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I had lovely credit and have been given three cards since April. Capital One Quicksilver, initial CL $1,000 (now $3,500), Amex Everyday, $1,000 limit, and a Chase Slate, $3,200 CL How did you apply for that one? Mail offer, website like Credit Karma, or just searching for cards? In your situation, you can either do what you said, pay down the card as you use it, wait a few months, then request an increase, or apply for another card. Depending on what a "very solid income" is, I imagine you can get a better card and limit.
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Nov 1, 2015 03:12
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Moneyball posted:I had lovely credit and have been given three cards since April. Capital One Quicksilver, initial CL $1,000 (now $3,500), Amex Everyday, $1,000 limit, and a Chase Slate, $3,200 CL quote:In your situation, you can either do what you said, pay down the card as you use it, wait a few months, then request an increase, or apply for another card. Depending on what a "very solid income" is, I imagine you can get a better card and limit.
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Nov 1, 2015 05:00
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photomikey posted:My Costco AmEx is my #1 go-to card for the last 5 years. I have other cards come and go but this is probably my longest standing account on my credit history. Costco will move from AmEx to Visa (?) in the spring. AmEx just called me to move me over to a new AmEx when that happens. It sounds like I signed up for a new card ($500 bonus after $5k in purchases in 90 days) which I'm ok with. What I want to know is what happens to this long standing account when the switchover happens. Obviously (or apparently) AmEx will no longer hold the account because it wants to move me over to a new card. So does my 6-year-history transfer over to this new Visa (?), or does that 6 year account just die (which would kinda suck to have my longest history go away). Your card/age will almost certainly stay the same. AmEx is not moving you to a Visa, they are just changing the product that you have. Right now you have the Costco AmEx, and in the Spring (or whenever) it will become some other AmEx. If you want a Costco Visa, you will need to apply for that separately. AmEx has nothing to do with that. ShadowHawk posted:I just opened a capital one credit card (my first card ever) and it has a very low 300 dollar limit because I have basically no credit history. I do, however, have a very solid income and am trying to build credit history for future purposes. Call them and ask for a higher credit limit; tell them that you can't even buy a loving toaster with this card. Worst they can do is tell you no, but more than likely if you are reasonable and polite, they will try to work something out for you. My advice in any customer service-type interaction is to enlist them to your side. I always start with "I have a problem that I hope you can help me with." Then just go from there. "I recently applied and was approved for _________ and, due to my non-existent credit history, I was given a $300 limit. As you can understand, this is difficult to work with - I need to pay it off several times per month, with a delay while I wait for purchases to post to the account before it can actually be paid. Is there any way we could increase the limit a bit?" They're not going to give you $15k, but I'd be shocked if they didn't do $500 and wouldn't be surprised if they could go to $1k. becoming fucked around with this message at 06:35 on Nov 1, 2015 |
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Nov 1, 2015 06:30
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My credit score is in the 700s. If I open up multiple new cards as I shop around does it help or hurt my credit score to have multiple cards open?
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Nov 1, 2015 16:34
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becoming posted:Call them and ask for a higher credit limit; tell them that you can't even buy a loving toaster with this card. Worst they can do is tell you no, but more than likely if you are reasonable and polite, they will try to work something out for you. My advice in any customer service-type interaction is to enlist them to your side. I always start with "I have a problem that I hope you can help me with." Then just go from there. "I recently applied and was approved for _________ and, due to my non-existent credit history, I was given a $300 limit. As you can understand, this is difficult to work with - I need to pay it off several times per month, with a delay while I wait for purchases to post to the account before it can actually be paid. Is there any way we could increase the limit a bit?" They're not going to give you $15k, but I'd be shocked if they didn't do $500 and wouldn't be surprised if they could go to $1k. Great advice, though that didn't work for me with CapOne. I had no credit in college and took the same path-- secured card for a year, turn that into an unsecured card, then open an entry level Chase card. I had to book a flight to Australia for a job I had in school and had to do it on my debit card because CapOne wouldn't raise my limit to OMG $1,000 OMG. I got a few increases here and there automatically, but they kept it relatively small until about 2 years ago-- about 10 years removed from school-- even when new cards had been giving me pretty large limits for years. Jastiger posted:My credit score is in the 700s. If I open up multiple new cards as I shop around does it help or hurt my credit score to have multiple cards open? The short version: It'll go down due to average age of accounts being reduced, but then it'll go up as you have more available credit and those accounts age.
