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Established Member
Affalterbach
Posts: 25
Registered: ‎11-01-2012
0

Am I ready to get a real card yet?

[ Edited ]

Well this is my first post but I've been reading and learning the terms and trying to get an idea of what I'm talking about for a few months before making a post here.

After some reading and pulling up my credit scores and looking over my history I applied for and recieved my first credit card a - Capital One Platinum Master Card. Instant approval and $500 limit. In about a week I will be recieving my 6th statement from them. Always paid in full, sometimes run up and paid down before the next statement. One month I let it get up to 52% usage when the statement was produced like a dummy, but all other months were 8-18% usage when statements were cut.

Now my credit info:

Experian Fako: 695
MyFico Experian - 694
MyFico TransUnion- 698
Average age of account is 6.8 years.

1 Hard Inquiry in the last 2 years - 6 months ago for my Capital One card.

I have 3 auto loans where I was cosigned, and one that was by myself. All paid off and closed paid in full no delinquints on any of them.

Experian has a 4th car loan which only lasted 1 month before it was refinanced. Transunion and Equifax show the 3 car loans.

Income is $48,000 a year - same employer for 13 years.

I don't rent or own right now, living in a free apartment in one of my parents buildings. I will be the owner of these building in a few months.
Bank with Chase with a Platinum Savings Account for around 10 years, and Regular checking account with a debit card for about 4 years, and have had direct deposit for 8-10 years with Chase.

The Bad:
Convergent Outsourcing thinks its ok to reage an old cell phone bill that should have fallen off and it is showing a $214 bill in collections as of 11/2009. I plan to fight this but not sure of the best course of action as of yet.

 

Also I had a (paid in full) $14,000 judgement against me from an on the job injury that I got stuck with the bill on. This was paid in full shortly after the judgement was made and I have successfully removed it from 2 CRA'sreports but it still appears on TransUnion as unpaid. I never had the judgement cleared in the courts and not sure if doing so now would reage it? It is from 09/2006. I can prove it is paid in full.

 


Being that I'm hitting 6 months now I'd like to move to another card hopefully with some benefits or at least higher limits. Some things I'd like it a rewards card would be for fuel/restaurants-fast food/cash back.

 

I'd like my credit score to come up in the next few months as I will be inheriting a pair of paid off buildings from my parents and I'm sure my credit score will effect the cost of insurance. Would I be able to squeek into a Chase Freedom or Citi Freedom card? If not would a Discorver or Amex be the next logical step? If not a single card should I go on a spree and apply to 3-4 cards? I's like to get my credit card limit average above $2000 as I have read that is something that is holding my score down right now. Also I sometimes make purchases in the $1-5,000 range through mail order that I'd pay in full immediatly but I'd like to be able to throw on a card as an additional option.

 

I appreciate any advice, I have tried to be as thorough as I can. Please let me know if I should add any info that would help in getting the best advice.

Started - Under 500's due to medical bills
Current - EQ MYFICO - 767, TU WalMart Fico - 779, EX Plus - 744 Credit Karma - 709
Goal - 800+ across the board
NFCU Cash Rewards $20,000Chase Freedom $2,000, Capital One Platinum $1,500, Walmart Store Card $3,600, AMEX Green Card.
Frequent Contributor
somnipotent
Posts: 367
Registered: ‎06-02-2008
0

Re: Am I ready to get a real card yet?

I'd say you're ready for AMEX green/gold and Chase Freedom.  Get a relationship going with them and then in 6 months go for he BCE and CSP.


AmEx PRG (NPSL) | AmEx Costco ($8.2K) | AmEx Delta Gold ($19.3K) | AmEx BCE ($5K) | Chase United Explorer ($10K) | Chase Sapphire Preferred ($7.5K) | Chase Freedom ($8.2K) | Discover it ($3K) | Capital One Quicksilver ($2.5K) | PayPal Extras ($2.5K) | Lowes ($3.3K) | Walmart ($4.3K) | Amazon ($2.5K) | Restoration Hardware ($8.8K) | Crate & Barrel ($8.3K)
--
Homeowner since 05/29/13
Valued Contributor
maiden_girl
Posts: 2,110
Registered: ‎12-29-2011
0

Re: Am I ready to get a real card yet?

I would work on getting those other bad marks off your report before you apply for anything else so you can avoid getting toy limits with banks like Chase and AMEX. Once they start out low...they take ages to raise up.

The truth is out there...
FICO scores: 764 (EQ) 732 (EX) 757 (TU) 9/14 | Goal score: 750+ (all 3)
Tradelines: Capital One QS NPSL (5.0k) | Discover IT (6.0k) | Walmart Mastercard (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)






Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Am I ready to get a real card yet?

