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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!
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!
You could try a CapOne card once you have reduced your util below 10%.
Great idea. I didnt realize that < 10% utilization was CapOne's threshold. I would like a venture/venture1 card at some point.
Thank you!
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!
@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.