topic Re: QUESTON???? in Credit Card Applications

QUESTON????

Anonymous — Sun, 16 Nov 2014 16:54:26 GMT

so i have had 3 credit cards the oldet one being about 8 old my credit score currently is 621 becuase of the high utilization...but my question is should i apply for chase freedom or cap one venture (keep in mind im not applying until all my balances are 0 and credit score at at least 700)im gonna apply around my birthday cuz thats wen i got my first so that would make it a year of credit!!!! which do ypu think i will i more likely get approved for?? and which is better ? and when should i apply?

Re: QUESTON????

Anonymous — Sun, 16 Nov 2014 17:01:26 GMT

Better odds of success with the Chase Freedom. Additionally, CapOne Venture has an AF, whereas VentureOne does not. Regardless, you should be able to succeed with either if you wait until you have a 700 score. I think you have a pretty good chance at success at 680 as well.

Keep in mind that they're different types of cards. One is cash back, the other is rewards. They also have different bonuses. Go for the card you'll use the most.

You could also apply for both on the same day, before they have a chance to report, and try for both.

Re: QUESTON????

Anonymous — Sun, 16 Nov 2014 17:04:28 GMT

@Anonymous wrote:
Better odds of success with the Chase Freedom. Additionally, CapOne Venture has an AF, whereas VentureOne does not. Regardless, you should be able to succeed with either if you wait until you have a 700 score. I think you have a pretty good chance at success at 680 as well.

Keep in mind that they're different types of cards. One is cash back, the other is rewards. They also have different bonuses. Go for the card you'll use the most.

You could also apply for both on the same day, before they have a chance to report, and try for both.

If you're in the 700 club then Chase freedom.. the cash back with no annual fee is way better.. However, you have a long way to go.. At which point there may be better cards around.. so i would focus on getting your scores up first, then see whats out there...

Re: QUESTON????

Shock — Sun, 16 Nov 2014 17:07:19 GMT

@Anonymous wrote:
so i have had 3 credit cards the oldet one being about 8 old my credit score currently is 621 becuase of the high utilization...but my question is should i apply for chase freedom or cap one venture (keep in mind im not applying until all my balances are 0 and credit score at at least 700)im gonna apply around my birthday cuz thats wen i got my first so that would make it a year of credit!!!! which do ypu think i will i more likely get approved for?? and which is better ? and when should i apply?

Your oldest card is 8 years old?

But you also want to apply around your birthday because that's when you got your first card a year ago?

Huh?

Please be more clear.

Re: QUESTON????

Anonymous — Sun, 16 Nov 2014 17:11:35 GMT

@Shock wrote:
@Anonymous wrote:
so i have had 3 credit cards the oldet one being about 8 old my credit score currently is 621 becuase of the high utilization...but my question is should i apply for chase freedom or cap one venture (keep in mind im not applying until all my balances are 0 and credit score at at least 700)im gonna apply around my birthday cuz thats wen i got my first so that would make it a year of credit!!!! which do ypu think i will i more likely get approved for?? and which is better ? and when should i apply?
Your oldest card is 8 years old?

But you also want to apply around your birthday because that's when you got your first card a year ago?

Huh?

Please be more clear.

i assumed her meant 8 months considering his CS.. however, could be 8 years

Re: QUESTON????

Anonymous — Sun, 16 Nov 2014 17:30:05 GMT

I was under the impression that going to 0% utilization significantly hurts your score, so paying to 0 balances across the board is a bad idea. Correct me if I am wrong? I am sitting at 1% for that specific reason but still spend on the cards like cash for rewards.

Re: QUESTON????

NRB525 — Sun, 16 Nov 2014 17:33:58 GMT

@Anonymous wrote:
@Shock wrote:
@Anonymous wrote:
so i have had 3 credit cards the oldet one being about 8 old my credit score currently is 621 becuase of the high utilization...but my question is should i apply for chase freedom or cap one venture (keep in mind im not applying until all my balances are 0 and credit score at at least 700)im gonna apply around my birthday cuz thats wen i got my first so that would make it a year of credit!!!! which do ypu think i will i more likely get approved for?? and which is better ? and when should i apply?
Your oldest card is 8 years old?

But you also want to apply around your birthday because that's when you got your first card a year ago?

Huh?

Please be more clear.
i assumed her meant 8 months considering his CS.. however, could be 8 years

I'm thinking it was 8 months also, cuz it's only going to be 1 year of credit history at the birthday, and thus 700 might be a stretch, utilization or not.

Anyway, best of luck on the app.

Re: QUESTON????

