- Current cards: (list cards, limits, opening date)
- Wells Fargo Platinum Card, $6000, Oct 2019
- FICO Score: 740
- Oldest account age: 5 years
- Chase 5/24 status: 0/24
- Income: $250,000
- Average monthly spend and categories:
- rent: $2700
- travel: $800
- I don’t travel every month; this is the average I spend on travel for the entire year. Expenses include flights, hotels, Lyft, Uber, etc. I plan to take at least 2 vacations next year.
- This year I traveled frequently for work, so next year those costs should decrease.
- groceries: $400
- dining: $400
- I’m trying to cook at home more to save money and eat healthier, so dining out expenses will probably go down.
- supercharging: $117
- electricity: $200
- entertainment: $75
- Amazon/Walmart/Target: $135
- Insurance: $215
- Telephone: $130
- Open to Business Cards: No
- What’s the purpose of your next card?
- I want to earn points or cashback, but I’m not sure which option offers the best long-term value. A card that lets me switch between points and cashback would be ideal.
- I prefer a card that requires little maintenance and I can use for years instead of frequently switching cards.
- Do you have any cards you’ve been considering?
- Capital One Combo: Start with Savor for dining and groceries, then apply for Venture X for travel perks.
- Chase Combo: Start with Freedom Unlimited and then get the Sapphire Preferred for travel rewards.
- BILT Rewards Card: My landlord supports this card and it offers cashback for rent payments.
- I’m not sure about the order I should apply for these cards to get the best long-term value.
- Are you okay with category spending or do you prefer a general spending card?
- I’d prefer a general spending card that earns higher rewards on categories where I spend the most (like travel, groceries, dining, etc.), but I dislike timing my purchases or optimizing spend categories since my schedule is often unpredictable.
The first thing that stands out is your Wells Fargo credit limit. Have you updated your income in the app? Consider requesting a credit line increase before applying for a new card. You could also think about switching it to another Wells card, like the Autograph.
If you’re looking at Capital One cards, I recommend applying for the Venture X first. It’s the cornerstone of that setup, and approval isn’t guaranteed. Given your spending level, aim for larger sign-up bonuses rather than smaller offers from the Freedoms or Savor.
@Ridge
I haven’t updated my income in the Wells Fargo app and couldn’t find the option. Would a credit line increase affect my credit score with a hard inquiry?
Vick said:
@Ridge
I haven’t updated my income in the Wells Fargo app and couldn’t find the option. Would a credit line increase affect my credit score with a hard inquiry?
Wells Fargo credit line increases for me have been soft pulls. Just keep your credit frozen so they can’t do a hard pull.
@Ridge
Update: I’m pre-approved for Venture X and Savor. What should I do next?
Vick said:
@Ridge
Update: I’m pre-approved for Venture X and Savor. What should I do next?
Definitely go for the Venture X. In 3-6 months, see if you’re pre-approved for the Savor.
Vick said:
@Ridge
Update: I’m pre-approved for Venture X and Savor. What should I do next?
Definitely go for the Venture X. In 3-6 months, see if you’re pre-approved for the Savor.
Thanks for the advice! Should I also apply for the BILT card since my rent is high? And considering this will be my first serious points/cashback card, do you think my spending habits can justify the $395 annual fee on the Venture X if I use it as my everyday card until I get the Savor? I’m still a bit new to maximizing benefits.
@Vick
I would suggest applying for the Venture X and BILT on the same day. Apply for Venture X first because Capital One approvals can be unpredictable. You get an annual $300 travel credit through their travel portal, plus a yearly bonus of 10,000 miles, effectively making the annual fee about -$5. While the fee feels high at first, you can easily recover it if you travel once or twice a year. The BILT card requires at least 5 transactions each month to earn points, including rent payments. You can use BILT for dining until you’re approved for Savor, or just use Venture X after you hit those 5 transactions.
Consider Bilt for dining and rent, Savor for groceries and entertainment, and Venture X for travel.
Zee said:
Consider Bilt for dining and rent, Savor for groceries and entertainment, and Venture X for travel.
That’s the plan. However, I’m uncertain about the order of applications.
@Vick
I agree with u/padbodh about starting with Venture X if you’re pre-approved for it now: Get Pre-Approved for a Capital One Credit Card | Capital One
Zee said:
@Vick
I agree with u/padbodh about starting with Venture X if you’re pre-approved for it now: Get Pre-Approved for a Capital One Credit Card | Capital One
I’m not pre-approved for Venture X.
Edit: I’m pre-approved for both Venture X and Savor.
@Vick
Did they give you specific reasons for the pre-approvals?
Zee said:
@Vick
Did they give you specific reasons for the pre-approvals?
Not yet. I haven’t received any emails about it. They said:
We’ll reach out soon with more information about why we can’t pre-approve you. Your credit score has not been impacted.
Zee said:
@Vick
Did you pre-approve for Savor? Get Pre-Approved for a Capital One Credit Card | Capital One
No, I’m not pre-approved for that one either.
Edit: I’m pre-approved for Venture X and Savor.
Zee said:
@Vick
I’m curious to hear what they say when you find out.
It could be due to your credit being frozen. I tried to get a pre-approval for Capital One, and they said no because my credit was frozen. No idea why they need it unfrozen. The Apple Card is the same way.
@StingyATM
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Zee said:
@Vick
I’m curious to hear what they say when you find out.
Based on your credit report from one or more of the agencies on the back of this letter, we’re unable to obtain information due to a credit freeze on one or more credit bureaus.
I thought pre-approval only involved a soft pull, so wouldn’t having my credit frozen matter? Since they mention the major credit bureaus, do I need to unfreeze all of them?
@Vick
This comment is empty, admin should fix
I’m not great at math, but your expenses seem to add up to about 5k.