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Lzzybeth
Posts: 50
Registered: ‎03-13-2008

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

I know I want to open a 2nd tradeline and have it reporting positively before trying to apply for a prime card.

 

I was already thinking of Amazon or JC Penney since I frequent both stores. I think I have a good chance of getting them and know I will use them pretty extensively.

 

I may not have a shot with Chase right out of the gate, as I'm an old WAMU customer and had 2 accounts go to collections due to being overdrawn while I was unemployed. Both have been paid, though they're still showing on ChexSystems. IIRC, Chase has a long memory?

 

I think I'm going to sleep on it overnight and APP for another tradeline tomorrow. Trust me, I don't want to APP for anything that I don't have a reasonable chance of getting. I don't want unecessary dings/inqueries into my credit rebuilding efforts.


Starting Score: Jan 2012: EQ - 624
Current Score:Mar 2014: EQ - 701
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jsucool76
Posts: 2,768
Registered: ‎12-11-2011

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

Sleeping on it is usually a good idea, and at least you're not going app crazy like some people do, myself included. 

 

 

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webhopper
Posts: 7,230
Registered: ‎09-16-2011

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

If I were you I would apply for amazon chase card and then amex zync. That gives you two credit cards and a charge card. Then you can garden for 12 months and should be in good shape for a 2013 home purchase. If your credit file is thin; skip chase and just do amex. That way your aaoa doesn't completely go down the toilet.

Starting Score: 08/29/2011 TU 671 EQ 674
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Revelate
Posts: 6,806
Registered: ‎12-30-2011

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

 

Lizzy: unless you have prior credit cards on your report, your store route is probably the best one.  If you do have prior cards, I personally think the Zync is an excellent suggestion.

 

Others though in order:

Freedom - likely denial if your history isn't recent, Chase typically wants a year

Discover More - same deal, almost identical underwriting criteria as Chase.

Chase Amazon - I don't honestly know but I can't see it's being below the Freedom for current underwriting standards

 

You want to get a second revolving tradeline right now, maybe even a third as Webby suggests though it's not mandated (diminishing returns and AAoA penalty might offset come mortgage time).  After that, my opinion is just sit tight: you won't get a fantastic approval after six months, you're much better off waiting a year until *after* you close on the mortgage.  This not only maximizes your chances at maxxing your FICO score come mortgage time, but it also gives you 12 months of recent revolving history, which regardless of your prior history, will do a solid amount towards kicking you towards a real "prime" card.

 

 


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bichonmom
Posts: 3,300
Registered: ‎05-05-2011

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

Yes, Chase does have a long memory. And they like to see at least a year of history with 2 TLs before granting you credit. The same with Amex. (Even with Zync, they want to see at least 6 mos history.)

 

You were very fortunate to get the cu cc right out of the gate. Short of starting with a Cap One subprime card,  your best bet is a store card. My first rebuilder was actually Old Navy GE, after which I got 2 Cap One "step" rebuilder cards. you're lucky with your cu that you don't need to go that route.

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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!

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improvingmycredit
Posts: 1,322
Registered: ‎07-12-2011

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


bichonmom wrote:

Yes, Chase does have a long memory. And they like to see at least a year of history with 2 TLs before granting you credit. The same with Amex. (Even with Zync, they want to see at least 6 mos history.)

 

You were very fortunate to get the cu cc right out of the gate. Short of starting with a Cap One subprime card,  your best bet is a store card. My first rebuilder was actually Old Navy GE, after which I got 2 Cap One "step" rebuilder cards. you're lucky with your cu that you don't need to go that route.


+1

This CU thinks very highly of you!  :smileyhappy:  I'm sorry that I didn't congratulate you on your AWESOME CU approval.  Congrats!  ( i was typing on an iPhone and it kept auto correcting so I felt like tossing it :smileyhappy: )I still stick with my thought that with your current scores, if anything, I'd app a GE card like bichonmom recommends.  I think you are right in thinking that you need a few more tradelines, but it is my belief that if you let the new CU card with a 5K limit sit for a while, you'll get a bump on your current scores and probably ripe for a Prime card then because of the great tradeline your CU gave you and not have to wait till after a mortgage app to get Prime with decent limits.  Also, based on what you've said, I think this will give you a good 8 to 9 months before your mortgage app to let the new cards boost your FICO.  JMO!  :smileyhappy:


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improvingmycredit
Posts: 1,322
Registered: ‎07-12-2011

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

 

 

I think I'm going to sleep on it overnight and APP for another tradeline tomorrow. Trust me, I don't want to APP for anything that I don't have a reasonable chance of getting. I don't want unecessary dings/inqueries into my credit rebuilding efforts.


 

 

Hey Lzzybeth!  

I was just wondering if you ever apped anything and is so... what was the outcome?  Hope you got what you wanted!!  :smileyhappy:


Starting Score: 642
Current Score: EQ 774, EX 780, TU 798 (All FICO)
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amercnchopz34
Posts: 839
Registered: ‎10-28-2011

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

Not sure if op will be approved for a zync....anything reporting on check systems is usually a no no for amex

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

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

[ Edited ]

Hey everyone!

Thanks for the well wishes and I defintely feel very grateful to have a credit union that puts so much faith in me.

 

So I slept on it for a few nights obviously, I didn't end up applying for anything. After thinking it over and based on feedback here, I thought it'd be best to wait a month to give my new $5K credit card a chance to report the limit/activity. These few days really cooled my heels!

 

I'll still apply for a store card next month, I plan on doing additional research rather than letting my itchy finger to get the best of me.

 

I also want to knock a few more of the baddies off my credit report, those pesky medical bills. I'm also thinking about putting a large payment towards the February loan so my credit/debt ratio will report in my favor next month.

 

In the end, I'll wait to apply on any of the prime credit cards when I've got more of a history to base upon. My goal is to put myself in a position where I'll be approved rather than biting my fingernails waiting to be approved. I'll complete the steps listed above to put me on that path.

Thank you all for your advice and this forum is a fantastic resource!!


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

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


amercnchopz34 wrote:
Not sure if op will be approved for a zync....anything reporting on check systems is usually a no no for amex

Good to know!

 

I plan on pulling my ChexSystems report to see what's there. Maybe I can GW Chase and ask about getting the baddie removed, it was a debt they brought over from the WAMU buyout and it's already been paid. I have the letter to prove it.

 


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