[ Edited ]

^this, but if you could sneak in with Amex it's worth checking into even if its' for a Green charge card which is easier to get into. Since it's a charge card if you get accepted they don't like bad things on reports though. still worth it for backdating purposes. (backdating is if you join now, every amex you open in the future will have a 2012 date (if accepted now) DCU is a good one to go to cause they'll grow with you, and having a secured card shows the bank you don't live paycheck to paycheck and actually saved money and have emergency cash funds if needed.  but you don't want to be stuck with toy limits and have anything that could flag you for a troubled past like your capital one toy limit. Kind of like how First Premier bank card flags you to companies like Amex who have rejected people just for being in their credit report since it reflects a very stormy previous past. 

 

Also since your parents have a few properties that your inheriting I assume your parents credit is fairly good. If that's the case have them add you as an authorized user on their accounts, and if they have an Amex have them add you and you'll still get the backdating on 2012 year when you became an additional card member (what amex calls authorized users)

 

Being given access as an authorized user or additional card member many cards will report the primary card holder's credit reports onto your personal report. So if your dad had 30 years of history with Capital one that will reflect 30 years of history on your report boosting your score quite a bit. also the limits they report will be good. For instance if your $500 is your only card if you use $250 that will reflect 50% utility. but if you get added to a $4500 card you'll only be at 10% utility for the same amount, even if you never have access to your own personal card.

 

Oh and you should apply for a GECRB card at Walmart. GECRB's cards will grow with you far beyond toy limits very quickly, and you can get a free Fico 08 TU score updated monthly. With Secured card through DCU and Walmart card you'll have EQ and TU Fico scores for free. (remember most companies still use Fico04  (DCU is FIco04, so if your scores for a mortgage pull etc are a little different don't come back and said BUT DISTANTARRAY SAID IT WAS A REAL FICO =)  No one sells Fico04 TU scores even at myfico.com they sell Fico98.  Fico08 is a little more customer friendly so your scores could be a little higher, but generally pretty close to a 04 score from mortgage pull experience.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Valued Contributor
nicholasyud
Posts: 1,737
Registered: ‎08-13-2012
0

Re: Am I ready to get a real card yet?


distantarray wrote:

^this, but if you could sneak in with Amex it's worth checking into even if its' for a Green charge card which is easier to get into. Since it's a charge card if you get accepted they don't like bad things on reports though. still worth it for backdating purposes. (backdating is if you join now, every amex you open in the future will have a 2012 date (if accepted now) DCU is a good one to go to cause they'll grow with you, and having a secured card shows the bank you don't live paycheck to paycheck and actually saved money and have emergency cash funds if needed.  but you don't want to be stuck with toy limits and have anything that could flag you for a troubled past like your capital one toy limit. Kind of like how First Premier bank card flags you to companies like Amex who have rejected people just for being in their credit report since it reflects a very stormy previous past. 

 

Also since your parents have a few properties that your inheriting I assume your parents credit is fairly good. If that's the case have them add you as an authorized user on their accounts, and if they have an Amex have them add you and you'll still get the backdating on 2012 year when you became an additional card member (what amex calls authorized users)

 

Being given access as an authorized user or additional card member many cards will report the primary card holder's credit reports onto your personal report. So if your dad had 30 years of history with Capital one that will reflect 30 years of history on your report boosting your score quite a bit. also the limits they report will be good. For instance if your $500 is your only card if you use $250 that will reflect 50% utility. but if you get added to a $4500 card you'll only be at 10% utility for the same amount, even if you never have access to your own personal card.

 

Oh and you should apply for a GECRB card at Walmart. GECRB's cards will grow with you far beyond toy limits very quickly, and you can get a free Fico 08 TU score updated monthly. With Secured card through DCU and Walmart card you'll have EQ and TU Fico scores for free. (remember most companies still use Fico04  (DCU is FIco04, so if your scores for a mortgage pull etc are a little different don't come back and said BUT DISTANTARRAY SAID IT WAS A REAL FICO =)  No one sells Fico04 TU scores even at myfico.com they sell Fico98.  Fico08 is a little more customer friendly so your scores could be a little higher, but generally pretty close to a 04 score from mortgage pull experience.


+1 


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

Established Member
Affalterbach
Posts: 25
Registered: ‎11-01-2012
0

Re: Am I ready to get a real card yet?

Well I got an AmEx invitation in the mail today and I was sitting around bored after looking at credit cards for the last week or two and figured now was as good a time as any.

 

First I figured I'd reach a bit and go for the Chase Freedom as I have both saving, checking, direct deposit and a paid off in good standing loan with Chase. Applied online and got the message it needed to be reviewed further. Humm Gonna call tomorrow and be friendly and see if I can get the approval.

