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What's My Next Move...

New Contributor

What's My Next Move...

Hey Everyone.

 

I need a bit of help with what my next steps on my credit journey should be.

 

I currently have:

Cap 1 Secured: CL $350

Cap 1 Quicksilver: CL $3000

Cap 1 Platinum: CL $4000

Wells Fargo CC: CL $2800

Walmart: CL $2200

Amazon: CL $2200

 

I think I need to start adding some better cards to my mix, ideally with significantly higher limits.  We also plan to refinance (so mortgage approval) in about a year so I want to make the best use of inquiries.  So here are my questions:

 

1) Should I even be applying?

2) If so, what cards?

3) Is there any strategy to what order you apply in?

4) Should I close any of these?

5) Any tips for increasing the lines on my existing accounts?

 

I'd also love to hear anything else you think might be helpful!!!

 

Current scores as of today (still waiting on 2 CC accounts to show payoffs made this month):

EQ-705

TU-714

EX-728

 

Thank you!!!

 

4 REPLIES
Established Contributor

Re: What's My Next Move...

What about asking for SP CLIs on your cap one plat and QS cards then combining them? And also try for an increase with WF since it's also usually a SP. Not sure if amazon and Walmart SP for CLI but if so do that as well. Let the new CLs report then app. That's the old bigger limits = bigger limits mantra/strategy. Income and overall profile will play a large roll as well.

If you don't wanna go that route, going off scores and an assumed util near 0%, you're in a good range for most any prime lender like Chase (be mindful of 5/24...i.e. if you're under 5/24 and decide to app for a Chase card do it first), Amex, discover, BofA and Citi.
Of course there are other factors besides score that'll come into play.

Don't forget to check your prequal offers with the aforementioned banks before apping. Although not a guarantee, they can be a decent indicator of where you stand. Personally I've only been prequal'd for the Citi DC but every other card was a cold app. Albeit my scores are 10-20 pts lower than yours and have a couple old dings on my reports.

Knowing you have an upcoming big ticket item like a mortgage, I'd try to lean a bit conservative and wouldn't go too crazy with the apps. If you add one or 2 cards to your portfolio it shouldn't be a big deal. I added 3 cards and an auto loan 6 months prior to getting a mortgage and nothing was said about it. Just make sure to keep your util in check since it'll count against your DTI
Starting scores: 495
12/19/15: EX: 703 TU: 709 EQ: 709
Message 2 of 5
New Contributor

Re: What's My Next Move...

How do I request CLIs with Cap 1 and then have them combine the 2?

Message 3 of 5
Established Contributor

Re: What's My Next Move...

Both can be done online. Login to your account and go to account settings. There will be a link to click on that says increase line of credit. It'll ask which account you want to increase and prompt you to enter annual income and monthly CC spend. Try it on both the plat and QS accounts.

To combine, I can't remember the exact steps to go through but there's a link for it in your account. You'll pick your donor card and that card's CL will be combined into the receiving card. Then the donor card will be zeroed out and closed. So even if you can't get a CLI on either card, by combining you'll at least have a $7k CL
Starting scores: 495
12/19/15: EX: 703 TU: 709 EQ: 709
Message 4 of 5
Highlighted
Established Contributor

Re: What's My Next Move...

I would close the Secured, combine the cap1's and app for one of the bigger cards. Citi DC, Chase Freedom or FU, an Amex. Something along those lines. With a 700+ you should qualify for just about any of them.
EX660 TU 656 EQ 668
Cap1 QS-$4,500 Chase Freedom Visa- $800 Chase Freedom Unlimited- $500 Victoria's Secret- $2000 Citi DC- $800 Amazon Store Card- $3,500 AMEX Hilton Honors-$1,000 Discover It-$1,000 Wal-Mart MC $750 Chase Sapphire Preferred-$5,000 NFCU CashRewards $10,000
Auto Loan Opened 2-5-16 $1146/$5500
Message 5 of 5