topic Re: Looking for 1 More New Card in Credit Card Applications

Looking for 1 More New Card

Mike1014805 — Mon, 01 Nov 2021 04:04:22 GMT

I decided to apply for the Venture Card on Friday (10/29). I got a dreaded 7 to 15 day message, and immediately thought I was denied. Then, 5 minutes later, I received an email asking me to submit documentation for ID verification (license and social security card). I submitted the documents. 3 hours later, I received another email saying I was approved for $5,000.

I'm shocked, because my Fico 8 Experian score is a 682, Transunion is a 697 and Equifax is a 664. My Credit Reports includes: 7 charge-offs on all 3 of my reports, from within the last 2 years when I joined a debt management program. 3 new credit cards within the last 2 years. And, I have a total of 5 inquiries on my Experian report, 4 inquiries on my Transunion report, and 0 inquiries on my Equifax report. (I think the main reason I got approved is because I haven't had any missed payments or new credit cars within the last 15 months. Plus I make around 70,000 a year and my debt to income ratio is less than 20%).

I'm looking to add ONE more credit card to my mix, because I have a couple of "bad credit" credit cards that I want to close, and replace them with a newer card that will hopefully have a higher limit. The "bad credit" cards are all less than 2 years old, so closing them won't affect my credit age.

I was thinking of trying the Amazon Cash Rewards Visa because I was pre-qualified for it on their website. I'm open to other suggestions as well though.

Re: Looking for 1 More New Card

OmarGB9 — Mon, 01 Nov 2021 04:40:53 GMT

Closing cards doesn't affect your credit age regardless of how old they are at the time of closure. Closed accounts in good standing remain for up to 10 years.

As for your question, with 7 recent COs, it'll be tough to get approved for prime cards and with the high SLs that you want. I'd highly suggest holding off on new cards for now and instead address those charge offs. Are they paid/unpaid, and are there related collections showing on your reports?

Re: Looking for 1 More New Card

Mike1014805 — Mon, 01 Nov 2021 12:14:41 GMT

The charge offs are all paid off. I have 0 credit card debt. I just got approved for a Venture Card with my current credit report, so I figured I'd have a chance of applying for 1 more card before the year is up.

Re: Looking for 1 More New Card

OmarGB9 — Mon, 01 Nov 2021 13:15:37 GMT

@Mike1014805 wrote:
The charge offs are all paid off. I have 0 credit card debt. I just got approved for a Venture Card with my current credit report, so I figured I'd have a chance of applying for 1 more card before the year is up.

Well it's good that they're all paid off, but they're still fresh derogatories. I'd still say to hold off. Cap One is an outlier in that they're very forgiving when you burn them as well as still approving people even with a fairly dirty file. Most other lenders aren't like that, save for those bottom of the barrel, predatory ones such as First Premier and Credit One.

Plus, you've already got the 3 cards minimum for building/optimizing scores. I know you want to "upgrade" them since 2 out of the 3 are starter cards, but again, I'd say wait and let those paid COs age a bit more (at least another year) before trying for prime cards. It's up to you, of course, but that's my opinion. I'm saying this from personal experience: with several recent (yes, in the credit world, 2 years is still considered recent) charge offs, prime banks tend to simply not give you the time of day. Or if they do, they give you "toy" (small) limits.

Re: Looking for 1 More New Card

greatscott85 — Mon, 01 Nov 2021 22:21:12 GMT

I think a credit union may be better for you. Are you a member of any by chance?

Re: Looking for 1 More New Card

SUPERSQUID — Mon, 01 Nov 2021 22:34:47 GMT

@Mike1014805 wrote:
I decided to apply for the Venture Card on Friday (10/29). I got a dreaded 7 to 15 day message, and immediately thought I was denied. Then, 5 minutes later, I received an email asking me to submit documentation for ID verification (license and social security card). I submitted the documents. 3 hours later, I received another email saying I was approved for $5,000.

I'm shocked, because my Fico 8 Experian score is a 682, Transunion is a 697 and Equifax is a 664. My Credit Reports includes: 7 charge-offs on all 3 of my reports, from within the last 2 years when I joined a debt management program. 3 new credit cards within the last 2 years. And, I have a total of 5 inquiries on my Experian report, 4 inquiries on my Transunion report, and 0 inquiries on my Equifax report. (I think the main reason I got approved is because I haven't had any missed payments or new credit cars within the last 15 months. Plus I make around 70,000 a year and my debt to income ratio is less than 20%).