 

Then I tried for the Walmart Discover to get access to Fico08 scores and I read that it usually increases limits fairly quick. Applied and got instand approval for $800. Woot!

 

Then I tried the AmEx Green app online. After putting in the code from my mail I got a weird error and a phone number to call. Call that number 1-800-410-7593and its AmEx saying the number was diconnected call this other number 1-800-297-6500. Humm? I got a live person and applied and got approved. I thought about it more after hanging up and googled the 6500 number and couldn't really find anything on it connecting it to AmEx. Not happy, actually quite worried. I google AmEx's general phone number and call to ask them if they can confirm it is their number and nothing funny was going on. Woman on the phone kinda seemed bothered by my Q but she put me on hold and came back to confirm it is an application by phone number. I was relieved and am happy again. lol Also found an AmEx website to check the status of your app and it shows I'm approved and will get the card in 7-10 days.

 

 

Any advice on what to say if when I call Chase they ask why I applied for 2 more cards last night? lol

 

Going into gardening for some time after this. More lurking and reading learning more about all this credit craziness. I'm sure my score took a descent hit from 3 hard inquiries tonight. Should come up with good usage and paying in full for the next few months/years. I've gone far too many years being one of those guys always buying things in cash and ignoring building my credit. Time to grow my scores. I appreciate everyones feedback and the great advice everyone here offers to each other. Really helped me figure out what is really going on with my credit and what to do and not do to try and build my scores over time.

Started - Under 500's due to medical bills
Current - EQ MYFICO - 767, TU WalMart Fico - 779, EX Plus - 744 Credit Karma - 709
Goal - 800+ across the board
NFCU Cash Rewards $20,000Chase Freedom $2,000, Capital One Platinum $1,500, Walmart Store Card $3,600, AMEX Green Card.
Established Member
Affalterbach
Posts: 25
Registered: ‎11-01-2012
0

Re: Am I ready to get a real card yet?

Oh yeah, also forgot to mention my Capital One Platinum MasterCard was bumped from $500 to $750 when my 6th statement came out. I've run it up to $300 something but paid it down to no more then $230ish before each statement. All statements except that one were under 25%, usually under $100 actually.

 

Does the AmEx Green charge card count as an open revolving account or how will it show up on my credit report? It has no limit from my understanding so how does that part show on your credit report?

Started - Under 500's due to medical bills
Current - EQ MYFICO - 767, TU WalMart Fico - 779, EX Plus - 744 Credit Karma - 709
Goal - 800+ across the board
NFCU Cash Rewards $20,000Chase Freedom $2,000, Capital One Platinum $1,500, Walmart Store Card $3,600, AMEX Green Card.
Moderator
Revelate
Posts: 9,738
Registered: ‎12-30-2011
0

Re: Am I ready to get a real card yet?

Congrats on the approvals!

 

The Green will show up as a revolving account with a term of one month; the balance isn't factored into either FICO '04 or FICO '08 (except for the fact that you have a card reporting a balance, that does count) and in the older FICO '98 it simply calculates your current balance vs. the high balance which is still tracked on the account; however, this is so uncommon of a score to be used currently I don't even bother with it.  

 

Chase won't be able to see the other two cards yet as they're not being reported and since you applied first according to your post, they won't even see the inquiries either honestly; I can't imagine you'll be denied a Freedom with what you posted, it's likely some simple verification honestly.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Am I ready to get a real card yet?

As far as explaining your apps to the chase Rep... don't sweat it. They will probably ask about that pesky phone bill and maybe the judgment. Just explain to them what you explained here and point out that you've been a chase banking customer for years!!! They will give you a card... id bet $50 on it. Chase values its long time customers.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Established Member
Affalterbach
Posts: 25
Registered: ‎11-01-2012
0

Re: Am I ready to get a real card yet?

Just got off the phoen with chase. Very friendly bunch over there. lol Thdy asked about the phone bill and the collection and I explained them and the guy seemed pleased with my answers and asked about where I worked and he happened to know a bit about it so we chit chatted a lil about that and then he put me onn hold and came back approving me for $1,000 - my highest card now. :smileyvery-happy: I also have my Cap One Platinum that was just bumped to $750, and my AmEx green and GE Walmart card for $800 which were approved last night but don't think they've shown up in the system besides the hard pulls so far.

 

Thanks again for everyones help! I'm off to the garden for some time.

Started - Under 500's due to medical bills
Current - EQ MYFICO - 767, TU WalMart Fico - 779, EX Plus - 744 Credit Karma - 709
Goal - 800+ across the board
NFCU Cash Rewards $20,000Chase Freedom $2,000, Capital One Platinum $1,500, Walmart Store Card $3,600, AMEX Green Card.

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