topic Re: In need of financial advice..... in Credit Card Applications

In need of financial advice.....

Anonymous — Tue, 01 Feb 2022 22:47:41 GMT

I've been working on my credit scores for about 6 months, and they have grown nicely. I have no BK, all my student loans are paid, my house is paid for(not in my name currently but will be, as I will inherit the house and the 1 acre of land it sits upon). I'm 47 years old, self-employed, making $32000 a year. My TU is 689 according to Credit Wise per Discover, Experian 720, and Equifax 743. A month ago I received a pre-approval from Mercury, thus I pulled the trigger and got a $1500 SL. I had been eyeing a Discover It Cash Back card(which I was preapproved for on their website along with a solid APR at 20.99%. I applied and received a $7500 SL. So I have 2 new cards to go along with my Oportun Visa(who just gave me a CLI, unsolicited, of $800, bringing my CL with them to $1800(I am in the middle of transferring the Oportun debt of $500 to the Disco at 0% APR). I also own a Belk Store card at $1200 CL. My overall UTI is 9%, although I have been implementing my Disco card to the tune of $1600 including BT. My question is: I would like to expand my file(AMEX prequalified me for the Delta SkyMiles Reserve, the Delta Skymiles Platinum, and The Platinum Card). Capital One preapproved me for the Venture One, Quicksilver, and Savor One, all "for good credit" whatever that means. I don't want another HP, especially a denial. Any advice? Thanks in advance!

Re: In need of financial advice.....

dragontears — Tue, 01 Feb 2022 23:02:16 GMT

@Anonymous wrote:
I've been working on my credit scores for about 6 months, and they have grown nicely. I have no BK, all my student loans are paid, my house is paid for(not in my name currently but will be, as I will inherit the house and the 1 acre of land it sits upon). I'm 47 years old, self-employed, making $32000 a year. My TU is 689 according to Credit Wise per Discover, Experian 720, and Equifax 743. A month ago I received a pre-approval from Mercury, thus I pulled the trigger and got a $1500 SL. I had been eyeing a Discover It Cash Back card(which I was preapproved for on their website along with a solid APR at 20.99%. I applied and received a $7500 SL. So I have 2 new cards to go along with my Oportun Visa(who just gave me a CLI, unsolicited, of $800, bringing my CL with them to $1800(I am in the middle of transferring the Oportun debt of $500 to the Disco at 0% APR). I also own a Belk Store card at $1200 CL. My overall UTI is 9%, although I have been implementing my Disco card to the tune of $1600 including BT. My question is: I would like to expand my file(AMEX prequalified me for the Delta SkyMiles Reserve, the Delta Skymiles Platinum, and The Platinum Card). Capital One preapproved me for the Venture One, Quicksilver, and Savor One, all "for good credit" whatever that means. I don't want another HP, especially a denial. Any advice? Thanks in advance!

Other than just to obtain more cards do you have any goals?

Re: In need of financial advice.....

coldfusion — Tue, 01 Feb 2022 23:24:36 GMT

If you don't want another HP then you don't want to be applying for an AMEX (Experian pull) or Capital One (3 pulls, 1 each from Experian, Transunion, and Equifax). IMO the 3 AMEX cards you listed may not be a good fit, a card like the Blue Cash Everyday might be a better option to try for as your 1st AMEX card.

The Capital One "for good credit" cards are versions of their cards that target near-prime applicants and a) have a higher APR than the standard version, b) do not have an introductory promotional 0% APR purchase or balance transfer offer, or c) have a sign-up bonus.

Re: In need of financial advice.....

Anonymous — Tue, 01 Feb 2022 23:50:12 GMT

I do have goals.....my parents are 79 years old, my dad in poor health,my mom will likely outlive God, but I want to fortify my finances as to become FULLY autonomous from them. Strengthening my credit rating would be a step in that direction.

Re: In need of financial advice.....

Anonymous — Tue, 01 Feb 2022 23:53:26 GMT

@coldfusion wrote:
If you don't want another HP then you don't want to be applying for an AMEX (Experian pull) or Capital One (3 pulls, 1 each from Experian, Transunion, and Equifax). IMO the 3 AMEX cards you listed may not be a good fit, a card like the Blue Cash Everyday might be a better option to try for as your 1st AMEX card.

The Capital One "for good credit" cards are versions of their cards that target near-prime applicants and a) have a higher APR than the standard version, b) do not have an introductory promotional 0% APR purchase or balance transfer offer, or c) have a sign-up bonus.

