topic Re: Now or later? Advice greatly appreciated in Credit Cards

Now or later? Advice greatly appreciated

alexak — Tue, 09 Oct 2012 18:16:10 GMT

I am gearing up for my first app after paying off my DMP this month and waiting till it is no longer reporting. I am looking into applying for these cards:

Chase Freedom

Discover More

Barclays VirginAmerica (when I travel, I ALWAYS fly Virgin)

I currently only have three cards open, and one as an AU, never late, always PIF

Orchard: $300 CL opened 1/2012

Capital One: $300 CL opened 6/2012

Victora’s Secret (WFNNB): $500 opened 09/2012 (soft pull approval)

(AU) Bank of America: $19,900 CL opened 10/2007

Closed Accounts (PIF):

Capital One: $300 CL (11/2010-03/2012)

Bank of America: $1500 CL (11/2007- will be paid and closed by end of Oct)

Inquiries: EQ- 3 in the last 6 months (last being July), 5 total for the year; TU- 2 in the past 6 months (last being June), 4 total for the year

UTL: 27%

AoAA: 2 years

DOFD: 9/2010

Worst Delinquency: 90 days late- Aug 2011

Last Delinquency: 9/2011

No Collections/judgements

Any suggestions? How long should I wait to apply (the itch is BAD) What cards shouldn’t I even think about getting(yet) or others I should try for. Also, any specific order in which I should apply? Hoping that one card will give me a better limit (approx. $1000) so I can sockdrawer Cap1 and Orchard.

Thanks in advance! I don't know where I would be without the awesome advice from the people on this board!

Re: Now or later? Advice greatly appreciated

shakalaka — Tue, 09 Oct 2012 18:18:46 GMT

I do not know about the other cards, but have you tried the pre app from Discover. If you have a pre app, I guess you are good to go.

Re: Now or later? Advice greatly appreciated

creditnocash — Tue, 09 Oct 2012 18:21:46 GMT

shakalaka wrote:
I do not know about the other cards, but have you tried the pre app from Discover. If you have a pre app, I guess you are good to go.

getting a pre approval does not mean acceptance.

@op why close the boa card?

Re: Now or later? Advice greatly appreciated

alexak — Tue, 09 Oct 2012 18:24:17 GMT

It is part of the agreement with the DMP. I pay it off then it is closed :/. I was so desprate two years ago when I started. I had hours cut from work and couldnt pay my bills :(. I felt like it was my only option.

I tryed the Discover thing, It said they "recommended the More card". I want to wait until the DMP isnt reporting anymore before I apply.

Re: Now or later? Advice greatly appreciated

creditnocash — Tue, 09 Oct 2012 18:29:24 GMT

alexak wrote:
It is part of the agreement with the DMP. I pay it off then it is closed :/. I was so desprate two years ago when I started. I had hours cut from work and couldnt pay my bills :(. I felt like it was my only option.

I tryed the Discover thing, It said they "recommended the More card". I want to wait until the DMP isnt reporting anymore before I apply.

it's ok we all have life obstacles.

in that case i would wate a little longer until your scores go up a little higher.

just wondering is the dmp for the au boa or just the 1500 account? honestly i know what a dmp is but dont exactly know how it works.

Re: Now or later? Advice greatly appreciated

alexak — Tue, 09 Oct 2012 18:35:29 GMT

creditnocash wrote:

it's ok we all have life obstacles.

in that case i would wate a little longer until your scores go up a little higher.
just wondering is the dmp for the au boa or just the 1500 account? honestly i know what a dmp is but dont exactly know how it works.

Its A Debt Management Program, and it is for the $1500 account. The $19,000 acct for which I am an AU on is in good standing, never late. The program combined my two accounts that I fell behind on and negotiated a lower APR for me as long as i followed the payment plan through the DMP.

Re: Now or later? Advice greatly appreciated

shakalaka — Tue, 09 Oct 2012 18:37:11 GMT

creditnocash wrote:
shakalaka wrote:
I do not know about the other cards, but have you tried the pre app from Discover. If you have a pre app, I guess you are good to go.
getting a pre approval does not mean acceptance.

@op why close the boa card?

I know, but lately most of the members with a pre app from Discover did get an approval. Of course YMMV as always.

Re: Now or later? Advice greatly appreciated

alexak — Tue, 09 Oct 2012 18:39:31 GMT

shakalaka wrote:
creditnocash wrote:
shakalaka wrote:
I do not know about the other cards, but have you tried the pre app from Discover. If you have a pre app, I guess you are good to go.
getting a pre approval does not mean acceptance.

@op why close the boa card?

I know, but lately most of the members with a pre app from Discover did get an approval. Of course YMMV as always.

Ive been seeing people getting approved for the More card with BKs reporting. I dont know how that is compared to an account reporting as in DMP as far as baddies are looked at.

Re: Now or later? Advice greatly appreciated

maiden_girl — Tue, 09 Oct 2012 18:42:33 GMT

I say wait for your accounts to age. They are relatively young and you have low limits. The start limit cut for Chase is $500 and you really don't want to start off Chase at $500 b/c it takes ages to get an increase and if you request one, it'll be a HP even if you're already a customer. I'd wait at least until you've cleared your credit some so you will have better approval chances and better credit lines. Try the Discover preapproval section to see if you may qualify for anything with them :) Discover is friendly.

Re: Now or later? Advice greatly appreciated

nicholasyud — Tue, 09 Oct 2012 18:57:32 GMT

Yeah i agree.......or would get like a Walmart card but really they won't give you like 1000 limit.......I think yu should let your account age for about 1 year then apps for some better card......I mean anything you apps right now would be like 500 700 or even denied And it's not worth it ..........let wait about a year then your change getting approved and high limit would be better..........

Re: Now or later? Advice greatly appreciated

alexak — Tue, 09 Oct 2012 21:34:09 GMT

Ok I'll hold off on Chase for a while. And I definitely am going to wait until my reports update after I "graduate" from the program. Does the limit on the card I am an AU on help with getting a better limit than $500?

Any idea about the Barclay Virgin America card? when I do have to fly I prefer them.

Re: Now or later? Advice greatly appreciated

alexak — Tue, 09 Oct 2012 23:32:00 GMT

ok, so I brainstormed. Planning on holding off any applications until Feb 2013. By then my accounts will have aged a bit more, I will have been out of the DMP for a couple months, and i'll have a few inquiries drop off, leaving me with 3 on TU and 3 on EQ.

Again. Thank you guys so much for all of the incredibly useful information (and keeping me from apping!!) :)