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Established Contributor
BrokaToe
Posts: 726
Registered: ‎05-12-2012
0

Need Help on a Decision

Heya folks, what's been going on. I've been hiding in the garden for the last 7 months or so, but the itch is becoming quite overwhelming.

 

You can see my current FICO scores below. I have   $500 BOA 99/500 card and a $300 secured Cap1, and $300 Buckle card. They are all at about 7 months perfect payment history, util is around 3% currently on the BOA card, the other 2 cards have $0 balance. Oldest account opened 10 years ago and AAoA is 4 years.

 

On a couple of my reports I have old school loans in collection status but showing no balance. They have recently been added as new positive tradelines due to rehab completion and are showing positive history since 2002.  No other baddies to speak of.

 

What would you suggest I apply for? I was going to go for Zync, but it's obviously not an available product anymore. I like cash back, but I don't want to wast an inquiry if the odds are against me.  BTW I have no more than 2 inquiries on any of my reports.

 

Thanks for any help or advice..

 

 


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Valued Contributor
jsucool76
Posts: 2,910
Registered: ‎12-11-2011
0

Re: Need Help on a Decision


BrokaToe wrote:

Heya folks, what's been going on. I've been hiding in the garden for the last 7 months or so, but the itch is becoming quite overwhelming.

 

You can see my current FICO scores below. I have   $500 BOA 99/500 card and a $300 secured Cap1, and $300 Buckle card. They are all at about 7 months perfect payment history, util is around 3% currently on the BOA card, the other 2 cards have $0 balance. Oldest account opened 10 years ago and AAoA is 4 years.

 

On a couple of my reports I have old school loans in collection status but showing no balance. They have recently been added as new positive tradelines due to rehab completion and are showing positive history since 2002.  No other baddies to speak of.

 

What would you suggest I apply for? I was going to go for Zync, but it's obviously not an available product anymore. I like cash back, but I don't want to wast an inquiry if the odds are against me.  BTW I have no more than 2 inquiries on any of my reports.

 

Thanks for any help or advice..

 

 




 No Apps 'til - 5/2013 - Not working out huh? xD 

 



If you wanted an amex charge I would still suggest going for one. The AFs are all waived for the first year so if it is too expensive to justify it you can always cancel. All of the charge cards (with the exception of possibly the plat (and obv the cent) seem to have the same underwriting criteria, so I would just go for PRG for the first year at least. 

 

What other kind of cards are you looking for? 

Wallet: Capital One Quicksilver 3500CL, Wells Fargo Cash Back College Visa: 900CL, Paypal Smart Connect: 3000CL, Walmart Discover: 3500CL, UPromise Mastercard: 3500CL, Chase Slate: 1000CL, Discover IT: 2000CL, Citi Forward: 2600CL, Bank Of America Student Travel Rewards: 2700CL, Amex PRG, Citi DoubleCash: 1200CL
Established Contributor
BrokaToe
Posts: 726
Registered: ‎05-12-2012
0

Re: Need Help on a Decision


jsucool76 wrote:

BrokaToe wrote:

Heya folks, what's been going on. I've been hiding in the garden for the last 7 months or so, but the itch is becoming quite overwhelming.

 

You can see my current FICO scores below. I have   $500 BOA 99/500 card and a $300 secured Cap1, and $300 Buckle card. They are all at about 7 months perfect payment history, util is around 3% currently on the BOA card, the other 2 cards have $0 balance. Oldest account opened 10 years ago and AAoA is 4 years.

 

On a couple of my reports I have old school loans in collection status but showing no balance. They have recently been added as new positive tradelines due to rehab completion and are showing positive history since 2002.  No other baddies to speak of.

 

What would you suggest I apply for? I was going to go for Zync, but it's obviously not an available product anymore. I like cash back, but I don't want to wast an inquiry if the odds are against me.  BTW I have no more than 2 inquiries on any of my reports.

 

Thanks for any help or advice..

 

 


 

 No Apps 'til - 5/2013 - Not working out huh? xD 

 


Yah, I could probably wait, I just kind of feel like I've made enough progress so far to be approved for something a little better already.

 

I really like cashback options on cards. I'm not really one to use airline points or anything like that, cos I never fly. I don't ever go to shows or anything like that either, so really as far as rewards, the cash back option is the best for me.


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Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: Need Help on a Decision

I recommend chase freedom, discover more, chase amazon, or amex PRG

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
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Senior Contributor
drkaje
Posts: 3,489
Registered: ‎07-25-2008
0

Re: Need Help on a Decision

I'd really wait until any secured product graduated.

 

Chase likes some CC use history so it's hard to imagine they'd show any love at this point.

 

It takes a lot of patience to not apply all willy-nilly as scores start to improve. Inquiries drop scores and remain visible for two years.