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Nov 1, 2015 18:00
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Having a lot of recent inquiries and recently opened credit lines are also dings to your credit worthiness, but not major ones at all. I've been declined on a card application because I had too many recently opened credit cards, but they then approved me for that exact card two months later. Like Blinkman987 mentioned, once they have time to age a bit you're score will recover and likely go up because of the increased available credit.
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Nov 1, 2015 18:52
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It is my experience that Capital One is really unfriendly to people with bad/no credit history. So a bad experience with them is no indicator of how another lender would treat you
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Nov 1, 2015 19:03
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Thanks for the input guys. I just opened a Discover It card and was dismayed to find my rate was high at 22.99 after the 0% runs off..but my credit is like 740. Bleh. So we planned on moving our balance to a 0% card like the Citi Double card in January, paying that down, then going with the Visa at Costco when it opens up next year. It's a dance of balances, but it'll save a ton on interest.
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Nov 1, 2015 19:43
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Jastiger posted:Thanks for the input guys. I just opened a Discover It card and was dismayed to find my rate was high at 22.99 after the 0% runs off..but my credit is like 740. Bleh. So we planned on moving our balance to a 0% card like the Citi Double card in January, paying that down, then going with the Visa at Costco when it opens up next year. It's a dance of balances, but it'll save a ton on interest. Do realize, if you did a balance transfer, you won't want to make any purchases on the Discover It card. The transfer will be at 0%, but all purchases will be at 22.99% (maybe after 60 days, I wasn't clear, doesn't make a difference for me either way) and until the balance is cleared you'll get to pay interest... So, don't use the Discover It for purchases if you do a transfer.
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Nov 1, 2015 21:03
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SiGmA_X posted:Who cares what the rate is? Its a rewards card. I care because I hate paying interest. I'd transfer the money to the 0% interest cash one, and pay as much of it off as possible (though the discover gives me 0% interest for the first year), and thr discover would be just for rewards at this point I think. It's a nice card and a good way to earn bux back on stuff like bideo games or computer parts.
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Nov 1, 2015 21:18
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Jastiger posted:I care because I hate paying interest. I'd transfer the money to the 0% interest cash one, and pay as much of it off as possible (though the discover gives me 0% interest for the first year), and thr discover would be just for rewards at this point I think. It's a nice card and a good way to earn bux back on stuff like bideo games or computer parts.
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Nov 1, 2015 21:50
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Jastiger posted:I care because I hate paying interest. I'd transfer the money to the 0% interest cash one, and pay as much of it off as possible (though the discover gives me 0% interest for the first year), and thr discover would be just for rewards at this point I think. It's a nice card and a good way to earn bux back on stuff like bideo games or computer parts. ilkhan posted:Pretty much all rewards cards are high interest. His point is on a rewards card you should be paying it off every month so the actual rate is irrelevant.
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Nov 1, 2015 23:36
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SiGmA_X posted:Jastiger, take heed with regards to making purchases while you have a 0% promo balance transfer. You'll get hammered with interest. Read your terms and conditions. Yeah its 0% balance transfer and purchases. Gonna stay away from that one. It's all about reducing interest paid, and that int viable long term
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Nov 2, 2015 00:03
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I got a IIRC, it's like a $40/year fee and I'll need to cancel before that fee hits. I don't use it for anything else (all rewards are equal or better on my other cards.) Should I cancel it and take the credit hit ASAP, so that it clears off of my credit history earlier? I'm not planning on taking out any major loans within the next couple of years Blinky2099 fucked around with this message at 18:04 on Nov 5, 2015 |
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Nov 5, 2015 17:48
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Blinky2099 posted:I got a Chase Freedom Visa to bonus-whore a $200ish sign-up bonus. They added an AF to the Freedom card?!