**bleep**......before I got these last 2 CC(and my credit wasn't quite as good as it is now) I was prequalified for the AMEX Blue Cash Everyday along with the Hilton Honors AMEX. Strange. If I prequalified for the AMEX blue I would apply immediately!

Re: In need of financial advice.....

FinStar — Tue, 01 Feb 2022 23:57:46 GMT

Since your current cards have no annual fees, have you done the math (or research) to determine whether the AmEx Delta Platinum, Reserve and/or Platinum's Card make financial sense? Do you travel frequently to optimize things or offset/come out ahead even with the annual fees?

Any tradeline that you add to your overall profile will strengthen things over time. And, while seeing pre-approved offers is a plus, one has to determine whether the offers or products align with you lifestyle or spending habits.

Re: In need of financial advice.....

dragontears — Wed, 02 Feb 2022 01:07:39 GMT

@Anonymous wrote:
I do have goals.....my parents are 79 years old, my dad in poor health,my mom will likely outlive God, but I want to fortify my finances as to become FULLY autonomous from them. Strengthening my credit rating would be a step in that direction.

@Anonymous

Excellent goals, for good long-term credit health you should pick cards that you think will benefit you long-term not just cards you can prequal for. Where do you spend the biggest amounts in your budget that accepts credit cards?

And just a FYI on Amex cards, I didn't get a prequal before I applied for my first card with them and was instantly approved, YMMV.

Re: In need of financial advice.....

bigseegar — Wed, 02 Feb 2022 13:16:56 GMT

Also remember or know if you didn't that the AmEx Platinum card is a Charge Card without a hard CL and is Not a per se credit card. It is really a monthly PIF card. In other words even though there is a way to carry a balance on it that is not what it is designed for or really what AmEx wants/expects. Also it will help your credit but not as much as a regular credit card since it reports differently being a charge card and not reporting a limit. In addition it is really designed for folks that travel a lot and I mean a lot and who put a lot of spend on it (way more than you reported even making a year). Nearly all the perks of the card are based around that. It also comes with a yearly $695.00 AF.

Given that it seems you are simply trying to build your credit further at 47 years old and sounds like maybe even still living with your parents but trying to get from out of their shadow financially I don't think the Platinum or either of the Delta cards are the way for you to go. If you are detemined to get an Amex card I'd look at one of the Everyday cash credit cards or the BCP card. Even then a Capital regular credit card might be your best way to go. But in any case either will be a Hard Pull and the Cap1 with be a triple HP.

Re: In need of financial advice.....

SUPERSQUID — Wed, 02 Feb 2022 15:53:54 GMT

I am rebuilding so any of my advise my not be as good as some of the senior members but i will add something because i have some knowledge of that particular card.

The Mercury card is high interest and the 1 pct rewards can only be redeemed as a statement credit.

Cap 1 also tends to charge premium interest and as stated upstream they cost 3 hard pulls. the best of the 3 cap 1 cards they offered is the savor one which has the best rewards of the 3.

in my case i am gardening awaiting an app spree to nfcu at 91/3 for a 2nd card and cli on the first so i dont want to rock the boat right now score wise and im just sitting tight til april.

If i were in your shoes i would avoid cap 1 , high int and 3 hp's.

get rid of the mercury high interest and replace it with an amex card with a reasonable int rate

Re: In need of financial advice.....

firefox100 — Wed, 02 Feb 2022 17:10:11 GMT

Take it from one who has lot of credit cards and fico scores over 800, you don't need any more credit with your income. My advice for what it is worth you need to increase your income some how. Amex's card are just going to make you spend lot compar to your income. good luck.

Re: In need of financial advice.....

Anonymalous — Wed, 02 Feb 2022 21:30:30 GMT

@Anonymous, have you considered doing nothing, at least for a while? You have 3 bankcards and a store card, which isn't a bad place to be. As long you keep using them responsibly, your credit will continue to grow. You do have two subprime cards, and replacing them with better cards from prime lenders is a valid goal. But it sounds like you're fairly happy with them, and instead your real goal is a vague desire for new cards, without really knowing what you want. It's not the best approach to jump on a card just because you got an offer or because you prequalified for it. You should do some resarch, pick the cards you want, check to see if you have a reasonable chance of getting them based on your profile, and then go out and apply for them. And you can take your time. There's no rush.

Re: In need of financial advice.....

FireMedic1 — Wed, 02 Feb 2022 23:57:23 GMT

You asked for financial advice but it turns out to be more about getting more cards. Let what you have grow some. By the looks of it all these new cards were pretty recent. More cards doesnt mean better scores or higher limits. Its how you handle what you got now. And what you have gotten recently need to grow and mature. And a BT? Get your util in order.

