topic Re: Newbie Looking For Advise On App Spree in Credit Card Applications

Newbie Looking For Advise On App Spree

Anonymous — Tue, 29 May 2018 19:30:46 GMT

Hello!

Im fairly new to credit however Ive been doing my homework and building my credit. Right now I am at 801 all accross the board. I am an authorized user on my husbands care credit account. I'm also an authorized user on my mothers us bank account and I have one self lender loan thats reporting one month so far. AAoA 11 Years. Utilization 35% no baddies ans 100% payment history. I am looking to start applying for some new cards any advice?

I was thinking

Chase Sapphire

Navy Federal

and a comentiy card or two for furnishing our home. My current income is around 132,000. I don't travel often but the points for chase ( if approved ) is something I just can't pass up. Oh and I have a total of two Inquires in the past year.

Re: Newbie Looking For Advise On App Spree

Anonymous — Thu, 31 May 2018 16:25:45 GMT

I would go for CSR if you're planning on traveling a lot or CSP if you dont. 5/24 rule with Chase, but you're ok there.

Then i would try to grab a least two AMEX cards then Discover.

Where do you spend the most in a given month? Gas? Groceries? Restaurants?

Re: Newbie Looking For Advise On App Spree

MrDisco99 — Thu, 31 May 2018 16:41:01 GMT

35% util is worrisome. Are you sure you want to add more to that in home furnishings?

Rewards points really aren't worth it if you're paying interest to get them.

Re: Newbie Looking For Advise On App Spree

Anonymous — Thu, 31 May 2018 16:48:53 GMT

I guess I missed the part of the original post where the OP asked for opinions on Utilization? Or where she stated the Util was her own?

Re: Newbie Looking For Advise On App Spree

MrDisco99 — Thu, 31 May 2018 22:31:19 GMT

All she asked for was general advice. Utilization is certainly relevant when applying for new credit.

I can assure you Chase and Comenity will have those same concerns when looking at that data.

Re: Newbie Looking For Advise On App Spree

AverageJoesCredit — Fri, 01 Jun 2018 01:36:14 GMT

James A, sometimes , depending on the context of a post, even though things might not be directly asked, there are things that will and can be addressed when seeking advice on credit related matters. Yes sometimes a post can get off track but in this case , utilization can play s huge role in any credit decisions especially if someone wants to spree. Please remember we are all here to try and support one another in our credit endeavors. Thank you,AJC

Re: Newbie Looking For Advise On App Spree

HeavenOhio — Fri, 01 Jun 2018 11:42:59 GMT

I wouldn't classify 35% as "worrisome," but it's not ideal. Particularly with Chase, a card might be approved, but there's a great chance that it wouldn't get the best terms. The limit might be low, or the APR might be high.

I'd definitely suggest utilization under 28.9%, preferably quite a bit lower. With some banks, it might not be as big a deal as it is with others. That's why it pays to come here and ask.

Re: Newbie Looking For Advise On App Spree

Anonymous — Fri, 01 Jun 2018 13:22:29 GMT

I've seen people here getting approved with good limits having more than 30% UTL. If OP plans on PIF on the new cards, the APR doesn't matter. Like above said, 30% is not bad.

Re: Newbie Looking For Advise On App Spree

Meanmchine — Sat, 02 Jun 2018 04:40:33 GMT

"......Ive been doing my homework and building my credit. Right now I am at 801 all accross the board" ".....AAoA 11 Years"

The question I have isnt about util, its about how many accounts do you have that are actually yours. If most of your accounts are AUs, then Chase may deny you if you dont have 1+ years credit in your name.

Re: Newbie Looking For Advise On App Spree

Anonymous — Sat, 02 Jun 2018 21:08:22 GMT

Only one. and its only two months old. I figured I'd have a hard time with chase. I may be better off with NFCU and Discover...

Re: Newbie Looking For Advise On App Spree

HeavenOhio — Sat, 02 Jun 2018 22:38:07 GMT

@Anonymous, I think you're probably in very good shape for NFCU and/or Discover.

Chase likes to see a card in which you're the primary user that's at least a year old, and they disregard AU accounts as far as positive history. However, keep in mind that AU accounts do count when it comes to their 5/24 rule, i.e. if one has opened five or more accounts within the past 24 months, denials are likely.

If you'd like a Chase card in the future, keep 5/24 in mind as you add cards to your wallet. If you add a lot of cards too quickly, you'll likely delay your ability to be approved by Chase. If your AUs are older and you add two or three cards over the next twelve months, you should be in good shape for a Chase app. Simply make sure that your newest card is at least three to six months old when you apply in order to lessen the chance that they'll complain about "too many new accounts," which is something they're also sensitive about.

Re: Newbie Looking For Advise On App Spree

Anonymous — Sat, 02 Jun 2018 22:46:10 GMT

Perfect response. Thank You!