cancel
Showing results for 
Search instead for 
Did you mean: 

Short history, what to apply for next? Long-term goal: CSP&AMEX

tag
Anonymous
Not applicable

Short history, what to apply for next? Long-term goal: CSP&AMEX

Hi,

 

So, after my first post I got a bit obsessed with this forum (haha) and thought I would ask your advice as to what to do next.

 

Background info: recent immigrant and new to credit, started building my credit history 8 months ago with a Chase Freedom card ($500). Basically I got the card because I'd been banking with them for almost two years. After all the scores started showing up on Credit Karma, I decided to pull the trigger three weeks ago and asked for a CLI and got approved on recon for $4000! Of course, I was very happy, I can finally buy a plane ticket to Europe. 

 

Now the question is what should I do next? My goal is to get the Sapphire Preferred (and buy another plane ticket with the reward eheh) sometime in the future, but I don't want to take my chances now and risk getting denied. I also want to get my foot in the door with Amex because I can potentially take that with me, if we move back.

 

1) I was thinking of appying for the Discover IT, only because they send me offers several times a week and then I could get my credit score for free and it has no forex. Also, it seemed like a safe choice for a 2nd card.

2) Or should I wait and apply for an Amex Green card and the BCE at the same time, around the 1-year mark? I heard they don't like too many recent inquiries.

3) Should I apply to any other cards? I started out thinking one card would be more than enough (European mindset) but with all the offers and talk about how more cards increase your score... it's hard not to apply.

4) Should I just stay put at least until I'm past the 1-year mark.

 

Additional info: FICO EQ 750 (two days ago), 3 HPs (two Chase, one apartment landlord), income 43k. 

 

Thanks!

Message 1 of 18
17 REPLIES 17
Revelate
Moderator Emeritus

Re: Short history, what to apply for next? Long-term goal: CSP&AMEX

If you're 8 months out I'd just wait for the Freedom to tick over a year.  At that point I'd apply CSP (in person if you bank there), Amex BCE, Discover IT... might not get approved for the CSP but it's worth asking since Chase seems to like you, worst case they say no, though someone else might be able to suggest whether 1 year on a revolver would support a Sallie Mae which is really in all respects a better card than the BCE, unless we're just talking cheap membership date setting.

 

What's the use case for the Green though?  I'd probably skip it honestly unless you really need the NPSL which doesn't seem likely from the sounds of it, or if you travel a bunch on Amex partner airlines but usually something else is more appropriate then.




        
Message 2 of 18
Anonymous
Not applicable

Re: Short history, what to apply for next? Long-term goal: CSP&AMEX

Thanks for the reply, Revelate!

 

I just wanted to follow someone's advice by applying for the Green first because that's easier to get and if approved applying instantly for BCE (so that it's one pull). Chase prob liked me because I also had 20k in savings with them, I guess. 

 

So you're suggesting that I should apply for all these once past the 1-year mark? Will my score take a bughit? It's so hard not to apply for something that I finally have a score and a decent CL.

Message 3 of 18
mongstradamus
Super Contributor

Re: Short history, what to apply for next? Long-term goal: CSP&AMEX


@Revelate wrote:

If you're 8 months out I'd just wait for the Freedom to tick over a year.  At that point I'd apply CSP (in person if you bank there), Amex BCE, Discover IT... might not get approved for the CSP but it's worth asking since Chase seems to like you, worst case they say no, though someone else might be able to suggest whether 1 year on a revolver would support a Sallie Mae which is really in all respects a better card than the BCE, unless we're just talking cheap membership date setting.

 

What's the use case for the Green though?  I'd probably skip it honestly unless you really need the NPSL which doesn't seem likely from the sounds of it, or if you travel a bunch on Amex partner airlines but usually something else is more appropriate then.


I am guessing you want to do one charge one revolver wit one HP with amex. Is that why you chose the green ? If you really want MR points I would think about doing an prg/plat and ED card. I think they give better options. You can do prg and ED and see how you like PRG since 1 years AF is waived. If you don't like it you can cancel card, but still have ED to house all of your MR points annual fee free.



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Message 4 of 18
Anonymous
Not applicable

Re: Short history, what to apply for next? Long-term goal: CSP&AMEX

Yes, that was the reason, but I heard Green is the easiest to get approved for!

Message 5 of 18
Revelate
Moderator Emeritus

Re: Short history, what to apply for next? Long-term goal: CSP&AMEX

I'd read recently that Amex had shut that down?

 

It doesn't make sense anyway unless you want the charge card as well, which in this instance I'm not seeing personally. What likely should be done is pickup the charge card if you're worried about the revolver approval to set MSD (AF is waived for a year anyway) and then in January app for the revolver after establishing some payment history on the Green, but I don't know if that's really required these days.

 

Current market, if you can meet the minimum underwriting hurdle, apply and make them tell you no.  More often that not if you're reasonably qualified, you'll be approved, and I suspect the OP will be reasonably qualified at that point with Amex on an entry-level revolver which BCE is if that's the route they go.




        
Message 6 of 18
mongstradamus
Super Contributor

Re: Short history, what to apply for next? Long-term goal: CSP&AMEX

I am not expert on all amex charge cards, but i think the underwriting is all the same. One of the amex experts can probably correct me if i am wrong . 



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Message 7 of 18
Themanwhocan
Senior Contributor

Re: Short history, what to apply for next? Long-term goal: CSP&AMEX


@Anonymous wrote:

Thanks for the reply, Revelate!

 

I just wanted to follow someone's advice by applying for the Green first because that's easier to get and if approved applying instantly for BCE (so that it's one pull). Chase prob liked me because I also had 20k in savings with them, I guess. 

 

So you're suggesting that I should apply for all these once past the 1-year mark? Will my score take a bughit? It's so hard not to apply for something that I finally have a score and a decent CL.


Personally, I've always hated that advice (applying for green first). It leads you into applying for cards you don't want and can't use.

 

I've done very well just applying for cards I wanted, and though I made a few mistakes along the way, I was able to recover for the most part (product changes and one card I just closed because it was Elan, so there were no good cards to product change into Smiley Wink ).

 

I obtained 1 secured card, used that lightly for a year, then obtained all my cards over approximately a year and a half.

 

temp.png





TU-8: 804 EX-8: 805 EQ-8: 788 EX-98: 767 EQ-04: 752    
TU-9 Bankcard: 837 EQ-9: 823 EX-9 Bankcard: 837
Total $443,800
Message 8 of 18
Revelate
Moderator Emeritus

Re: Short history, what to apply for next? Long-term goal: CSP&AMEX

TMWC: were you a USBank customer prior to your establishing the credit cards or did you have extensive installment history?  Having a tough time seeing that Cash+ approval after one year on the secured card otherwise, but many thanks for posting it!  Interesting to see some of the minimum underwriting standards shown by your experience, does look a Sallie Mae would be in the cards in this case.




        
Message 9 of 18
Anonymous
Not applicable

Re: Short history, what to apply for next? Long-term goal: CSP&AMEX

Wow, that is impressive! 

 

I guess then I have to be a bit more patient, November is not that far away. I just thought it would be great to have the Discover IT until then so I can keep track of my score. 

 

 

Message 10 of 18
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.