Reply
Valued Contributor
Posts: 1,285
Registered: ‎05-13-2010
0

When to Apply for Blue or Clear

Hi Everyone,

 

One more thread from me, haha.  So now I closed my Banana Republic Card, so I only have my two cards:

 

-Citi Platinum Select ($1200)

-BankAmericard Power Rewards Visa Signature ($700)

 

Equifax: 667 | TransUnion:  653 (ouch!!!)

 

I've decided I do NOT want a charge card.  I want either Blue, Clear, or perhaps a Discover More Card as my third and final card.  I realize I will have to wait to pull up my scores for this to happen.  I have not a single late/delinquincy, just a lot of inquiries and both my current accounts were opened in May.  My current Student Loan Balances are $49k (Will be around $100k at graduation, not terrible I guess for a top 50 Uni degree, gotta spend money to make money... :-/)

 

FWIW:  Two friends of mine in college got Blue Sky with 742 and 748 respectively on Equifax.

 

So does anyone have some ideas as to when I should apply for each of these cards?  Again, they got approved without having a charge product, and I'm not seeing the purpose of a charge product (other than building a relationship (which isn't that important to me)), as I'll never meet the breakeven point (not while I'm in college).

BofA Cash Rewards VS - $10k/9.99% | Citi Dividend World MC - $12.1k/11.99% | Amex BCE - $20k/10.24% | Chase Freedom VS- $10k/15.24% | Barclay Ring $5k/8.0% | Discover it - $19k/11.99%
Established Contributor
Posts: 620
Registered: ‎08-14-2010
0

Re: When to Apply for Blue or Clear

I Think I read your previous page. Didn't you applied for a ZynC before?

______________________________________________________________________________________________________________

All human wisdom is summed up in two words - wait and hope.

-Alexander Dumas
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

Re: When to Apply for Blue or Clear

I still think Discover first.

Regular Contributor
Posts: 192
Registered: ‎07-21-2010
0

Re: When to Apply for Blue or Clear

IMO you should wait until both your new accoutns are 1 year old and you have no inquiries in past 12 months (it was listed as a reason in the denial letter I got)

Also you should have 1 of your card reporting a balance of <9% and the other one reporting a zero balance.

All you can do now is keep paying your bills on time until May 2011.

New Contributor
Posts: 69
Registered: ‎06-28-2010
0

Re: When to Apply for Blue or Clear


ferrari wrote:

IMO you should wait until both your new accoutns are 1 year old and you have no inquiries in past 12 months (it was listed as a reason in the denial letter I got)

Also you should have 1 of your card reporting a balance of <9% and the other one reporting a zero balance.

All you can do now is keep paying your bills on time until May 2011.


Concur!

Established Contributor
Posts: 545
Registered: ‎09-12-2010
0

Re: When to Apply for Blue or Clear

[ Edited ]
Yikes! 100k! That is a HUGE burden for the future. Unless you're a medical student, it'll be hard to recover anytime soon (and even then). I know a guy who has a PhD from an ivy-league university and who is unemployed due to lack of jobs. Then I know a guy who has a 60K salary in his first year and who has a master's from a mid-level university. There is no prediction in these rankings anymore. Maybe you should speed up your studies and save some money in student loans. Good luck nonetheless!

 

The cards that you want to get are good ones. I love both the Discover and the Blue (I have the Blue Cash)! Just wait a little and let your credit build. Then apply. Discover might even be a bit easier to get. I think the Blue has better rewards than the Clear. But I have never had the Clear, so I cannot speak from my experience.

 


smc733 wrote:

  My current Student Loan Balances are $49k (Will be around $100k at graduation, not terrible I guess for a top 50 Uni degree, gotta spend money to make money...


 

Valued Contributor
Posts: 1,285
Registered: ‎05-13-2010
0

Re: When to Apply for Blue or Clear

I'm an engineering major, so I'll enter a pretty well paying field, though I'll live tight for the first few years and hope I pay down a good bit of the principal.

 

As for the other cards, I realize Discover might be easier to get, so therefore first, but I'll probably go one or the other, as I can't see having 4 cards while I'm in college.  So what is the best of the three to have?  What do they offer over my current cards?  And which one gives a better rate of return on minimal spending?

 

I was thinking I would apply for the cards in March, which would leave the following inquiries on my report (looking out 1 year):

 

May:  Citi (Approved)

April:  BofA (Approved)

June:  BofA (Approved)

June:  Amex (Declined)

June:  Discover (Declined)

June:  Chase (Declined)

August:  Amex (Declined)

August:  PNC (Student loan) (Approved, thanks Dad for cosigning!)

August: Discover (Declined)

 

But if they look out 6 months, I would be clear.

 

 

Also, for the person that asked, Amex told me they were on the fence and requested the 4506-T.  I then called and they declined me over the phone because "your income is zero because it is based on your last tax return, therefore we can't approve your application".

 

If I'm not a big spender now, and probably won't be immediately following graduation, does Discover work better, or is Amex still a better choice?

 

Thanks for everyone's input, I don't know where I'd go without these forums.

 

Also when should I hard-inqury for a CLI on my two cards?

BofA Cash Rewards VS - $10k/9.99% | Citi Dividend World MC - $12.1k/11.99% | Amex BCE - $20k/10.24% | Chase Freedom VS- $10k/15.24% | Barclay Ring $5k/8.0% | Discover it - $19k/11.99%
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. 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.