topic Re: what cards? in Credit Card Applications

what cards?

dunn2500 — Sun, 17 Jan 2021 07:39:47 GMT

hey all, so i have 1 card and 1 auto loan...since i have bought, sold, and refinanced couple of trucks i have 2 open recent accts and 3 closed recent accounts.....i was in 710-725 range but think the rapid closed auto accts are killing me and learned at least 3 cards and an installment acct is optimal.....i have 1 late from 5/14 and thats only baddie on my credit (will fall off in few months)......my auto and card are perfect, i believe my

AAOOA is 4 months with my AAOA is 5yrs....19 inq (mostly auto shopping in 3/20).....been pre approved for capitol one platinum? (there next one up from secured).....i applied for 2 cards few months ago but were higher end cards and denied ( i was stupid and should have applied for easier ones), i want to get these cards to get score #1 and also to get my age of accts started quicker. plus to have more open accts than closed.......i was steadily gaining pts with just auto and card but seems to have slowed way way down......ive heard capitol was fairly easyish,

and would like another as well.......would it be wise to try now or wait awhile.....and what other card if so is similar to capitol one....ive been working hard since 2019 to build my credit and was crushed to see it drop so much from refi....i dont need the credit to buy anything per se in near future, i just want progress and like most impatient but dont want to make big mistakes (like ive done already).......so what do you think?.......any more info i can provide but thats all i can think of

my CC turns 6 mo tom and util is 10%........thanks

Re: what cards?

FinStar — Sun, 17 Jan 2021 08:09:29 GMT

I'm assuming your current Capital One CC has a $300 CL? Is it secured or unsecured ?

Personally, I wouldn't get another Capital One CC as you may end up with another low SL (all things considered with your current profile). Have you tried the pre-qualification tool from Discover?

Re: what cards?

mgood — Sun, 17 Jan 2021 14:00:50 GMT

I'd also suggest looking at Discover.

The Discover it Cash back is a good rewards card to have in the long-term, not just for credit building.

But it's not too difficult to qualify for during the build. Plus the double cash back the first year is a very good SUB.

And anything that gives you rewards is a step up from a card that does not give rewards. (Although that C1 Platinum can later be upgraded to Quicksilver which does give 1.5% back.)

Re: what cards?

dunn2500 — Sun, 17 Jan 2021 17:29:11 GMT

i have credit one card and yeah $300 limit

discover it card shot me down awhile back, too many inq i believe......US bank and discover both shot me down few months ago....

just wanna get the ball rolling is all, i dont really use the cards a ton

i have a pen- fed acct (auto) and Navy though i dont use it a ton...

Re: what cards?

FinStar — Sun, 17 Jan 2021 17:51:07 GMT

@dunn2500 wrote:
i have credit one card and yeah $300 limit

discover it card shot me down awhile back, too many inq i believe......US bank and discover both shot me down few months ago....

just wanna get the ball rolling is all, i dont really use the cards a ton

i have a pen- fed acct (auto) and Navy though i dont use it a ton...

Just for clarification, is your current card with Credit One or Capital One?

Re: what cards?

dunn2500 — Sun, 17 Jan 2021 21:26:10 GMT

credit one (i know its crappy card)

was pre approved for cap one on their site.....maybe only card i can get

funny thing even though mltpl auto loan inq only count as 1 score wise (in short period of time), they all still show up and CC companies see them.....if not for auto i would only have maybe 7 inq.....is that still alot?

Re: what cards?

dunn2500 — Mon, 18 Jan 2021 05:08:22 GMT

how about petal 2 card?

Re: what cards?

FinStar — Mon, 18 Jan 2021 06:10:25 GMT

@dunn2500 wrote:
how about petal 2 card?

I have the Petal 2 and really like it. I believe there's 2 versions now depending on which fits your spending. You can check their pre-qualification tool and see if it yields anything. They pull EX, IIRC.

You can also check out the following link to view pre-qualified SP offers that won't impact your CRs while you shop around:

https://ficoforums.myfico.com/t5/General-Credit-Topics/List-of-Soft-pull-PREAPPROVALs-Updated-11-29-20/td-p/5938753

The only thing with Capital One, and although you're currently pre-qualified, your reports will be hit with 3 HPs (one for each bureau) and would likely end up with a low SL. I mean, if that's something you don't mind, then you can pursue that option.

