topic Re: Opportunity to apply? in Credit Card Applications

Opportunity to apply?

Anonymous — Sat, 20 Jul 2019 04:11:53 GMT

I recently financed a car and took out a student loan. My scores took a bit of a hit due to average age and new loan balanced. I'm wondering if now would be a good time to apply for a card I've been eyeing (Wells Fargo Propel)? Does it make sense to take the extra hit so the new accounts can start aging together? Will the new card limit help with my credit to debt ratio that just took a hit? The scores in my signiture include the auto loan but not the student loan. Thanks in advance!

Re: Opportunity to apply?

Anonymous — Sat, 20 Jul 2019 14:52:58 GMT

The CC will boost your UTIL on the revolving side but, the 2 loans factor into the installment calculation. This is more of a credit mix perk where if you didn't have any loans before you would get a 20-30 point benefit from having them now.

Scorewise though you're primed for a CC approval depending on what else you have added in the last year.

Re: Opportunity to apply?

Anonymous — Sat, 20 Jul 2019 15:23:18 GMT

Thanks for the reply! I got a big bump when my last baddie came off about a month ago. So, it's hard to see a boost from the auto loan. I took a hit when the student loan reported about a week ago. These are my first loans, other than secured loans I took out 4 years ago to start building my scores(all paid off). I haven't added any credit cards in the past year. The loans still affect the age of my profile, right?

Re: Opportunity to apply?

Anonymous — Sat, 20 Jul 2019 15:29:24 GMT

loans will have a small impact on aging but, overall they're not that big of an impact.

volatility comes from the CC's when you hit thresholds of spending that's reported with the statement balance.

$300 on Propel though is enticing enough and you have the spend to hit the MSR then I would do it..... well, I did it already... One thing I don't like about WF is the bonus restrictions of one every 15 months.

Other than that they've been alright. I do like the new redemption method though where you can zero out a purchase with points vs the $25 increments before. I think they finally ventured out of the 1800's but, still not quite 21st century yet.

Re: Opportunity to apply?

Anonymous — Sat, 20 Jul 2019 15:55:51 GMT

Oh wow I thought loans affected your average age just like any other account. What attracted me to the Propel is that gas (3%) and restaurants (3%) are my 2 biggest expenses monthly and I don't want an annual fee so it seems like a no brainer. I hate to take another hard pull after the auto loan though. Oh well I'll probably just go for it 🤷‍♂️

Re: Opportunity to apply?

BallBounces — Sat, 20 Jul 2019 16:22:31 GMT

Loans DO effect your age like revolving lines. Their utilization however is calculated separately and differently.

I am curious Re: Propel, is it reviewed and granted by WF or is it granted by Amex?

Re: Opportunity to apply?

Brian_Earl_Spilner — Sat, 20 Jul 2019 16:30:31 GMT

@BallBounces wrote:
Loans DO effect your age like revolving lines. Their utilization however is calculated separately and differently.

I am curious Re: Propel, is it reviewed and granted by WF or is it granted by Amex?

It onlly uses the amex payment network. Amex only handles the cards on their website. Any other amex like Macy's, NFCU, etc., are handled by the respective lender.

Re: Opportunity to apply?

Anonymous — Sun, 21 Jul 2019 15:51:07 GMT

OP, update if/ when you decide to app. Hoping for a new post on the approvals page.

Re: Opportunity to apply?

Anonymous — Sun, 21 Jul 2019 21:40:22 GMT

Still not sure if going to app. Basically, I just "want" the card. I would be using the Propel for the 3% gas/food and the cell phone protection. But I already have the citi double cash so I'm only gaining 1% on those 2 categories + cell protection. Trying to decide, objectively, if it's worth the hard pull and average age hit for that amount of benefit. Decisions, decisions haha!

Re: Opportunity to apply?

Anonymous — Sun, 21 Jul 2019 21:41:34 GMT

I'm also tempted to get something purely amex so I can get into the family. I don't have any amex yet...

Re: Opportunity to apply?

Anonymous — Sun, 21 Jul 2019 22:04:03 GMT

Amex is a good long term option w/ the variety of cards they offer. Once you have one you can pick up others w/ a SP.

Depends on your goals and spend.

Re: Opportunity to apply?

