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5/5 Update:
Well, I went ahead and app'd to distract myself after some bad news I had this weekend.
TU from here as of today 716 (Walmart last month showed 650ish)
EQ 702 as of 4/29
Util of 5% or less depending on what they pulled, 3 cards showing balances of <10% each. I meant to get it down to two only, but forgot to cancel a recurring charge of $9.95 on one - oops lol.
AAoA 2.5 - 3 years
2 derogs to fall off in the next year or so (one paid CO and one unpaid collection)
Citi Simplicity "prequal" with 21 month BT offer (pulled TU in PA) - Instant Approval for $2000 (waiting to hear back on recon)
FNBO from "preapproval" letter (no inq yet) - approved for $1000 (small, but I know it will grow)
Chase Slate 15 month BT (pulled TU in PA, no offer) - $2000 initial $5000 after recon and second HP (not sure which they pulled the second time around)
I'd really like to get the Citi limit upped since it's a 21 month offer, but from the looks of things, they're not too hot on instant CLIs. Also a bit surprised about the Chase limit since they gave me $3000 last year with a worse profile than I have now, but I'm still happy overall. Now I just have to wait and see what FNBO says!
No matter what, the two new approvals will accomplish what we wanted - give me enough room to BT DH's debt at 0% so he can drop his util under 10% and apply for new cards with over a year of gardening time before househunting starts! Woohoo!
Original Post:
I'm getting ready to do a bit of apping before going into app-hibernation for the next 15-28 months and I'm looking for a bit of input
Why:
I want to BT some of DHs CC debt (totaling maybe $4000) to lower his util within the next couple of months so that he can do some apping as well and replace his old cards with newer more beneficial cards with more favorable terms. He's tried getting limits raised and APRs lowered - but the cards are so old (some no longer exist) that the CSRs say the terms can't be adjusted and he's better off applying for new cards altogether even though his credit is almost impeccable (one late 3 years ago that we keep trying to get rid of because we're not sure it's legit) - so that's my plan for him lol
I want to do it sooner rather than later so we can start to house shop in the Spring of 2014 or shortly there after with no recent inquiries and accounts that are all 6+ months old
I'm thinking the Slate would be my best bet based on the year of good history I have with Chase on my Southwest card, the 0% BT fee intro period and the 0% BT interest intro. I doubt my chances with Citi since I have two old derogs, I already have a Discover card and I've read they're reluctant to issue more than one card to a user, BofA dislikes me regardless of our long lived relationship in banking and credit, and I'm not sure what other decent options there are...
I'm also considering a Lowes card, just to get it growing/aging ahead of time, but this isn't necessarily a priority.
This is what my profile should look like in early May (knock on wood): Util <$1000/15.3 on EX/EQ or <$1000/23.8 on TU
David's Bridal 1/2013 less than $500/3500 (hopefully $200 or less)
Victoria's Secret 3/2012 $0/1000
Wal-Mart 11/2012 $0/900
Chase Southwest 4/2012 less than $500/3000
Barclays NFL 11/2012 $0/2500
Discover More 4/2012 $0/1700
Capital One 4/2012 $0/750
Bank Of America 3/2008 $0/800
American Express Zync 4/2012 $0/NPSL
Capital One/HSBC 10/2009 (closed but still shows open just not updated, $0/950)
Capital One/Orchard 3/2008 (closed but still shows open just not updated, $0/200)
Capital Credit Alliance 7/2004 (still shows open just not updated $0/8500) - only shows on TU
Student Assistance Found 9/2005 (closed/paid in good standing)
I have two very old derogs on my CR:
Us Dept Of Education 1/2007 (CO closed/paid in 2007)
One unpaid collection for $480 disputed from 9/2007
Inquiries by May will be down to:
1 on EQ 1/21/2013
1 on TU 11/04/2012
My score on 3/13/13 was 692 from MyFico and 657 from Walmart (down from 708 on MyFico the prior quarter when I had lower util, and about the same from the month before on Walmart) because I had $3000 in debt reporting ($2200/3000 and $800/3500), 4 inquiries and a second collection reporting. I figure my score should easily be back above 700 in May with lowered util of <$1000 ($500/3000 and $500/3500), 1 inquiry, a few small CLIs reported and one less collection. I'll check before apping of course, just in case lol
Feedback appreciated! Thanks
I'm always too detailed, the wall of text scares everyone away lol
@modernsurrender wrote:I'm always too detailed, the wall of text scares everyone away lol
Hmmm so far, I see you're looking to get:
Slate
Lowes
your stats aren't too bad, and yes, once your utility drops, i'm sure your'll soar above 700 in no time I would wait to ensure that 700+ is guaranteed before apping, and you're as good as gold for the two cards
anything else you're considering? any rewards/traits you're going for? travel? cash back? where does a lot of your charging fall into (groceries, gas, restaurants, etc.)? looking for no AF? don't mind an AF? low interest rate?
