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Established Member
Posts: 19
Registered: ‎02-21-2012
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Help me plan my app spree

After making some foolish decisions last year, I've been able to turn things around this year after joining this board.

 

I started the year with a 647 Equifax (myfico) score with an Amex collection which was paid in full and 5 inquiries.  4 of those Inquires were Credit Card application denials due to recent collection and high util.  As of today I have a 758 Equifax (myfico) score with one 1 inquiry after receiving an Amex GW TL deletion this Spring.  My current reported Util is 28% with 3 out of 4 cards reporting a balance.  When this month is updated I should see a significant boost (808 to 848 according to the Score Predictor).  My stats should look like this:

 

Discover More $5300 cl; ~$300 bal

Chase Freedom $1300 cl; $0 bal

Amex Optima (Oasis) $500 cl; $0 bal

CapOne (Credit Steps) $500 cl; $0 bal

1 inq. from 1/13/12 from Nordstrom store card application (denied based on recent Collection, High Util., Too many Inq.)

AAoA 4 years

missed payments 0

Newest Account 1 year, 5 months (CapOne)

No Collections and No Public Records

 

As soon as my last card reports this month my plan is to close my Amex Optima in an effort to apply for a regular American Express and also apply for other Prime Cards.  My plan of attack is as follows:

 

- Apply for a Nordstrom Signature Visa.

 Placing them first due to their Inq. sensitivity.  Hoping that being approved for their Signature Visa will give me some nice CLIs in the future.

 

- Apply for a Chase Sapphire Preferred.

 Not Inq. sensitive as Nordstrom, but I should still have 2 Inq. when I do so.  I know they like to see how you treat $5000 TLs and my Discover takes care of that prerequisite.

 

- Apply for an American Express.

 I'm thinking of applying for a Gold Preferred Rewards charge card, but open to the idea of a BCP if the consensus is that I'll get approved.

 

I will apply for all these cards the same day so they all age evenly and my AAoA recovers after 6 months.

 

Thoughts, opinons? I'm open to other Credit Card suggestions.  Thanks You for reading. 

Established Contributor
Posts: 982
Registered: ‎03-22-2012
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Re: Help me plan my app spree

I think you have a pretty solid plan. My only concern would be getting approved for any AMEX product so soon after having a collection with them.

 

How old was the AMEX collection and what type of card was it?



Starting Score: EQ 658 6/18/12
Current Score: EQ 690 11/17/14 - EX 687 7/21/14 - TU 701 12/8/14
Goal Score: EQ 720+
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Established Member
Posts: 19
Registered: ‎02-21-2012
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Re: Help me plan my app spree


jamie123 wrote:

I think you have a pretty solid plan. My only concern would be getting approved for any AMEX product so soon after having a collection with them.

 

How old was the AMEX collection and what type of card was it?


Zync which was in collections for a month before it was paid off completely.  Amex offered me an Optima which I've maintained for 15 months with a perfect payment history.  I've read they require enrollment in their Oasis program for 12 months before they reconsider an applicant for a regular product.  

Valued Contributor
Posts: 2,110
Registered: ‎12-29-2011
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Re: Help me plan my app spree

I don't think a lot of us really plan our app sprees...I don't. I just do it and suffer the consequences later. LOL.

The truth is out there...
FICO scores: 764 (EQ) 732 (EX) 757 (TU) 9/14 | Goal score: 750+ (all 3)
Tradelines: Capital One QS NPSL (5.0k) | Discover IT (6.0k) | Walmart Mastercard (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)






Frequent Contributor
Posts: 367
Registered: ‎06-02-2008
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Re: Help me plan my app spree

AMEX has a long memory of past defaults.  You may try but don't be surprised if they smack you down.  Just because it's not on your CR doesn't mean they forget about it.


AmEx PRG (NPSL) | AmEx Costco ($8.2K) | AmEx Delta Gold ($19.3K) | AmEx BCE ($5K) | Chase United Explorer ($10K) | Chase Sapphire Preferred ($7.5K) | Chase Freedom ($8.2K) | Discover it ($3K) | Capital One Quicksilver ($2.5K) | PayPal Extras ($2.5K) | Lowes ($3.3K) | Walmart ($4.3K) | Amazon ($2.5K) | Restoration Hardware ($8.8K) | Crate & Barrel ($8.3K)
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Established Member
Posts: 19
Registered: ‎02-21-2012
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Re: Help me plan my app spree


Omaplatypus wrote:

AMEX has a long memory of past defaults.  You may try but don't be surprised if they smack you down.  Just because it's not on your CR doesn't mean they forget about it.


The account was paid in full after it went to collections, it was not a default.  It didn't just fall off my CR, I requested a Goodwill Tradeline delete directly with Amex.  They granted it after reviewing my file and seeing that I had a perfect payment history in their recovery product.

Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
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Re: Help me plan my app spree


maiden_girl wrote:

I don't think a lot of us really plan our app sprees...I don't. I just do it and suffer the consequences later. LOL.


I actually planned out my app spree.  Even my drapping of Freedom was planned to a degree (it was the next card on my list that I wanted to app for and I would had probably apped for it a couple days later if I hadnt drapped for it.

 

But every part of my initial app spree was planned and Ive already planned my next spree.  NFCU beginning of November then after refi in 8 months I'll app for CSP, SPG and Citi Forward.



