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I have been contemplating as to whether or not I should pull the trigger on Chase Sapphire Preferred and Amex Blue Cash Preferred cards since my credit is far from perfect. Today I decided to pull the trigger and app anyways. Here is a little history run down:
Bank CC - $6000 (was $4k til 2 months ago) 1% util
WF Auto Loan $7700 balance on-time
Student Loans $40k on-time
Negatives: Les Schwab Collection from 2007
1FBUSA: Default Settled for less than full defaulted 2007 paid in 2010
CapOne: Default paid in full defaulted in 2007 paid in 2010
Verizon shows as collection, but was Verizon's fault when changing a phone # in 2007 (long story) - Paid in full 2010
Macy's - couple 30 day lates and a 60 day late - closed at my request in 2008
MyFico info:
EQ 695 before app'ing (I question this accuracy)
Util 1%
Income $70k
Time in job 3 years
AAoA 5 years
The Meat and Potatoes:
App'd for CSP first, instant approval $5k limit and left quite shocked that I was instantly approved. Next, I app'd for BCP and received the this app is pending further review message. Searched around for the online verification link, punched in my infor and APPROVED. I'm ecstatic about my approvals. From here I recon'd my chase app for CLI and it came up pending, got transferred over to a credit specialist and after being on hold for about 5 min got cli to $7500 which was my requested amount. I called in to find out my credit limit on the BCP and was informed it was approved with $2500 and I can cli it after 61 days, which I will do down the road. All in all, I'm ecstatic, but I can't believe I achieved this with a 695 score. Anybody care to chime in on this with their thoughts?
That's great news!!! Congrats! I just did a PC to the AMEX BCP...nicer cash back!
While you're waiting for the 61 days to pass...(I'd personally give it a few extra) Read the 3X CLI guide!!
Both of those are in my sights great job and very nice cards BRAVO
+1
First off, thank you all for the support, I'm super excited to be on track repairing the credit damage I did a few years back, I was young and working odd jobs that were never steady reliable sources of income. I've since wrapped up my bachelor's and have a solid job with decent income. The factors I feel I had going for me before pulling the trigger include:
I also read somewhere on here its better to just app and know than sit there wondering. Since I had no recent inquiries I figured what the heck, I wasn't going to app for the BCP b/c of what I've read about AMEX being picky with people who have had rough patches in their credit history, especially a collection and multiple CC defaults, but after I got approved for the CSP I decided to go for it. This is a huge confidence booster and I will continue work towards that 750 mark across the board on my credit score.
Again I appreciate all the people/info on this board, and to answer the question about new accounts, my most recent account is my 16 month old auto loan and that is also my most recent inquiry until today. Its a 60 month loan and should have it paid off around the 24 month mark.