Reply
Frequent Contributor
CreditWorld2013
Posts: 346
Registered: ‎02-01-2012
0

Current credit card thoughts? UPDATED x2

[ Edited ]

Hello, 

 

I'm back after a few months of lurking this great forum. I wanted a few opinions as to what I'm doing right, wrong(hopefully not much), etc. 

 

I started my journey in January 2012. Between January-February I applied (and approved) for a Discover More, Cap One Journey, and a Forward. The Discover and Citi had a $500 limit and the Cap One was at $300. I also had over 5 inquiries on each file. 

 

I've used over $3,500 on each card, always pay in full (sometimes alternate between after and before statement date for utilization purposes), etc. 

 

Today, I contacted Discover and Citi in regards to a CLI and APR Question.

 

I was approved for a $500 increase on Discover making a total ($1,000) I have to wait for my 1 year anniversary before I can reduce APR from 17%. I'm glad I got some increase but unfortunely it resulted in a hard pull. 

 

Citi declined but didn't pull a report. I will be calling them soon to see the reason and hopefully resolve the issue. 

 

My Cap One was bumped to $500 because of Credit Steps. 

 

I have no oustanding balances since I wanted to get something in CLI's and low APR. My TransUnion FICO score is 675 and Equifax FICO is 710. I have 2 inquiries on EQ and now 4 on Trans. 

 

Regular Contributor
patsfan1453
Posts: 202
Registered: ‎11-04-2012
0

Re: Current credit card thoughts?

I would sit tight until your scores get over 700, you would get good limits after being approved. Whats your income look like? Sending paystubs can help as well.

Amex Everyday 6k || Chase Sapphire 5k || Buypower Card 5k || USAA Wounded Warrior Mastercard 4k || Citi TYP 4.9k|| Citi Forward 5.5k || Discover It 2k || Chase Freedom 5.5k || Walmart 1k || Chase Amazon 1k
Business: Chase ink cash 5k || AMEX Simply Cash 3.8k
Total CLs: 48.7k
Valued Contributor
nicholasyud
Posts: 1,737
Registered: ‎08-13-2012
0

Re: Current credit card thoughts?

Wait till one years mark then app for some CU.......to avoid get any more toys limit ;-(


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Frequent Contributor
scientifics
Posts: 411
Registered: ‎05-01-2010
0

Re: Current credit card thoughts?

I agree, I think you should wait until your 5 inquiries from Jan./Feb. 2012 are a year old (that way they no longer count towards your score) and your cards are a year old. Then you should be good to go to apply for another card that you are interested in. If you want a good CL, you should get in with a credit union and try their cards.

Frequent Contributor
CreditWorld2013
Posts: 346
Registered: ‎02-01-2012
0

Re: Current credit card thoughts? UPDATED

UPDATE: I appealed Citi's decision and got a $500.00 increase. Since they didn't pull a new report they had old balances from last month's activity. Since I paid them off and my reports were clean I sent them a copy of it.  

 

My total credit line between accounts was originally 1,500 and now the total is $2,500. Given the fact that I didn't even have any credit card 10 months ago, I'm pretty pleased. 

Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Current credit card thoughts? UPDATED


CC365 wrote:

UPDATE: I appealed Citi's decision and got a $500.00 increase. Since they didn't pull a new report they had old balances from last month's activity. Since I paid them off and my reports were clean I sent them a copy of it.  

 

My total credit line between accounts was originally 1,500 and now the total is $2,500. Given the fact that I didn't even have any credit card 10 months ago, I'm pretty pleased. 


You're doing great!  Best advice is to let your current accounts age for another 6 months, and then pull the trigger on Amex or Chase.    Actually if you have any inkling that you might want Amex,  I would advice that you app before the end of 2012.  Amex is NOT inquiry sensitive... but they are income sensitive...so if your income is good (above 30k-35k), app for Amex!  


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Blogger
HiLine
Posts: 3,176
Registered: ‎10-19-2012
0

Re: Current credit card thoughts? UPDATED


webhopper wrote:

CC365 wrote:

UPDATE: I appealed Citi's decision and got a $500.00 increase. Since they didn't pull a new report they had old balances from last month's activity. Since I paid them off and my reports were clean I sent them a copy of it.  

 

My total credit line between accounts was originally 1,500 and now the total is $2,500. Given the fact that I didn't even have any credit card 10 months ago, I'm pretty pleased. 


You're doing great!  Best advice is to let your current accounts age for another 6 months, and then pull the trigger on Amex or Chase.    Actually if you have any inkling that you might want Amex,  I would advice that you app before the end of 2012.  Amex is NOT inquiry sensitive... but they are income sensitive...so if your income is good (above 30k-35k), app for Amex!  