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Established Contributor
Posts: 504
Registered: ‎08-28-2012
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Re: Help me plan my app spree


beerdrinker wrote:

 

- Apply for a Nordstrom Signature Visa.

 Placing them first due to their Inq. sensitivity.  Hoping that being approved for their Signature Visa will give me some nice CLIs in the future.

 

- Apply for a Chase Sapphire Preferred.

 Not Inq. sensitive as Nordstrom, but I should still have 2 Inq. when I do so.  I know they like to see how you treat $5000 TLs and my Discover takes care of that prerequisite.

 

- Apply for an American Express.

 I'm thinking of applying for a Gold Preferred Rewards charge card, but open to the idea of a BCP if the consensus is that I'll get approved.

 

I will apply for all these cards the same day so they all age evenly and my AAoA recovers after 6 months.

 

Thoughts, opinons? I'm open to other Credit Card suggestions.  Thanks You for reading. 


My thoughts - 

 

Do you shop at Nordstrom a lot?  If you're getting the Nordstrom card just for Signature benefits, the CSP is a Visa Signature as well.  Same Signature benefits, but much better rewards program.  I just got the CSP this week with 9 inquiries on Experian.  They asked me about my new accounts, but didn't think too much of it.  Two inquiries is nothing.

 

Compare the regular Gold and PRG carefully before you decide to apply.  I made the mistake of applying for the regular Gold.  It didn't come with a signup bonus, which was a big bummer, but maybe I wouldn't have properly utilized the points multipliers enough to justify the extra $50 AF.  Who knows?  In hindsight, I wish I has skipped the charge card (or maybe grabbed a Zync while it was still available).  With the Chase Trifecta, I don't see myself using it much.  On the other hand, the BCP is a whomper of a card with the 6% back on groceries.

 

I think you're better served using the CSP as a travel card, skipping the Nordstrom, and getting the BCP instead of the PRG.  Come January, I'll have the exact same wallet, credit gods willing.  Chase Trifecta for most purchases, BCP for groceries.

Valued Contributor
Posts: 2,110
Registered: ‎12-29-2011
0

Re: Help me plan my app spree


Duncanrr wrote:

maiden_girl wrote:

I don't think a lot of us really plan our app sprees...I don't. I just do it and suffer the consequences later. LOL.


I actually planned out my app spree.  Even my drapping of Freedom was planned to a degree (it was the next card on my list that I wanted to app for and I would had probably apped for it a couple days later if I hadnt drapped for it.

 

But every part of my initial app spree was planned and Ive already planned my next spree.  NFCU beginning of November then after refi in 8 months I'll app for CSP, SPG and Citi Forward.


After all that "drapping" you outta have like 1,000 credit cards by now...LOL.

 

The truth is out there...
FICO scores: 764 (EQ) 732 (EX) 757 (TU) 9/14 | Goal score: 750+ (all 3)
Tradelines: Capital One QS NPSL (5.0k) | Discover IT (6.0k) | Walmart Mastercard (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)






Established Member
Posts: 19
Registered: ‎02-21-2012
0

Re: Help me plan my app spree


djrez4 wrote:

beerdrinker wrote:

 

- Apply for a Nordstrom Signature Visa.

 Placing them first due to their Inq. sensitivity.  Hoping that being approved for their Signature Visa will give me some nice CLIs in the future.

 

- Apply for a Chase Sapphire Preferred.

 Not Inq. sensitive as Nordstrom, but I should still have 2 Inq. when I do so.  I know they like to see how you treat $5000 TLs and my Discover takes care of that prerequisite.

 

- Apply for an American Express.

 I'm thinking of applying for a Gold Preferred Rewards charge card, but open to the idea of a BCP if the consensus is that I'll get approved.

 

I will apply for all these cards the same day so they all age evenly and my AAoA recovers after 6 months.

 

Thoughts, opinons? I'm open to other Credit Card suggestions.  Thanks You for reading. 


My thoughts - 

 

Do you shop at Nordstrom a lot?  If you're getting the Nordstrom card just for Signature benefits, the CSP is a Visa Signature as well.  Same Signature benefits, but much better rewards program.  I just got the CSP this week with 9 inquiries on Experian.  They asked me about my new accounts, but didn't think too much of it.  Two inquiries is nothing.

 

Compare the regular Gold and PRG carefully before you decide to apply.  I made the mistake of applying for the regular Gold.  It didn't come with a signup bonus, which was a big bummer, but maybe I wouldn't have properly utilized the points multipliers enough to justify the extra $50 AF.  Who knows?  In hindsight, I wish I has skipped the charge card (or maybe grabbed a Zync while it was still available).  With the Chase Trifecta, I don't see myself using it much.  On the other hand, the BCP is a whomper of a card with the 6% back on groceries.

 

I think you're better served using the CSP as a travel card, skipping the Nordstrom, and getting the BCP instead of the PRG.  Come January, I'll have the exact same wallet, credit gods willing.  Chase Trifecta for most purchases, BCP for groceries.


Yes, I shop at Nordstrom a lot.  It is at the top of my list, because from all accounts they are quite generous with their CLIs.  Since they are so INQ sensitive, I wanted to apply for it first before the CSP.

 

Would it be wiser to just apply for the BCP and stay out of the charge cards? My logic tells me that since Amex is less strict with their charge cards it would be easier for me to get in with them after closing my Optima.

 

Thanks for your input.

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