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Nov 5, 2015 17:52
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SiGmA_X posted:They added an AF to the Freedom card?! edit: sorry I meant JetBlue True Blue American Express. Getting my cards mixed up. Same question though. Should I cancel now rather than later? nickutz posted:There's no annual fee added to Freedom. Also I don't see any increased sign up bonus over the usual $100? Blinky2099 fucked around with this message at 18:05 on Nov 5, 2015 |
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Nov 5, 2015 18:03
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edit: Gotcha AMEX and Jetblue are splitting ways next year so you can wait and see what they will product-change the Jetblue cards to, or see if they'll product-change you now, but AMEX has some weird rules about what co-branded cards can be changed to. nickutz fucked around with this message at 18:10 on Nov 5, 2015 |
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Nov 5, 2015 18:03
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Blinky2099 posted:I got a The account will stay on your report, and continue to age for ten years before it drops off. The only hit you would be taking is if the loss of available credit significantly raises your balance to credit ratio. On the other hand, Amex really does not like it when you close cards with them.
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Nov 5, 2015 21:24
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Good lord, I think I found the worst credit card offer I can imagine. I understand the ones you receive in the mail are all going to be terrible, but reading the details, it just keeps going on and on and on with fees, so I have no idea how one would even be able to charge much of a balance. $700 limit 36.00% APR on purchases and cash advances Annual Fee: $175 first year, $49 after that "Monthly Servicing Fee": $0 first year, $14.50 after that ($174 annually) Cash Advance fee: $6 or 5% Whenever you are granted a credit limit increase, you are charged 25% of the increase. Hope they don't bump it up by $1,000 and charge you $250! Requesting a copy of a statement? That will be $3. Auto-enrolled in a "credit protection" program at $0.89 per $100 of your balance No rewards, no benefits. Is this why some people are so anti-credit card? Getting burned by this poo poo?
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Nov 5, 2015 23:18
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I have a friend who I suggested the Chase Freedom back when the sign-up bonus was $200. I went through the whole spiel about how it was a killer deal because it was basically a free $200 and no annual fee, with no risk if you were a responsible person. The next time I saw her, she had gotten the green American Express card because her mother said it was better. As far as I'm aware, it's got an annual fee and nothing really going for it. American Express is also the only card I've had refused by vendors. Honestly, I think people are wary of credit cards because the interest thing is not very intuitive. Just about everybody I've talked to who doesn't have a credit card thinks you'll get charged the interest just for using the card. There are also the horror stories of people who get buried in debt because they haven't been educated in the matter and went hog-wild with the spending.
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Nov 5, 2015 23:34
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TastyLemonDrops posted:I have a friend who I suggested the Chase Freedom back when the sign-up bonus was $200. I went through the whole spiel about how it was a killer deal because it was basically a free $200 and no annual fee, with no risk if you were a responsible person. The next time I saw her, she had gotten the green American Express card because her mother said it was better. As far as I'm aware, it's got an annual fee and nothing really going for it. American Express is also the only card I've had refused by vendors. I wonder why her mother told her that. The only reason why I'd recommend an Amex over another card is for the purchase and loss protections. Its one of the only reasons why I'm keeping around my Amex Platinum - the coverage for potential loss, theft, or damage on a purchase is incredibly high, so I feel generally confident buying electronics on the card and potentially getting some money back if something happens to it during the initial use of the product (headphones breaking, getting stepped on, or generally just lost).
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Nov 6, 2015 00:22
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Shadowhand00 posted:I wonder why her mother told her that. The only reason why I'd recommend an Amex over another card is for the purchase and loss protections. Its one of the only reasons why I'm keeping around my Amex Platinum - the coverage for potential loss, theft, or damage on a purchase is incredibly high, so I feel generally confident buying electronics on the card and potentially getting some money back if something happens to it during the initial use of the product (headphones breaking, getting stepped on, or generally just lost). The Premier Rewards Gold card (and probably Gold too, but who has that) is getting the Platinum purchase protections this month. I've been using the Everyday Preferred for points, but I may end up keeping the PRG for the benefits it provides. I wish the Hilton Gold that just got added to Platinum went on the PRG now that the fee got upped, in sticker price anyway. That would make it a great value. As it is, the Everyday Preferred is the better earner for me, and the benefit differences between the two aren't huge apart from this purchase protection change and the roadside assistance on the PRG.
