topic Re: ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS in Credit Card Applications

ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

Anonymous — Mon, 28 Jan 2019 03:38:44 GMT

I am hoping forums members could give some advice, I don't have bad credit (I don't have any debt) just need to establish credit

I would like to apply for a cash back credit card (2 if possible) but I am worried about approval due to thin credit history.

Not sure which cards I should apply for and hoping forum members could help.

I pulled from all 3 bureaus the only things showing on reports are listed below.

Capital One Secured Credit Card with CL=1150. $0 balance OPENED MAY 2011.

Regions Bank $30K home equity line on my rental property - OPENED MAY 2001 - PAID OFF IN FULL JUL 2001

Target Card. $200 Opened 1999 - CLOSED 2009

CHASE $15000 OPENED 1999 - CLOSED 2015 ( AUTHORIZED USER)

0 INQUIRES

0 PUBLIC RECORDS

MY FICO 8 SCORES ARE EX-775 EQ-796 TU-801

I can be added as an authorized user to my daughter CC"s if that would help - I had her start establishing credit 2 years ago (21 year old college student, she charges and I pay the bills - at least for another year anyway - LOL) I pay DIS and AMEX off every month and let Chase report a balance, but pay balance off in full every month

DISCOVER STUDENT - Cash Back CL=$6800 - $0 balance, Opened November 2017

AMEX BCP - CL = $7000 - $0 balance. - Opened November 2018

CHASE PREFERRED - CL $8000 - $712.00 Balance - Opened November 2018

0 PUBLIC RECORDS

2 INQUIRIES

DAUGHTERS FICO 8 SCORES ARE: EX - 750 EQ -750 TU -748

Would appreciate any advice or suggestions on which card(s) that would be best to apply for.

Thanks in advance,

Delete

Re: ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

Anonymous — Mon, 28 Jan 2019 04:00:44 GMT

Amex and Discover are both prime issuers that like thin files.
Discover gave me several auto credit limit increases even through the last recession.
Discover cards have no annual fees to the best of my knowledge.
Amex was cutting people off during the last recession.

Re: ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

SouthJamaica — Mon, 28 Jan 2019 04:01:17 GMT

@Anonymous wrote:
I am hoping forums members could give some advice, I don't have bad credit (I don't have any debt) just need to establish credit
I would like to apply for a cash back credit card (2 if possible) but I am worried about approval due to thin credit history.
Not sure which cards I should apply for and hoping forum members could help.
I pulled from all 3 bureaus the only things showing on reports are listed below.
Capital One Secured Credit Card with CL=1150. $0 balance OPENED MAY 2011.
Regions Bank $30K home equity line on my rental property - OPENED MAY 2001 - PAID OFF IN FULL JUL 2001
Target Card. $200 Opened 1999 - CLOSED 2009
CHASE $15000 OPENED 1999 - CLOSED 2015 ( AUTHORIZED USER)
0 INQUIRES
0 PUBLIC RECORDS
MY FICO 8 SCORES ARE EX-775 EQ-796 TU-801

I can be added as an authorized user to my daughter CC"s if that would help - I had her start establishing credit 2 years ago (21 year old college student, she charges and I pay the bills - at least for another year anyway - LOL) I pay DIS and AMEX off every month and let Chase report a balance, but pay balance off in full every month
DISCOVER STUDENT - Cash Back CL=$6800 - $0 balance, Opened November 2017
AMEX BCP - CL = $7000 - $0 balance. - Opened November 2018
CHASE PREFERRED - CL $8000 - $712.00 Balance - Opened November 2018
0 PUBLIC RECORDS
2 INQUIRIES
DAUGHTERS FICO 8 SCORES ARE: EX - 750 EQ -750 TU -748

Would appreciate any advice or suggestions on which card(s) that would be best to apply for.
Thanks in advance,
Delete
I think you're in fine shape to apply for whatever cash back card you want, except possibly Chase, which generally prefers thicker files. I would take a look at American Express Cash Magnet, American Express Blue Cash Everyday, Citibank Double Cash Mastercard, US Bank Cashback Plus, Bank of America Cash Rewards, possibly some credit union cash back cards, and pick the one that works best for you.

Re: ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

Anonymous — Mon, 28 Jan 2019 04:04:29 GMT

Thank you, do you think it would help to be an authorized user on my daughter's accounts? I would like AMEX and Chase but seems like I keep seeing that Chase wants to see that you have 5K CC in place already, not sure if the previous history as authorized user would help

Re: ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

Anonymous — Mon, 28 Jan 2019 04:08:31 GMT

Thank you for your response, do you think I would be approved for 2 if I applied for both at the same time, (tonight). Also, do you think I should be added as an authorized user to my daughter's accounts would that help or hurt scores in the long runs. I could remove when she graduates in 2020 and I am no longer paying the bills.

Re: ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

Anonymous — Mon, 28 Jan 2019 04:12:57 GMT

I am open to other opinions but I would like to see what credit line Discover grants you before considering becoming an authorized user. May or may not get good starting line but either way it can grow with use.
Authorized route likey has 5/24 impact and may not help much.
With a thin good file the question will likely be your credit line not whether you will be approved. Most of the forum members would be happy to start over with a thin good file.

