07-13-2012 01:05 PM
This is my first post on this forum, and my first words will be to thank this community, that has proven itself to be an incredible source of knowledge and support. Thank you.
Here’s my (pretty short) journey into the land of US credit:
1. Oct 2011: arrival in the US for a 2-year work assignment.
2. Oct 2011: I opened a checking and multiple savings accounts at my local BofA branch.
3. Dec 2011: I applied for a Capital One Travel Rewards card. Instant denial.
4. Jan 2012: I applied for a BofA Cash Rewards. Denial, but pre-selection for its half-secured version (aka, the 99/500 card). Card started reporting on Jan 23.
5. From Feb 2012 onwards: I am making as much use as possible of the card to get rewards. Balance reported was originally in the 1-9% range, but is now down to less than 5%. Always paid in full, with extra payments throughout the month since the $500 limit does not get me very far.
6. Jul 2012: I applied for a Discover More card (again, thanks to the community – I would never have dared doing this without it). Approved, with a $4,500 limit, which was terrific. I have just received the confirmation letter, which mentions an EQ FICO at… 750.
1. I am shocked (yet not complaining!) by this FICO score, to the point that I thought for a second this was a FAKO. I was expecting a 715-720 FICO score after a year, but not 750 after 6 months only. Can this be true?
2. Is it a good idea to get in touch with BofA and see if I could graduate my 99/500 card to an unsecured card after only 9 months, i.e., in Nov 2012? Some discussion threads mention this can happen, while some other threads mention one has to wait for its 1-year birthday. I have a BofA Advantage Checking account as well as some decent savings with them. The unsecured Discover card with its large limit would also be a good argument to build my case.
3. I want one last card in my wallet: the AMEX BCE. What do you guys think? Is it realistic to apply for it right now, with such a thin file? Or should I wait for the 2 fully unsecured credit cards to report? I have 3 HPs on the EX report (possibly 4 if Discover pulled it), 2 HPs on my EQ report (possibly 3 if Discover pulled it) and 2 HP on my TU report (possibly 3 if Discover pulled it). No baddies. Income in the high 5-figures. Less than 5% util rate.
Note that I do not *need* the BCE at all. I just want it – and I want to establish a relationship with AMEX
Thank you all.
07-13-2012 01:20 PM
That's good progress...congrats on the Discover approval!
07-13-2012 01:50 PM
07-13-2012 02:01 PM
I would wait until the end of the year and apply for the Zync card, from what I've seen from users here, it seems to be easier to get than their revolvers.
07-13-2012 02:28 PM
You have a small but perfect credit file. Thats why you got the high score. As for your next move with bofa go for it they can only say no. Personally I would wait for the year mark.
07-20-2012 12:34 PM
07-20-2012 12:44 PM
Congrats on the Discover More card! if ur absolutely set on the BCE like everyone has said wait till the end of the year, it wouldnt hurt to app for the zync.. Amex pulls exp... but I would app anyway and if denied use the backdoor number also provided on this site ive become an app addict though so possibly wait a lil longer for some input
08-01-2012 08:56 AM
Hello again, y’all
I've done something crazy this morning: as I was checking my EX credit report, I noticed the brand new Discover More card had not been reported yet, meaning my AAoA was still 6 months. So I've decided to give a go at the Zync card, just for fun… and I got instantly approved! I'm so happy!!!
The best thing about this is that it solves all the issues I had earlier: (1) it gives me 3 lines of credit with reputable lenders, which I believe is the sweet spot in terms of FICO score; (2) I can now wait peacefully until my BofA 99/500 graduates in Jan 2013, there's no rush anymore to get this one reporting as 'unsecured'… and best of all (3) I can app for the card I really wanted, the BCE/BCP after 6 months with the Zync.
My AAoA should be down to 2 months now, but this is actually more funny than anything else
Thanks to each of you again for the support. There's no way on Earth I'd have dared doing any of this without the support of this community!
08-01-2012 01:38 PM
Wow, that is great news! Congratulations! I will also be apping for the More and and AMEX charge card after I hit my 6 month point this fall, so hearing your good news gives me hope
Very impressed by the $4,500 CL from Discover....wowzers!
08-04-2012 10:17 PM
I have also got discover with 8 month history, in same month got old navy card with 2000CL. Next planning is to apply for BoA travel card.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.