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Nov 6, 2015 02:40
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Tewdrig posted:The Premier Rewards Gold card (and probably Gold too, but who has that) is getting the Platinum purchase protections this month. I've been using the Everyday Preferred for points, but I may end up keeping the PRG for the benefits it provides. I wish the Hilton Gold that just got added to Platinum went on the PRG now that the fee got upped, in sticker price anyway. That would make it a great value. As it is, the Everyday Preferred is the better earner for me, and the benefit differences between the two aren't huge apart from this purchase protection change and the roadside assistance on the PRG. The PRG has $100 credit on airline fees, which you can convert into $100 gift card to amazon or one of the airlines. I believe that change is specifically why the fee went up.
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Nov 6, 2015 08:14
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If you balance transfer to a rewards card does that balance then count towards your rewards points / balance? I'm aware it's a terrible idea due to high APRs but it's just a weird situation I'm curious about.
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Nov 6, 2015 16:18
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baram. posted:If you balance transfer to a rewards card does that balance then count towards your rewards points / balance? No.
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Nov 6, 2015 16:21
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I have 4 old cards (one each of Amex, Visa, MC and Discover) that I've had open for like 13 years that all have high CL an low utilization. Can I get these converted to "better" cards? And if so, what cards should I convert them to? It feels weird to have 4 cards I opened in college that are basically unchanged.
Notes: APR doesn't matter, I never carry a balance. Needs to be $0 annual fee
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Nov 6, 2015 16:23
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Does anyone here have the amex plat, and if so do you think it's worth the $450 annual fee? I just got a 100K targeted sign up bonus on initial spend, trying to decide if I want to try the card out. I travel a decent amount for work but don't live near a Centurion lounge so that perk is pretty meaningless to me. The int'l lounge access perk seems a bit better but I generally either have airline status to get in, or am flying with someone who does, and I've heard mixed things on how well people are actually able to use those lounges. The point redemption options seem kind of mediocre. I would use the $100 towards Global Entry, which I've been kind of putting off but meaning to sign up for. Anything I'm missing? I figure between the points, Global Entry, and $200 airline expense reimbursement, I would at least be breaking even on the fee for the first year.
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Nov 6, 2015 16:25
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dexter6 posted:I have 4 old cards (one each of Amex, Visa, MC and Discover) that I've had open for like 13 years that all have high CL an low utilization. Do not under almost any circumstances convert an Amex because you waive your opportunity for a signup bonus as you can only get it once per card product, and a conversion counts as getting the product without a bonus offer. The Sapphire should be "downgradeable" to a Freedom (no-AF/5x categories) but again there's the potential issue of missing a signup bonus, but the Freedom ones are fewer and further between. The Discover should also be able to change over to the current It but I imagine you may not get the double cash back signup bonus, but maybe you can call and ask since their customer service is supposed to be really good (I have a Discover but haven't interacted with them too much). I think the Dividend could become a Double Cash since I converted to that from some crappy no rewards card.
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Nov 6, 2015 16:36
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asur posted:The PRG has $100 credit on airline fees, which you can convert into $100 gift card to amazon or one of the airlines. I believe that change is specifically why the fee went up. I just investigated the Amazon aspect of this, but unfortunately I chose Delta several months ago when I got the card. Very interesting opportunities there, though.
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Nov 6, 2015 16:47
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Tyro posted:Does anyone here have the amex plat, and if so do you think it's worth the $450 annual fee? I just got a 100K targeted sign up bonus on initial spend, trying to decide if I want to try the card out. I think it's kind of a no-brainer. You can get a $200 Amazon GC via the airline reimbursement, which is as good as cash (to me) and you can do that twice. So for $50 and buying two $200 Amazon GC's, you get all the rest of the perks (Starwood Gold, Hilton Gold, Enterprise Exec, all the others you mentioned). I'm primarily using my MR points from it for short haul BA flights. That redemption rate is going to poo poo soon (it's now 250MR:200 Avios and BA is jacking up their prices on short hauls) but you can still get a lot of airfare out of it. I don't think I'm going to keep it beyond the first year.