Anonymous — Sun, 21 Jul 2019 22:27:31 GMT

I didn't know amex were soft pulls after the first one. That's actually really cool! My spend isn't huge right now but it will be increasing over the next year or 2. Blue cash preferred is looking good for gas and tolls but I would only be using it for groceries and when gas isn't on the quarterly bonus for chase freedom. So, idk if the $95 annual will be worth it. Thank for bringing the amex soft pull to my attention. I've pre-qualified for 4 cards on the site but their no annual fee cards aren't super exiting.

Re: Opportunity to apply?

Anonymous — Sun, 21 Jul 2019 22:58:34 GMT

If you can hit 250/mo on the 6% spend you'll break even.

BCP

3000/yr * 0.06 = $180 - $95 AF = $85 (bonus of $250)

BCE

3000/yr * 0.03 = $90 (bonus of $200)

Re: Opportunity to apply?

Anonymous — Sun, 21 Jul 2019 23:14:48 GMT

I have no streaming services and I spend under the $250 on groceries currently. It looks like the Propel is actually a better fit because I'm driving 500 miles/week for school and eat out more than I cook for myself. Those factors, plus the $0 annual fee, make it a better offer for me. On the other hand, I want to be in the amex family for the long term benefits. Tough call haha! Thank you for doing the math 👍

Re: Opportunity to apply?

M_Smart007 — Mon, 22 Jul 2019 00:01:46 GMT

@Anonymous wrote:
I have no streaming services and I spend under the $250 on groceries currently. It looks like the Propel is actually a better fit because I'm driving 500 miles/week for school and eat out more than I cook for myself. Those factors, plus the $0 annual fee, make it a better offer for me. On the other hand, I want to be in the amex family for the long term benefits. Tough call haha! Thank you for doing the math 👍

not to sway your decision in any way.

I have 5 Pure American Express Cards Plus The Propel, I do use The Propel Often, and I am Totally Happy.

I was pretty Fortunate, as They Gave Me a $15k SL.

when I travel, which is rare. Propel, Hilton Honors and Chase. Citi DC as a back up Just in Case.

Re: Opportunity to apply?

Anonymous — Mon, 22 Jul 2019 00:10:08 GMT

Thanks for that perspective! I want to get into the amex family but the cards wouldn't benefit me as much as the Propel right now. Once I'm out of school and my income jumps (aka spending jumps haha) I'll get a amex that is worth it for me. I just hope I'm not being to shortsighted.

Re: Opportunity to apply?

Anonymous — Mon, 22 Jul 2019 00:35:32 GMT

Do it!

Re: Opportunity to apply?

Anonymous — Mon, 22 Jul 2019 05:06:14 GMT

@Anonymous wrote:
Thanks for that perspective! I want to get into the amex family but the cards wouldn't benefit me as much as the Propel right now. Once I'm out of school and my income jumps (aka spending jumps haha) I'll get a amex that is worth it for me. I just hope I'm not being to shortsighted.

Then what I would do is pick up BCE or ED just to get things started and put a subscription or monthly bill on it, setup autopay for the staement balance, and remember to ask for CLI's every 6 months for 3X the CL besides the first one at 61 days or activation.

Re: Opportunity to apply?

Anonymous — Mon, 22 Jul 2019 05:21:22 GMT

Should I app the Propel as well or wait a couple months so the inquiries don't hurt so bad? So, ask for a CLI at 61 days and then every 6 months after that. Should the request at 61 days be for 3x also?

Re: Opportunity to apply?

Anonymous — Mon, 22 Jul 2019 05:32:38 GMT

Amex 3X CLI applies to the Amex website Amex's

3X CLI @ 61 days is the 1st attempt after approval SP

3X CLI every 181 days after the 1st CLI is approved SP

Additional cards / approvals are SP if they state "pre-approved" and not "expand your relationship"

WF Propel lCLI's are a HP usually unless you play the game with the CSR by asking for an APR reduction and then ask if there's a CLI offer after that. WF cards are issued by WF and don't fall under the 3X CLI that Amex issued cards do. Usually WF looks for 6-12 months before providing a CLI.

If you can hit the spend bonus at the same time for Propel($3K) and say BCE ($1K) for a total of $4K then go for both if you want or space them out to make the free $$$ MSR. You get 3 months to make the MSR to get the bonus.

Since you eat out more than you get groceries another option would be Uber which is 4% on dining and a $100 bonus for a $500 spend. Either one would be a good fit or both if you want to diversify your holdings which is a good idea for the long term as well. There's 100 different approaches for maximizing spend and hedging your card portfolio.