Which credit card to apply for?

I am looking into getting a credit card and would like at least a limit of 3k. I have a credit score of 710. I make 30 k a year. I just got declined for the chase slate card, it said because i have newer loan types out. In December i financed an engagement ring for 3500 and owe 2500 on it. and have a personal loan out that was oringinally 5500 which is payed down to 3000 at the moment. all on time, no late payments. Which would be the best credit card to apply for online? with an instant approval

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1 Comment at "Which credit card to apply for?"

W Y October 11th, 2010 (#)

Credit is tight these days, and no one LEGITIMATE will be able to tell you of any place that will grant you credit automatically. (Plenty of places will do that, but trust me, you want to stay far away from them. They are all crooks and scams.)

If you belong to a credit union through work or some other way, that would be your best bet. You owe quite a bit of money, even though you are handling it. But it makes banks a little wary about lending you more money. When they give you a card with a $3,000 limit, they treat that as if you were taking out a new $3,000 loan. You already owe $5,500, which is more than 2 months’ worth of your gross pay, and probably more like 3 or 4 months of your take home pay after taxes, Social Security, etc. That’s a pretty heavy load, especially in this economy and especially for a young guy. (I know you are young, because of the engagement ring.)

But credit unions are more likely to treat you right. So see about joining one if you don’t belong yet, and then apply for a card through them. Also, Discover is a little easier on requirements than most banks. The Discover Card is not as widely accepted as Visa or Mastercard, but tons of places do accept it. If you can’t get Visa or Mastercard through your credit union, consider going for Discover.

Good luck!!