Advice moving forward from here

[espnjunkie]

I opened up my Cap One (750.00 limit) card in August 2011, opened up my Amex green card in February 2012. My Amex internal limit has jumped from 2,000.00 to over 10,000.00 on the green card so far. Is that enough history? I have a 900.00 balance on the green card right now, but I'm in the middle of my statement month so nothing is due yet.

What's the worst the could happen? I get denied and it's only a soft pull right? And that wouldn't impact my green card standing in any way would it?

[Cdnewmanpac]

If you want the BCP, just start there. I've followed these (and other) forums pretty closely and it appears underwriting requirements about the same. Do some quick math: looking at your monthly spending on Green, would you have generated enough cash back to justify the higher fee (for bcp vs bce)?

I would at least think about Chase Freedom (really liberal approvals lately, I think the rotating categories are roughly equivalent to Discover, but non-rotating points are much better) and/or one of the Citi cards (long zero intro apr, generous with credit limits). Sure, you might get a lower initial CL from Chase, but the Freedom seems to work best with everyday spending, so overall limit (unless it is triple digits) should not be a huge deal.

Either way, I think now would be a great time to add a prime Visa or MC, ideally one with a reward structure that matches your spending habits.

[FrugalRican]

Nope. Not at all.

It's a SP if denied and if you try to recon (if denial DOES happen) you can just explain that you really want a revolver to put more expenses through.

If I were you, I'd app for the BCE after you pay the balance on that Green card. They don't like to see too much utilization for the revolvers.

They MIGHT cite "thin file" with not enough history, but as stated before, you get the benefit of it only costing you a SP.

[emptypockets]

---

@espnjunkie wrote:

What's the worst the could happen?

---

 LOL. Most of the trouble I get in starts with this question....

Anyway, I think BCP or BCE are your best bets. You are already in with AMEX, and have a 700 score. Even with a low limit, you can CLI in 61 days to 3x the limit. Chase will probably approve you, but since you don't have high limits on cards now, will likely give you a low (500-1500) limit, that will require a HP to increase.

You could also probably get a Discover. I think your limit would likely be 1-2k at the most to start, as they are conservative.

[espnjunkie]

I figure it's probably best to wait until right after I pay off my Green card balance for the month. I did apply for the Citi Forward card back in February the same day I applied for Amex green. Amex approved me for NPSL Green, but Citi denied me for having only one revolving account open at the time. Now that I have two credit cards I figure that problem is solved, as well as any amex product being considered a prime card.

I suppose I could try for Citi again since it has been five months since I got denied...

Discover is not widely accepted enough to be all that useful to me. It has about the same coverage as Amex, and I'd prefer to use Amex if possible to get the MR points for now. That being said I would like a prime revolver at some point so I can start qualifying for super prime revolvers in the future and be getting the most rewards possible for my spending.

[GeneralCucumbre]

---

espnjunkie wrote: 

Which cards should I be looking at?

---

Considering you already have an American Express, I would not go for one of their other cards.  Personally, I would look at Citi...they are a good prime lender and they have a really nice selection of different cards to choose from and IF you keep your account in GOOD STANDING (use it and pay on it), you can get a CLI (soft inquiry) every 6 months.  They are pretty good about giving decent initial credit lines.

My Citi Dividend World MasterCard (originally a Visa) was opened in April 2011 with a $4,000 credit line, 6 months later they increased my credit limit to $5,000 and when I hit my one year anniversary, they bumped my limit up to $7,000 and upgraded my account to a higher tiered card (the World MasterCard).  

[espnjunkie]

I'm in this awkward limbo stage of being prime by having amex green, but also not because I don't have a prime revolver and only nearly one year of credit history. I understand credit pretty well I believe, but I do appreciate the feedback I am getting from those who have been in this situation before.

[emptypockets]

It is a matter of picking the card that suits your needs that you are most likely to get approved for. Your Cap One is likely to not grow  much (Is it a credit steps card?). If you are looking for a Visa or MC, then a Citi Forward or Freedom are likely the way to go. I suggested AMEX because since you are already a customer, they may not have the issue with a 'thin' file that other creditors may have, since they are able to look at your payment history with them.

You really have nothing to lose by applying for the AMEX, because as you said it is only a HP if approved. If denied, you just get a letter. Then you will know where you stand, and what you want to do next.

[espnjunkie]

Very true. BCE would suit my needs for now, and I'm sure it can be upgraded in the future if necessary. Should I wait until I pay off my green card balance once they ask me to pay, or just apply now?

[emptypockets]

I would probably pay it down first. You shouldn't have to wait for the statement date to pay, if the charges are posted on the account you can pay anytime you want. That's what I do to keep balances reporting zero.