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New Contributor
Posts: 56
Registered: ‎06-21-2010
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Want to go on first app spree and need your advice!

Hi all! I recently got my utilization down from about 80% to 10% and saw my score go up 52 points (792). I got the alert today and couldn't be happier! I would like to go on my first app spree and selected the following cards:

 

  • Discover IT
  • AMEX Blue
  • AMEX Cash Back, BoA 123 (this is a PC for my existing generic BoA MC that gets just 1 pt/$)
  • PenFed Cash Rewards
  • PenFed Platinum
  • Capital One Venture
  • Chase Sapphire

 

I currently have the following cards:

  • AMEX Zinc (NPSL and Member since 2002)
  • BoA ($2,500 and member since 2001)
  • barclays ($2,500, member 3 yrs)
  • Orchard Bank > Capital One ($1,000, member 5 yrs)
  • Macy's ($1,200, member 5 yrs)

Whether it will help or not, I have two auto loans with PenFed with 100% on-time payments (3 yrs).

 

I just had my credit ran for business-related purpose 2 days ago and want to go on the spree before my score takes a hit for the inquirty. Is my score reflected effective immediately i.e. if I go on the spree today, is 792 what the CC companies will see? And what do you think about my spree list? I really want to extend my credit and have been waiting for this moment for a long time. Will be waiting for your advice! Thank you in advance!

PFCU Platinum Rewards Visa Signature $16,500 | Discover it $9,500 | AMEX Zinc NPSL | AMEX BCE $9,000 | Chase Freedom $9,000 | BankAmericard Cash Rewards $6,500 | barclaycard $5,000 | Orchard/Capital One $1,000 | Macy's $1,200
Community Leader
Senior Contributor
Posts: 26,876
Registered: ‎02-07-2013
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Re: Want to go on first app spree and need your advice!


WJL wrote:

Hi all! I recently got my utilization down from about 80% to 10% and saw my score go up 52 points (792). I got the alert today and couldn't be happier! I would like to go on my first app spree and selected the following cards:

 

  • Discover IT
  • AMEX Blue
  • AMEX Cash Back, BoA 123 (this is a PC for my existing generic BoA MC that gets just 1 pt/$)
  • PenFed Cash Rewards
  • PenFed Platinum
  • Capital One Venture
  • Chase Sapphire

 

I currently have the following cards:

  • AMEX Zinc (NPSL and Member since 2002)
  • BoA ($2,500 and member since 2001)
  • barclays ($2,500, member 3 yrs)
  • Orchard Bank > Capital One ($1,000, member 5 yrs)
  • Macy's ($1,200, member 5 yrs)

Whether it will help or not, I have two auto loans with PenFed with 100% on-time payments (3 yrs).

 

I just had my credit ran for business-related purpose 2 days ago and want to go on the spree before my score takes a hit for the inquirty. Is my score reflected effective immediately i.e. if I go on the spree today, is 792 what the CC companies will see? And what do you think about my spree list? I really want to extend my credit and have been waiting for this moment for a long time. Will be waiting for your advice! Thank you in advance!


What are all 3 scores and how many INQ's in last 6 months?



+ Chase Ink =

Valued Contributor
Posts: 1,472
Registered: ‎03-24-2013
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Re: Want to go on first app spree and need your advice!

i would say go for the chase card first then amex then discover then penfed
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$10,000---------$9,750----------$5,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 761
Frequent Contributor
Posts: 384
Registered: ‎05-23-2012
0

Re: Want to go on first app spree and need your advice!

OP, when you say the Amex Blue and the Amex cash back, do you mean the Blue charge card and then also the BCE or BCP?  I would forget the Blue charge card and just get the BCP.  If you want MR points, get the PRG which has no fee for the first year.  You have a very fine credit score.  Depending on your inquiries and AAOA, I think you should do well on your spree.  I'd also app for the PenFed cards first, assuming you don't have any inquiries in the last 6 months.  PenFed will turn you down if they see a lot (or even a few) of recent inquiries.  Best of luck and keep us posted on the results!

New Contributor
Posts: 56
Registered: ‎06-21-2010
0

Re: Want to go on first app spree and need your advice!

My PLUS scores are:

  1. Experian 746
  2. Equifax 750
  3. TransUnion 726 (this one should be higher b/c I noticed not all of the CC balance were updated yet)

1 INQ in the last 6 mos.

 

Am I still in good position to go on the spree?

PFCU Platinum Rewards Visa Signature $16,500 | Discover it $9,500 | AMEX Zinc NPSL | AMEX BCE $9,000 | Chase Freedom $9,000 | BankAmericard Cash Rewards $6,500 | barclaycard $5,000 | Orchard/Capital One $1,000 | Macy's $1,200
Community Leader
Senior Contributor
Posts: 26,876
Registered: ‎02-07-2013
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Re: Want to go on first app spree and need your advice!


WJL wrote:

My PLUS scores are:

  1. Experian 746
  2. Equifax 750
  3. TransUnion 726 (this one should be higher b/c I noticed not all of the CC balance were updated yet)

1 INQ in the last 6 mos.

 

Am I still in good position to go on the spree?


