02-25-2014 10:42 AM
I've been lurking this forum since about last summer and it has helped me a lot in my credit journey. I decided finally to make an account kinda to give back and also to ask for advice directly.
A bit about me before I get into my question:
I first opened a Discover Open Road Student card in February last year, so it just turned one year old! I never got auto luv ever, so after reading some posts here I decided at the 6-month mark to call in to ask for a cli via soft pull. They didn't approve it so I backed down when they asked for a hard pull, but a few days later I got a cli to make my $500 limit become $750, which is where it stands now. I tried the same method a few weeks ago, but nothing happened. I don't know how much more I expect this card to grow with me especially because it's a student card, but it's been really nice in helping me start out. I have no baddies and no other lines of credit whatsoever. Utl on my statement just a few days ago was 7%. The FICO score Discover showed me a few days before my statement cut was 771.
So, now that that card is one year old, that means the inq should stop affecting my score, right? And since it's my only line of credit, I thought this might be a good time to app for one or two cards. I have the BofA Better Balance Rewards and the Sallie Mae Mastercard in mind.
Right now, I prefer the former because it'd probably get me a lot more money right now. As a college student, I really don't spend THAT much money, and even if the Sallie Mae card does work for Amazon purchases, it wouldn't compare to the BofA card... also I want the secured online number things.
So that brings me to my question. I'm planning to apply for the BofA card. I think I might as well go for an app spree (kinda) and apply for the Sallie Mae one also. Would this be smart? I don't know what sort of credit limits I'd be given, but as long as these cards grow with me, I'd be really happy. I just want the rewards!!! (and to have three lines of credit in total would be really nice.) (also the bofa secured number things would be great since discover is gonna stop that.) If I am gonna apply to both, what order should I apply for them in? Would I probably get approved???
Thank you so much for your time
02-25-2014 02:14 PM
I can't speak for the Sallie Mae, but I'd say you'd probably have a decent chance for the Better Balance Rewards. I was just approved for it at the beginning of the month after having two student cards -- Discover (open for almost seven months at the time) and Citi Dividend (open for just shy of three months at the time). Oddly enough, my Discover opening limit was $500, and after being denied for a CLI earlier in January, I was given a $250 auto-CLI a few weeks later, bringing me up to $750.
For reference, my TU FICO from Discover was at 724 and when BoA pulled EX I was at 709. As of a few days ago, my TU has dropped to 710 as the Better Balance Rewards has started to report. (It reported before I received the card.)
My application did tell me to wait 30 days for a decision, but I called the application status number shortly after applying and was approved without any questions.
Anyway, I think the Better Balance Rewards would probably get approved. Mine has an $800 limit, which is in between my Discover ($750) and Citi Dividend ($2000), and it adds a MasterCard to the mix.
03-01-2014 10:19 PM
Thank you for sharing your experience! So my cli just went up today to 1k after my request about a week ago didn't go through with just a soft pull (I guess this is something Discover likes to do?). I think I'll just wait till my next statement cuts to app so it can report a higher cl with a balance. Do you think this is a good idea?
03-02-2014 02:35 AM
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.