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Valued Member
Posts: 26
Registered: ‎07-28-2011
0

Has the time finally come?

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!

 

Valued Contributor
Posts: 1,071
Registered: ‎04-24-2008
0

Re: Has the time finally come?

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!!

Epic Contributor
Posts: 23,292
Registered: ‎10-23-2007
0

Re: Has the time finally come?

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.

Fico Scores: EQ- 668 DCU., TU 704 Best Buy, EX 700 Chase (2/5/15)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
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Valued Member
Posts: 26
Registered: ‎07-28-2011
0

Re: Has the time finally come?

Thank you very much!

Established Contributor
Posts: 1,008
Registered: ‎01-22-2008
0

Re: Has the time finally come?

AMEX has a preapproval site you can check out first before blowing an inquiry.  Might want to give that a shot. 


Starting Score: TU? EQ 585 EX? (12/06) (CH 7 bk 11/04)
Current Score: (5/12) TU 699 (myFICO) TU 709 (WalMart) EQ 690 EX 686 (CC denial 7/11)
Goal Score: 720 Across the Board by Mid 2012
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Valued Member
Posts: 26
Registered: ‎07-28-2011
0

Re: Has the time finally come?


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...

Valued Contributor
Posts: 1,071
Registered: ‎04-24-2008
0

Re: Has the time finally come?


SevenUP 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.

Valued Member
Posts: 26
Registered: ‎07-28-2011
0

Re: Has the time finally come?


tntexans72 wrote:

SevenUP 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.

Established Contributor
Posts: 524
Registered: ‎08-24-2011
0

Re: Has the time finally come?

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.

SevenNEW, Garden Nerd - In the Garden until 2015!
4.2K 10K 24.6K
Established Contributor
Posts: 767
Registered: ‎04-08-2011
0

Re: Has the time finally come?

Congratulations! Those are 2 great cards! Instant approved, you're too healthy :smileyvery-happy:


Starting Score (08/11/11): TU08: 643
Current Score: TU08: 741
Goal Score: Stay in the 700s; keep reports clean


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