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Card strategies going forward?

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creditverse
New Member

Card strategies going forward?

Hi all, this is my first post, and I'm wondering if some of you credit gurus can advise me on some questions listed below.

 

 About me: Income $82,000, working as a nurse in same place for 8 years. Washington State Employee Credit Union member.  MyFico credit score via equifax- 690.  1 inquiry in last year (7/25/12), no baddies.  US army reserve vet, but don't qualify for NavyFed CU

 

 Current credit:  1 USAA (full member) Visa card with $855 utilized on 3000 (original CL) limit  (14 month history).  Car loan $1900 balance (14 month history)

 

 Past credit:  Cap One Visa account opened in 2005 as authorized user, closed in 11/2012, all on time payments.

 

 Goals:  Increase FICO to 730 and maintain very good credit standing.  Increase total credit limit.  Obtain business loan (with 30% down payment) in 3-4 months.  Buy a house in 2 years. 

 

 

Questions:  USAA appears to give larger CL's than most. 

 

Should I:

 

1:  Apply for a CL increase on my card?

 

2.  Apply for a new card through USAA?

 

3.  Do both?

 

4.  Apply for a new card(s) through different bank(s)/CU(s)?

 

5.  If some combination of the above, is it better to do them in a particular order?

 

I would like to open a separate credit account for a business card, in addition to above.

If you have any other ideas, I would love to hear them!

 

Thanks so much to you gracious people with good advice!

Message 1 of 9
8 REPLIES 8
09Lexie
Moderator Emerita

Re: Card strategies going forward?

Welcome to the forum!

USAA can be generous but not as generous as most CUs. You might want to discuss any pre-approvals with your existing CU. I'd also look at an Amex revolver. Depending on your spending, groceries, gas etc....you might like the BCP. Chase Freedom, Discover, Citi TYP or BOA 3-2-1. Id also suggest the new Cap1 QuickSilver . These ccs will give you a combo of rewards, cash back and future CLI's

In order:

Amex, Chase, BOA, DISCOVER IT, CITI and QuickSilver.
Message 2 of 9
creditverse
New Member

Re: Card strategies going forward?

Thanks so much for the quick response and the warm welcome! 

 

Regarding the Amex revolver; I unfortunately don't have a great credit past. I defaulted with Amex about 11-12 years ago and if I remember correctly, settled for a lesser amount around the same time period.  Have I potentially been blackballed by Amex now? 

 

 Would you suggest looking first at my CU?  Could you explain what advantage a pre-approval offer from them might be, as opposed to just applying for a card with them?

Thanks again for the great ideas!

Message 3 of 9
NewtoCredit80
Frequent Contributor

Re: Card strategies going forward?

You could try a CapOne card once you have reduced your util below 10%.

 



PNC Secured 2000 (Dec12), Chase Amazon 2000 (Apr13), CapOne Newcomer 2500 (May13), Citi dividend 3000 (May13), Discover IT 1000 (Jul13), Amex BCP 6000 (Jul13), Chase Southwest 10000 (Jul13), Chase Marriott 12000 (Oct 13), BofA Travel Rewards 5000 (Dec13)

- In garden till Dec 2014
Message 4 of 9
creditverse
New Member

Re: Card strategies going forward?

Great idea.  I didnt realize that  < 10% utilization was CapOne's threshold.  I would like a venture/venture1 card at some point. 
Thank you!

Message 5 of 9
09Lexie
Moderator Emerita

Re: Card strategies going forward?

Chances are you are not on their blacklist. If you decide to app with them , you might want a charge cc first and if approved immediately app for a revolver. Some CUs have pre-approvals. Although its not a guarantee, its a good indicator if they have actually SPd your cr.

I would try Amex, Chase and your CU.

Wait until your util is lower and your cr is updated of course.
Message 6 of 9
creditverse
New Member

Re: Card strategies going forward?

Thanks Lexie! My util is at ~ 28% with my 1 and only card now. 

I have 4 questions:

 

 

1.  Should I wait until my util gets lower before I app with anyone else (how much lower)?

2.  Are your suggestions in order of preference, eg. 1. Amex, 2. Chase, then 3. my CU?

3.  When I app, is my credit score based on my current payment and utilization, or is it taken from my last billing statement?

4.  Over what period of time should I app these 3 cards?

 

Thanks so much for your patience and advice!

 

Message 7 of 9
09Lexie
Moderator Emerita

Re: Card strategies going forward?

1. Your util should be much lower- like 1-10% for apping.
2. Yes
3. Your CS is a snapshot of your report at that time. Your util and balances will be based on what was reported to CRAs. Since you have 1 cc and 1 auto loan, its easier to manage your app spree. If you know the dates your cc and auto statement ends, wait 7-10 days then app. That should give your CR's enough time to have been updated with the new balances.
4. If you decide to app for all 3, some are more comfortable with doing it over a 1-2 day span. The cc's in question are not quick to report new a CR's like a GE or Barclays cc. I would say keeping it in the same month is best so that the new inq's/accts will age off together.

You might like other cc's Discover is really good too and their rotating cash back categories are nice -just like Freedom.
Message 8 of 9
Slab
Frequent Contributor

Re: Card strategies going forward?


@creditverse wrote:

Thanks so much for the quick response and the warm welcome! 

 

Regarding the Amex revolver; I unfortunately don't have a great credit past. I defaulted with Amex about 11-12 years ago and if I remember correctly, settled for a lesser amount around the same time period.  Have I potentially been blackballed by Amex now? 

 

 Would you suggest looking first at my CU?  Could you explain what advantage a pre-approval offer from them might be, as opposed to just applying for a card with them?

Thanks again for the great ideas!


I thought I was black-listed by AMEX but recently applied and was given a nice credit limit on the BCE. If your EX is in good shape, you probably have a good chance.

Equifax FICO 781, Transunion FICO 821, Experian FICO 807,

810 goal on all three by 3-1-2015
Message 9 of 9
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