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Well, in answer to your question, yes, I think the schwab visa is a great idea! I would apply myself if I didnt have 7inquiries on my reports right now....
And second, I have two visa signature accounts (chase and citi) and from what I can tell, neither of them are counted in my util... So, that shouldnt hurt you too much.
I'm drooling over this card as well. I'm afraid they would deny me though, as I only have 2 CC's (Oldest 3 yrs, AAoA 1 yr.). Always paid on time. FICOS are all around 736, but from what I have seen, nobody here with a thin file has been approved by them.
@Anonymous wrote:
Really? It takes a long history to actually get approved? My first card was from 2004. I have a few auto loans that were completely paid off and a few still on-going. Few credit cards that has completely paid off as well as paying early before closing date to less than 10% each month since 2004 and on. Low credit utilization ratio and reporting balances are 10% or less. What else can contribute to an approval? Large sum of cash into the High Yield checking account, etc?
Eiso - I was actually talking about myself having a 'thin file'. You seem to have a good chance of getting it - you have way more credit history than me. However, there is a thread around here with someone talking about getting rejected with a 780.
Based upon my experience with Schwab for 4+ years, I would suggest you open a Schwab One Account. That is where the rewards for this card will go anyway and they are assuming that you will be leaving it there. Start with a reasonable deposit - there is likely a minimum but it is lower than you might expect, perhaps only $1000. Add to it regularly, even just $100 per month. Once you have more than $4000, you can apply for a margin account, which means they are giving you some credit with security in the account. Then app for the Invest First card. I have to believe that they will expect reasonable FICOs also.
Another plan is to move your IRA to Schwab also.
@GregB wrote:Based upon my experience with Schwab for 4+ years, I would suggest you open a Schwab One Account. That is where the rewards for this card will go anyway and they are assuming that you will be leaving it there. Start with a reasonable deposit - there is likely a minimum but it is lower than you might expect, perhaps only $1000. Add to it regularly, even just $100 per month. Once you have more than $4000, you can apply for a margin account, which means they are giving you some credit with security in the account. Then app for the Invest First card. I have to believe that they will expect reasonable FICOs also.
Another plan is to move your IRA to Schwab also.
It might take a while to do it from $1000, and then $100 each month. I know you are not telling to do exactly the way you laid out, it was an example, but still takes some time to do so. I've been leaving all my money in my MMA with WAMU with 2.5% so I can get some interest just to pay a few bills yet secure, but the 2.5% has recently expired, so I'm planning on moving it all to elsewhere (possibly with a good interest, such as the 9-months No-Penalty 2.5% CD with Ally, which is GMAC), or Wells Fargo PMA that offers 100 free trades, I'm just looking to move my money to somewhere that benefits me. That's why I'm looking into Schwab if my deposit will benefit the approval for its cashback card.Since I'm a more saving-conservative guy, I dont really plan on investing into the stock market. I just want a nice straightforward cash back card.
@mrdrum18 wrote:
I was approved for this card with 6 months history, 720 EX FICO, perfect history, 0% utilization but a significant banking relationship with BofA.
I'm assuming I have a 700+ EX for sure, by kind of looking at my FAKOs (I know, I know) and the one I got from CreditKarma yesterday. I guess I have perfect history since I have never missed one payment ever. I intentionally changed back to <10% utilization ratio since I learned that 0% is not as good as <10%. I have done 0% all along from 2004-2007 that kept me around 720 FICO. No relationship with BofA at all. I guess I'll go to a Schwab branch and talk to a banker and see how it goes.
@Anonymous wrote:
I guess I'll go to a Schwab branch and talk to a banker and see how it goes.
Sounds great. Let us know what you find out!