I'm looking to add ONE more credit card to my mix, because I have a couple of "bad credit" credit cards that I want to close, and replace them with a newer card that will hopefully have a higher limit. The "bad credit" cards are all less than 2 years old, so closing them won't affect my credit age.

I was thinking of trying the Amazon Cash Rewards Visa because I was pre-qualified for it on their website. I'm open to other suggestions as well though.

Try the Discover prequalify page, it wont result in a hard pull to find out if you prequalify. if you do its an excellent cash back card. if you accept the card you will get 1 hp.

Re: Looking for 1 More New Card

Aim_High — Mon, 01 Nov 2021 23:17:28 GMT

@Mike1014805 wrote:
I'm looking to add ONE more credit card to my mix, because I have a couple of "bad credit" credit cards that I want to close, and replace them with a newer card that will hopefully have a higher limit.

It would help us a lot if we knew more about your current cards (besides the Venture) and what other features (besides credit limit) of the card are most important such as rewards in a certain spending category, lower APR, lender diversity, or perks. If it's rewards you are seeking, which of your spending areas is most in need of better rewards right now? Also, which lenders were the charge-offs with since they would probably not be receptive?

Overall, I agree with @OmarGB9 that it may be best to garden another year but the information above will help us if you decide to proceed.

Re: Looking for 1 More New Card

Mike1014805 — Tue, 02 Nov 2021 01:39:36 GMT

I have the following cards and limits:

Capital One Venture (New): $5,000 VISA
Capital One QuickSilver (Product Changed): $2,250 MASTERCARD
Discover It: $3,000 DISCOVER CARD
Bank of America Cash Rewards Visa: $2,000 (oldest card) VISA
Verve (for bad credit): $1,650 (WANT TO CLOSE) MASTERCARD
Surge (for bad credit): $1,800 (WANT TO CLOSE) MASTERCARD
Avant (for bad credit): $1,000 (WANT TO CLOSE) MASTERCARD
Kohls Charge Card: $1,500
Dell Financial Services (Oldest Credit Account): $1,500

The Following Charge Offs are 2 years+ old and were officially paid off, in full in June of 2021

Capital One (2 credit cards, 1 auto loan)
Citi Bank (1 credit card)
Synchrony Bank (2 credit cards)
Barclay's: (1 credit card)

I'm honestly looking to add 1 more visa, specifically a points or cash rewards card.

I had 2 charge offs with them, totalling $9,500 dollars. Yet, they just approved me for a $5,000 card. I also have a 3 year old card with them that started out with a $500 limit, thats now at $2,250. This is why I'm confused, because everything I thought I knew about credit cards and reports is wrong. (I will say in terms of my credit score, I went from a 508 transunion fico credit score in March of 2020 to my current score of 698).

Re: Looking for 1 More New Card

FinStar — Tue, 02 Nov 2021 02:49:28 GMT

@Mike1014805 wrote:
I have the following cards and limits:
Capital One Venture (New): $5,000 VISA
Capital One QuickSilver (Product Changed): $2,250 MASTERCARD
Discover It: $3,000 DISCOVER CARD
Bank of America Cash Rewards Visa: $2,000 (oldest card) VISA
Verve (for bad credit): $1,650 (WANT TO CLOSE) MASTERCARD
Surge (for bad credit): $1,800 (WANT TO CLOSE) MASTERCARD
Avant (for bad credit): $1,000 (WANT TO CLOSE) MASTERCARD
Kohls Charge Card: $1,500
Dell Financial Services (Oldest Credit Account): $1,500

The Following Charge Offs are 2 years+ old and were officially paid off, in full in June of 2021
Capital One (2 credit cards, 1 auto loan)
Citi Bank (1 credit card)
Synchrony Bank (2 credit cards)
Barclay's: (1 credit card)

I'm honestly looking to add 1 more visa, specifically a points or cash rewards card.

I had 2 charge offs with them, totalling $9,500 dollars. Yet, they just approved me for a $5,000 card. I also have a 3 year old card with them that started out with a $500 limit, thats now at $2,250. This is why I'm confused, because everything I thought I knew about credit cards and reports is wrong. (I will say in terms of my credit score, I went from a 508 transunion fico credit score in March of 2020 to my current score of 698).

Just to confirm @Mike1014805, you mentioned upthread the Chase Amazon Visa was pre-qualified on your Amazon account when you clicked the specific "see if you're pre-qualified" link, is this correct?