Re: what cards?

dunn2500 — Mon, 18 Jan 2021 08:51:43 GMT

yeah i pre qualified for petal card earlier today....both petal cards actually but the petal 2 would be fine...

i did see it has decent reviews......what is EX IIRC?

i did see on another thread about the 3 HP for cap one..... maybe just petal 2 for now?

my thinking is just to get 3 cards (total) and get them done so age starts accumulating and inq will fall off sooner rather than later.....not planning on getting any loans or applying for credit for along time if i have 3 CC and auto loan (next 5 yrs) but if i can achieve the same results with 2 cards plus auto i would like to save 3 inq..........

if i get another card say in 6 months or 1 yr it resets AAOOA i believe, where i would take bigger hit now but it would fade out over time......

i saw other thread where a person started out "thick and new" and it wouldnt be good for mortagage soon but in 1-2yrs all of inq would have faded away

Re: what cards?

Anonymous — Mon, 18 Jan 2021 14:42:01 GMT

@dunn2500 Since you are with Navy FCU, I would wait 6 months and apply for one of their cc's (not the flagship). If you applied now, I feel like there is a chance you would either get a $1000 sl or a denial. Navy pulls TU Fico 9.

If you did get denied, you can apply for the secured card which has the potential to graduate in 6 months.

Either way, I would allow those inquiries to age for 6 months. For fico scoring purposes, if auto/mortgage inquiries are made within 14 days and coded properly they count as 1 inquiry on your score.

Financial institutions can and will view those inquiries separately and will sometimes deny you for too many inquiries. With some FI's that offer recon, you might be able to explain those.

I would say that there is no rush to get all of your cards. Good luck with whatever you decide.

Re: what cards?

FinStar — Mon, 18 Jan 2021 18:55:25 GMT

@dunn2500 wrote:
yeah i pre qualified for petal card earlier today....both petal cards actually but the petal 2 would be fine...
i did see it has decent reviews......what is EX IIRC?

i did see on another thread about the 3 HP for cap one..... maybe just petal 2 for now?

my thinking is just to get 3 cards (total) and get them done so age starts accumulating and inq will fall off sooner rather than later.....not planning on getting any loans or applying for credit for along time if i have 3 CC and auto loan (next 5 yrs) but if i can achieve the same results with 2 cards plus auto i would like to save 3 inq..........

if i get another card say in 6 months or 1 yr it resets AAOOA i believe, where i would take bigger hit now but it would fade out over time......

i saw other thread where a person started out "thick and new" and it wouldnt be good for mortagage soon but in 1-2yrs all of inq would have faded away

EX = Experian

IIRC = If I Recall Correctly

Also, great advice by @Anonymous above. Definitely try out Petal 2 see how that works out and just let things age. In about ~6 months to a year, re-evaluate things and you can try NFCU. At some point, you may consider getting rid of Credit One (up to you) given it may not grow much + those monthly/annual fees.

Re: what cards?

dunn2500 — Mon, 18 Jan 2021 20:12:47 GMT

thanks, ill try petal card.......credit one goes buh bye as soon as i get decent amount of time on other ones

if i could go back to 2019, i would do things alot more differently for sure

Re: what cards?

FinStar — Mon, 18 Jan 2021 20:30:27 GMT

Sure thing @dunn2500. Good luck with Petal and let us know how it turns out.

Re: what cards?

dunn2500 — Mon, 18 Jan 2021 22:17:38 GMT

@Anonymous wrote:
@dunn2500 Since you are with Navy FCU, I would wait 6 months and apply for one of their cc's (not the flagship). If you applied now, I feel like there is a chance you would either get a $1000 sl or a denial. Navy pulls TU Fico 9.

If you did get denied, you can apply for the secured card which has the potential to graduate in 6 months.

Either way, I would allow those inquiries to age for 6 months. For fico scoring purposes, if auto/mortgage inquiries are made within 14 days and coded properly they count as 1 inquiry on your score.

Financial institutions can and will view those inquiries separately and will sometimes deny you for too many inquiries. With some FI's that offer recon, you might be able to explain those.

I would say that there is no rush to get all of your cards. Good luck with whatever you decide.

yeah thanks, i think just petal for now and in 6 months something else

thanks all for the help!