I can't see any reason why not ...Go for it and good luck :smileywink:



+ Chase Ink =

New Contributor
Posts: 56
Registered: ‎06-21-2010
0

Re: Want to go on first app spree and need your advice! *UPDATE*

*UPDATE*
Thanks to all of you, I went 3/3 on my first spree on Saturday!

  1. PenFed Platinum Rewards Visa Signature: $16,500
  2. Discover it: $9,500
  3. AMEX BCE: Have to call later today to find out the limit b/c their New Accounts dept is not open during the weekend.

I now have 2 INQs on my EX and my score went down from 796 > 788. I expect another INQ to be posted and my score will go down a little more.

 

I am wondering if I should apply for a few more (some combination of Chase Freedom, Chase Sapphire, Citi Thank You Preferred, Citi Simplicity) or to hit the garden until the INQs drop and apply for more. My dilemma of whether to pull the triiger is that I am looking to sell my car and get a lease and/or possibly look to buy a house in the next year or two. What would put me in a better position to get the best possible rates for the car lease and/or mortgage? I also wonder if I'll get less favorable CC offers if I stop my spree now and come back to do it again b/c then my AAoA will be lower, but my credit utilization will be much lower. Hm, what to do?

PFCU Platinum Rewards Visa Signature $16,500 | Discover it $9,500 | AMEX Zinc NPSL | AMEX BCE $9,000 | Chase Freedom $9,000 | BankAmericard Cash Rewards $6,500 | barclaycard $5,000 | Orchard/Capital One $1,000 | Macy's $1,200
Valued Contributor
Posts: 1,715
Registered: ‎03-07-2013
0

Re: Want to go on first app spree and need your advice! *UPDATE*


WJL wrote:

*UPDATE*
Thanks to all of you, I went 3/3 on my first spree on Saturday!

  1. PenFed Platinum Rewards Visa Signature: $16,500
  2. Discover it: $9,500
  3. AMEX BCE: Have to call later today to find out the limit b/c their New Accounts dept is not open during the weekend.

I now have 2 INQs on my EX and my score went down from 796 > 788. I expect another INQ to be posted and my score will go down a little more.

 

I am wondering if I should apply for a few more (some combination of Chase Freedom, Chase Sapphire, Citi Thank You Preferred, Citi Simplicity) or to hit the garden until the INQs drop and apply for more. My dilemma of whether to pull the triiger is that I am looking to sell my car and get a lease and/or possibly look to buy a house in the next year or two. What would put me in a better position to get the best possible rates for the car lease and/or mortgage? I also wonder if I'll get less favorable CC offers if I stop my spree now and come back to do it again b/c then my AAoA will be lower, but my credit utilization will be much lower. Hm, what to do?


congrats on your first app spree! success! off to the garden you go :smileyhappy:



GARDEN GOAL: MARCH 2014
LAST APP: 08/20/2013
---=[NORTHBOUND]=---
Frequent Contributor
Posts: 339
Registered: ‎01-16-2013
0

Re: Want to go on first app spree and need your advice! *UPDATE*


WJL wrote:

I am wondering if I should apply for a few more (some combination of Chase Freedom, Chase Sapphire, Citi Thank You Preferred, Citi Simplicity) or to hit the garden until the INQs drop and apply for more. My dilemma of whether to pull the triiger is that I am looking to sell my car and get a lease and/or possibly look to buy a house in the next year or two. What would put me in a better position to get the best possible rates for the car lease and/or mortgage? I also wonder if I'll get less favorable CC offers if I stop my spree now and come back to do it again b/c then my AAoA will be lower, but my credit utilization will be much lower. Hm, what to do?


Figure out when you plan to apply for a mortgage. You are going to want to get any CC apps out of the way a year prior to your mortgage to ensure the best possible score when it comes time to shop around. If your mortgage is more than 18 months out, I'd go ahead and let your new accounts/inqs age for 6 months and then grab whichever other cards you like and then wait a year and start shopping for a mortgage. The other option is to just grab the cards now, see a larger drop in your scores, but have 12-18 months for them to rebound.

 

As for the other CC's you mention, I would check out both of their complete lines of products and decide which will benefit you more. I personally like the Chase Freedom/Sapphire Preferred/Ink combo, as I generally fly United and can rack up the points/miles.


Starting Scores: myFICO EQ: 678, myFICO TU: 676, myFICO EX: 678 (01/2013)
Latest Scores: myFICO EQ: 777, myFICO TU: 789, myFICO EX: 787
My Wallet: Chase Freedom, Discover It, NFCU cashRewards, Capital One Quicksilver, Chase Amazon Rewards
Gardening since 02/19/13
Moderator
Posts: 27,207
Registered: ‎09-13-2012
0

Re: Want to go on first app spree and need your advice! *UPDATE*

Congrats on your successful spree. As _jb_ stated, narrow down when you would be looking for a mortgage. Personally, I like the Freedom/CSP combo but its up to you to decide if those -or the Citi combo- fits your spending pattern.

Good luck.
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