Starting Score: 675
Current Score: EX 754 FICO, EQ 737FICO
Goal Score: 776 FICO


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Established Contributor
BrokaToe
Posts: 726
Registered: ‎05-12-2012
0

Re: Need Help on a Decision

[ Edited ]

drkaje wrote:

I'd really wait until any secured product graduated.

 

Chase likes some CC use history so it's hard to imagine they'd show any love at this point.

 

It takes a lot of patience to not apply all willy-nilly as scores start to improve. Inquiries drop scores and remain visible for two years.


Yah I've thought about the inquiries lowering my score a bit. Actually you're probably right, I wasn't really thinking about the benefits of graduation. Although I doubt my Cap1 will ever do that, but either way looks like I'll probably be waiting for that 5/2013 date after all. :smileyfrustrated:

 

My main mission was to get in with Amex for the backdating, but since Zync is no longer available, then that probably kills that idea.


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Valued Contributor
kevinjjc
Posts: 1,310
Registered: ‎01-14-2009
0

Re: Need Help on a Decision

I wouldn't recommend Chase right now since it's very difficult to get your APR lowered once it's set with Chase.

Senior Contributor
drkaje
Posts: 3,489
Registered: ‎07-25-2008
0

Re: Need Help on a Decision


BrokaToe wrote:

drkaje wrote:

I'd really wait until any secured product graduated.

 

Chase likes some CC use history so it's hard to imagine they'd show any love at this point.

 

It takes a lot of patience to not apply all willy-nilly as scores start to improve. Inquiries drop scores and remain visible for two years.


Yah I've thought about the inquiries lowering my score a bit. Actually you're probably right, I wasn't really thinking about the benefits of graduation. Although I doubt my Cap1 will ever do that, but either way looks like I'll probably be waiting for that 5/2013 date after all. :smileyfrustrated:

 

My main mission was to get in with Amex for the backdating, but since Zync is no longer available, then that probably kills that idea.


I realize backdating is probably the most attractive feature of Amex, for some, but many here have posted that they don't really care for lower tiered products and short histories. Also, you have to ask yourself on some level "Is having an Amex worth paying $100/yr while rebuilding/building my credit?".

 

Another factor to consider is adding a new account will lower average age of accounts. That might not be the best thing to do considering your cards are only 7 months old.

 

Amex used to have a link where you could see if there were any pre-approved offers with a soft pull but I'm unable to find it.

 

Definitely take my advice with a grain of salt. Everyone's situation is different. I'm not rebuilding but pretty much have an allergy to new apps, LOL! If someone did come out with a must have product I could always apply for it and then get a third Amex to offset changes in average account age. That being said, it took years (and I do mean years) of rebuilding, protecting, and careful nursing of my credit to reach a point where something like that is even an option.

 


Starting Score: 675
Current Score: EX 754 FICO, EQ 737FICO
Goal Score: 776 FICO


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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Need Help on a Decision

I hate I can't see scores on my iPhone. Since you already have a card with Cap1, why don't you apply for the green cash rewards card? You're right, Cap1 rarely converts cards over and secured cards with them don't graduate. Typically, you have to reapply for something else. I just applied for the Freedom and was initially declined and had to recon for approval pending final review. They were barking over my revolving account history not being long enough. I have a line of credit never late opened back from 2008 but I also have a BK that is 9 yrs and 4 mos old. Chase might bark at your short history (7 mos) or they may not. You said 7 mos max history on revolvers? If you are declined or they say they need to review your application, ask them for the # to the loan dept and they will tell you why, then recon. Chase is really good for approval through recon.

I think you will get approved hands down with Cap1 for their cash rewards card. I was instantly approved with a 2000 CL and a CLI of 500 at 7th statement. If you don't mind, could you repost your scores for cellular users? :smileyhappy:
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
jsucool76
Posts: 2,910
Registered: ‎12-11-2011
0

Re: Need Help on a Decision


drkaje wrote:

I'd really wait until any secured product graduated.

 

Chase likes some CC use history so it's hard to imagine they'd show any love at this point.

 

It takes a lot of patience to not apply all willy-nilly as scores start to improve. Inquiries drop scores and remain visible for two years.


I thought inqs only affected scores for 1 year? I know they stay on your report for 2, but I'm fairly certain after 12 months they stop affecting your score. 

 

Also all of amex's charge products (with the exception of plat/cent) waive the AF for the first year, so it is definitely worth it to lock in a member date if you can. 

Wallet: Capital One Quicksilver 3500CL, Wells Fargo Cash Back College Visa: 900CL, Paypal Smart Connect: 3000CL, Walmart Discover: 3500CL, UPromise Mastercard: 3500CL, Chase Slate: 1000CL, Discover IT: 2000CL, Citi Forward: 2600CL, Bank Of America Student Travel Rewards: 2700CL, Amex PRG, Citi DoubleCash: 1200CL

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