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Established Member
Posts: 29
Registered: ‎10-06-2010
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CC App Advice Needed

Soon my Ch13 BK and all baddies should finally be gone from my CR's, and I expect my FICO scores to be in the mid-700's at that time.  I've been rebuilding modestly (single OB CC, utilization < 9%, PIF) for about one year.  Additional details regarding my credit profile are as follows:  no lates, AAoA around 9 years, 4 - 5 inquiries per CR (2 aging off at end of 2011), 2 - 3 open accounts (mortgage, student loan, OB CC), about 10 closed accounts, Chase and BoA included in the BK (no longer on CR's).  Once my CR's are clean, I would like to go on a mini-app spree to acquire a couple of store cards (Target, Lowes) and a rewards card or two (Citi Forward, Amex Blue Cash Preferred, Amex Zync?, Discover More?, Chase Freedom?).  Mainly, I am seeking advice on a rewards card strategy.  I really want to have the Citi Forward and Amex Blue Cash Preferred, but I'm not sure what my chances are right now.  Should I try for the Zync, More, and Freedom first and use them for awhile to establish a little more recent history?  Or should I go straight for the Forward and Blue Cash Preferred?  Thoughts?


Starting Score: EQ 683, TU 617, EX ?
Current Score: EQ 716, TU 785, EX ?
Goal Score: 750+


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Valued Contributor
Posts: 1,588
Registered: ‎04-24-2008
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Re: CC App Advice Needed


DrBlackBelt wrote:

Soon my Ch13 BK and all baddies should finally be gone from my CR's, and I expect my FICO scores to be in the mid-700's at that time.  I've been rebuilding modestly (single OB CC, utilization < 9%, PIF) for about one year.  Additional details regarding my credit profile are as follows:  no lates, AAoA around 9 years, 4 - 5 inquiries per CR (2 aging off at end of 2011), 2 - 3 open accounts (mortgage, student loan, OB CC), about 10 closed accounts, Chase and BoA included in the BK (no longer on CR's).  Once my CR's are clean, I would like to go on a mini-app spree to acquire a couple of store cards (Target, Lowes) and a rewards card or two (Citi Forward, Amex Blue Cash Preferred, Amex Zync?, Discover More?, Chase Freedom?).  Mainly, I am seeking advice on a rewards card strategy.  I really want to have the Citi Forward and Amex Blue Cash Preferred, but I'm not sure what my chances are right now.  Should I try for the Zync, More, and Freedom first and use them for awhile to establish a little more recent history?  Or should I go straight for the Forward and Blue Cash Preferred?  Thoughts?


 

I would app for the Rewards CCs with no AF first....like a Chase Freedom as one example. Wait off on the store cards cause each hard IQ will count against you each time you app. For example, say you app for 2 store cards first and got approved, than app for Chase Freedom. Chase will see that you have already apped for 2 store cards = higher risk due to you trying to obtain more credit, hence...giving you a lower limit - say $3K vs. say $5K if you were to app for the Chase Freedom first. It's not a proven theory but go for the big bank Rewards CC as your first app...than slowly trickle down to 1-2 store cards as your last app.

Valued Contributor
Posts: 1,588
Registered: ‎04-24-2008
0

Re: CC App Advice Needed

Just remember...if you have low util % (less than 15%), a good AAoA, no baddies, high Fico score 720 plus...your more than likely to get a Rewards CC with a high CL. All those criterias have to be met once you apply. Bottom line, you want to have the best optimization on all your CRs to obtain a low apr % and high CL from a prime card. Just be patience and the timing has to be right on your CRs. It's worth the wait IMHO.

Established Member
Posts: 886
Registered: ‎08-02-2008
0

Re: CC App Advice Needed


tntexans72 wrote:

Just remember...if you have low util % (less than 15%), a good AAoA, no baddies, high Fico score 720 plus...your more than likely to get a Rewards CC with a high CL. All those criterias have to be met once you apply. Bottom line, you want to have the best optimization on all your CRs to obtain a low apr % and high CL from a prime card. Just be patience and the timing has to be right on your CRs. It's worth the wait IMHO.


Agreed. Give it time.

FICO: EX: 761 (4/16); TU: 778 (4/16); EQ 741 (4/16)

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