Re: ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

Anonymous — Mon, 28 Jan 2019 04:25:19 GMT

@Anonymous wrote:
I am open to other opinions but I would like to see what credit line Discover grants you before considering becoming an authorized user. May or may not get good starting line but either way it can grow with use.
Authorized route likey has 5/24 impact and may not help much.
With a thin good file the question will likely be your credit line not whether you will be approved. Most of the forum members would be happy to start over with a thin good file.

Ok, thank you, I have always saved, invested and paid cash for everything because that is how I was raised. Unfortunately, it is not great for establishing a credit history. If I were to apply for 2 credit cards tonight, how many points do you think I will lose on my scores and how long before I see an increase in scores?

Re: ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

Anonymous — Mon, 28 Jan 2019 04:26:40 GMT

You can always check the online prequalifiers. They are only soft inquiries so you don't have to worry about them hurting your credit. I would try Amex and Discover first to see if they have any recommendations for you. Even if you aren't prequalified, that doesn't mean you won't be approved if you apply.

Is you Capital One still secured after all of these years?

Re: ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

Anonymous — Mon, 28 Jan 2019 04:32:19 GMT

The most accurate answer is that we do not know. Like the final resting place of the Roswell aliens, the Fico algorithms are well guarded secrets. If your file is thin, new accounts and inquiries can move the total score more easily than for a thick file.
However, given the scores you listed you have room to absorb that.
No one can predict the future with certainty but my thought would be to start with one new card and let that build a little history before getting a second card.

Re: ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

Anonymous — Mon, 28 Jan 2019 05:02:12 GMT

@Anonymous wrote:
You can always check the online prequalifiers. They are only soft inquiries so you don't have to worry about them hurting your credit. I would try Amex and Discover first to see if they have any recommendations for you. Even if you aren't prequalified, that doesn't mean you won't be approved if you apply.

Is you Capital One still secured after all of these years?

Thank you for responding, yes, It is, not sure how to get it unsecured? I gave them 1100.00 when opening it in May 2011. Does each site have an area for pre-approval?

Re: ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

Anonymous — Mon, 28 Jan 2019 05:12:44 GMT

@Anonymous wrote:
@Anonymous wrote:
You can always check the online prequalifiers. They are only soft inquiries so you don't have to worry about them hurting your credit. I would try Amex and Discover first to see if they have any recommendations for you. Even if you aren't prequalified, that doesn't mean you won't be approved if you apply.

Is you Capital One still secured after all of these years?

Thank you for responding, yes, It is, not sure how to get it unsecured? I gave them 1100.00 when opening it in May 2011. Does each site have an area for pre-approval?

Many do including Capital One if you are interested in any of their other cards. A big negative though is that Capital One likes to pull all 3 bureaus for credit applications. Some only pull a single bureau.

Some of the sites that have prequalifiers:

US Bank

Capital One

Amex

Discover

Chase

Citi

Re: ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

Anonymous — Mon, 28 Jan 2019 05:18:22 GMT

@Anonymous wrote:
The most accurate answer is that we do not know. Like the final resting place of the Roswell aliens, the Fico algorithms are well guarded secrets. If your file is thin, new accounts and inquiries can move the total score more easily than for a thick file.
However, given the scores you listed you have room to absorb that.
No one can predict the future with certainty but my thought would be to start with one new card and let that build a little history before getting a second card.

Ok, Thank you,

Re: ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

Anonymous — Mon, 28 Jan 2019 05:21:49 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
You can always check the online prequalifiers. They are only soft inquiries so you don't have to worry about them hurting your credit. I would try Amex and Discover first to see if they have any recommendations for you. Even if you aren't prequalified, that doesn't mean you won't be approved if you apply.

Is you Capital One still secured after all of these years?

Thank you for responding, yes, It is, not sure how to get it unsecured? I gave them 1100.00 when opening it in May 2011. Does each site have an area for pre-approval?
Many do including Capital One if you are interested in any of their other cards. A big negative though is that Capital One likes to pull all 3 bureaus for credit applications. Some only pull a single bureau.

Some of the sites that have prequalifiers:
US Bank
Capital One
Amex
Discover
Chase
Citi

I would prefer not having all 3 pulled. I will look at the sites above. Thank you, for your advice and suggestions

Re: ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

Anonymous — Mon, 28 Jan 2019 05:40:39 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
You can always check the online prequalifiers. They are only soft inquiries so you don't have to worry about them hurting your credit. I would try Amex and Discover first to see if they have any recommendations for you. Even if you aren't prequalified, that doesn't mean you won't be approved if you apply.

Is you Capital One still secured after all of these years?

Thank you for responding, yes, It is, not sure how to get it unsecured? I gave them 1100.00 when opening it in May 2011. Does each site have an area for pre-approval?
Many do including Capital One if you are interested in any of their other cards. A big negative though is that Capital One likes to pull all 3 bureaus for credit applications. Some only pull a single bureau.

