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Advice moving forward from here

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FrugalRican
Blogger

Re: Advice moving forward from here

I would pay it down first.

 

 

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Message 21 of 44
espnjunkie
Established Contributor

Re: Advice moving forward from here

So my 'timeline' will look something like this:

 

Pay down amex green balance once they ask me to pay. Cap One is used a few times a month and always paid in full before statement cuts.

 

Apply for BCE, hopefully approved

 

Garden, ask for 3X cli after 61 days?

 

Garden...should have no problem getting whatever prime card I want after that

 

this is logical right? haha

“The real measure of your wealth is how much you’d be worth if you lost all your money.” ~Unknown
Citi Prestige World Elite Mastercard ($35,000.00), Merrill+ Visa Signature ($25,000.00), Amex BCP ($29,700.00), Amex Green (NPSL), Capital One Quicksilver World Mastercard ($10,000.00), Chase Ink Business Bold (NPSL)
TU-778 (12/03/2014))
EX (Plus) - 777 (10/21/2013)
EQ - 735 (April 2013)
Message 22 of 44
FrugalRican
Blogger

Re: Advice moving forward from here

Sounds about right, except for the "have no problem getting...".

 

The presence of AMEX gives you a stronger case, and I know you used the word "should" but a CC company could still cite "thin file".

To that, you can just shrug and laugh it off because you'd have two AMEX's.

 

 

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Message 23 of 44
espnjunkie
Established Contributor

Re: Advice moving forward from here

Quite so. Credit can be pretty funny at times. Approvals can be way moe random than expected, and easy approvals can be enials and what was thought to be out of reach can be quickly approved.

 

I know that lenders don't see things this way, but a short history if it is clean should be cut some slack. You don't have to give a huge limit or anything right away, but an outright denial like Citi gave me put me off applying for them again.

 

Amex does seem to be the way to go in terms of credit. I wish it were more widely accepted, but I don't think it's a coincidence that 'nicer' stores and restaurants ALL accept amex.

“The real measure of your wealth is how much you’d be worth if you lost all your money.” ~Unknown
Citi Prestige World Elite Mastercard ($35,000.00), Merrill+ Visa Signature ($25,000.00), Amex BCP ($29,700.00), Amex Green (NPSL), Capital One Quicksilver World Mastercard ($10,000.00), Chase Ink Business Bold (NPSL)
TU-778 (12/03/2014))
EX (Plus) - 777 (10/21/2013)
EQ - 735 (April 2013)
Message 24 of 44
jamesdwi
Valued Contributor

Re: Advice moving forward from here


@espnjunkie wrote:

I am about to reach one year of credit history in August with my Capital One Newcomers card. I opened up an Amex Green card in February that is my go to card. These are my only two lines of personal credit. Everything is always paid off in full and on time. Last I check a few months ago my scores were in the 740's, but am not too sure what they are now. I am interested in adding a prime credit card that will grow with me. I am content using my green card for everyday spending and using the cap one for whenever a place doesn't accept amex, but adding another card to the mix couldn't hurt.

 

Questions: Are two cards enough for me to be getting approvals for 'prime' cards with a year of history?

 

Which cards should I be looking at?

 

Any help is appreciated


With such a short credit history, AMEX revolver is the way to go for long term planning, it may not make the most sense today, but when AMEX revolver starts showing up on your report, Other companies will take notice I bet more than a few banks get a list of people that have AMEX credit cards on there reports so they can offer deals to them. If you decided to wait till january, backdating would really help currently it adds nothing since it wouldn't change the card open date because you openned it in the same year as your first AMEX card. AMEX is also the only company that can really see your spending habbits the CapOne card with 750 doesn't exactly scream big spender, and depending on how and when you pay your Green bill it could show up with a zero high balance, where AMEX see's you spending up to 10k a month, and doesn't have to guess that you are good for it. 

 

If you got another prime card its doubtfull that it will have a high CL given they will base the CL on what is currently in your wallet, a 750 limit. If you got lucky you may get a $1500 CL.  WIth an AMEX revolver on your report and perhaps a 3x CLI after 61 days, Another prime card may give you a 5-10k limit in a few months. 

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 25 of 44
espnjunkie
Established Contributor

Re: Advice moving forward from here

That's really sound advice I believe. I don't really want to waste an application on a discover more/chase freedom only to be given a 1000 limit that won't budge for ages because all they can see is the cap one at 750.00 limit. I put all of my spending through the green card, at least 1,000.00 per month. The highest monthly balance I have paid off is around 5,000.00 on the green card. It is very true that only Amex can see that payment history though and know I am good for it.

