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I have moved to the US in 2008 and have been building my credit.
I am about to pull a new report and score, but in March I had:
- car loan $2,263 of original $ 7,150 (never late -- should now be < $1,000)
- home mortgage $ 117,564 of original 123,000 (never late)
- Cap 1 Platinum AU (1/2009) CL $1,500 util 0% (never late)
- Cap 1 Platinum (08/2008) CL $2750 util 3% (never late)
- no inq in the last 14 months
TU Fico 761 (only problem short credit history - oldest account 2y7m; AAoA 2y). EQ Fako 717 (March 2011).
Nothing new since then, I expect I should the same or a higher score.
As you can see, I have been a very patient gardener, but now I am wondering if the time has come to apply for some real cards. In particular, I would like to try my luck with an AMEX Blue Cash Everyday and a Chase Freedom -- should I go on a mini app spree or wait yet more time? I obviously need more cards but I am a bit afraid that 2 new cards would kill my AAoA.
Thank you for your advice!
Everyone will eventually start apping for prime cards at one point or another. You may as well start now. You already have a mortgage so unless you are looking for a 2nd mortgage or refinance...I would start your app process for Chase Freedom and Amex Blue now. Look at these 2 cards as a building block for 5 or 10yrs down the road. The sooner you start, the longer AAoA you will have in 5 or 10 yrs. IMHO...I believe you will get approved for both CCs. Good luck!!
yes I say go now... but check out the Citi Forward also... unless you really work those categories on Freedom I just don't like it now that they changed the rewards from the original Freedom.
Thank you very much!
AMEX has a preapproval site you can check out first before blowing an inquiry. Might want to give that a shot.
@kjm79 wrote:AMEX has a preapproval site you can check out first before blowing an inquiry. Might want to give that a shot.
Thank you. I have looked, but no offers. On the other hand, I have opted out, so I am not surprised...
@Anonymous wrote:
@kjm79 wrote:AMEX has a preapproval site you can check out first before blowing an inquiry. Might want to give that a shot.
Thank you. I have looked, but no offers. On the other hand, I have opted out, so I am not surprised...
I didn't have any pre-approval offers from Amex in the mail or their website and apped online. Was approved. Just make sure the rewards fit your need.
@tntexans72 wrote:
@Anonymous wrote:
@kjm79 wrote:AMEX has a preapproval site you can check out first before blowing an inquiry. Might want to give that a shot.
Thank you. I have looked, but no offers. On the other hand, I have opted out, so I am not surprised...
I didn't have any pre-approval offers from Amex in the mail or their website and apped online. Was approved. Just make sure the rewards fit your need.
Thank you -- I am definitely reassured. I will wait a couple of weeks to bring my util down and will go for it. I'll keep you guys posted.
As it turns out, the time had finally come. this morning I app'd for both an Amex Blue Cash Preferred and a Chase Freedom, and got instant approval on both.
YEEAH! Sock-drawer-time for good old Cap 1!!
For those who keep count, my scores are TU=756, EQ=751. I have 5 accounts, including one active car loan and a closed one, a home mortgage, and 2 revolving lines (one with util 0, the other 5%, as advised by the gurus). My oldest account is 3 years, AAoA is 2 years. No baddies and no lates.
I am now going to call and ask about CL... my Cap 1 had reached 2,750, so I hope to get a decent one.
Congratulations! Those are 2 great cards! Instant approved, you're too healthy