Some of the sites that have prequalifiers:
US Bank
Capital One
Amex
Discover
Chase
Citi
I would prefer not having all 3 pulled. I will look at the sites above. Thank you, for your advice and suggestions
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
You can always check the online prequalifiers. They are only soft inquiries so you don't have to worry about them hurting your credit. I would try Amex and Discover first to see if they have any recommendations for you. Even if you aren't prequalified, that doesn't mean you won't be approved if you apply.

Is you Capital One still secured after all of these years?

Thank you for responding, yes, It is, not sure how to get it unsecured? I gave them 1100.00 when opening it in May 2011. Does each site have an area for pre-approval?
Many do including Capital One if you are interested in any of their other cards. A big negative though is that Capital One likes to pull all 3 bureaus for credit applications. Some only pull a single bureau.

Some of the sites that have prequalifiers:
US Bank
Capital One
Amex
Discover
Chase
Citi
I would prefer not having all 3 pulled. I will look at the sites above. Thank you, for your advice and suggestions

I just went to the Chase pre-qual site and received this response.

We are unable to locate any offers for you at this time.

This may be because you have opted out of "pre-screened" offers from Chase and other companies or you have recently responded to another offer from Chase.

However. we may still have products to meet your needs. Please continue to chase.com

Re: ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

SouthJamaica — Mon, 28 Jan 2019 13:09:39 GMT

@Anonymous wrote:
Thank you, do you think it would help to be an authorized user on my daughter's accounts? I would like AMEX and Chase but seems like I keep seeing that Chase wants to see that you have 5K CC in place already, not sure if the previous history as authorized user would help

I just don't think you need to complicate yours and your daughter's lives.

Re: ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

SouthJamaica — Mon, 28 Jan 2019 13:12:41 GMT

@Anonymous wrote:
@Anonymous wrote:
You can always check the online prequalifiers. They are only soft inquiries so you don't have to worry about them hurting your credit. I would try Amex and Discover first to see if they have any recommendations for you. Even if you aren't prequalified, that doesn't mean you won't be approved if you apply.

Is you Capital One still secured after all of these years?

Thank you for responding, yes, It is, not sure how to get it unsecured? I gave them 1100.00 when opening it in May 2011. Does each site have an area for pre-approval?

You should call Capital One and ask if there is an offer to upgrade your card.

If there is, upgrade it to Quicksilver.

Re: ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

Anonymous — Mon, 28 Jan 2019 15:19:18 GMT

@SouthJamaica wrote:
@Anonymous wrote:
@Anonymous wrote:
You can always check the online prequalifiers. They are only soft inquiries so you don't have to worry about them hurting your credit. I would try Amex and Discover first to see if they have any recommendations for you. Even if you aren't prequalified, that doesn't mean you won't be approved if you apply.

Is you Capital One still secured after all of these years?

Thank you for responding, yes, It is, not sure how to get it unsecured? I gave them 1100.00 when opening it in May 2011. Does each site have an area for pre-approval?
You should call Capital One and ask if there is an offer to upgrade your card.

Or do it without a phonecall here

Re: ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

Anonymous — Mon, 28 Jan 2019 16:24:45 GMT

I just went to the Chase pre-qual site and received this response.
We are unable to locate any offers for you at this time.
This may be because you have opted out of "pre-screened" offers from Chase and other companies or you have recently responded to another offer from Chase.
However. we may still have products to meet your needs. Please continue tochase.com

Following statement applies to all credit issuers to some degree but especially Chase of the nationwide majors.

Treat a Chase revolving credit application like asking out the captain of the cheerleading team. She may not be able to respect you unless you can demonstrate that others desire you, but you cannot appear so promiscuous that you will not be faithful if she says yes.

Try to unsecure and ideally grow the Capitol One, but it might possibly be bucketed even if you get it unsecured.

I would try to get one card up to a $5,000 credit limit before applying for Chase unless you have a critical immediate need for some Chase product.

Like with the cheerleader you might get the yes you want out of the blue with thin file but my suggestion is about the percentage chances.

While Capitol One might outright bucket a card account, with a thin file it can still be a slow build for credit limits for other issuers even if not outright bucketed.

Discover does not have a large portfolio of cards but they are generally comfortable with thin files.

Re: ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

Anonymous — Mon, 28 Jan 2019 17:05:38 GMT

OP,

You have been given some outstandiing advice from the very smart MyFico Forum Members!

Great scores you have!, and "0 INQUIRES" ...OMG! ....Nice!!!!

check prequalifies, if your not 100% certain on Pre Qualified , ask the forum more. my 2 cents.

https://ficoforums.myfico.com/t5/Credit-Cards/What-s-the-next-move/m-p/5479997#M1618000

Re: ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

xaximus — Mon, 28 Jan 2019 17:57:18 GMT

OP - I would recommend Discover, Amex and Citi. Discover and Amex like thin files but I also recommend Citi as they may give you a low approval but you'll have a MC. Both Discover/Amex are not always taken at all stores/locations. I would say - app for the Citi DC card, then Disco/Amex.