+1

 

You have quality cards albeit with low limits. I'd try the Delta Gold Skymiles, one of the easiest Amex cards to obtain, to lock in 2012 membership with Amex. Once you get an Amex, it won't take long until Chase will offer you their cards.

 

Frequent Contributor
CreditWorld2013
Posts: 346
Registered: ‎02-01-2012
0

Re: Current credit card thoughts? UPDATED

[ Edited ]

webhopper wrote:

You're doing great!  Best advice is to let your current accounts age for another 6 months, and then pull the trigger on Amex or Chase.    Actually if you have any inkling that you might want Amex,  I would advice that you app before the end of 2012.  Amex is NOT inquiry sensitive... but they are income sensitive...so if your income is good (above 30k-35k), app for Amex!  


Thanks. My income varies in the $20,000-$25,000 range since I'm only a student and I feel like Amex is a bit picky. So I'm hesitant with them for now until I graduate. With that being said, I'm interest in the Chase Freedom. I've been banking with Chase for over 5 years (I had a high school Checking account with my mom) and now I have a College Checking Account. A piece of me would like to get the Chase Freedom now but if I wait and let these accounts continue to age I will probably get a much better starting Credit Line. What are your thoughts? 

 

Edit: Also what do you guys think I should do with my Capital One card. I never called in to see if I can get an increase since I know they almost never do. Should I keep it (no annual fee, and decent cash back), see if I can get a bump in the limit, or should I close it? 

Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Current credit card thoughts? UPDATED


CC365 wrote:

webhopper wrote:

You're doing great!  Best advice is to let your current accounts age for another 6 months, and then pull the trigger on Amex or Chase.    Actually if you have any inkling that you might want Amex,  I would advice that you app before the end of 2012.  Amex is NOT inquiry sensitive... but they are income sensitive...so if your income is good (above 30k-35k), app for Amex!  


Thanks. My income varies in the $20,000-$25,000 range since I'm only a student and I feel like Amex is a bit picky. So I'm hesitant with them for now until I graduate. With that being said, I'm interest in the Chase Freedom. I've been banking with Chase for over 5 years (I had a high school Checking account with my mom) and now I have a College Checking Account. A piece of me would like to get the Chase Freedom now but if I wait and let these accounts continue to age I will probably get a much better starting Credit Line. What are your thoughts? 

 

Edit: Also what do you guys think I should do with my Capital One card. I never called in to see if I can get an increase since I know they almost never do. Should I keep it (no annual fee, and decent cash back), see if I can get a bump in the limit, or should I close it? 


Charge cards are very easy to be approved for if your credit is decent 660+ with no recent major derogs and no BKs. I think you're income is just fine for the green

I would go for Amex Green this year..... with the added benefit that having an Amex account will be viewed positively by Chase...  I had to recon Chase in March and the rep specifically mentioned my Amex account being in good standing and being an indicator of responsible credit.   If you get Green, then go for Chase in late Feb - early March.   By that time you'll have a lot of inquiries that are aging off.  


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Frequent Contributor
CreditWorld2013
Posts: 346
Registered: ‎02-01-2012
0

Re: Current credit card thoughts? UPDATED


webhopper wrote:

CC365 wrote:

webhopper wrote:

You're doing great!  Best advice is to let your current accounts age for another 6 months, and then pull the trigger on Amex or Chase.    Actually if you have any inkling that you might want Amex,  I would advice that you app before the end of 2012.  Amex is NOT inquiry sensitive... but they are income sensitive...so if your income is good (above 30k-35k), app for Amex!  


Thanks. My income varies in the $20,000-$25,000 range since I'm only a student and I feel like Amex is a bit picky. So I'm hesitant with them for now until I graduate. With that being said, I'm interest in the Chase Freedom. I've been banking with Chase for over 5 years (I had a high school Checking account with my mom) and now I have a College Checking Account. A piece of me would like to get the Chase Freedom now but if I wait and let these accounts continue to age I will probably get a much better starting Credit Line. What are your thoughts? 

 

Edit: Also what do you guys think I should do with my Capital One card. I never called in to see if I can get an increase since I know they almost never do. Should I keep it (no annual fee, and decent cash back), see if I can get a bump in the limit, or should I close it? 


Charge cards are very easy to be approved for if your credit is decent 660+ with no recent major derogs and no BKs. I think you're income is just fine for the green

I would go for Amex Green this year..... with the added benefit that having an Amex account will be viewed positively by Chase...  I had to recon Chase in March and the rep specifically mentioned my Amex account being in good standing and being an indicator of responsible credit.   If you get Green, then go for Chase in late Feb - early March.   By that time you'll have a lot of inquiries that are aging off.  


Thanks for all of your advice. Now the only thing I have to figure out is my experien report as I don't know how many inquiries are on that one. I doubt it is that different than the others. 


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}