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Contributor
nenuco
Posts: 228
Registered: ‎07-30-2011
0

Credit Card App Spree Recommendations

[ Edited ]

Hello Fico Forum members. First off I wanted to thank everyone for their patience and responses. I hope when I know more about credit, I can be as helpful to others as others have been to me on this forum. So I posted a couple questions about my score earlier, because I want to app for a couple cards. Out of the (4) cards I have planned to app for, I plan to use (3) of them frequently. Right know I have 6 CC: Amex BCE, Bank of America Amex, Discover More, Chase Freedom, Capital 1, & a Citi Dividend card. My last applications were in February of this year which was for Chase & Cit. I pay my CC in full every month, and never purchase anything I can't afford.

 

My Scores now are: EX:734/ EQ:743/ TU:743. My "oldest" account is 2 years and 2 months. My income is $27,000 and my total credit is a little less than $20,000 (two of which have a $5K limit.) Also my current AMEX & Chase limits are only $3K each. I am a college student with a job and no loans.

 

The cards I want are:

 

- Chase Sapphire Preferred (Visa Signature or World Mastercard) 

- Chase Hyatt

- Amex Hilton

- Barclay's NFL 

 

The only one I would be apping for just for the sake of the bonus would be Barclay. I tend to travel a lot and my preferred hotels to stay in are Hilton and Hyatt, and with only one of them charging me a $75 annual fee I find it worth it. Getting 2X on travel on the Chase Sapphire would also be ideal. I find these cards worth their respective fees, so I don't mind paying for them. Please let me know if there is any other information that would be helpful. I know my ideal state would be to garden, which I promise I will do after these apps. I truly value all the great insight and advice provided in this forum and would appreciate any on my plan. Again thanks for your awesomeness! 

 

Garden Mode... kind of... sort of (•‿•)
Frequent Contributor
TheConductor
Posts: 492
Registered: ‎07-24-2012
0

Re: Credit Card Apps 10/12

When did you last CLI your existing accounts?

 

 

Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12)
Current: EQ 670 (myFICO 9/8/14), EX 694 (Prosper 7/17/14) , TU 693 (WalMart 9/2/14) Goal: 700+ x3
My Wallet: Amex BCP $30k, Chase CSP VS $12.2k, Amex Zync NPSL (> 10k), C1 Venture VS $5k, Amex SPG $4.5k, Walmart (Store) $2.5k, Barclaycard Apple V $2k, Chase Freedom V $1100, BoA Cash Rewards V $500, Best Buy Rewards MC $500
My Loans: Prosper $25k/36mo
My Business: Chase Ink VS $5k
Contributor
nenuco
Posts: 228
Registered: ‎07-30-2011
0

Re: Credit Card Apps 10/12

I have yet to ask for a CLI on my Chase. In August I asked for (2) CLI on my Disciver and BoA. Thanks

Garden Mode... kind of... sort of (•‿•)
Frequent Contributor
TheConductor
Posts: 492
Registered: ‎07-24-2012
0

Re: Credit Card Apps 10/12

Considering you plan to apply for two Visa Signature cards from Chase, and considering the Sig cards are $5000 CL minimum, it might be worth your while to first get the credit line on your existing Chase card above $5000.

 

 

Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12)
Current: EQ 670 (myFICO 9/8/14), EX 694 (Prosper 7/17/14) , TU 693 (WalMart 9/2/14) Goal: 700+ x3
My Wallet: Amex BCP $30k, Chase CSP VS $12.2k, Amex Zync NPSL (> 10k), C1 Venture VS $5k, Amex SPG $4.5k, Walmart (Store) $2.5k, Barclaycard Apple V $2k, Chase Freedom V $1100, BoA Cash Rewards V $500, Best Buy Rewards MC $500
My Loans: Prosper $25k/36mo
My Business: Chase Ink VS $5k
Regular Contributor
jtc411
Posts: 169
Registered: ‎03-29-2012
0

Re: Credit Card Apps 10/12

Chase just gave me a 6k limit on a Freedom Sig when my highest credit limit was 2240...so its not all about your current cards.  Bank of America on the same day gave 123 with a 5k limit on their sig.  So I didn't have anywhere near 5k limits and got both.  My scores are in the 730-740 range


Starting Score: EQ 619
Current Score: EQ 735, TU 732, EX 745(Lender Pulled)
Goal Score: EQ 700


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Frequent Contributor
TheConductor
Posts: 492
Registered: ‎07-24-2012
0

Re: Credit Card Apps 10/12

Good point.  My implication wasn't that OP needs a $5k limit to get those cards...seems a solid candidate for both.