Re: Looking for 1 More New Card

Mike1014805 — Tue, 02 Nov 2021 02:52:53 GMT

@FinStar Yes, this is correct. On Amazon's website for their credit cards, they have a "see if you're pre-qualfied" option that I clicked on.

Re: Looking for 1 More New Card

FinStar — Tue, 02 Nov 2021 03:05:48 GMT

@Mike1014805 wrote:
@FinStar Yes, this is correct. On Amazon's website for their credit cards, they have a "see if you're pre-qualfied" option that I clicked on.

Ok, thanks for the clarification @Mike1014805.

Not to go against the grain of what's been mentioned upthread, but typically the Chase Amazon Visa pre-qualification can be very reliable. Nothing is ever 100% guaranteed, but they bypass the [Chase] 5/24 restriction and there's plenty of solid DPs around on this one. Now, a couple things to consider, if you are currently an Amazon Prime member and this card fits your overall spending patterns based on the card's earning structure, I would personally go for it. Then, head to the garden with a lock and key. The only thing we won't really know is what type of limit you'd receive, if approved. Something to keep in mind.

But, if you go back to your Amazon account and the pre-qualified offer is still available, I would take it. You can blame me if you get denied 😬 If the pre-qualification offer is no longer there, don't apply.

Re: Looking for 1 More New Card

Mike1014805 — Wed, 03 Nov 2021 03:27:18 GMT

@FinStar

so I went back to amazon's website today and the "pre-qualifiation" button for their visa was still there. I checked it, and it said I was still pre-qualified and even gave me my interest rate on my card (22.49%) which is pretty high. But I NEVER carry a balance on my credit cards. So, I decided to go ahead and apply for it. I got a "we'll notify you about our decision in 30 days" message. I then called the application status phone number, and it changed to "you will be notified in writing of our decision in approximately 2 weeks" so I don't know if that's a good thing or bad thing? I read on a few posts and blogs that getting this message RIGHT after getting the 30 day message usually means you're approved, and sometimes, they just need to verify your identity first. But I shall wait and see. Chase only pulled my experian, so I'm not too worried if it's a denial. I still have my new Venture visa at least.

Re: Looking for 1 More New Card

FinStar — Wed, 03 Nov 2021 03:53:24 GMT

@Mike1014805 wrote:
@FinStar
so I went back to amazon's website today and the "pre-qualifiation" button for their visa was still there. I checked it, and it said I was still pre-qualified and even gave me my interest rate on my card (22.49%) which is pretty high. But I NEVER carry a balance on my credit cards. So, I decided to go ahead and apply for it. I got a "we'll notify you about our decision in 30 days" message. I then called the application status phone number, and it changed to "you will be notified in writing of our decision in approximately 2 weeks" so I don't know if that's a good thing or bad thing? I read on a few posts and blogs that getting this message RIGHT after getting the 30 day message usually means you're approved, and sometimes, they just need to verify your identity first. But I shall wait and see. Chase only pulled my experian, so I'm not too worried if it's a denial. I still have my new Venture visa at least.

Thanks for the follow-up @Mike1014805.

The 2-week message is perfectly normal and it's not indicative of a bad sign. This typically can be due to additional verification or processing so just hang tight for a few days. If you wish to know sooner, there are a couple of backdoor numbers listed on the Backdoor Numbers sticky that can be helpful in reaching a Chase analyst or their verification department.

Keep us posted!

Re: Looking for 1 More New Card

Mike1014805 — Thu, 04 Nov 2021 17:46:46 GMT

@FinStar

So I just got approved for $3300. Not a bad starting limit. The representative said if you get a 30 day message, and it turns into a 2 week message, that means you're approved, they just need to verify some info. Like for me, for example, they wanted to verify my phone number, and social security number.

Re: Looking for 1 More New Card

FinStar — Thu, 04 Nov 2021 17:59:19 GMT

@Mike1014805 wrote:
@FinStar
So I just got approved for $3300. Not a bad starting limit. The representative said if you get a 30 day message, and it turns into a 2 week message, that means you're approved, they just need to verify some info. Like for me, for example, they wanted to verify my phone number, and social security number.

Very nice @Mike1014805 and congrats on your approval 😁 I somehow knew you would get this one. Now, time to garden for a while and tend to your new friends👍

Also, your detailed experience and success story will help other members with the DPs you've provided.

To that end, locking this thread as you've been approved. You're more than welcome to start a new thread in the Approvals forum if you'd like.