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Regular Contributor
drew11
Posts: 121
Registered: ‎06-20-2012
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Helping GF Build Credit!

I'm trying to help my GF build her credit up as well. She has a Fidelity Visa ($2k) that is 1 year 1 month old and was just approved last month for a GECRB/TJ Maxx MasterCard ($1.2k). She applied for the Chase Freedom in February, at the same time as me, but was denied for too short of credit history (her Fidelity Visa was still under a year old). She would like to have a "prime" card, so I was wondering what should her next steps be. She is applying for a mortgage in almost 2 years from now so she basically would have a year to apply and be approved for a card to allow for the inquiries to not affect her score.

 

Her CreditKarma score is around 706 with no baddies and always PIF. 

 

I was thinking of either trying again for a Chase Freedom now that she has a longer credit history and an additional card, an Amex Zync that would allow her to have backdating in the future if she were to ever apply for a BCE/BCP, or a Discover More card? Which card would be the best for her to aim for and when should that be?

06/16/13 Equifax FICO 733
06/16/13 Experian FICO 745
06/16/13 TransUnion FICO 740

PenFed Platinum: $1000 | Chase Freedom: $5500 | Discover IT: $1500 | Amex BCP $17,600 | Chase CSP: $8000 | Chase Hyatt: $5000
Valued Contributor
Crashem
Posts: 3,096
Registered: ‎01-26-2012
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Re: Helping GF Build Credit!

See my post in your zync thread
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Epic Contributor
Creditaddict
Posts: 22,064
Registered: ‎10-23-2007
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Re: Helping GF Build Credit!

Zync first.

Check Pre-Approved for Discover and apply for that if offered.

I would do the Chase again if she REALLY wants Chase but I would let at least 1 of the 2 above report if you did apply and get approved for both.

I would probably go more Citi (freedom) because the Credit Lines are usually way higher then Chase and you can get CLI without HP ALL the time...

Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
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 Contributor
Crashem
Posts: 3,096
Registered: ‎01-26-2012
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Re: Helping GF Build Credit!

Pc=product change. I am not sure on fidelitys policy regarding that. If she can do it with hp and not lose history (ie not have a new card with new open date), I would recommend it. Best way to find out is to call fidelity. As for zync or Citibank. I would recommend both. You are familiar with zync so I won't bore you. Look up Citibank forward card. Good 5pt categories for your age group. Btw, amazon counts as bookstore. The points can be turned into gift cards etc. won't get quite 1 cent per point on everything, but overall good return on those 5pt categories like restaurants, movies, bookstores etc. Citibank cli policies are more credit building friendly than chase. Also, the signup bonus is pretty decent.
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Regular Contributor
drew11
Posts: 121
Registered: ‎06-20-2012
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Re: Helping GF Build Credit!


Crashem wrote:
Pc=product change. I am not sure on fidelitys policy regarding that. If she can do it with hp and not lose history (ie not have a new card with new open date), I would recommend it. Best way to find out is to call fidelity. As for zync or Citibank. I would recommend both. You are familiar with zync so I won't bore you. Look up Citibank forward card. Good 5pt categories for your age group. Btw, amazon counts as bookstore. The points can be turned into gift cards etc. won't get quite 1 cent per point on everything, but overall good return on those 5pt categories like restaurants, movies, bookstores etc. Citibank cli policies are more credit building friendly than chase. Also, the signup bonus is pretty decent.

Ok I'll let her know to call Fidelity and find out if that would be possible. If the PC is not possible then I guess she should try and app for the Zync by the end of this year. Should she wait until December so by that time her TJX inquiry will have fallen off and her accounts will have aged even longer or does she not need to wait that long? I'm hoping to look up her EQ FICO score  and get at least a CreditSesame Experian score tomorrow to see where she currently stands. If she gets denied for the Zync then we will definitely apply for the Citibank Forward, but if she gets approved should she still apply? I don't see why not, right?

06/16/13 Equifax FICO 733
06/16/13 Experian FICO 745
06/16/13 TransUnion FICO 740

PenFed Platinum: $1000 | Chase Freedom: $5500 | Discover IT: $1500 | Amex BCP $17,600 | Chase CSP: $8000 | Chase Hyatt: $5000
Regular Contributor
drew11
Posts: 121
Registered: ‎06-20-2012
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Re: Helping GF Build Credit!

Also which would be better to apply for the Citi Forward Student or just the regular Citi Forward? I understand the student might be easier to be approved for but don't CCCs usually hold back on CLs for student cards which wouldn't allow the card to grow with her over time?

06/16/13 Equifax FICO 733
06/16/13 Experian FICO 745
06/16/13 TransUnion FICO 740

PenFed Platinum: $1000 | Chase Freedom: $5500 | Discover IT: $1500 | Amex BCP $17,600 | Chase CSP: $8000 | Chase Hyatt: $5000
Epic Contributor
Creditaddict
Posts: 22,064
Registered: ‎10-23-2007
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Re: Helping GF Build Credit!

no don't wait, apply for zync now

and don't apply for student when you have prime non student cards... I never understand why people do that.... Many Student cards max out at some point and I don't know if things have changed and different banks issue them but for years I read over and over getting out of school and "this bank" says I have to apply for new card and close student because they don't upgrade and it's at the max $1k CL!

Now for a student with no credit, student cards are a great in... but once you have Amex in your wallet, Student Cards are off my radar!

Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
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
66 Cards and Counting :smileytongue:
Regular Contributor
drew11
Posts: 121
Registered: ‎06-20-2012
0

Re: Helping GF Build Credit!

Ok her util is 14% right now so I'll make sure she gets that down to < 9% and then she'll apply for the Zync next month if you don't think it's too close to having just been approved for the TJX. If she were to hopefully get approved for the Zync then how long should she wait to apply for the Citi Forward in order to maximize her chances of being approved?

06/16/13 Equifax FICO 733
06/16/13 Experian FICO 745
06/16/13 TransUnion FICO 740

PenFed Platinum: $1000 | Chase Freedom: $5500 | Discover IT: $1500 | Amex BCP $17,600 | Chase CSP: $8000 | Chase Hyatt: $5000
Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
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Re: Helping GF Build Credit!

The zync definately.... and discover more

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
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Regular Contributor
drew11
Posts: 121
Registered: ‎06-20-2012
0

Re: Helping GF Build Credit!

So I actually just pulled up her TransUnion report (freeannualcreditreport), Experian (Quizzle/CreditSesame), and Equifax (myFICO). The Equifax myFICO is stating that she has a 7% utilization which is the average for FICO High Achievers. So should I apply for the Zync today and, if so, should I  apply for the Citi Forward right afterwards?

 

Her scores are the following:

 

7/12/12 Equifax FICO 726
7/12/12 Credit Karma (TU) 706
7/12/12 Credit Sesame (EX) 740

 

AAoA = 8 months

Oldest account = 1 year, 2 months ago

06/16/13 Equifax FICO 733
06/16/13 Experian FICO 745
06/16/13 TransUnion FICO 740

PenFed Platinum: $1000 | Chase Freedom: $5500 | Discover IT: $1500 | Amex BCP $17,600 | Chase CSP: $8000 | Chase Hyatt: $5000

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