like? I too am a college student with about the same income as vermonster (about 400-500$ off, but it's a small bump, so I put 12,000 on there since they wanted rounded numbers and it's my projected income as well.) In my area Chase pulled EX, and they denied me because this is there for denial for me ( I applied November 24th, with a credit hisotry of about 6-7 months)

"Thank you for your interest in our CHASE FREEDOM Visa Platinum credit card. Your application was given thoughtful consideration by CHASE BANK USA N.A.. After reviewing the information provided in your application and your credit report, we regret that we are unable to approve your application at this time. Our decision was based on the following specific reasons: Not enough accounts opened long enough to establish a credit history".

Also they look at Utilization and making sure everything else is clean. And I think it is best what you put down what was on your tax return or list your projected income and see what happens. I applied for 4 cards and got approved for 3. Good luck.
Cards And Credit History
Bank Of America: BankAmeriCard Cash Rewards-4/25/12-1,000$ (CLI Increase on 6/15/13)
Citi: Forward-10/27/12-3,000$ (SP CLI 2/8/14)
Discover: More. 10/27/12-2,000 (Auto CLI 5/31/14)
Amex: PRG.- 11/24/12 (Closed 12/13/13) Amex BCE.2k-12/7/13. Amex SPG-4k.-12/8/13
Chase: Freedom-2,400-5/1/13. Southwest Rapid Rewards Plus- 3,600- 6/15/13.
Future Cards
Marriott Premier Rewards
American Airlines AAdvantage Gold
Chase Sapphire Preferred
Fidelity Amex

Kicker
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Posts: 51
Joined: Tue Jun 12, 2012 5:37 pm
Location: California

Postby Kicker » Mon Dec 17, 2012 4:23 pm

jdauria wrote:From the reviews I've read and peoples comments, they love Chase Freedom. I actually applied for Chase Freedom, and still waiting for approval from them. The 5% back on rotating categories is a great rewards program. I applied for Citi Forward and was immediately approved with $6k credit limit, you get 5 pts per $1 spent at restaurants, bookstores, music stores etc. I haven't received the Citi card yet, but I am excited to start the rewards program with them.

I am young just like you (23), and just starting out, trying to build some creditworthiness. If you eat out a lot at school (or bars), the rewards program can only benefit you if your pay it off every month. As for Amex, it's more of a protection thing if someone makes fraudlent charges, you lose the card etc.


I never imagined it would take days to come up with an answer for credit card applications, especially online. I thought they always give you an answer in a matter of seconds. I suppose there's an actual person that looks at your application? I hope you get approved. Thanks for the info.
My Wallet:

Wells Fargo Visa - $1200 (Obtained 2011)
AMEX Green - NPSL (Obtained 2012)
Chase Freedom - $3000 (Obtained 2012)
Citi Diamond Preferred - $2000 (Obtained 2013)


Kicker
Platinum Member
Platinum Member
 
Posts: 51
Joined: Tue Jun 12, 2012 5:37 pm
Location: California

Postby Kicker » Mon Dec 17, 2012 4:26 pm

Vermonster wrote:I think the biggest draw of the Freedom is Ultimate Rewards. Shopdiscover is the only one that people seem to like more. I've heard people say the Citi version is the worst. YMMV

When I was researching the Freedom I found someone that had a very similar credit file to mine, 4years AoAA, no baddies, Student loans, and about a 710 score. He put $10k on the app for income and Chase gave him a card with a $500 CL. I had been hired, but hadn't started working at my new job at the time so I was told to estimate my income this year. I put a conservative $12k and was given a CL over $2,500.

So yes a higher income helps, but at the same time lying about it could get you into trouble later down the line. $12k was an estimation for me but I can back it up by showing I earned $10k between Jan and Aug.

I hope that helps.


Wow that's a pretty big increase for a 2000 dollar difference. Thanks for your info I'll keep it in mind.
My Wallet:

Wells Fargo Visa - $1200 (Obtained 2011)
AMEX Green - NPSL (Obtained 2012)
Chase Freedom - $3000 (Obtained 2012)
Citi Diamond Preferred - $2000 (Obtained 2013)

jdauria
Platinum Member
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Posts: 51
Joined: Thu Dec 13, 2012 7:52 am
Location: Arlington

Postby jdauria » Mon Dec 17, 2012 4:30 pm

Well just got my letter from Chase. Denied. I might start a new thread because this has nothing to do with the original post's question but I got my experian credit score and my equifax score, and the difference is 78 points???
[font=Times New Roman][size=80]American Express Green[color=green] [NPSL][/color]

American Express Blue Cash Preferred

Chase Freedom



Future:

American Express Premier Rewards Gold[/size][/font]

Kicker
Platinum Member
Platinum Member
 
Posts: 51
Joined: Tue Jun 12, 2012 5:37 pm
Location: California

Postby Kicker » Mon Dec 17, 2012 4:30 pm

Snowman wrote:Kicker, what are your scores, and what does your history look like? I too am a college student with about the same income as vermonster (about 400-500$ off, but it's a small bump, so I put 12,000 on there since they wanted rounded numbers and it's my projected income as well.) In my area Chase pulled EX, and they denied me because this is there for denial for me ( I applied November 24th, with a credit hisotry of about 6-7 months)

"Thank you for your interest in our CHASE FREEDOM Visa Platinum credit card. Your application was given thoughtful consideration by CHASE BANK USA N.A.. After reviewing the information provided in your application and your credit report, we regret that we are unable to approve your application at this time. Our decision was based on the following specific reasons: Not enough accounts opened long enough to establish a credit history".

Also they look at Utilization and making sure everything else is clean. And I think it is best what you put down what was on your tax return or list your projected income and see what happens. I applied for 4 cards and got approved for 3. Good luck.


To be honest I'm not sure what my score is but my CreditKarma score is 690 if that helps at all. And my history is pretty short, I got my Wells Fargo card in Oct 2011 so a little over a year. Sorry you didn't get approved though, you have some nice cards in your wallet so I'm not sure why they declined you regardless of history length. Thanks a lot.
My Wallet:

Wells Fargo Visa - $1200 (Obtained 2011)
AMEX Green - NPSL (Obtained 2012)
Chase Freedom - $3000 (Obtained 2012)
Citi Diamond Preferred - $2000 (Obtained 2013)



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