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SUCCESS!!!
I went into my credit union this morning and was approved for a $5,000 MasterCard. This is the first credit card I've had in many, many years. I'm very happy and grateful to my credit union, University Federal Credit Union in Austin, TX.
I think I have somewhat conflicting goals for next year and would appreciate your input on my next steps.
2013 Plans
Do I APP for another credit card today, such as Amazon store or department store? This way, I take the inquiry hits now and also have 2 positive tradelines showing in 6 months. At that time, I can consider whether to APP for a prime card.
Or do I garden for 6 months and see what the new credit card does for my score?
Do you think this APP plan will have any effect on my larger goal of purchasing a home in a little over a year?
I'll admit, my trigger finger is feeling a little itchy due to this morning's success. However, I've been waiting this long for my credit to improve and I know there's no harm in waiting a little longer. I just like to know what you'd do in my place.
Thanks for your time and I'm so glad to have found this forum!!
@Lzzybeth wrote:SUCCESS!!!
I went into my credit union this morning and was approved for a $5,000 MasterCard. This is the first credit card I've had in many, many years. I'm very happy and grateful to my credit union, University Federal Credit Union in Austin, TX.
I think I have somewhat conflicting goals for next year and would appreciate your input on my next steps.
2013 Plans
- Home Purchase : Fall or Winter of 2013
- Prime Credit Card : Amex or Chase
Do I APP for ano
ther credit card today, such as Amazon store or department store? This way, I take the inquiry hits now and also have 2 positive tradelines showing in 6 months. At that time, I can consider whether to APP for a prime card.
Or do I garden for 6 months and see what the new credit card does for my score?
Do you think this APP plan will have any effect on my larger goal of purchasing a home in a little over a year?
I'll admit, my trigger finger is feeling a little itchy due to this morning's success. However, I've been waiting this long for my credit to improve and I know there's no harm in waiting a little longer. I just like to know what you'd do in my place.
Thanks for your time and I'm so glad to have found this forum!!
Why a department store? Why an Amazon? Your CU card will let you buy things just as well as those cards. I'm personally done with department store cards.
Since you want to do a mortgage in fall 2013, I STRONGLY suggest whatever you do, you do it now. That way, by fall 2013, a year has passed and the inquiries won't hurt you.
Why not app for the following cards?
Chase Freedom Visa
Discover It
American Express Blue Cash Everyday
If you don't get those, then let it be for a year and get your mortgage first, then app again a few months after your mortgage posts a few times.
edit: Oh, and congrats! I know it's a wonderful feeling getting a "big girl" card!
If I am in your shoes, I would take a gamble by apping for Amex Zync.
Amazon store card is relatively easy to get, so you can have that too if you really want. If you are planning to go for Zync app that first before applying for Amazon store card.
- Syed
I applied for three in one week and my fico score drop. It says Reason is you recently open too many credit accounts, I took a big hit? Be careful, I'm new to this
I love Amazon, and the certain amount of months with no AF depending on how much you spend at one time. I don't have the numbers in front of me, and for right now it doesn't matter that much because I've been PIF; but it's nice to know that if I need a new laptop or some other largish purchase, that I can do that and have a little breathing room. : )
We also have Amazon Prime, which is amazing! Most items are here with free shipping in two days (or less!) and if I NEED it the next day, we pay 3.99 for next day shipping! (we've had some huge and heavy items delivered absolutely free with our Amazon Prime. It's been really good to us.)
I wouldn't bother with the Zync card. Get yourself some revolvers like the ones I listed.
Thanks for the feedback all!!
I'm thinking of applying for the store cards because they'll be easier to get than jumping straight into "prime" card territory and I know I'll actually use them.
From what I've learned here, the prime cards want a person to show 2 positive tradelines. I'm not quite there yet and wanted to wait the 6 months before applying so my chance of approval is better. I definitely want the Amex BCP!
Maybe the thing to do is apply for the Amex Zync and see what happens.
I'm not dead set on buying a home next Fall and can always push it off to early 2014 to give myself the chance to APP for the prime credit cards that I want. This may also give me more time to garden before the flurry of activity the mortgage process brings.
I appreciate being able to bounce these ideas off of folks who have been in this position!!
@Lzzybeth wrote:SUCCESS!!!
I went into my credit union this morning and was approved for a $5,000 MasterCard. This is the first credit card I've had in many, many years. I'm very happy and grateful to my credit union, University Federal Credit Union in Austin, TX.
I think I have somewhat conflicting goals for next year and would appreciate your input on my next steps.
2013 Plans
- Home Purchase : Fall or Winter of 2013
- Prime Credit Card : Amex or Chase
Do I APP for ano
ther credit card today, such as Amazon store or department store? This way, I take the inquiry hits now and also have 2 positive tradelines showing in 6 months. At that time, I can consider whether to APP for a prime card.
Or do I garden for 6 months and see what the new credit card does for my score?
Do you think this APP plan will have any effect on my larger goal of purchasing a home in a little over a year?
I'll admit, my trigger finger is feeling a little itchy due to this morning's success. However, I've been waiting this long for my credit to improve and I know there's no harm in waiting a little longer. I just like to know what you'd do in my place.
Thanks for your time and I'm so glad to have found this forum!!
Congrats on your card! That's a huge starting CL!
It is a good idea to get a 2nd TL starting now. I agree that without a longer history, you won't get approved for a prime card. GE would be a good place to start. Which GE CC stores do you frequent? Amazon? Old Navy? JCP? Walmart gives you the monthly TU FICO, which is nice. I would get 1 or 2 GE store cards, and be sure to ask for a CLI every 4 mos. It's not guaranteed, but generally speaking, most people get them.
Then I'd let the 2 or 3 TLs age. By next year, you will probably be able to CLI your CU CC, also. Then you'll be in good shape for both your home and prime cards. Just don't app for any new cards several months before you do your mortgage.
MHO- don't app anything. Your scores are still marginal at best. Let your new CU card post for 6 months then app. This new account will really help your score and let other lenders see you have experience with 5K limit. Are your scores FICO? You are showing a EX score so it makes me wonder if you are posting FICO scores. Also, what else is showing on your CRs? If you app anything, I'd app a WalmartvCard or some other GE card. But I think you should wait.
@Lzzybeth wrote:Thanks for the feedback all!!
I'm thinking of applying for the store cards because they'll be easier to get than jumping straight into "prime" card territory and I know I'll actually use them.
From what I've learned here, the prime cards want a person to show 2 positive tradelines. I'm not quite there yet and wanted to wait the 6 months before applying so my chance of approval is better. I definitely want the Amex BCP!
Maybe the thing to do is apply for the Amex Zync and see what happens.
I'm not dead set on buying a home next Fall and can always push it off to early 2014 to give myself the chance to APP for the prime credit cards that I want. This may also give me more time to garden before the flurry of activity the mortgage process brings.
I appreciate being able to bounce these ideas off of folks who have been in this position!!
If you wanted an amazon card I would just try for the chase visa. It is really not that difficult a card to get, both my sisters got it with 0 history at all. Like others have said, if you're planning on buying a house in the fall, app now for cards you feel you have a chance of getting, don't app for a card just to get the card.
If you're fine with pushing your home purchase off for a bit you can always garden and get a few months under your belt, plus get that $5000 limit reporting, which might help you with starting CLs.