 

Rather, I meant that if they see you have a limit above the minimum with them already, they can be more likely to give you a CL well above the minimum on the 2 new cards.  Could be the difference between two 5k cards and two 10k cards, at the cost of one new INQ.

 

Food for thought...either way, I am confident you will qualify for the cards you are seeking.

Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12)
Current: EQ 670 (myFICO 9/8/14), EX 694 (Prosper 7/17/14) , TU 693 (WalMart 9/2/14) Goal: 700+ x3
My Wallet: Amex BCP $30k, Chase CSP VS $12.2k, Amex Zync NPSL (> 10k), C1 Venture VS $5k, Amex SPG $4.5k, Walmart (Store) $2.5k, Barclaycard Apple V $2k, Chase Freedom V $1100, BoA Cash Rewards V $500, Best Buy Rewards MC $500
My Loans: Prosper $25k/36mo
My Business: Chase Ink VS $5k
Contributor
nenuco
Posts: 228
Registered: ‎07-30-2011
0

Re: Credit Card Apps 10/12

Thanks for all the positive reinforcement. I really hope I get approved for all four. I will go ahead and apply for them tomorrow morning. I hope Chase extends me the $10K. I assume there is no special formula to calculate how much lenders will extend to you? 

Garden Mode... kind of... sort of (•‿•)
Established Contributor
SwiftTone
Posts: 1,026
Registered: ‎02-27-2012
0

Re: Credit Card Apps 10/12


nenuco wrote:

Thanks for all the positive reinforcement. I really hope I get approved for all four. I will go ahead and apply for them tomorrow morning. I hope Chase extends me the $10K. I assume there is no special formula to calculate how much lenders will extend to you



No. They do have some sort of risk anaylsis model for the maximum amount of credit they would expose per customer per profile.

BCE: $0/$11,200, CSP: $0/$6500, Chase Priority Club: $0/$3500, Freedom: $0/$6000, Barclays NFL: $0/$7000 Discover: $0/$12,500, Citi Dividend: $0/$3500

EQ FICO - 728
TU FICO - 734
EX FICO(AMEX) - 712
Frequent Contributor
TheConductor
Posts: 492
Registered: ‎07-24-2012
0

Re: Credit Card Apps 10/12

Well, there *is* a special formula, but they tend to keep it to themselves.  :smileywink:

 

Don't worry...you're where I'm hoping to be back to 12-18 months from now, and when I was there before I would not have felt the least bit of trepidation about the apps you intend to make. The only thing I see possibly holding you back at all is they may constrain your credit limits a bit based on your income.  But with your util super-low (I'm guessing from the fact you always PIF), you are positioned as well as you possibly can be. Your income is what it is, but your debt to income ratio and available credit looks great.

Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12)
Current: EQ 670 (myFICO 9/8/14), EX 694 (Prosper 7/17/14) , TU 693 (WalMart 9/2/14) Goal: 700+ x3
My Wallet: Amex BCP $30k, Chase CSP VS $12.2k, Amex Zync NPSL (> 10k), C1 Venture VS $5k, Amex SPG $4.5k, Walmart (Store) $2.5k, Barclaycard Apple V $2k, Chase Freedom V $1100, BoA Cash Rewards V $500, Best Buy Rewards MC $500
My Loans: Prosper $25k/36mo
My Business: Chase Ink VS $5k
Valued Member
KBraggs
Posts: 40
Registered: ‎11-12-2009
0

Re: Credit Card Apps 10/12

OP, as a college student, i can imagine income would probably be your biggest hurdle in getting those big signature limits. 

 

But as stated prior, you seem to be well in control of the cards you have now. What's your AAoA?? IMHO, with your history and utilization, account age could be a deciding factor.


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