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Deciding what to App for

The last post in this topic was posted 2013 days ago. 

 

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I've read some of the strategy links on here and have done some research on cards. I have a general question. I haven't applied for anything in over three years, I only have three cards. I've read that I should app for anything I want at the same time to take the hit at once and have it grow all at once. That being said, would trying to app for two cards be ambitious for someone with no inquiries and only three cards and a paid off auto loan? I didn't know if I should just app for one.

 

My second question is: Am I correct with my research on here that the best pre qualified sites are Chase, American Express and Capital One?

 

My final question is: Is the Barclaycard Arrival card basically the same benefits wise as the Venture?

 

My current cards are: USAA Classic Amex 4700, Navy Federal Platinum 1500, Citibank Diamond 6300 and a paid off auto loan with Honda Motor.

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Have you checked to see where your current fico scores sit?

765 Trans Union, 761 Equifax and 793 Experian

0 INQ on all 3 bureaus

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What are your FICOs?

 

I'd suggest asking NFCU for a CLI to $25K and letting that report before applying for anything.

 

With a thin file, 4-6 cards is good IMO.

 

Amex, Chase, Citi, US Bank, BOA and Discover are the places to start.

 

The Barclays Arrival+ and Cap1 Venture are both cash back travel cards. Barclays is slightly better than Cap1.

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Have you checked to see where your current fico scores sit?

765 Trans Union, 761 Equifax and 793 Experian

0 INQ on all 3 bureaus

 

 

Amex BCE

Chase Freedom/Slate/SP

 

TBH, you should be able to get pretty much any prime card with those scores.

 

Also, with those scores, you should call each one of your current card issuers and ask for a CLI.

Edited by TampaDude

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What are your FICOs?

 

I'd suggest asking NFCU for a CLI to $25K and letting that report before applying for anything.

 

With a thin file, 4-6 cards is good IMO.

 

Amex, Chase, Citi, US Bank, BOA and Discover are the places to start.

 

The Barclays Arrival+ and Cap1 Venture are both cash back travel cards. Barclays is slightly better than Cap1.

thank you! my FICO scores are 765 Trans Union, 761 Equifax and 793 Experian

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Have you checked to see where your current fico scores sit?

765 Trans Union, 761 Equifax and 793 Experian

0 INQ on all 3 bureaus

 

 

Amex BCE

Chase Freedom

 

TBH, you should be able to get pretty much any prime card with those scores.

 

Also, with those scores, you should call each one of your current card issuers and ask for a CLI.

 

thank you Tampa. Do I have to complete another application to request a credit line increase on my current cards? The Citibank one usually increases on its own once a year. The USAA has increased twice since I got it when I was 19. I've never had an increase from Navy Federal.

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Have you checked to see where your current fico scores sit?

765 Trans Union, 761 Equifax and 793 Experian

0 INQ on all 3 bureaus

Amex BCE

Chase Freedom

 

TBH, you should be able to get pretty much any prime card with those scores.

 

Also, with those scores, you should call each one of your current card issuers and ask for a CLI.

thank you Tampa. Do I have to complete another application to request a credit line increase on my current cards? The Citibank one usually increases on its own once a year. The USAA has increased twice since I got it when I was 19. I've never had an increase from Navy Federal.

I would not waste an inquiry on anyone except NFCU until you app for new cards.

 

Request $25K with NFCU

 

Call Citi and ask if a soft pull CLI is available on your account.

 

App for your new cards.

 

CLI on USAA

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Have you checked to see where your current fico scores sit?

765 Trans Union, 761 Equifax and 793 Experian 0 INQ on all 3 bureaus

Amex BCE

Chase Freedom

 

TBH, you should be able to get pretty much any prime card with those scores.

 

Also, with those scores, you should call each one of your current card issuers and ask for a CLI.

thank you Tampa. Do I have to complete another application to request a credit line increase on my current cards? The Citibank one usually increases on its own once a year. The USAA has increased twice since I got it when I was 19. I've never had an increase from Navy Federal.

I would not waste an inquiry on anyone except NFCU until you app for new cards.

Request $25K with NFCU

Call Citi and ask if a soft pull CLI is available on your account.

App for your new cards.

CLI on USAA

You are going to have good results following this game plan.

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Have you checked to see where your current fico scores sit?

765 Trans Union, 761 Equifax and 793 Experian

0 INQ on all 3 bureaus

 

 

Amex BCE

Chase Freedom

 

TBH, you should be able to get pretty much any prime card with those scores.

 

Also, with those scores, you should call each one of your current card issuers and ask for a CLI.

