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New Visitor
be1991
Posts: 2
Registered: ‎10-03-2012
0

First post! need help deciding to apply

Hi all, I'm new to MyFico, this will be my first post.

 

I'm trying to decide if i should apply for a new card. I recently turned 21 in September, and I feel that I am well on my way to better credit.

This is what my current file consists of:

 

Barclaycard Rewards Mastercard - (Since May 2012) 2K limit, 0 current balance

Citi Forward Visa - (Since February 2012)  2K Limit, 0 current balance

SunTrust Bank Platinum Rewards Visa (Since April 2012) - 1K limit, $150 current balance

Platinum Visa from local credit union - (Since September 2009) - $300 Limit, $40 current balance

Best Buy Credit Card - (Since December 2010) - 1.2K Limit, 0 current balance

 

Chase Mortgage - (Since December 2011) $684/month payment

 

Yearly income approx: $30k 

Credit Karma score : 713  Credit Sesame score : 726

6 hard inquiries in 2012

 

Since buying the house last year, I have focused on strengthening my credit card portfolio, and I have been happy with the results so far. I have absolutely no late payments or derogatory marks, don't carry large balances and PIF when I can, and lately I have been rotating the cards I use each month to maximize rewards and also to keep any from going without use. I've currently got my eyes set on an AMEX Blue Cash Preferred because I want to build a history with them, plus I drive nearly 130 miles each day so the gas rewards would be awesome! I am hesitant to apply, however, because of the AAOA on my profile and because I am unsure of the requirements to "get in" with an AMEX revolving card. Any advice or help would be greatly appreciated! I've been browsing the forums for awhile now and I have been very impressed with the knowledge base, I know I'm in the right place!

 

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: First post! need help deciding to apply

Looks like you have a pretty good grasp of finances.  At this point, only get a card that will benefit you.  Seems like the Amex might be a fit for you.   Then just take the cards you have and garden them well.

 

Oh, and btw.   Welcome to the Forums!


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Regular Contributor
kwazziee
Posts: 148
Registered: ‎09-26-2011
0

Re: First post! need help deciding to apply

Seem like you are doing great with your credit at this age. I am sure there are many people on this forum doing what you have accomplish at this age. A big congrat and welcome to the forum. Keep it up.

Valued Contributor
Dustink
Posts: 3,000
Registered: ‎10-02-2012
0

Re: First post! need help deciding to apply

[ Edited ]

I would recommend that you wait awhile. You have three fairly new accounts and several inquiries. Let all your accounts age for awhile. Even if you could be approved now, your terms will be better later.

 

Also, only let one card report a balance each month. I notice you have balances on two cards. Aim for total utilization between 1-5%. So, in your case between $65-$325.

 

It also looks like the card from your credit union is due for a credit limit increase. Call them up and see if they can do an increase with just a soft inquiry.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k          $8.5K          Closed          $19k         $6.5k           $24.2k        Closed          $5k         Closed       $8.5k        Closed      @2.49%
Regular Contributor
alboto
Posts: 211
Registered: ‎08-23-2012
0

Re: First post! need help deciding to apply


Dustink wrote:

I would recommend that you wait awhile. You have three fairly new accounts and several inquiries. Let all your accounts age for awhile. Even if you could be approved now, your terms will be better later.


+1 I agree, even though you have over 1 year in your AAoA and good all around credit I say it would be better if you wait a little bit.

Regular Contributor
alboto
Posts: 211
Registered: ‎08-23-2012
0

Re: First post! need help deciding to apply

what kind of bestbuy credit card do you have and when was last time you got a CLI ???

Valued Contributor
Dustink
Posts: 3,000
Registered: ‎10-02-2012
0

Re: First post! need help deciding to apply


alboto wrote:

what kind of bestbuy credit card do you have and when was last time you got a CLI ???


Bestbuy offers a standard in house card through Capital One. It is pretty easy to qualify for and offers interest free financing based on the purchase price. As I recall $250 is 6 months, $500 is 18 months, and $900 is 3 year but you can check out their website to be sure.

 

Any store clerk can help you apply for the card.

 

I was initially approved for a $1200 limit, it is possible that was also OP's starting limit. After a few months they raised my limit to $3000.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k          $8.5K          Closed          $19k         $6.5k           $24.2k        Closed          $5k         Closed       $8.5k        Closed      @2.49%
Regular Contributor
alboto
Posts: 211
Registered: ‎08-23-2012
0

Re: First post! need help deciding to apply


Dustink wrote:

alboto wrote:

what kind of bestbuy credit card do you have and when was last time you got a CLI ???


Bestbuy offers a standard in house card through Capital One. It is pretty easy to qualify for and offers interest free financing based on the purchase price. As I recall $250 is 6 months, $500 is 18 months, and $900 is 3 year but you can check out their website to be sure.

 

Any store clerk can help you apply for the card.

 

I was initially approved for a $1200 limit, it is possible that was also OP's starting limit. After a few months they raised my limit to $3000.


I got that standard best buy credit card, and had a $2100 CL, and just last month pushed the luv button on their website and got an CLI to $3100.

maybe he was up for a CLI in that card as well.

Valued Contributor
Dustink
Posts: 3,000
Registered: ‎10-02-2012
0

Re: First post! need help deciding to apply



maybe he was up for a CLI in that card as well.


Only if it is only a soft pull. I know my increase was a hard pull, but something small via the website may only be a soft pull. Mine was a hard pull because I called in and spoke directly with underwriting. Which is only possible because HSBC services the cards and not Capital One.

 

I think their mastercard is a joke, and is being slowly phased out. So most likely, OP has the in store card.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k          $8.5K          Closed          $19k         $6.5k           $24.2k        Closed          $5k         Closed       $8.5k        Closed      @2.49%
New Visitor
be1991
Posts: 2
Registered: ‎10-03-2012
0

Re: First post! need help deciding to apply

Thanks for the advice guys! My BBY card is the standard in store card, started with a CL of 600, increased to 1200 in May through the website button. I've also thought about requesting a CLI on the credit union card (I asked in april and was denied) they have very strict income guidelines, I may ask again but I don't know if they have a soft pull option (Same with the CITI, its been more than 6 months, but I keep seeing the "you authorize citi to check credit history" message) . I'm also on the same page, I do think I should let the accounts age and I really don't want to waste an inquiry :smileyhappy: 


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