Advice for Preparing for first App Spree

Anonymous · ‎03-22-2015

Hey guys, so I'm new to the forum, first post.
I've been reading a lot on these forums to improve my credit score within the last 3 months. So, thank you guys! I'm looking forward to give my input in other forums as well.

3 months ago, I was maxed out on my
Cc's : Capital One platinum (mc): 2250 Wells Fargo 1500 (visa) and Capital One Quicksilver (MC)

Tu: 629
Eq: 628
Fico: unknown

Last month the following reported, totaling at 59% utilization:

TU: 666
Equifax: 669
Fico:625
I ended up doing research, and even though my odds for the Chase Southwest Rapid Rewards program card said poor on credit karma, I applied anyway and was approved for 2500. So that's a Visa Premier card.

Im waiting for my scores to report next week, with an overall utilization of somewhere between 28-31%.

So my question to you guys is, assuming I get scores of around 680-690 in my TU and EQ, which credit cards do you guys recommend, with your experience. Please let me know your score if you applied for the cards as well.

Thanks!!

Anonymous · ‎03-23-2015

I got all my cards when I was somewhere around the high 600s. BCE, citi dividend (now double cash), discover it, cap1 platinum (now QS), chase freedom. I would try for the double cash and the discover. I had a history with Amex as an AU so YMMV on that.

Anonymous · ‎03-23-2015

I would say AmEx Blue Cash Everday would be good for you. Maybe consider Barclays US Airways for the signup bonus before it expires in a week or two. Discover is also a great suggestion.

I actually don't advise you to apply for Freedom or Double Cash...yet. Double Cash is a notoriously difficult card to get, with low limits even for people with scores in the mid to upper 700s. I can see you being denied for that card at this point. Freedom may not be a good idea either. chase, for whatever reason, seems to get spooked by new accounts quite easily. If you got approved, you're looking at likely having to shift some of the limit from your Southwest card.

with your scores, I would almost recommend you dob't app spree and garden them to at least 700 before doing anything.

takeshi74 · ‎03-23-2015

@Anonymous wrote:
So my question to you guys is, assuming I get scores of around 680-690 in my TU and EQ, which credit cards do you guys recommend, with your experience. Please let me know your score if you applied for the cards as well.

Selecting cards is always a matter of finding cards the suit the individual. If you want recommendations you need to specifiyc what you're looking for. If you're after rewards then you should be running the numbers on your spend to determine where you'd stand to benefit the most from rewards.

If you want the best possible odds then get your utilization as low as possible with as few balances reporting as possible. 30% is the suggest max. It is far from ideal which is typically 10% or less.