 

I expect nothing from Capital One, although they did provide the initial approval that got me started. I figure I will pay off the balance on my green card this month once it asks me to pay, and then apply for the BCE card. The history with them is pretty short, but has been perfect. A denial would just be soft pull so I could reapply a few months down the line risk free. If I get approved then ask for the 3X cli after two months.

 

That seems like a better plan than than going for other lenders. Plus with an amex revolver on my credit reports I could be approved easier from other lenders in the future.

 

Now just hav to resist the urge to apply right now haha.

“The real measure of your wealth is how much you’d be worth if you lost all your money.” ~Unknown
Citi Prestige World Elite Mastercard ($35,000.00), Merrill+ Visa Signature ($25,000.00), Amex BCP ($29,700.00), Amex Green (NPSL), Capital One Quicksilver World Mastercard ($10,000.00), Chase Ink Business Bold (NPSL)
TU-778 (12/03/2014))
EX (Plus) - 777 (10/21/2013)
EQ - 735 (April 2013)
Message 26 of 44
Revelate
Moderator Emeritus

Re: Advice moving forward from here

Um, don't charge cards report high balance still?  Underwriters can see that absolutely and make a determination off that.

 

I wouldn't put too much stock in people's comments about Freedom CL's lately, bunch of approvals in the last two weeks are getting 3K+ CL's when they only had 1-1.2K max previously.

 




        
Message 27 of 44
Open123
Super Contributor

Re: Advice moving forward from here


@FrugalRican wrote:

I'd wait on the Chase.

 

They'll try to match whatever CL's you have now.

I generally recommend getting an AMEX revolver first, waiting 61 days, 3x CLI, then apply for Chase.

Seems to work out better that way than going for Chase first. They are stingy with CLI's and opening CL's.

 

If you're FICOs are in the 700's and you already have your foot in with the Green, why not try for the BCE already?

At worst, it's a SP for a denial.


Since you already have a non Amex card, I'd go with the above, unless you're in a hurry to take advantage of some sign up bonuses, such as the ones being offered by Chase. 

 

In my estimation, an high CL Amex revolvers is an excellent card to have and from which to build a very solid credit history.  Since you've had the Green, I'd imagine you'd likely be approved very easily for either the BCE/BCP (whichever fits your needs).

 

If your initial CL isn't what you've hoped, you can request a 3X CLI after 61 days from date of approval.  Afterwards, Chase will likely approve you and make an effort to match your Amex CL, if not top it. 

 

Having Amex cards will certainly make you more attractive to Chase.

 

 

Message 28 of 44
JusdoNit
Established Contributor

Re: Advice moving forward from here

Sound like you can go for any one of the prime cards.  i think you have atleast one full year of tradelines before Amex revolvers, but may you will get more consideration since you already have an amex charge card.


Starting Score: 722
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Message 29 of 44
espnjunkie
Established Contributor

Re: Advice moving forward from here

All very good advice. I figure I must be 'prime' at least somewhat in the eyes of Amex because they approved me for the npsl green card in february. Payment history on all my cards has been perfect. After paying off this upcoming Amex statement balance in a week or two I think I will pull the trigger on the BCP. I have heard having a charge card with Amex greatly helps your chances of getting approved for a revolver once you have 6 months of history with them.

 

I spoke with a Capital One csr last night (yes, I know this will likely lead absolutely nowhere) but he did say he will put in a request for my account to be 'priority' reviewed to a CLI. He did say "you have been with us since 2011 and your payment history has been perfect, so you shouldn't have a problem getting an increase once your account is reviewed" but who knows if anything will become of that. I feel like it would look better to lenders if that card had a limit over $1,000.00.

 

If the high balance is what shows for my Amex card then it will be right around $5,000.00 showing on my report.

“The real measure of your wealth is how much you’d be worth if you lost all your money.” ~Unknown
Citi Prestige World Elite Mastercard ($35,000.00), Merrill+ Visa Signature ($25,000.00), Amex BCP ($29,700.00), Amex Green (NPSL), Capital One Quicksilver World Mastercard ($10,000.00), Chase Ink Business Bold (NPSL)
TU-778 (12/03/2014))
EX (Plus) - 777 (10/21/2013)
EQ - 735 (April 2013)
Message 30 of 44
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