topic Re: Card selection and application timing advice in Credit Card Applications

Card selection and application timing advice

ccquest — Wed, 10 Jun 2020 00:04:48 GMT

I currently have a BoA Cash Rewards card that I recently (Wednesday) did a CLI for. Took me from 3100 to 9100 by clicking the link. First step was to double it, then the link was still showing so I went for 10k and it countered with 9100. Today the link isn't showing anymore so now I'm waiting for the 91 days to see if it comes back.

Since this is my only CC, I'm looking at diversifying to increase the available revolving credit, maximize cash back (biggest categories for my spending are gas [current 3% category on BoA), restaurants, and entertainment - groceries are at Walmart which doesn't seem to qualify for most grocery rewards), and also start for longer term building my credit.

Some relevant info: 0% utilization (usually pay off throughout the month, occassionally let it post a balance then pay), 57k income, 130k student loans, and 12k car loan. In south Florida area.

I was looking at the AmEx BCE, CapitalOne Savor, Citi DoubleCash and I also see the new US Bank Altitude Go card, but interested in some other thoughts you all might have for me to look at. Each category I mentioned above would see around $2-2.5k spend for the year.

If I do go forward with applying for another card, how long should I wait? From my understanding, the BoA CLI should have been a SP and that closing date is the 20th. I have two HPs showing on both EQ and TU, all from late August 18 so they should be coming off by September.

Thanks

edit » just noticed I posted to approvals instead of applications, but don't see a way to delete. Mods please move if possible.

Re: Card selection and application timing advice

Girlzilla88 — Wed, 10 Jun 2020 00:33:53 GMT

You forgot to put Data for your current score range too that will also help determine if you should go for A vs B but you don't want to have your 1 card reporting 0 that will/can actually penalize your score/points.

Re: Card selection and application timing advice

ccquest — Wed, 10 Jun 2020 00:41:40 GMT

Knew I was forgetting something important!

Per CK, EQ and TU are both 756. BoA shows TU FICO 8 as 813, up from 804 last month.

Re: Card selection and application timing advice

M_Smart007 — Wed, 10 Jun 2020 00:47:59 GMT

CK are fako and not true fico scores, nobody uses Vantage 3.0 for decisions.

Your BoA TU is accurate and true FICO score.

Re: Card selection and application timing advice

Gmood1 — Wed, 10 Jun 2020 00:55:25 GMT

@ccquest

You can go here and pull your scores. https://www.experian.com/

You can cancel within 7 days at no charge.

Re: Card selection and application timing advice

ccquest — Wed, 10 Jun 2020 01:20:45 GMT

793 Experian FICO 8

See the others now:

Transunion: 807

Equifax: 803

Experian: 793

Re: Card selection and application timing advice

SouthJamaica — Wed, 10 Jun 2020 08:11:07 GMT

@ccquest wrote:
793 Experian FICO 8

See the others now:

Transunion: 807
Equifax: 803
Experian: 793

Well your scores are great, so you can apply for anything you want, whenever you want.

Re: Card selection and application timing advice

Girlzilla88 — Wed, 10 Jun 2020 14:50:06 GMT

Don't go to to crazy hahaha I would pick out a couple cards that works best for what you are wanting to do and you will use I would say 2 atm so you can help keep your new accounts/average more in line and it will help if you want to open cards with Amex or Chase that may be a bit pickier down the road ^^ You honestly only NEED 3 good cards. Over that is just what helps/benefits you but for scoring wise and such 3 is a good spot to be

Re: Card selection and application timing advice

Girlzilla88 — Wed, 10 Jun 2020 14:55:31 GMT

There are some that will offer compare charts for different brands/banks, but those cards you listed from what I read do have great value to each of them ^^ I would pick the best 2 of those that work for you and start with that then maybe add the third one down the line if you decide to (maybe at a year mark for the 3rd) but if you ask me I would pick the Amex and Citi, not saying the Savor is a bad card just think you may have a better shot being so fresh to get your foot in the door with the great scores for better starting with those Cap1 is more relax!

Re: Card selection and application timing advice

Girlzilla88 — Wed, 10 Jun 2020 14:59:22 GMT

I'm not familiar with the US Bank to give to much imput but I'm sure someone will chime in on that one

Re: Card selection and application timing advice

ccquest — Wed, 10 Jun 2020 16:28:27 GMT

Definitely don't plan on getting more than two more cards right now, just trying to start the planning now so I have the diversity for total accounts, start aging up more accounts, and can do a bit better on getting cash back.

APR isn't a huge concern for me since I wouldn't carry any balance beyond the grace period (which I'll start making sure I post some sort of balance more frequently).

Starting limit and ability to get a CLI without a HP are kinda important (raise overall revolving credit, lower util for when I do post balances).

Extra features like warranty extension are nice to have too.

