Hello all! 
)
I am generally a lurker here but I am beginning my credit portfolio and need some advice on applying for my first credit cards on my own.
Here is a breakdown of my current profile:
23 y/o and graduated college last May; salary is currently $35k
Authorized user on Best Buy CC since 2009 with a $1905 limit
Student loans -$32,000; No late payments since I started paying on them in December. I paid a lump sum of $45,300 in loans at the close of November
FICO shows my scores as EQ 666 TU 691 and EXP 677 overall. Bankcard versions are EQ 643 TU 655 EXP 628 -- Which worries me a lot because I don't understand the discrepancy.
No other debts (I do not even pay my own rent- yay for extremely generous parents) or derogatory remarks to report.
Questions:
I was thinking of maybe opening two or three CC accounts that I would continue to pay off in full at the end of the month, the same way my mother and I treat our BBY card. I may be reaching a bit but I've been eyeing the AMEX Blue Cash Preferred (for groceries and gas, my largest monthly expense), the Chase Sapphire Preferred (I travel a great deal for work and will likely be traveling more because I have started a small business), and a Nordstroms VISA. What are my chances with any/all of these three?
I checked the prequals for AMEX and Chase- right now I see the AMEX green card and Chase Freedom.
@Anonymous wrote:Hello all!
I am generally a lurker here but I am beginning my credit portfolio and need some advice on applying for my first credit cards on my own.
Here is a breakdown of my current profile:
23 y/o and graduated college last May; salary is currently $35k
Authorized user on Best Buy CC since 2009 with a $1905 limit
Student loans -$32,000; No late payments since I started paying on them in December. I paid a lump sum of $45,300 in loans at the close of November
FICO shows my scores as EQ 666 TU 691 and EXP 677 overall. Bankcard versions are EQ 643 TU 655 EXP 628 -- Which worries me a lot because I don't understand the discrepancy.
No other debts (I do not even pay my own rent- yay for extremely generous parents) or derogatory remarks to report.
Questions:
I was thinking of maybe opening two or three CC accounts that I would continue to pay off in full at the end of the month, the same way my mother and I treat our BBY card. I may be reaching a bit but I've been eyeing the AMEX Blue Cash Preferred (for groceries and gas, my largest monthly expense), the Chase Sapphire Preferred (I travel a great deal for work and will likely be traveling more because I have started a small business), and a Nordstroms VISA. What are my chances with any/all of these three?
I checked the prequals for AMEX and Chase- right now I see the AMEX green card and Chase Freedom.
From this site, Chase is pretty solid with the prequal site. Although it seems that more frequently, at least recently, there have been a lot of verifications that are asked for by them prior to approval. CSP could be a reach. If I understand what I have read, the Nordstrom Visa is only gotten by applying in store (although I could be wrong).
Have you checked Cap 1 prequal? They have been giving out crazy SL on their Venture card. Not a travel card in the true sense of the word but those limits have been crazy. No real experience with Amex's pre-qual site, although I will say that DW had scores similar to yours and got an ED card at 1k and Delta Gold at 5k within days of each other. I think that Nordstrom is Cap 1 too if I am not mistaken.
I would say Freedom should be good to go for you, you can try CSP, but dunno about that. Sallie Mae might be a good option, with the $250 per month on groceries and gas.
Good luck with whatever you decide. I hope I gave some insight and didn't confuse you more LOL.
@Anonymous wrote:Hello all!
I am generally a lurker here but I am beginning my credit portfolio and need some advice on applying for my first credit cards on my own.
Here is a breakdown of my current profile:
23 y/o and graduated college last May; salary is currently $35k
Authorized user on Best Buy CC since 2009 with a $1905 limit
Student loans -$32,000; No late payments since I started paying on them in December. I paid a lump sum of $45,300 in loans at the close of November
FICO shows my scores as EQ 666 TU 691 and EXP 677 overall. Bankcard versions are EQ 643 TU 655 EXP 628 -- Which worries me a lot because I don't understand the discrepancy.
No other debts (I do not even pay my own rent- yay for extremely generous parents) or derogatory remarks to report.
Questions:
I was thinking of maybe opening two or three CC accounts that I would continue to pay off in full at the end of the month, the same way my mother and I treat our BBY card. I may be reaching a bit but I've been eyeing the AMEX Blue Cash Preferred (for groceries and gas, my largest monthly expense), the Chase Sapphire Preferred (I travel a great deal for work and will likely be traveling more because I have started a small business), and a Nordstroms VISA. What are my chances with any/all of these three?
I checked the prequals for AMEX and Chase- right now I see the AMEX green card and Chase Freedom.
Welcome to the forums.
On the CSP-that might be a reach right now with your scores and limited credit card experience. My suggestion would be to apply for the Freedom and use that for 3 months before trying for the CSP.
AMEX - pretty much same thing, that might be a reach right now. With the preapproval for the green, take a look at the Gold PRG. It might be better for you and has some nice benefits and reward programs and the travel benefits will be expanded on June 1. All of the Amex charge cards have the same underwriting criteria. If you get approved for a charge card then go ahead and apply for the BCP. Most of the time they will use the same HP for both cards.
Nordstrom - I'm not familiar with the Visa but you can check credit pulls database (google it as we can't link to the site here) to check on the scores needed for that card
@Anonymous wrote:Hello all!
I am generally a lurker here but I am beginning my credit portfolio and need some advice on applying for my first credit cards on my own.
Here is a breakdown of my current profile:
23 y/o and graduated college last May; salary is currently $35k
Authorized user on Best Buy CC since 2009 with a $1905 limit
Student loans -$32,000; No late payments since I started paying on them in December. I paid a lump sum of $45,300 in loans at the close of November
FICO shows my scores as EQ 666 TU 691 and EXP 677 overall. Bankcard versions are EQ 643 TU 655 EXP 628 -- Which worries me a lot because I don't understand the discrepancy.
No other debts (I do not even pay my own rent- yay for extremely generous parents) or derogatory remarks to report.
Questions:
I was thinking of maybe opening two or three CC accounts that I would continue to pay off in full at the end of the month, the same way my mother and I treat our BBY card. I may be reaching a bit but I've been eyeing the AMEX Blue Cash Preferred (for groceries and gas, my largest monthly expense), the Chase Sapphire Preferred (I travel a great deal for work and will likely be traveling more because I have started a small business), and a Nordstroms VISA. What are my chances with any/all of these three?
I checked the prequals for AMEX and Chase- right now I see the AMEX green card and Chase Freedom.
Don't worry about the discrepancies in your scores- each CRA uses a different scoring method, and multiple ones at that.
Honestly, with your scores, you might want to treat your wishlist as aspirational cards. There are lower tier cards available that will get you in with the lender, then you can app for the desired card.
For Chase, I would recommend the Freedom card for you. If they're not pushing the CSP for you, you probably won't be approved outright for it. Chase pre-quals are pretty much golden. Once you've got an established history with the Freedom (Chase likes to see a few months), you can app for the CSP. Freedom has 5% cashback on gas coming up this summer.
Another poster directed you towards the Amex PRG since you had the green card preapproval. Personally I think that might be overkill for you. Can you justify enough spending with your income to overcome that almost $200 annual fee? People seem to foget that not eveyone on these boards makes 50+k a year.
What does Capital One's prequalifer have for you? The Quicksilver (not the Quicksilver One) is one of the best non-category cashback cards out there, with no annual fee.
Check Citi's prequalifer, see if they have the Double-Cash showing for you.