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What should my next move be? Recon/Wait/New App?

Regular Contributor

What should my next move be? Recon/Wait/New App?

I had no open tradelines until 1/31 of this year when I applied for and got a Wells Fargo Visa card with a $1500 CL.  At the same time I applied for a AMEX green charge card and was declined, the reason given was no open tradlines and no score from Experian.  Once the WF Visa started reporting I gave AMEX another try (on 3/11) and was approved for the green Charge card and a Delta Gold CC with a $1000CL.  I then applied for a HSBC card and GE Card (paypal) and was declined for both.  I show 1 HP from HSBC on 3/11 from EQ and 1 HP from GE on 3/11 from TU. 

 

I  am extremely happy to have 2 new AMEX cards after not having any lines of credit for 7-8 years.  I would like to get another card or two to help my utilization stay low and have a couple more tradelines on my reports. 

 

Should I:

 

A) Try to recon the HSBC and GE PayPal card since they already pulled my report?

 

B) Do nothing and try for a 61 day CLI from AMEX on the Gold Delta CC?

 

C) Try for a different card now or after going for the CLI on the AMEX?

 

Right now I have 3 inq on EX, 4 on EQ, 5 on TU with one to fall off in July. My current scores are at the bottom of my post.  AAoA is 2 months on TU and EQ, EX is showing a closed card from 2002 so my AAoA is 5y6mo with them.  

 

 


Starting Score: EQ 599, TU 577
Current Score: EQ 703 9/20/14(HI 741 on 5/13), TU 690 10/1/14 (HI 751 on 5/13), EX 700 10/1/14
Goal Score: 750+


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Message 1 of 7
6 REPLIES
Super Contributor

Re: What should my next move be? Recon/Wait/New App?

Honestly IMO you need to stop getting INQ's now and garden those tradelines you have some good cards.

Now show the lenders you can take care of them for the next 6 months to a year and the doors will open for even better cards...good luck 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 7
Established Contributor

Re: What should my next move be? Recon/Wait/New App?

the cards you were declined for don't offer much at all (unless i'm missing something) Just be happy with your Amex and super limited history let AAOA grow.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Message 3 of 7
Moderator Emerita

Re: What should my next move be? Recon/Wait/New App?

Normally, I would say recon but I don't thing GE really does recons. IMO, I would do option 'B', you have 3 nice TLs open on a relatively thin file. Let these CL grow, age your inq's - those and better cards will be waiting for you.
Message 4 of 7
Regular Contributor

Re: What should my next move be? Recon/Wait/New App?

Thanks for the insight everyone.  I think first order or business is to go for the 3x CLI on the AMEX after 60 days.

 

How long after all three tradelines are reporting (WF CC, AMEX charge card, AMEX CC) should I wait before applying for another card?


Starting Score: EQ 599, TU 577
Current Score: EQ 703 9/20/14(HI 741 on 5/13), TU 690 10/1/14 (HI 751 on 5/13), EX 700 10/1/14
Goal Score: 750+


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Message 5 of 7
Moderator Emerita

Re: What should my next move be? Recon/Wait/New App?

Message 6 of 7
Moderator

Re: What should my next move be? Recon/Wait/New App?


VegasKyle wrote:

Thanks for the insight everyone.  I think first order or business is to go for the 3x CLI on the AMEX after 60 days.

 

How long after all three tradelines are reporting (WF CC, AMEX charge card, AMEX CC) should I wait before applying for another card?


What are your goals?  Racking up cards simply to have them is not a strategy I'd subscribe to; you have enough for building a credit report, and have access to a pair of decent ones already in addition to the WF.

 

I'd personally wait a year past Amex application(s), figure out what rewards I wanted, and see where I was as far as FICO was concerned before doing anything else.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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