 

thank you Tampa. Do I have to complete another application to request a credit line increase on my current cards? The Citibank one usually increases on its own once a year. The USAA has increased twice since I got it when I was 19. I've never had an increase from Navy Federal.

 

 

No, just call customer service or one of the backdoor #s listed on this site. Some issuers will do a hard pull for a CLI, and some won't.

 

Also, depending on what kind of rewards you want, you can apply for the Freedom or the Slate or the Sapphire Preferred from Chase.

 

If you travel a lot, you might want to consider doing a 2-fer with Amex...when you get approved for the BCE, immediately apply the same day for the PRG (Gold Charge Card). You'll almost certainly get approved for it as well.

 

Others on here have more experience with them. Listen to their input as well.

 

Good luck!

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Have you checked to see where your current fico scores sit?

765 Trans Union, 761 Equifax and 793 Experian

0 INQ on all 3 bureaus

Amex BCE

Chase Freedom

 

TBH, you should be able to get pretty much any prime card with those scores.

 

Also, with those scores, you should call each one of your current card issuers and ask for a CLI.

thank you Tampa. Do I have to complete another application to request a credit line increase on my current cards? The Citibank one usually increases on its own once a year. The USAA has increased twice since I got it when I was 19. I've never had an increase from Navy Federal.

I would not waste an inquiry on anyone except NFCU until you app for new cards.

 

Request $25K with NFCU

 

Call Citi and ask if a soft pull CLI is available on your account.

 

App for your new cards.

 

CLI on USAA

 

 

^ this

 

Listen to mendie...he knows what he's talking about. He helped me get $11K in new CLs in one day with scores over 100 points lower than yours, Corey1.

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Have you checked to see where your current fico scores sit?

765 Trans Union, 761 Equifax and 793 Experian

0 INQ on all 3 bureaus

Amex BCE

Chase Freedom

 

TBH, you should be able to get pretty much any prime card with those scores.

 

Also, with those scores, you should call each one of your current card issuers and ask for a CLI.

thank you Tampa. Do I have to complete another application to request a credit line increase on my current cards? The Citibank one usually increases on its own once a year. The USAA has increased twice since I got it when I was 19. I've never had an increase from Navy Federal.

I would not waste an inquiry on anyone except NFCU until you app for new cards.

 

Request $25K with NFCU

 

Call Citi and ask if a soft pull CLI is available on your account.

 

App for your new cards.

 

CLI on USAA

 

OP you might have a SP CLI pending on your NFCU acct already request 25k online via the website.

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The first thing you need to do is try for CLI's with NFCU and Citi. Somewhere on here is a link for a Citi soft pull CLI URL.

 

Wait for those (if any) CLI's to report.

 

While you are waiting, research and formulate what you want out of your new credit products. Cash back, miles, transferable points, sign up bonuses etc. Also figure out how you spend your money (gas, groceries, travel, shopping, Amazon, eating out), and how much you can spend over 3 months to meet sign up bonuses.

 

Then come back and get help formulating a plan.

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Hey guys and girls,

 

I submitted a credit line increase with my Navy Platinum MasterCard and requested 25,000 like I was told and it was increased from 1,500 to 12,000 about two hours later.

 

Citibank told me that my request was pending and to email or fax my last year's tax 4506t form or my last four pay statements. I went ahead and sent the tax form and the pay statements.

 

USAA I was told I had to contact them on Monday.

 

I still as of 2130 PST do not have any new inquires from either my Navy Federal or Citibank requests.

 

I currently do not have any type of rewards card. I would like at least one of my new cards to offer rewards that are easy to redeem. I would prefer a card or cards that are not co-branded with one airline, hotel or store. Although I am a SPG member and I've read they have the easiest reward structure of the big chain hotels. But it seems from Credit Pulls that it is one of the harder cards to get.

Edited by Corey1

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Also, what are MR points? Membership rewards? Is that 1 point = $ 1 dollar?

you can read about them on the Amex website or better yet search the blogger sites for "best uses of MR points" . When used correctly they can be worth much more than $.01 each. They can be transferred out to airlines (and a couple hotel chains) for your best value.

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Where is that cash back chart that shows the Venture, Arrival +, and Citi DoubleCash/FIA all next to each other? The OP would benefit from seeing that.

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Where is that cash back chart that shows the Venture, Arrival +, and Citi DoubleCash/FIA all next to each other? The OP would benefit from seeing that.

2percentcomparison_zpsf3e80c8e.jpg

 

So for rewards, the Fidelity Amex and Citi Double Cash come out ahead until $45K, at which point the Arrival+ has offset the AF and takes the lead.

 

NASA FCU never makes it into the top place because of the lowered tiers for the first $2K.

