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New Contributor
Lzzybeth
Posts: 50
Registered: ‎03-13-2008

Successful app!! Now what do I do?

[ Edited ]

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 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!!


Starting Score: Jan 2012: EQ - 624
Current Score:Mar 2014: EQ - 701
Goal Score: Across the Board: 720
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GC Challenge: App Free Since 12/28/2012 and No Apps Until ...
Frequent Contributor
Razeus
Posts: 387
Registered: ‎04-02-2012

Re: Successful app!! Now what do I do?

[ Edited ]

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!

My Wallet:
Discover It $11,000 | Chase Freedom $5,000 | AMEX BCE $3,000 | Paypal Extras Platinum $5,000 | Wells Fargo $1,000 | AMEX Zync NPSL
Valued Member
kulamrazool82
Posts: 42
Registered: ‎08-07-2012

Re: Successful app!! Now what do I do?

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



Scores: 723 (EX CITI Pull 11/09/13), 669 (CK 11/21/13), 680 (EQ Duck Card Score 11/11/13) 664 (Walmart TU FICO Nov '13)
Duck Card - 12K | Amex BCE - 2K | Amex Costco - 1.2K | CITI TY Pref - 6.5K | Chase Freedom - 3K | DCU Visa - 5K | Genisys CU Visa - 2K | Discover More - 4.5K | Cap1 Q Silver - 1500 | Cap One Hassle Free - 1500 | Amazon Store - 1900 | Walmart Store - 800 | Kohls - 300 | Macys - 800
Contributor
Poorboi
Posts: 86
Registered: ‎06-02-2012

Re: Successful app!! Now what do I do?

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

New Contributor
mmmagique
Posts: 82
Registered: ‎04-05-2011

Re: Successful app!! Now what do I do?

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.)

Frequent Contributor
Razeus
Posts: 387
Registered: ‎04-02-2012

Re: Successful app!! Now what do I do?

I wouldn't bother with the Zync card.  Get yourself some revolvers like the ones I listed.

My Wallet:
Discover It $11,000 | Chase Freedom $5,000 | AMEX BCE $3,000 | Paypal Extras Platinum $5,000 | Wells Fargo $1,000 | AMEX Zync NPSL
New Contributor
Lzzybeth
Posts: 50
Registered: ‎03-13-2008

Re: Successful app!! Now what do I do?

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!!


Starting Score: Jan 2012: EQ - 624
Current Score:Mar 2014: EQ - 701
Goal Score: Across the Board: 720
Take the FICO Fitness Challenge
Ruby Spade Garden Club Member
GC Challenge: App Free Since 12/28/2012 and No Apps Until ...
Senior Contributor
bichonmom
Posts: 3,300
Registered: ‎05-05-2011

Re: Successful app!! Now what do I do?


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! :smileyhappy:

 

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.

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Community Leader
Valued Contributor
improvingmycredit
Posts: 1,318
Registered: ‎07-12-2011

Re: Successful app!! Now what do I do?

[ Edited ]

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.  


Starting Score: 642
Current Score: EQ 774, EX 780, TU 798 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, BCP 28.6K, Arrival 25K, Citi DP 22.8K, CSP 20.5K, QuickSilver 20K

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Valued Contributor
jsucool76
Posts: 2,768
Registered: ‎12-11-2011

Re: Successful app!! Now what do I do?


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. :smileyvery-happy: 

 

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. 

Wallet: Capital One Cash Rewards 3500CL, Wells Fargo Cash Back College Visa: 900CL, Paypal Smart Connect: 1286CL, Walmart Discover: 2000CL, UPromise Mastercard: 1000CL, Chase Slate: 500CL, Discover IT: 1500CL, Citi Forward: 1500CL, Bank Of America Student Travel Rewards: 700CL

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