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CREDIT CARD APPLICATION STRATEGY ADVICE

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Anonymous
Not applicable

CREDIT CARD APPLICATION STRATEGY ADVICE

I've been working hard on repairing my credit after a divorce and finally am at a level where it is at least somewhat respectable. A month ago I went on a little bit of a spree applying for cards. I was approved for a Discover IT with a 2k limit and a AMEX BCE with a 500 Limit. I was denied for a Barclays Extra Points Card, Sams Mastercard, Citi Double Cash, and a Chase Amazon Visa. I know I probably shouldnt have applied for that many, but luckily due to my research the inquiries were somewhat spread out between the 3 bureaus. I will have 5 Experian, 2TU, and 2 Equifax inquires falling off next month. My current profile looks like this:

 

EXPERIAN              678 VS  644FICO

TRANSUNION       662 VS  641 FICO

EQUIFAX                675 VS   UNKNOWN FICO

 

I have some 30 day lates will be over 2 years old as of February 18, and I do have an old bankruptcy on my record, but it is from 9-2009. I still have a few cards I really want, but don't want to try if I'm just going to be denied. I want a Chase Marriott, Freedom, and IHG Cards. I know about Chase's 5/24 rule so I want to get the Freedom and Marriott out of the way, but also realIy would also like a CITI Costco Visa since I couldn't get the Sams. Does anyone think I have a chance at any of these cards, or should I just garden my credit until next year when I know my scores will rise?

 

DISCOVER IT 2K, CAPITAL ONE PLATINUM 1.25K, CAPITAL ONE QUICKSILVER 1K, AMEX BCE $500, FINGERHUT 1.1K,TARGET $500, DILLARDS $200

Message 1 of 6
5 REPLIES 5
CreditInspired
Community Leader
Super Contributor

Re: CREDIT CARD APPLICATION STRATEGY ADVICE

I do know that Chase will be an auto denial because of the BK. Also, once one starts getting denials, that's a sign to stop applying. IMHO, I think it's time to go to the garden and allow your CCs to age and your scores to increase. Also, it may be a good idea to pull a FICO report from CreditCheckTotal to get your full credit profile. It costs $1 for a 7-day free trial. Just make sure to cancel by day 7! GL to you.

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 2 of 6
Anonymous
Not applicable

Re: CREDIT CARD APPLICATION STRATEGY ADVICE

Yeah I've been reading various posts about Chase, with some saying it's an auto denial, and some saying you can get credit from them as soon as 3 years post BK. It says to check the application and if it asks if you have had a BK to answer NO or leave it blank and talk to Recon. Even though ts the card I want the most, I assumed I would get denied for the Marriott because it is a Visa Signature Card, but I thought I might stand a chance with the Freedom and IHG cards since they could be approved with lower limits. I primarily just want to get in the front door with Chase and Citi. Discover and AMEX gave me a chance so I was hoping they would too. I signed up for Sky Blue Credit Repair. They claim they can help get the 30 day lates and the BK removed, and they have a 90 day money back guarantee, so I guess I should wait and see what transpires from it. Probably nothing but if I just keep doing what I'm doing I should be back over 700 soon 


 

Message 3 of 6
CreditInspired
Community Leader
Super Contributor

Re: CREDIT CARD APPLICATION STRATEGY ADVICE

Hope you're not paying a lot to this repair company. You can do your own goodwill letters to the creditors. I'm not sure how they can get a BK removed.

If you say no or leave the question blank regarding BK on Chase application, all that will happen is once they pull your CR and see the BK, you'll be declined and this will be a HP. But if you're truthful upfront, you'll be denied but hopefully without a HP. Even w/o the BK, I think your scores are too low for a Chase CC but that's IMO.

I also read on here just a couple of days ago that getting an AmX with a BK will negatively impact one's opportunity to get a 3X CLI until the BK drops off.

I understand you want to get your foot in the door, but keep in mind that getting toy limits sometimes keeps you in that bucket when it comes time to get CLIs. They may be denied.

Again, IMHO, you should garden. GL with the repair co.

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 4 of 6
Anonymous
Not applicable

Re: CREDIT CARD APPLICATION STRATEGY ADVICE

Thank you. I guess we will see. I got an email from AMEX right after receiving my card that if I carry a balance and make at least the minimum payment for the first 5 months that I would receive a credit limit increase. I've been using it for my gas and convenience store items and paying it off each month. I read that you can ask for a CLI after just 60 days with AMEX but I'm afraid it might remove me from the Initial Auto CLI.

The credit repair company is only $59 a month and offers a Full Money Back Guarantee for 90 days. I did my research and they have an A+ BBB rating and are ranked right below Lexington Law in all the reviews I've seen, but are cheaper. Figured it was a no lose situation, especially since I'm not experienced in disputing negative items.

Since Chase Cards are my primary target right now I will follow your advice and garden them for now and hopefully obtain some nice CLIs in the meanwhile. I've been keeping my balances at 25-30% and paying them off in full. I appreciate the advice and wisdom. It's a tough game rebuilding from the bottom!
Message 5 of 6
SouthJamaica
Mega Contributor

Re: CREDIT CARD APPLICATION STRATEGY ADVICE


@Anonymous wrote:

I've been working hard on repairing my credit after a divorce and finally am at a level where it is at least somewhat respectable. A month ago I went on a little bit of a spree applying for cards. I was approved for a Discover IT with a 2k limit and a AMEX BCE with a 500 Limit. I was denied for a Barclays Extra Points Card, Sams Mastercard, Citi Double Cash, and a Chase Amazon Visa. I know I probably shouldnt have applied for that many, but luckily due to my research the inquiries were somewhat spread out between the 3 bureaus. I will have 5 Experian, 2TU, and 2 Equifax inquires falling off next month. My current profile looks like this:

 

EXPERIAN              678 VS  644FICO

TRANSUNION       662 VS  641 FICO

EQUIFAX                675 VS   UNKNOWN FICO

 

I have some 30 day lates will be over 2 years old as of February 18, and I do have an old bankruptcy on my record, but it is from 9-2009. I still have a few cards I really want, but don't want to try if I'm just going to be denied. I want a Chase Marriott, Freedom, and IHG Cards. I know about Chase's 5/24 rule so I want to get the Freedom and Marriott out of the way, but also realIy would also like a CITI Costco Visa since I couldn't get the Sams. Does anyone think I have a chance at any of these cards, or should I just garden my credit until next year when I know my scores will rise?

 

DISCOVER IT 2K, CAPITAL ONE PLATINUM 1.25K, CAPITAL ONE QUICKSILVER 1K, AMEX BCE $500, FINGERHUT 1.1K,TARGET $500, DILLARDS $200


Garden


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 6 of 6
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