 

The Venture only stays out of last place until $15K. After $15K, it stays in last place.

https://creditboards.com/forums/index.php?showtopic=540017

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As you can see the FIA and DoubleCash are the leaders in blue until you spend $45,000 per year. Also the DoubleCash CB can be redeemed for a statement credit of any kind while the Arrival + can only be redeemed for travel expenses. The FIA is an Amex and is not accepted everywhere, and the CB has to be deposited into a Fidelity investment account.

 

The Arrival + does get 20% of your redeemed points redeposited into your account.

 

I would suggest the DoubleCash but that's just my opinion. You can freeze EX and sometimes they will approve you with just an EQ pull.

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As you can see the FIA and DoubleCash are the leaders in blue until you spend $45,000 per year. Also the DoubleCash CB can be redeemed for a statement credit of any kind while the Arrival + can only be redeemed for travel expenses. The FIA is an Amex and is not accepted everywhere, and the CB has to be deposited into a Fidelity investment account.

 

The Arrival + does get 20% of your redeemed points redeposited into your account.

 

I would suggest the DoubleCash but that's just my opinion. You can freeze EX and sometimes they will approve you with just an EQ pull.

The 20% for the Arrival+ is included in the chart.

 

IMO a no AF 2% cash back card is the best option for non-bonus category earning in a cash back strategy.

 

If you want to travel, take a different card for that but use the 2% cash back card at home to earn rewards.

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I've always found that chart misleading as it fails to take into account the $400 bonuses for the Venture and Arrival+ (really $480 for the A+ due to the 20% redeposit).

 

For someone who puts $500/month on a card, it would take 6-7 years for this chart to take effect on a meaningful basis.

 

It also assumes you could never get Barclays or CapOne to waive the AF. Tough with Barclays, but not out of the question for CapOne.

Edited by Konrad2012

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That chart is very helpful & let's me know that next year, after housing is settled, I should cast an eye towards the DC card.

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I've always found that chart misleading as it fails to take into account the $400 bonuses for the Venture and Arrival+ (really $480 for the A+ due to the 20% redeposit).

 

For someone who puts $500/month on a card, it would take 6-7 years for this chart to take effect on a meaningful basis.

 

It also assumes you could never get Barclays or CapOne to waive the AF. Tough with Barclays, but not out of the question for CapOne.

Absolutely. If you are going to churn, or cancel in the next few years.

 

If the OP is looking for a long term card the 2% CB is the way to go.

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Good points, but this chart is for year 2 and beyond, so no bonus.

 

If you want a bonus, by all means get the Arrival+ or Venture.

 

Although Cap1 will waive the AF usually, a regular cash back card has no limitations on how you use the money.

 

So for chasing signup bonuses, by all means go for the Cap1 or Barclays card.

 

If you're looking past year 1 in terms if an AF (Barclays) or flexibility, the DC or Fidelity Amex are better choices.

 

Cap1 also doesn't combine limits.

Edited by mendelssohn

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Good points, but this chart is for year 2 and beyond, so no bonus.

 

If you want a bonus, by all means get the Arrival+ or Venture.

 

Although Cap1 will waive the AF usually, a regular cash back card has no limitations on how you use the money.

 

So for chasing signup bonuses, by all means go for the Cap1 or Barclays card.

 

If you're looking past year 1 in terms if an AF (Barclays) or flexibility, the DC or Fidelity Amex are better choices.

 

Cap1 also doesn't combine limits.

 

Yes but there is no way to get to year two without year one. The chart assumes year one never existed.

 

A more complete approach would be to take yearly cumulative earnings.

 

Lets just look at the conclusion of year 4, assuming the $500/mo spend that's $6,000/yr:

 

At the end of year 4, you would have:

 

$480 cumulative total return from the FIA or Citi.

 

$741 cumulative total return from the Arrival+. ($24,000 in spend at 2.2%, plus the effective $480 sign up bonus minus 3 years AF). It would actually be higher because you get a 20% redemption bonus on the previous redemption bonus continuing over and over.

 

$703 cumulative total return from the Venture ($24,000 in spend at 2%, plus the $400 sign up bonus minus 3 years AF). This assumes that you could never get the AF waived. Getting an AF waiver from CapOne is a very real possibility.

 

 

Notice also I am using the very conservative $500/mo in spend for $6/yr. If we jack this up to $30K or $40K / yr in spend, you're looking at decades before they even out, if ever.

 

The cash back versus "miles" debate is an entirely separate issue. I could also get much more in depth with what is $400-$480 worth in my hand today as opposed to spread out over years of amortization when adjusted for inflation. I am sitting at Starbucks drinking a coffee though so I wont get that deep.

Edited by Konrad2012

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