Is now a good time to apply for a card?

[Anonymous]

I'm thinking of applying for an Ulta Rewards Credit Card. I'd prefer the MasterCard one but I'd be happy with the store card. Right now I have a Discover card that I've had since July 2012. The limit was $1300 and I requested an increase earlier this year but got turned down. Out of the blue in September I got a credit increase and my available credit is $2600. I have student loans but other than those I have no other cards. I used to have quite a few cards but because I was young and stupid, I overspent and went into debt and had a few cards go into collections. All of my collections are paid off now, the last one was paid off in February. Only 2 collections show up on my credit report. As of today, Credit Karma reports my TransUnion score at 730 and my Equifax at 747. My utilization is at 9%, I have no hard inquiries because I have not applied for a credit card since 2012/2013. I looked at the Discover scorecard as well as the Experian app and it said my Experian based FICO score is 645. All the other free credit score services said my score was 730. 

Am I in a good place now to apply for a new credit card? I just don't want to apply for one and have a hard inquiry on my report but not get approved for anything.

[Anonymous]

I wouldn't go based on credit karma because they use that vantage 3.0 and not many lenders use that. With two collections and a shorter history (based on what you said) I would be hard pressed to believe you have any FICO scores much above 700
Having no inquiries is good however idk much about that card. I wouldn't be surprised if you can be approved for mid-grade card options, though.

[pc01user]

They are a Comenity Bank card who pull from Equifax. If that score is good, you may

be approved for a limit as low as $300. You might want to garden a little longer so your

scores can rise more.

[Anonymous]

Ulta is a Comenity-issued store card, with a Mastercard upgrade option.  I can tell you based on that Experian Fico you'll get the store card version so I have to ask you - how often do you shop at Ulta?  Unless the answer is more than twice a month, I would steer clear and look at a more general use card

Have you considered Capital One?  They can pre-qualify you without a hard pull, so you'll know you're good before you push the button

Capital One Pre-Qualifier

Whatever you do, I wish you the best of luck!

[Anonymous]

I shop at Ulta at least once a week so the rewards points would benefit me. A lot of products I use I buy there so I will always go back to restock but I'm not spending as much as I used to when I was builing up my makeup collection. 

I went to the Capital One website and used the tool to find out the best offers for me and it came back recommending the Platinum card but saying I might also like the QuicksilverOne Rewards. The Quicksilver looks best despite the $39 annual fee but I don't know if it offered the Platinum first because I said I didn't know what kind of card I wanted (low interest, rewards, etc.) or because they're telling me Platinum is my best shot but I might have a smaller shot at the Quicksilver.

[Anonymous]

Did it have set APR on the platinum or a range?

[Anonymous]

Platinum said 24.99% variable APR

Quicksilver said 0% intro APR for 9 months; 23.24% variable APR after that

[Pway]

If this is a card you really want, I say go for it.  You and only you know your spending categories.  It seems as you shop there a lot, so in your case it would be beneficial to have this card.  

I was approved for this card when it first rolled out.  I had high util at the time.  

Also, pull your true fico scores, from either this site or credit check total.  

[Anonymous]

If you are pre-qualified for a card, it will appear at the top of the results, specifically say pre-qualified, and give a specific APR

IF it did that, then I would get the platinum and then follow these steps:

1. As soon as you activate the card, begin using it as your debit card - push as much spend as you possibly can through it (that you can pay off immediately), making multiple payments in a billing cycle if you have to

2. BEFORE the end of your billing cycle, pay down the card to under 9% of the limit and make sure it stays that way until your statement cuts.

Repeat the above for 2 full billing cycles (or 60 days from the date of actiuvation, whichever is later), then do the following

3. Stop using the card, and pay off all but $10. 

4. Make sure the balance shows as $10 exactly and there are no pending transactions, then request a credit line increase via the website.

Assuming you've followed these steps exactly, you will have just gotten a decent CLI (mine was 125% of starting limit )

5. - get on chat with a representative and request a product change from Platinum to Quicksilver

6. go back to repeating steps 1-3 and enjoy 1.5% cash back and a rapidly improving credit score