topic Re: CC suggestions? Initially thinking Chase or Capital One in Credit Card Applications

CC suggestions? Initially thinking Chase or Capital One

Anonymous — Wed, 06 Sep 2017 21:32:14 GMT

As of today, [updated using creditcheck total] CS: TU- 673; EQ- 657; EX(FICO8)- 654. I don't have anything in collections. But EX shows one paid off derrogatory account from Cap1 that won't be removed for 6 years. I have a Jareds card that has a 23% UT. Avg account age is 5yrs 3 months. 3 Hard Inqs. last year. 2 yr old Car loan of $25,000. never missed a payment And Student loan that I started to pay back. Income $55,000. I was denied a Chase card and Cap1 one card last year, but was denied because of collections. I paid all the collections off this past June. My credit score jumped substantially from that. And have 3 inquiries that will fall off around Nov 2018.

I check the prequalified for Chase and got Freedom, Freedom Unlimited, and Slate. As for Capital One it was thelatinum and the Quicksilver1.

I'm inquiring the probability of me being approved with a spending limit of over $500. I checked the credit simulator on Experian and I notice that my credit score will increase depending on the limit. I do not have any credit cards under my name.

My girlfriend said I should pay off the Jared Card completely prior to applying, how effective is paying off the Jared card in relation to applying for CC with a higher spending limit?

I would love to get any opinions or suggestions on which one of these cards I should apply for? Or is there one that I haven't thought of? I would like to get a VISA card because I would want to travel internationally next year.

Thank you for any assistance you can give.

Re: CC suggestions? Initially thinking Chase or Capital One

HeavenOhio — Wed, 06 Sep 2017 21:13:40 GMT

With only one card, you want it to report a balance of between $5 and 8.9% of its limit. That'll optimize your score. Allowing it to report a balance of zero will ding you.

The tricky part is that you generally shouldn't need to pay interest to show a positive balance. The balance should come from new charges. But this is a retail card from a jeweler, and you don't want to make an unnecessary purchase for the sake of a credit score. The safest bet might be to pay the card down to somewhere south of 8.9%, let that amount report, then pay it off after being approved for a new card.

Of the two banks you're considering, I'd say that Capital One is the much safer bet. The Platinum and QuicksilverOne have similar underwriting requirements. My personal recommendation is the Platinum. It doesn't have rewards like the QS1, but it also doesn't have an annual fee. Also, after a few months of history, it's much easier to product-change into a no-fee Quicksilver than the QS1 would be.

Also, I'd suggest getting your FICO scores from all three bureaus. You can do that by signing up for the $1 trial at CreditCheck Total and cancelling before the trial period is up.

Re: CC suggestions? Initially thinking Chase or Capital One

Anonymous — Wed, 06 Sep 2017 21:26:27 GMT

I checked with Credit Check Total and it is EX: 654, TU: 672 EQ: 657. Ouch Why does Credit Karma amp the score so much?

Re: CC suggestions? Initially thinking Chase or Capital One

Anonymous — Wed, 06 Sep 2017 21:35:56 GMT

Credit Karma doesn't use an actual FICO score. They use what's called a VantageScore. Often CK gives a higher score than what your actual FICO score is. I would pay attention to your actual FICO scores as most lenders don't use VantageScore.

Re: CC suggestions? Initially thinking Chase or Capital One

Anonymous — Wed, 06 Sep 2017 21:39:21 GMT

The prequal at Chase should be good... I hope somebody else can chime in on that first though with the collection showing.

I highly recommend Discover since they probably won't pull Ex (But check the CPB for your state) and will give you CLI's as you grow.

Re: CC suggestions? Initially thinking Chase or Capital One

Anonymous — Wed, 06 Sep 2017 21:50:35 GMT

What is CPB?
Does having a Chase banking account help out with the application?

Re: CC suggestions? Initially thinking Chase or Capital One

shoegal — Wed, 06 Sep 2017 21:57:22 GMT

I would go for the Cap1 Platinum so that you can product change it later to Quicksilver (that's what I did), and Chase Freedom. Also, try Amex prequalify tool since there might be something there you can get too. Good luck with whatever cards you get!

Re: CC suggestions? Initially thinking Chase or Capital One

Anonymous — Wed, 06 Sep 2017 22:06:20 GMT

I actually did do a prequalified on AMEX, if I remember correctly it was the Green, Blue Cash Everyday, and the Amex EveryDay.

Is there a benefit to the credit score to get multiple credit cards in the same month? I noticed in browsing the forum that people do it, but I am worried that it might negatively effect my credit score.

Re: CC suggestions? Initially thinking Chase or Capital One

fltireguy — Wed, 06 Sep 2017 23:41:17 GMT

Poster meant the Credit Pulls Database. Google it

@Anonymous wrote:
What is CPB?
Does having a Chase banking account help out with the application?

Re: CC suggestions? Initially thinking Chase or Capital One

Anonymous — Thu, 07 Sep 2017 01:41:22 GMT

IMO, if you are getting a fixed APR (as opposed to a range of APRs) on the Chase, I would go for it. Chase > Cap1, especially better than the Platinum or QS1, seriously!

Re: CC suggestions? Initially thinking Chase or Capital One

shoegal — Thu, 07 Sep 2017 02:55:06 GMT

@Anonymous wrote:
I actually did do a prequalified on AMEX, if I remember correctly it was the Green, Blue Cash Everyday, and the Amex EveryDay.

Is there a benefit to the credit score to get multiple credit cards in the same month? I noticed in browsing the forum that people do it, but I am worried that it might negatively effect my credit score.

After getting multiple cards at once, your score will go down a bit because of all the new accounts and inquiries. In a few months, it will be back especially if you don't apply for new credit.

Mine is up and down because I just got all the cards I wanted this summer. I'm gardening for 6-months to a year to let everything age together and grow.

Think of your financial goals before getting multiple cards and try only to get cards you really want.

Re: CC suggestions? Initially thinking Chase or Capital One

sarge12 — Thu, 07 Sep 2017 03:07:31 GMT

@Anonymous wrote:
I checked with Credit Check Total and it is EX: 654, TU: 672 EQ: 657. Ouch Why does Credit Karma amp the score so much?

They don't, it is different because it is not a fico score, but a Vantage score that uses different criteria. It is a real score, just not the one used by any credit card issuers I know of. As a general rule of thumb, it is best used to see the trajectory of your scores. Normally if the Vantage is increasing, so will the fico. The credit simulators on every site I know of is pretty much worthless as a predictor.

Re: CC suggestions? Initially thinking Chase or Capital One

sarge12 — Thu, 07 Sep 2017 03:15:07 GMT

@shoegal wrote:
@Anonymous wrote:
I actually did do a prequalified on AMEX, if I remember correctly it was the Green, Blue Cash Everyday, and the Amex EveryDay.

Is there a benefit to the credit score to get multiple credit cards in the same month? I noticed in browsing the forum that people do it, but I am worried that it might negatively effect my credit score.
After getting multiple cards at once, your score will go down a bit because of all the new accounts and inquiries. In a few months, it will be back especially if you don't apply for new credit.

Mine is up and down because I just got all the cards I wanted this summer. I'm gardening for 6-months to a year to let everything age together and grow.

Think of your financial goals before getting multiple cards and try only to get cards you really want.

It will also have a negative effect on AAoA, sometimes drastic effect if you do not have many other well aged accounts. On the other hand, it can drasticly lower utilization, which can be a large portion of the score. Keep in mind though that utilization is a point in time metric.