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6 month and 1 year strategy

Frequent Contributor

6 month and 1 year strategy

In 6 months, I won't have any apps for credit out (I'm in the garden) and that puts me at April 2013.

 

In that month, I plan to CLI increase with:

 

Discover

BCE

 

I also plan to app for a Citi Dividend Visa.  I'm guessing I should be in the low 700's (700-735) by then.

 

One year out (November 2013), however, I'll have 12 hard pulls showing for a year, not including the CLI's and Citi app, which would put me at 15 (assuming the CLI's are hard pulls).

 

IF, and ONLY IF, my scores are in the mid 700's (736-765), I'll app for the following:

 

Chase Sapphire Preferred

Citi Preferred Diamond

AMEX BCP via product change

 

If not, I'll wait until November 2014.

 

Thoughts?

 

 

 

My Wallet:
AMEX Platinum | Discover It $20.3k | Chase Sapphire Reserved $16k | Chase United $12k | AMEX SimplyCash Plus Business $11.6k | AMEX Schwab $9k | AMEX BCEP $8.2k | Citi Costco Anywhere Visa $8k | Chase Amazon Visa $8k | Chase Sapphire Preferred $7k | Chase Freedom $5k | Citi Simplicity $5k | Paypal Extras Platinum $5k | Wells Fargo $5k | Citi Best Buy $4.2k | Citi Visa Signature $3k | Care Credit $3k
Message 1 of 8
7 REPLIES
Established Contributor

Re: 6 month and 1 year strategy

Dividend Visa is decent right now because it has a $150 signup bonus v.s. the $100 signup bonus currently on Chase Freedom (these cards are basically the same w/ 5% rotating categories & 1% on the rest). However Citi is going to be more strigent than Chase with approvals although you have a much better chance of not getting stuck with a $500 limit. Citi is uber-generous with initial CL's.

AMEX SPG $30K | Citi TY Premier $20k | PenFed PlatRewards $25k | Barclay Arrival+ 40k | Chase Freedom $20k | BofA AMEX $15k | Discover IT $20k | | NASA Platinum-Advantage $20k | CapOne Quicksilver $15k | Amazon Card $10k |

My Journey from Sub-600s:
Message 2 of 8
Valued Contributor

Re: 6 month and 1 year strategy

  1. Sound good

Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Message 3 of 8
Frequent Contributor

Re: 6 month and 1 year strategy

Should I wait longer, to the 1 year mark, for my inq's to clear up?  Is Citi inq friendly?

My Wallet:
AMEX Platinum | Discover It $20.3k | Chase Sapphire Reserved $16k | Chase United $12k | AMEX SimplyCash Plus Business $11.6k | AMEX Schwab $9k | AMEX BCEP $8.2k | Citi Costco Anywhere Visa $8k | Chase Amazon Visa $8k | Chase Sapphire Preferred $7k | Chase Freedom $5k | Citi Simplicity $5k | Paypal Extras Platinum $5k | Wells Fargo $5k | Citi Best Buy $4.2k | Citi Visa Signature $3k | Care Credit $3k
Message 4 of 8
Moderator Emeritus

Re: 6 month and 1 year strategy

Inquiries stay on your CR for 2 years, however they only count against your scores for 1 year.   I would sit in the garden for a bit and let those things slide right off your report.

 

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 5 of 8
Frequent Contributor

Re: 6 month and 1 year strategy

Do you mean the full 2 years or the 1 year in which it counts against my FICO?


Shogun wrote:

Inquiries stay on your CR for 2 years, however they only count against your scores for 1 year.   I would sit in the garden for a bit and let those things slide right off your report.

 


 

My Wallet:
AMEX Platinum | Discover It $20.3k | Chase Sapphire Reserved $16k | Chase United $12k | AMEX SimplyCash Plus Business $11.6k | AMEX Schwab $9k | AMEX BCEP $8.2k | Citi Costco Anywhere Visa $8k | Chase Amazon Visa $8k | Chase Sapphire Preferred $7k | Chase Freedom $5k | Citi Simplicity $5k | Paypal Extras Platinum $5k | Wells Fargo $5k | Citi Best Buy $4.2k | Citi Visa Signature $3k | Care Credit $3k
Message 6 of 8
Moderator Emeritus

Re: 6 month and 1 year strategy

I'd garden for at least a year.  Also some say it's good to app in a spree.  That way they all age out at once and doesn't just drip off your report.

 

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 7 of 8
Established Contributor

Re: 6 month and 1 year strategy

Citi is inquiry sensitive. Otherwise I would've apped for one of their cards.

AMEX SPG $30K | Citi TY Premier $20k | PenFed PlatRewards $25k | Barclay Arrival+ 40k | Chase Freedom $20k | BofA AMEX $15k | Discover IT $20k | | NASA Platinum-Advantage $20k | CapOne Quicksilver $15k | Amazon Card $10k |

My Journey from Sub-600s:
Message 8 of 8