Shock — Sun, 16 Nov 2014 17:34:10 GMT

@Anonymous wrote:
i assumed her meant 8 months considering his CS.. however, could be 8 years

youre probably right

Re: QUESTON????

Anonymous — Sun, 16 Nov 2014 17:53:46 GMT

@Anonymous wrote:
I was under the impression that going to 0% utilization significantly hurts your score, so paying to 0 balances across the board is a bad idea. Correct me if I am wrong? I am sitting at 1% for that specific reason but still spend on the cards like cash for rewards.

You're correct. Sitting at 0% utilization is bad. letting one card report 1-10% is optimal.

OP, I agree with everyone else in saying that chase Freedom is the best way to go, but they don't like very high UTIL. I'd say once you get your balances low, go for Chase.

Re: QUESTON????

Anonymous — Sun, 16 Nov 2014 20:00:02 GMT

@NRB525 wrote:

I'm thinking it was 8 months also, cuz it's only going to be 1 year of credit history at the birthday, and thus 700 might be a stretch, utilization or not.

Anyway, best of luck on the app.

I was thinking the same about going from 621 to 700 in 4 months just from paying down util... I think that's very optimistic unless you're talking about tens of thousands in debt. Then again, I'm no expert.

Also to the original question, I'd assume everything else being equal Cap1 Venture would be easier to get than Chase Freedom, but it's probably a your mileage may vary type thing.

Re: QUESTON????

Anonymous — Sun, 16 Nov 2014 21:20:00 GMT

If I had to guess, I would actually say the Freedom would be slightly easier than the Venture. Of course YMMV, but I don't think Cap 1 gives out Ventures unless you have some experience with higher limits, and really just overall credit. The Freedom seems fairly attainable with a youngish credit history. Again YMMV, but this is the feeling I got when I tried for these (Freedom app/Venture PC attempt).

Re: QUESTON????

Anonymous — Sun, 16 Nov 2014 22:29:36 GMT

yes everyone i meant 8 months lol😆...but would my score even go up that high in that amount of time??? before when the utilization was low i had like 680...thats why i was assuming if i paid it down it would be somewhere around that area.......lol im new to credit appearently

Re: QUESTON????

Anonymous — Sun, 16 Nov 2014 22:40:19 GMT

no im actually new to credit but i been doing pretty good with it.....but the card i have now is secured with 1000 limit which was my deposit but i was planning lowering all my utilization on my cards( becuase their pretty high😑) and hopefully have a decent score by the time im ready to apply and shut out my secured ine o get my depsit bck😆

Re: QUESTON????

Anonymous — Sun, 16 Nov 2014 22:41:24 GMT

What exactly is your current utilization? Once it reports lower it will recover. For me (everyone?) it seems that getting under 50, 30, 20, and 10 all result in increases. Then bumps for the individual balances showing on X amount of cards.

Re: QUESTON????

Anonymous — Sun, 16 Nov 2014 22:44:10 GMT

1700 total credit limit about 1450 used😑...do you think its possible to go from 621 to 700?😆

Re: QUESTON????

Anonymous — Sun, 16 Nov 2014 22:46:30 GMT

do you think it even possible to go from 621 to 700? 1700 limit about 1450 used😟

Re: QUESTON????

Anonymous — Sun, 16 Nov 2014 22:48:19 GMT

I think if you were in the 680 range for sure before, and nothing negative has happened since then you should pop back up there. It's hard to tell what else may be in the point drop you took without knowing everything, but you may also need to just age your accounts some more too if you want to get back up there.

Re: QUESTON????

Anonymous — Sun, 16 Nov 2014 22:48:27 GMT

@Anonymous wrote:
do you think it even possible to go from 621 to 700? 1700 limit about 1450 used😟

I think if you got your utilization to 1%, you still wouldnt get quite that high. I could be wrong, but it's not likely to get an 80 point boost from $1500.

Re: QUESTON????

Anonymous — Sun, 16 Nov 2014 22:52:54 GMT

Also, I don't think you need a 700+ for either card. I do think with short history and I'm assuming no history with Cap1 the Freedom is going to be easier to get as it is closer to entry level whereas the Venture is Cap1's top tier card. If you get up to the 670 range or higher you can probably start looking at that Freedom. Try the pre approvals first though every time.

Re: QUESTON????

Anonymous — Mon, 17 Nov 2014 07:43:20 GMT

@Anonymous wrote:
1700 total credit limit about 1450 used😑...do you think its possible to go from 621 to 700?😆

That's an insane UTL. I hate to be the bearer of bad news, but I would venture to say you'd be lucky to break 660 once you paid that off.