@modernsurrender wrote:I'm always too detailed, the wall of text scares everyone away lol
Yes a lot of info Lol I'm joking
Have you considered the freedom currently it has a BT for 15 months 3% fee and you can't beat the 5% categories.
EDIT and you have a year history already with chase is a plus
@modernsurrender wrote:I'm always too detailed, the wall of text scares everyone away lol
haha no! more detais are good. it is much better than someone asking if he'd qualify for xxx with just 1 line of text about himself
i went through your list of cards and you owe only $1000 for now, is that correct? are you getting the slate to pay off another person's debt?
Chase values relationship a lot, and your overall credit looks good, so I think you have very good chances of getting approved for it.
you can also try the chase's pre-approval tool on their website. it isn't entirely accurate, like all pre-approval tools, but it gives you a good estimation of your chances.
Also, I don't think you will have problems getting accepted for the simplicity card by Citi if you are interested in that as well. The simplicity card isn't that hard to get from what I've seen.
best of luck!
@daybreakgonesXe wrote:
@modernsurrender wrote:I'm always too detailed, the wall of text scares everyone away lol
Hmmm so far, I see you're looking to get:
Slate
Lowes
your stats aren't too bad, and yes, once your utility drops, i'm sure your'll soar above 700 in no time I would wait to ensure that 700+ is guaranteed before apping, and you're as good as gold for the two cards
anything else you're considering? any rewards/traits you're going for? travel? cash back? where does a lot of your charging fall into (groceries, gas, restaurants, etc.)? looking for no AF? don't mind an AF? low interest rate?
Thanks I'm not looking for much of anything other than a BT for DH's debt. We really just use the Southwest card for everything to rack up miles. We're not dedicated enough to use different cards for different reward catergories lol The debt he's carrying is older debt from when he was using his CCs to make ends meet and not telling me That's no longer a problem though lol
@myjourney wrote:
@modernsurrender wrote:I'm always too detailed, the wall of text scares everyone away lol
Yes a lot of info Lol I'm joking
Have you considered the freedom currently it has a BT for 15 months 3% fee and you can't beat the 5% categories.
EDIT and you have a year history already with chase is a plus
Thanks! I haven't put much thought into the Freedom honestly, mostly because I don't think I'd use it even for the 5%. While I'm sure the 5% is worthwhile, I rather just rack up miles on the Southwest card to cover our annual travel (we only fly SW unless they're not an option). I suppose eventually we might start paying attention to rotating categories, but I don't think we're quite there yet lol
My big concerns are 1) the two derogs I still have on my CR (of course Chase approved me before with more of them lol so I guess it's not that big of a deal) and 2) whether I'll get a limit too small to do any good from Chase. So I'm wondering if they're really my best option or if there are others out there that I should consider?
Thanks Enharu! Yes the debt is DH's debt not mine, looking to clear up his Util so he can get some new/better cards. He's been advised by CSRs that he'd have better luck getting new cards from them than getting the terms on his current cards changed because they're all quite old and some of the cards are no longer offered.
I'm leary of Citi I've read a lot of things that say they'll reject anyone with any derogs (even if they're 6+ years old) and they shot me down last year. I've been getting 1-2 pre-selected offers from them each week for the past several months, but we all know how reliable those are lol
I did try to check the Chase preapproval site, but it says it can't find me in it's system (or something like that), but I figure if they approved me before and I've made further improvement in the mean time, that the odds might be in my favor lol
Thanks Enharu, I'll keep all that in mind!
I'd say you have a good shot at the Slate. Only risk is a low CL due to the old derogs. But Chase is recon friendly. I'd be tempted to try for the simplicity though for the longer BT period. Good luck!