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Nov 6, 2015 16:56
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Tyro posted:Does anyone here have the amex plat, and if so do you think it's worth the $450 annual fee? I just got a 100K targeted sign up bonus on initial spend, trying to decide if I want to try the card out. It's worth it just for the 100k point signup bonus alone. The transfer partners don't really get any better than Amex's due to how many there are and that you can probably find some use for them, most likely on Delta at least. Chase's partners will vary greatly on how beneficial they are to you, and the same can be said for Citi, both because Chase has like six airline partners and Citi has 11, IIRC. You get Delta Sky Club access as well, but the Citi Prestige has the most comprehensive Priority Pass (yes, there are actually different "versions" in that the Prestige version lets you bring up to two guests for free while the Platinum's makes you pay $27 per guest). It's still a decent benefit to have it at all with the Platinum, though. You also get SPG gold and as of very recently Hilton HHonors Gold status as well, which may be valuable to you. The $200 reimbursement is per calendar year, as well. There's some other stuff I'm probably forgetting. Basically I'd say to get the incredibly high bonus and try it over a year to see if the perks are helpful to you. For $450 the points are still a massive gain and you can easily break even on the AF.
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Nov 6, 2015 16:57
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dexter6 posted:I have 4 old cards (one each of Amex, Visa, MC and Discover) that I've had open for like 13 years that all have high CL an low utilization. You have a bunch of 13 year old credit cards with no AF's. That's like a churning goldmine. I wouldn't touch them at all. Apply for new cards and leave them alone.
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Nov 6, 2015 17:02
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Barry posted:You have a bunch of 13 year old credit cards with no AF's. That's like a churning goldmine. I wouldn't touch them at all. Apply for new cards and leave them alone. Next question: I have two cards that I plan to close in the next 6 months prior to the annual fee being charged. Should I try to get them converted to something else? And if not, how successful might I be in getting the CL applied to other cards?
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Nov 6, 2015 17:16
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The 100k amex platinum offer is pretty much a no brainer the first year. $200 in airline credit (for gift cards) last half of first calendar year $200 in airline credit the next calendar year before next annual fee is charged $100 global entry (precheck is awesome!) Which means you come out ahead already. I'm getting kind of addicted to all the status benefits, its gonna be hard to give it up (gotten some nice room upgrades). The 100k points are worth a minimum of $1k, even if you don't use them the absolute "best" way (I guess flying singapore air or emirates first class). I guess I can flip around between different platinum card flavors every year (ameriprise, mercedes-benz, etc). Wont get the signup bonus (actually I think the ameriprise might be churnable?), but the $400 in airline credit per signup and a global entry credit I can use on someone will offset the fee and I can keep the statuses.
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Nov 6, 2015 18:35
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Glad to hear everyone is pretty much unanimously in favor, I'll likely go for it. I'm already HH gold, but have been very unimpressed by it compared to my Marriott status. I don't fly Delta much but its good to hear I wasn't on base for the point redemption options. I also didn't realize the $200 credit was per calendar year, hopefully I can sneak some in December (any more details on the Amazon conversion? That sounds awesome). If I redeem the 200$ credit in the first month does anyone know if that spending will still count towards my minimum spend for the point award?
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Nov 6, 2015 18:56
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What's the best MS method these days? Buying VISA GC? Insane Totoro fucked around with this message at 19:16 on Nov 6, 2015 |
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Nov 6, 2015 19:13
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Tyro posted:Glad to hear everyone is pretty much unanimously in favor, I'll likely go for it. Choose your airline as United. Download the Mileageplus X app (or something like that). Buy an Amazon GC through that. It will initially count towards minimum spend but won't once the reimbursement is applied.
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Nov 6, 2015 20:06
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I heard the gift card thingy doesn't work anymore. Can anyone confirm that it worked recently?
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Nov 6, 2015 20:22
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https://www.reddit.com/r/churning/comments/3jmhjz/mega_thread_all_amex_platinum_airline/?sort=new It still seems to be working.
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Nov 6, 2015 20:44
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Tyro posted:
SPG gold has the room upgrade like the marriott.
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Nov 6, 2015 22:20
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