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Regular Contributor
jakemod1
Posts: 194
Registered: ‎01-26-2013
0

To Wait or Not To Wait?

A little background info:

 

Last month, I got approved for the Discover It with a 6k limit. Along with the card, they sent me my TU Fico score (702). A few days later, I decided to call the backdoor numbers for BofA, Cap1 (via EO e-mail), and GE to get CLIs. I went from $1,000 to $2,500; $1,250 to $3,000; and $1,700 to $3,500, respectively. Once BofA and Cap1 reported my new credit limits, CK sent me an alert about my credit util going down and my credit score going up (from upper 600s to now, 731). CS gives me a score of 719. I know these are both FAKO scores, but it at least gives me a sense of where my credit score stands.

 

Oldest revolving account is from 6/2007. Per myFICO, AAoA is 4 years. Only inquiries for past year are two from TU. EQ and EX are zero inquiries. Had one 30day late back in 6/2010 from one car loan (currently have two car loans, one will be paid off by May). Been paying on time ever since. Otherwise, no late or missed payments on any of my credit cards. No CO's or public records.

 

So on to my questions:

 

I'm planning on apping for Amex BCE and Chase Freedom next month once I PIF my BofA and Cap1 accounts before month's end. All but one will report a $0 balance.

 

1) How are my chances of getting approved if I apply now? If I apply next month?

2) My new Discover account isn't reporting yet. Should I wait until it reports or apply before it does? If I let it report, it will have about a $3,000 balance (about 16% overall util across all cards and 50% util individual). Also, GE Chevron has not reported new credit limit as of yet.

3) Should I apply for Amex first, and then Chase? Never had an Amex account. I was an AU on a Chase Circuit City before they closed the account in 2007. Account is still in my CR and reporting as paid/paid satisfactorily.

 

Thank you for all inputs!

Discover IT: $14,5k | Chase Freedom Visa Sig: $5k | CSP Visa Sig: $7k | AMEX BCE: $20k | BankAmericard Cash Rewards Visa Sig: $5,4k | Citi Double Cash: $3,6k | Cap1 QS Visa Sig: $6k | Chevron: $3,5k | Macy's Store: $4,2k; Macy's AMEX: $6k | Kohl's: $2k | Best Buy: $500
TU FICO: 745 EQ FICO: 733 EX FICO: 733 (As of 10/30/14)

Valued Contributor
dodgerslv
Posts: 1,843
Registered: ‎06-16-2012
0

Re: To Wait or Not To Wait?

To me, i would apply before the new acconts report but then they will most likely see the inquiries. Chase is known to pull EX or EQ and American Express usually pulls EX (unless you are borderline approval and they may pull all 3). If you dont really need the credit then you should wait 6 months and then try them. Good luck and Congrats on your recent approvals!


Cards: (Citi- 82.7k) (Chase- 65k)) (US Bank- 18k) (Amex- 22.5k) (Barclays-40k) (BofA- 68k) (Cap1- 49.5K) (WF- 11k) (Penfed- 22.5k) (Discover- 8k) (Sync/GE- 15.7k) (NASA- 30k) (Diners- 15k)
Fico 08 scores (8/27/14) EX: 772 TU: 767 EQ: 778 (Utilization at 8% right now).





Moderator
09Lexie
Posts: 26,609
Registered: ‎09-13-2012
0

Re: To Wait or Not To Wait?

I would apply before the Discover posts (50% util) :smileyfrustrated: And if you want the Chevron/Ge card to posts soon- just log into your account and make an update to your address I.e. if you live on 'drive' you can abbreviate it to 'dr' or vice versa.   I unknowingly updated my CR last month by adding # to my condo number- I called Credit Solutions and asked why my account was reporting before the statement and I was informed it will automatically update your CR with any address change. 

 

Just to see, I made the same change on all my GE accounts and within a day or two my CR were updated with the current bal/limits. 

 

And yes, it will update again after your statement cuts as usual. 

 

 

Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

Re: To Wait or Not To Wait?


09Lexie wrote:

I would apply before the Discover posts (50% util) :smileyfrustrated: And if you want the Chevron/Ge card to posts soon- just log into your account and make an update to your address I.e. if you live on 'drive' you can abbreviate it to 'dr' or vice versa.   I unknowingly updated my CR last month by adding # to my condo number- I called Credit Solutions and asked why my account was reporting before the statement and I was informed it will automatically update your CR with any address change. 

 

Just to see, I made the same change on all my GE accounts and within a day or two my CR were updated with the current bal/limits. 

 

And yes, it will update again after your statement cuts as usual. 

 

 


Very nice to know!!!!




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Regular Contributor
jakemod1
Posts: 194
Registered: ‎01-26-2013
0

Re: To Wait or Not To Wait?


09Lexie wrote:

I would apply before the Discover posts (50% util) :smileyfrustrated: And if you want the Chevron/Ge card to posts soon- just log into your account and make an update to your address I.e. if you live on 'drive' you can abbreviate it to 'dr' or vice versa.   I unknowingly updated my CR last month by adding # to my condo number- I called Credit Solutions and asked why my account was reporting before the statement and I was informed it will automatically update your CR with any address change. 

 

Just to see, I made the same change on all my GE accounts and within a day or two my CR were updated with the current bal/limits. 

 

And yes, it will update again after your statement cuts as usual. 

 

 


Thanks for the info! I just updated my info and GE sent me an email about the change, so we'll see in a day or two if it updates.

 

If I pay down the Discover to less than 50% util after it reports, will that improve my chances? The obvious answer is probably yes. I just don't think I want to apply before it reports because of my other relatively smaller limits. Since my Discover CC has the highest limit, I want Amex to see that and possibly match it or possibly even give me a higher limit. Am I approaching this the wrong way?

Discover IT: $14,5k | Chase Freedom Visa Sig: $5k | CSP Visa Sig: $7k | AMEX BCE: $20k | BankAmericard Cash Rewards Visa Sig: $5,4k | Citi Double Cash: $3,6k | Cap1 QS Visa Sig: $6k | Chevron: $3,5k | Macy's Store: $4,2k; Macy's AMEX: $6k | Kohl's: $2k | Best Buy: $500
TU FICO: 745 EQ FICO: 733 EX FICO: 733 (As of 10/30/14)


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