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Is this a bad idea?

Established Contributor

Is this a bad idea?

I just received notice that the only lates I have in the past 4 years (28 severe lates on the same loan payment two loans reporting 14 each) ARE BEING REMOVED!!!

They finally accepted my GW request after the 20th email to the CEO Smiley Happy

 

Being that this is my biggest negative factor (No CAs, No PRs, 2 pd COs from 4 years ago) I was thinking of getting ONE decent card as long as soon as my score is ready.

 

I know a lot of people do an app spree, but Im not really wanting to do that. I was thinking of getting just one card hopefully at 0% interest promo period to get some stuff for my new apt. and then once that period is up, PIF every month and just use the promo rates when I could benefit from it. Say I got 4 CCs with 0% interest rates, I wouldnt need enough stuff to use all of them and would waste those promos right? whereas I could just get one at a time when they could be useful and utilize each promo rate.

 

Its a little early for me, but does this sound ok? any reason this would be a bad idea?

In my wallet: Discover it 6800 CL, Capital One Quicksilver Sig 5k CL, Chase Freedom 4k CL, GCU Patinum Visa 1500 CL
Message 1 of 6
5 REPLIES
New Contributor

Re: Is this a bad idea?

Hard to say promos are just that .. Changing all the time so not 100% sure it will still be 0% but CCC are always doing something to bring in new members. I think its a smart idea if your going to spread the apps at least 6-12 months apart.

 

What's your utli ?

 

capone from 1/12 ? 500 limit - balance ?

kay card from 8/12 4100 limit - balance ?

 

I was eyeing a citi.. 18 months 0 % for BT I have three cap ones all about to hit end of prom intro rate (0%). I thought that it would be great BT and keep the cash in my bank, but I have a lot of inqs. I don't think citi would approve me for high enough limit to cover the amount i wanted to transfer plus BT TF. So I decided to wait just pay them off and jump in with citi when my inqs start dropping off and ill use that card and hopefully a good promo for new TV purchase down the road. 






Message 2 of 6
Established Contributor

Re: Is this a bad idea?


mrcrush20 wrote:

Hard to say promos are just that .. Changing all the time so not 100% sure it will still be 0% but CCC are always doing something to bring in new members. I think its a smart idea if your going to spread the apps at least 6-12 months apart.

 

What's your utli ?

 

capone from 1/12 ? 500 limit - balance ?

kay card from 8/12 4100 limit - balance ?

 

I was eyeing a citi.. 18 months 0 % for BT I have three cap ones all about to hit end of prom intro rate (0%). I thought that it would be great BT and keep the cash in my bank, but I have a lot of inqs and I don't think citi would approve me for high enough limit to cover them so I decided to wait just pay them off and jump in with citi when my inqs start dropping off and ill use that card and hopefully a good promo for new TV purchase down the road. 


yeah, sorry my sig is pretty old. My scores reflect 96% util and all of those lates. My util now is @ 53% but I would have that below 9% before applying. The limits are so low its not hard to just pay off, and I only got the kay card for a higher limit reporting.

btw its a charter one card (not that it matters lol) $255/500CL

PNC Secured $3/500CL

Kay card $2500/4100CL

 

My plan is to get CLI when eligible in November for the charter one card, I get 3% cash back so I want to use it  the most. Then once that CL shows up I was going to app for ONE card with good chance of approval and promo rate. Just trying to be smart about what I do and get the most out of it Smiley Happy

In my wallet: Discover it 6800 CL, Capital One Quicksilver Sig 5k CL, Chase Freedom 4k CL, GCU Patinum Visa 1500 CL
Message 3 of 6
Valued Contributor

Re: Is this a bad idea?

A little early to get a good card. You are boarder line for an Amex Zync. Most prime cards want a 640 or higher fico and 2 cards with 6 months to a year history. I would wait for the latest to disapear you should hopefully see a nice score increase. 

 

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 4 of 6
New Contributor

Re: Is this a bad idea?

9 % I am sure it will be fine, plus some 0 percent and points on a new couch ? Smiley LOL .I think you have a good plan use the cards and promos to your advantage and add nice primes to your portfolio 






Message 5 of 6
Established Contributor

Re: Is this a bad idea?


jamesdwi wrote:

A little early to get a good card. You are boarder line for an Amex Zync. Most prime cards want a 640 or higher fico and 2 cards with 6 months to a year history. I would wait for the latest to disapear you should hopefully see a nice score increase. 

 

 

 


Right. Like I said, my sig is very outdated with 96% util and 28 lates. With 9% util and the lates revised, Im expecting to be all set. Im just trying to prepare for that time and do my research before. Run through all the options and decisions. By the time I apply my cards will be at that age, one is atm.

In my wallet: Discover it 6800 CL, Capital One Quicksilver Sig 5k CL, Chase Freedom 4k CL, GCU Patinum Visa 1500 CL
Message 6 of 6