So what I'm thinking right now is something like:

BoA Cash Rewards: 3% for online spending
Citi DoubleCash: 2% all else
with one of these two:
WF Propel AmEx: 3% for food/bars/gas/streaming (+$200 SUB)
OR US Bank Altitude Go: 4x for food, 2x gas (+$200 SUB, $15 credit for streaming service)
Just based on quick streaming math of $30 per month, I'd save a whopping $11.40 over the year with the $15 credit from Alt Go. Can't really tell if the Alt Go card covers bars or not though, with a spend of at least $570 there for the year, the Propel would make more sense if Alt Go doesn't cover the bars (570*2% difference = $11.40). Either way they are close enough that I could swing either way. Seems like neither is a definite SP for CLI. Any thoughts?

Found the Propel card with some more searching after my initial post and it seems like a better alternative to the Savor card for me. Greater SUB and covers gas and streaming in addition to food/bars, just doesn't have the Concierge (likely wouldn't use) or Credit Wise (never used, so not sure how useful it would be).

US Bank Cash+ card seems like it could be decent too, but don't have high enough spending in those 5% categories really.

BCE is not really up there with the other ones after more looking just because it's 2% gas is beat by the Propel or matched by the Alt Go, 3% grocery doesn't apply for me, and 1% loses to DoubleCash.

In terms of moving forward with any of them, would it make sense to just wait until the new BoA CL shows when this month posts? Thinking that might encourage higher starting limits with any of them.

Re: Card selection and application timing advice

ccquest — Wed, 24 Jun 2020 18:39:37 GMT

Just figured I would update here that my BoA statement came on the 20th, reflected on EX today, nothing so far on TU or EQ.

Not sure if my bump came from the higher limit or just letting a balance post (3%), but my EX score jumped 25 points from 793 to 818. I think that'll definitely help when I go ahead with the apps either later this week or next week as EX was the only one below 800.

Re: Card selection and application timing advice

RSX — Fri, 26 Jun 2020 14:25:59 GMT

US Bank is Inq and new account sensitive

so my advice is to Start with the US Bank if you really want it

Re: Card selection and application timing advice

ccquest — Wed, 24 Jun 2020 20:06:43 GMT

@RSX wrote:
US Bank is Inq and new account sensitive

so my advise is to Start with the US Bank if you really want it

That's a good point, I was planning on sticking to just two new cards but might go for the three all together and hope I get lucky with instant approvals.

Re: Card selection and application timing advice

ccquest — Fri, 26 Jun 2020 11:59:13 GMT

I went ahead and submitted three apps this morning: US Bank Altitude Go, Wells Fargo Propel, and PenFed Power Cash Rewards (that's the order of hitting the submit button, all were within a minute of each other).

Got an "instant approval" for the Altitude Go (approval thread here)
Got "We need to verify a few pieces of information before we can give you a credit decision." for the Propel
Got "Your application is being reviewed. You will be contacted if additional information is needed to complete your application." for the Power Cash Rewards - this may be because I upped the income on this application compared to when I just created the account earlier in the month because now I know what my parttime job schedule is supposed to be going forward.

Hoping for good news on the other two in coming days - is it usually an email that comes for approvals or snail mail? I know a denial will for sure come in the mail with the details.

Re: Card selection and application timing advice

Gmood1 — Fri, 26 Jun 2020 12:12:26 GMT

Wells Fargo will call or you can call them and speak with UW. It's normally a couple of business days if you wait on them.

Penfed, you should know sometime today.

Congrats on your other US bank approval.

Re: Card selection and application timing advice

ccquest — Fri, 26 Jun 2020 15:53:31 GMT

Just called WF to see if they'd have any more information and the gentleman said it's showing under review which means they should have an answer within 48 hours and to try and call back then or wait 5-7 days for a letter in the mail.

Good enough for me right now on that, don't *need* the card so no rush.

Re: Card selection and application timing advice

Gmood1 — Fri, 26 Jun 2020 16:14:30 GMT

@ccquest wrote:
Just called WF to see if they'd have any more information and the gentleman said it's showing under review which means they should have an answer within 48 hours and to try and call back then or wait 5-7 days for a letter in the mail.

Good enough for me right now on that, don't *need* the card so no rush.

I received the same response, when I applied. I'd look out for a call from a number you don't recognize, possibly Monday for verification.

I'd guess it might have processed today. But this Covid stuff has slowed everything down.

Re: Card selection and application timing advice

ccquest — Fri, 26 Jun 2020 17:31:06 GMT

@Gmood1 wrote:
I received the same response, when I applied. I'd look out for a call from a number you don't recognize, possibly Monday for verification.
I'd guess it might have processed today. But this Covid stuff has slowed everything down.

My unknown number just called, verified my identity, and number from a text message...Then she said I was approved with a SL of $4,000 with the card to come in the mail in 7-10 days!

The call came within 30 seconds of Experian emailing that there was a hard inquiry by WF.

That makes 2 of 3 so far.

Re: Card selection and application timing advice

ccquest — Sun, 28 Jun 2020 00:47:17 GMT

Update to close it out unless I get antsy and go for the AmEx BCE to get my foot in the door there:

- US Bank Altitude Go - $5k SL (pulled EQ)
- Wells Fargo Propel - $4k SL (pulled EX)
- PenFed Power Cash Rewards - $10k SL (pulled EQ)