Reply
Regular Contributor
jschaffer
Posts: 147
Registered: ‎07-24-2007
0

Best CC App strategy?

I'm starting out with 4 Sub Prime cards cap1 platinum $300 CL, Orchard Gold $300 CL, 1st Premier Platinum $250 CL, and First National Legacy Visa $250 CL.

My Scores are in the low 600's I have a mortgage (at a nice 6.38% rate) and a car payment (9% rate), both of which I've never been late on. I also have a Student Loan (6.23% rate), also never late. I also have a Shell Gas Card with a $400 CL, again never late.

What is the best strategy to up my credit score and get prime cards such as Amex blue/clear, Citi, or Discover, Wamu, or Big Bank cards like $5k to $10k CL's with BoA, Chase, etc..? (already took care of all my baddies minus 2 really old ones)

Thanks!
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
0

Re: Best CC App strategy?



jschaffer wrote:
I'm starting out with 4 Sub Prime cards cap1 platinum $300 CL, Orchard Gold $300 CL, 1st Premier Platinum $250 CL, and First National Legacy Visa $250 CL.

My Scores are in the low 600's I have a mortgage (at a nice 6.38% rate) and a car payment (9% rate), both of which I've never been late on. I also have a Student Loan (6.23% rate), also never late. I also have a Shell Gas Card with a $400 CL, again never late.

What is the best strategy to up my credit score and get prime cards such as Amex blue/clear, Citi, or Discover, Wamu, or Big Bank cards like $5k to $10k CL's with BoA, Chase, etc..? (already took care of all my baddies minus 2 really old ones)


Since you have a mortgage and a car loan, I'm presuming you aren't too worried about doing a refi or another car loan anytime soon.
 
Call and hit up your existing CCCs for a CLI and APR. See the CC Tactics and Friendly CCC threads in my sig. Might prove useful.
 
Is there a BK on your CRs or a defaulted AMEX CC ever? If no and no, then apply for an AMEX Green, Delta and Hilton all the same day. You'll likely incur at most 1 INQ per CRA. Perhaps only EX. Maybe also TU. If you get approved online for the AMEX CCs, go ahead and apply for Blue and Clear there and then. If you don't get approved for Blue or Clear, but get approved for Delta or Hilton, take the CCs you get and say Thank You. Call and try to get a conversion to Blue or Clear in a couple of months.
 
Check into the FCUs--Federal Credit Unions. Penfed, NASA, and Justice. Anyone can join. You don't need to be a soldier, an astronaut, or a cop. Phenomenal CC rates and CLs. Very generous folks. You might also be able to get your car loan refinanced for a better rate. Although 9 is pretty good, some offer rates on newer cars down around 7.
 
Regular Contributor
jschaffer
Posts: 147
Registered: ‎07-24-2007
0

Re: Best CC App strategy?

[ Edited ]
Definitely not worried about refi's anytime soon. No BK ever in my life, and no defaulted amex cards either.

Thanks for the tips on what to apply for.

So after I get an AMEX what do I shoot for next?

Oh yeah, almost forgot. I have a local FCU. (www.rbfcu.org if interested) Should I try a cc app with them too? They're the ones that hold my car note at the moment.

Thanks again!

Message Edited by jschaffer on 09-26-2007 01:18 PM
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Best CC App strategy?

I would.



jschaffer wrote:
Definitely not worried about refi's anytime soon. No BK ever in my life, and no defaulted amex cards either.

Thanks for the tips on what to apply for.

So after I get an AMEX what do I shoot for next?

Oh yeah, almost forgot. I have a local FCU. (www.rbfcu.org if interested) Should I try a cc app with them too? They're the ones that hold my car note at the moment.

Thanks again!

Message Edited by jschaffer on 09-26-2007 01:18 PM


Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
0

Re: Best CC App strategy?

RBFCU looks to have very competitive rates on CCs among other loans.
 
Epinions reviews are very strong. Eight are 5 outta 5 stars. One is 4 outta 5 stars. I find Epinions posters often reserved with their praise so this speaks well of RBFCU.
 
Read a number of happy RBFCU member posts over on CB. They might be a little more conservative than some FCUs in issuing CC CLs, but they do appear to be much more generous than a lot of banks.
 
Finally, having a local CU where you can walk in, sit down, and talk to someone face to face makes you a human being and not just a number. That, IMHO, is a huge plus.
 
Valued Contributor
netpanther
Posts: 1,694
Registered: ‎08-07-2007
0

Re: Best CC App strategy?



. I also have a Student Loan (6.23% rate), also never late. I also have a Shell Gas Card with a $400 CL, again never late.

Thanks!

R U still a student? After Chase my first "prime" card was Blue for Students...They still count you a student if you are in grad school or even going for Phd...
Regular Contributor
jschaffer
Posts: 147
Registered: ‎07-24-2007
0

Re: Best CC App strategy?

[ Edited ]

Noah_Bodie wrote:
RBFCU looks to have very competitive rates on CCs among other loans.
Epinions reviews are very strong. Eight are 5 outta 5 stars. One is 4 outta 5 stars. I find Epinions posters often reserved with their praise so this speaks well of RBFCU.
Read a number of happy RBFCU member posts over on CB. They might be a little more conservative than some FCUs in issuing CC CLs, but they do appear to be much more generous than a lot of banks.
Finally, having a local CU where you can walk in, sit down, and talk to someone face to face makes you a human being and not just a number. That, IMHO, is a huge plus.



That's good to hear! What is CB? Also, it sounds like I would be doing good by using RBFCU for a cc. Should I try them before trying AMEX? And are FCU cc's considered sub-prime by places like AMEX? I only ask because I heard that sub-prime cards can hurt your chances of getting prime ones. Thanks for the tips! :smileyhappy:

netpanther: Nope, not a student anymore. I'm just still paying off the loan. Heh. But the good news is that I'm almost done paying it off. :smileyhappy:

Message Edited by jschaffer on 09-27-2007 06:32 AM
Valued Contributor
netpanther
Posts: 1,694
Registered: ‎08-07-2007
0

Re: Best CC App strategy?



netpanther: Nope, not a student anymore. I'm just still paying off the loan. Heh. But the good news is that I'm almost done paying it off. :smileyhappy:

Message Edited by jschaffer on 09-27-2007 06:32 AM

Killa cool. Have to start paying mine back in three years- but keeping fingers crossed that by the time I finish grad school the income perk up w/ help me make double payments. However, I have one group of loans at 3.75%!!! Won't pay that one off fast unless I come into a windfall! Yet, the others I will try to pay off fast.
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
0

Re: Best CC App strategy?

Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
0

Re: Best CC App strategy?



jschaffer wrote:
 
it sounds like I would be doing good by using RBFCU for a cc.
...
Should I try them before trying AMEX?
...
are FCU cc's considered sub-prime?
...
I heard that sub-prime cards can hurt your chances of getting prime ones.


I'd have a go at both RBFCU and AMEX. AMEX can be extremely generous, but their FR thing is enough to make anyone nervous. However, Blue and Clear can sit at a regular APR of around 5%.
 
RBFCU Platinum is offering a 3.9% intro rate with a regular APR as low as 9.76%. That's darned good, and you likely won't ever incur an FR from a CU.
 
FCUs tend to be generous, and banks hate all CUs. I daresay most CU customers hate banks so it all balances out.
 
Subprime is all in the eye of the beholder. One person's subprime is another's buspass outta the Credit City of Dis. Getting an FCU CC won't hurt your chances of getting AMEX, WAMU, CITI, etc. Although, you might not want big bank CCs if you have a couple of FCU CCs.
 

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}