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UPDATE: Read my approved story! http://ficoforums.myfico.com/t5/Credit-Card-Approvals/AMEX-DISCOVER-BOA-SUCCESS/td-p/3674427
Hi, all! Hope you Ficoers have been doing well! I just wanted to give a big thanks to every single one of you for helping others on here because without you folks, I wouldn't know a rabbits bottom about credit and how it works!
I'm hitting over 6 months of reported credit history now and I'm considering getting another card to make my credit file a little thicker (not to mention my current CL is something Mickey Mouse would laugh at). Many of you said the American Express Premiere Rewards Gold card should be something I should look into before the Discover It.
I have two problems with the PRG card that makes me fear it's not for me: I cringe at the $175 AF after the second year and there on out when you have the card. I feel like regardless of the sign-up offer, you will hit even with the cards rewards and AF in about the second year and then afterwards you are just paying to have the card in your wallet.
SECONDLY, I am not sure if my spending gets benefit enough for the card. I spend about $300 monthly on my current credit card and that's gasoline, restaurants, and a few department stores here and there. I don't really fly or travel much as I use my car. I'm a big fan of getting the best benefit from using my card.
I thought to myself that the Discover It fits me perfectly, but others disagreed and I valued their opinion about the low CL's Discover usually give first timers (especially with me only having 6 months of history), and how it's better to get your foot in the door with AMEX due to their respected company and cards, and also the backdating. I may add in my own vanity-shame it would also be an ego boost to whip out a beautiful AMEX card as it makes a statement that you've made it in the credit world. I'm not a fan of the BCE!
So please help me here Ficoers before I app! Tell me what you believe I should get based on my preferences!
Info about me:
0.62 AAoA
721 credit score (TU)
2 inquiries (One EX and other TU) Last app May 2014.
$18,000 annually
19 years old
One (and first) credit account opened May 2014- BOA Cash Rewards Platinum Plus $700 CL - 4% utilization next report
@Anonymous wrote:Hi, all! Hope you Ficoers have been doing well! I just wanted to give a big thanks to every single one of you for helping others on here because without you folks, I wouldn't know a rabbits bottom about credit and how it works!
I'm hitting over 6 months of reported credit history now and I'm considering getting another card to make my credit file a little thicker (not to mention my current CL is something Mickey Mouse would laugh at). Many of you said the American Express Premiere Rewards Gold card should be something I should look into before the Discover It.
I have two problems with the PRG card that makes me fear it's not for me: I cringe at the $175 AF after the second year and there on out when you have the card. I feel like regardless of the sign-up offer, you will hit even with the cards rewards and AF in about the second year and then afterwards you are just paying to have the card in your wallet.
SECONDLY, I am not sure if my spending gets benefit enough for the card. I spend about $300 monthly on my current credit card and that's gasoline, restaurants, and a few department stores here and there. I don't really fly or travel much as I use my car. I'm a big fan of getting the best benefit from using my card.
I thought to myself that the Discover It fits me perfectly, but others disagreed and I valued their opinion about the low CL's Discover usually give first timers (especially with me only having 6 months of history), and how it's better to get your foot in the door with AMEX due to their respected company and cards, and also the backdating. I may add in my own vanity-shame it would also be an ego boost to whip out a beautiful AMEX card as it makes a statement that you've made it in the credit world. I'm not a fan of the BCE!
So please help me here Ficoers before I app! Tell me what you believe I should get based on my preferences!
Info about me:
0.62 AAoA
721 credit score (TU)
2 inquiries (One EX and other TU) Last app May 2014.
$18,000 annually
19 years old
One (and first) credit account opened May 2014- BOA Cash Rewards Platinum Plus $700 CL - 4% utilization next report
I think PRG was suggested, since some see the charge cards as a good way to get your foot in the door with AMEX, and some see that one as a good choice. However, with a spend as low as yours, I don't think charge cards would be a good solution.
Since you've said you don't like BCE, that's out. Are you a Costco member or open to becoming one? TE gives 3% gas and 2% dining, which might fit your needs.
With the oddity of Disco, since you're only at the $700 range, they'd probably give you a decent limit....???? Weird, but probable. They like starter profiles, IMO.
Agree with the CLI on BOA. They've been very good to me there, at the 3/6 month marks, but I pushed HP's to do it.
@Anonymous wrote:Hi, all! Hope you Ficoers have been doing well! I just wanted to give a big thanks to every single one of you for helping others on here because without you folks, I wouldn't know a rabbits bottom about credit and how it works!
I'm hitting over 6 months of reported credit history now and I'm considering getting another card to make my credit file a little thicker (not to mention my current CL is something Mickey Mouse would laugh at). Many of you said the American Express Premiere Rewards Gold card should be something I should look into before the Discover It.
I have two problems with the PRG card that makes me fear it's not for me: I cringe at the $175 AF after the second year and there on out when you have the card. I feel like regardless of the sign-up offer, you will hit even with the cards rewards and AF in about the second year and then afterwards you are just paying to have the card in your wallet.
SECONDLY, I am not sure if my spending gets benefit enough for the card. I spend about $300 monthly on my current credit card and that's gasoline, restaurants, and a few department stores here and there. I don't really fly or travel much as I use my car. I'm a big fan of getting the best benefit from using my card.
I thought to myself that the Discover It fits me perfectly, but others disagreed and I valued their opinion about the low CL's Discover usually give first timers (especially with me only having 6 months of history), and how it's better to get your foot in the door with AMEX due to their respected company and cards, and also the backdating. I may add in my own vanity-shame it would also be an ego boost to whip out a beautiful AMEX card as it makes a statement that you've made it in the credit world. I'm not a fan of the BCE!
So please help me here Ficoers before I app! Tell me what you believe I should get based on my preferences!
Info about me:
0.62 AAoA
721 credit score (TU)
2 inquiries (One EX and other TU) Last app May 2014.
$18,000 annually
19 years old
One (and first) credit account opened May 2014- BOA Cash Rewards Platinum Plus $700 CL - 4% utilization next report
The main reason you wanna get an Amex as soon as you can is that the backdating will come in handy later on and they tend to be pretty generous with CLs even if you don't have a year of credit history. I credit them a lot in helping me get other kinds of cards and not getting as many starting toy limits anymore. The earlier you set up your MSD date, the better. Did you try looking at their other revolvers that don't have an AF you can get?
New questions, if I may!
Should I save the hard pull and do both Discover and AMEX or should I do one for my current BoA card and the other for AMEX?
If so, should I do the apps and CLI's within a few minutes apart so the HP's won't show up?
And which task should I do first? AMEX application?
@Anonymous wrote:New questions, if I may!
Should I save the hard pull and do both Discover and AMEX or should I do one for my current BoA card and the other for AMEX?
If so, should I do the apps and CLI's within a few minutes apart so the HP's won't show up?
And which task should I do first? AMEX application?
Do you want growth, or diversification first?
Would it be a good idea to get the PRG and then close it on the second year or would that totally mess up my AAoA and future chances with AMEX?
@Anonymous wrote:New questions, if I may!
Should I save the hard pull and do both Discover and AMEX or should I do one for my current BoA card and the other for AMEX?
If so, should I do the apps and CLI's within a few minutes apart so the HP's won't show up?
And which task should I do first? AMEX application?
I think Discover usually pulls from EQ in most places and BoA will use a TU report for CLIs. Amex always pulls from EX so I don't think it would matter that much which order you do the apps in.