This is a bit confusing. " I want to fortify my finances as to become FULLY autonomous from them." What does getting more credit cards have to do with this? Savings account/401 will be what you want to be financially secure. Since your self-employed at 32k income. Have you set up a retirement account yet for the future? Pay into your social security so you get it when you hit full retirement age? Once your the property owner. Thats paper worth. I went in the financial direction. Not about getting a AMEX card.

Re: In need of financial advice.....

Duriel — Thu, 03 Feb 2022 00:59:10 GMT

If you want more cards I wouldn't recommend capital one. They treat some people well and others (like me) like the plague. Clean file and never defaulted or was even late with them. Are you or a family member a veteran? Navy federal credit Union has some good offerings and even if they don't give you a high limit, your interest rate and fees will be lower than with capital one.

Re: In need of financial advice.....

bigseegar — Thu, 03 Feb 2022 17:48:22 GMT

I had some time to kill so I went back an looked at your prior posts.

According to those you just got most of these cards a tad less than a month ago and said your UTI was 35%. Then in numerous posts you said you weren't seeking any new cards you just wanted to build your credit score because or file is thin. But here you are asking not only about new cards, but top tier new cards. Remember building credit is a marathon not a sprint. Best advice is to slow your jets. You don't need any more new cards so soon, it will actaully hurt your scores and may look like Credit seeking to other lenders. Work with what you have for at least 6 month, better yet a year and then see what you need/want card wise.

Re: In need of financial advice.....

disdreamin — Thu, 03 Feb 2022 17:49:06 GMT

@Anonymous wrote:
<snip>I have no BK, all my student loans are paid, my house is paid for(not in my name currently but will be, as I will inherit the house and the 1 acre of land it sits upon). I'm 47 years old, self-employed, making $32000 a year. <snip>

<snip>I want to fortify my finances as to become FULLY autonomous from them.<snip>

I'm a bit confused by the statements you made in these two separate posts. It seems you are planning on inheriting a house from your parents, which in my mind does not equate to being fully autonomous from them. Personally, looking over the information you provided, it seems like the wisest move would be to think long-term about your financial position/security rather than your FICO scores and credit cards.

Statistically, someone your age probably only has around 20 years before they'd like to retire. You didn't indicate how much you had in retirement savings or investments, but those would be what I'd focus on if I were in your position. Raising your income and socking money away into either investments in general, or a retirement account specifically, seems like it would go a long ways toward financial independence and security.

I'm in a somewhat similar position with eventual inheritances, but those properties aren't something I'm staking my long-term plans on. I want my financial security to be independent of that possibility.

Re: In need of financial advice.....

RSX — Thu, 03 Feb 2022 18:31:17 GMT

in my opinion, planning on inheritance is a risky business - financial hardships can happen to anyone....

work on your own path - grow your income - grow your savings - work your credit

inheritance is a bonus at best - not to be counted on, but appreciated if it transpires

Re: In need of financial advice.....

SouthJamaica — Sat, 05 Feb 2022 03:12:08 GMT

@Anonymous wrote:
I do have goals.....my parents are 79 years old, my dad in poor health,my mom will likely outlive God, but I want to fortify my finances as to become FULLY autonomous from them. Strengthening my credit rating would be a step in that direction.

1. You don't need more cards to strengthen your credit rating. Adding more cards will just put downward pressure on your scores.

2. If you want to get some kind of credit that would give you strength to move money around, weather emergencies, etc, my recommendation would be to look towards credit unions. Many have low interest, non-rewards platinum cards which have no balance transfer fee or cash advance fee, thus giving you great flexibility. Also low interest personal lines of credit from credit unions can also enhance your flexibility.

Re: In need of financial advice.....

FishingGuy — Sat, 05 Feb 2022 17:45:07 GMT

I agree with the others, to take yourself off as a AU on the account with the highest balance.....

I would also try applying for a Discover card, if not approved, get a secured Discover, and deposit the highest amount possible that you can afford. (and they allow) If you use it, pay it off regularly or even pay before the bill "cuts"....... it often graduates in 7 months to a regular card and your deposit is returned.

I would also consider a "self lender" type of loan perhaps from a local credit union. It is like a Christmas Club, where you make a deposit every month as savings which is returned at the end of the year (or designated period) , however it is set up as a loan (often for 12 months)... where each month you make a deposit, it lowers the "amount you owe".

After the 12 month period, your funds are returned (less the bank fees)... and it reports as a loan paid monthly and then paid in full.

If you can afford doing the two, I would......This will help your credit mix, as well as your score.... and will help in acquiring future cards and loans.