topic Re: Recommended App Order? in Credit Card Applications

Recommended App Order?

Jazee — Tue, 12 Nov 2024 17:44:10 GMT

About to app for 2 new cards in a few days after one of my cards posts zero balance. DPs: FICO8 will be at least 770. Total UTI 36% $54k total CLI. 4 cards, 2 reporting zero balance, one 28% UTI other 68%. Short term relationships with BofA, Citi and USB but not using for primary (just did DD for subs a couple months ago.) long time relationship with Chase but burned them on a Biz card 7 years ago that was tied to my SSN but fell off reports but still shows up in my Chase online banking!

Want one rewards primarily for BT and one travel related (no annual fees). My two targets are:

AMEX Blue Cash Everyday

USB Altitude Connect

Backups are (although denial in first two would mean likely denial in these also I expect)

BofA Customized Cash

Capital One Savor

Chase Freedom Flex

Citi Double cash (last resort I hate Citi)

I will of course use prequal tools first when available. Recommended order of apping assuming prequal?

Re: Recommended App Order?

GZG — Tue, 12 Nov 2024 18:20:23 GMT

@Jazee wrote:
Want one rewards primarily for BT and one travel related (no annual fees). My two targets are:
AMEX Blue Cash Everyday
USB Altitude Connect

Backups are (although denial in first two would mean likely denial in these also I expect)

BofA Customized Cash
Capital One Savor
Chase Freedom Flex
Citi Double cash (last resort I hate Citi)

I will of course use prequal tools first when available. Recommended order of apping assuming prequal?

USB before Amex, Amex can go last.

Citi will instant deny for any inquires in the last week, so keep that in mind depending on who they pull.

Re: Recommended App Order?

Jazee — Tue, 12 Nov 2024 19:20:32 GMT

@GZG wrote:
@Jazee wrote:
Want one rewards primarily for BT and one travel related (no annual fees). My two targets are:
AMEX Blue Cash Everyday
USB Altitude Connect

Backups are (although denial in first two would mean likely denial in these also I expect)

BofA Customized Cash
Capital One Savor
Chase Freedom Flex
Citi Double cash (last resort I hate Citi)

I will of course use prequal tools first when available. Recommended order of apping assuming prequal?
USB before Amex, Amex can go last.

Citi will instant deny for any inquires in the last week, so keep that in mind depending on who they pull.

Thanks. Makes sense. I heard USB typicall pulls TU and AMEX, Experian (YMMV) but apparently USB is known for being pretty conservative on approvals it seems so don't want to risk AMEX pulling TU. The issue with Citi mimics their overall banking posture which is what I would characterize as "extremely paranoid." When setting up Direct Deposit for a sub on their checking, they effectively locked up my money until my debit card arrived. Had to spend a half hour going through reps on the phone to get them to allow setup of Zelle, etc etc. I understand being wary of fraud but I do business with 4 other banks and none come close to the level of overly sensitive fraud/risk protection as Citi. So not surprised they balk at even one recent inquiry. Doubt I will make it that far down the list but if I do I'll wait a couple weeks.

Re: Recommended App Order?

coldfusion — Tue, 12 Nov 2024 23:30:40 GMT

AMEX and Chase are reliable Experian pullers but AMEX nowadays does not hard pull unless they approve the application and you accept the terms of the approval. BoA almost always pulls from Experian for new CC but will occasionally mix it up and instead pull from either TU or EQ and nowadays Chase may also pull from Transunion. Citi is all over the map although less prone to pull from Equifax.

Keep in mind that Capital One pulls from all 3 if you're thinking of going on a mini-spree.

Going by the numbers there isn't any big risk here, but Chase does every once in a while close a new account 2-3 months after approval if/when they figure out that the account holder picked up a couple of other new accounts at the same time as theirs.

Re: Recommended App Order?

Jazee — Wed, 13 Nov 2024 01:51:19 GMT

@coldfusion wrote:
AMEX and Chase are reliable Experian pullers but AMEX nowadays does not hard pull unless they approve the application and you accept the terms of the approval. BoA almost always pulls from Experian for new CC but will occasionally mix it up and instead pull from either TU or EQ and nowadays Chase may also pull from Transunion. Citi is all over the map although less prone to pull from Equifax.

Keep in mind that Capital One pulls from all 3 if you're thinking of going on a mini-spree.

Going by the numbers there isn't any big risk here, but Chase does every once in a while close a new account 2-3 months after approval if/when they figure out that the account holder picked up a couple of other new accounts at the same time as theirs.

Good info. Thanks. Ya, I plan on only adding two cards max. More and you are just killing your AAoA unless you already have 10+ cards fairly long term. Just want to diversify/improve my rewards coverage and lower overall APR while I pay down the cards with balances.

Re: Recommended App Order?

ElvisCaprice — Wed, 13 Nov 2024 19:31:44 GMT

@Jazee wrote:
About to app for 2 new cards in a few days after one of my cards posts zero balance. DPs: FICO8 will be at least 770. Total UTI 36% $54k total CLI. 4 cards, 2 reporting zero balance, one 28% UTI other 68%. Short term relationships with BofA, Citi and USB but not using for primary (just did DD for subs a couple months ago.) long time relationship with Chase but burned them on a Biz card 7 years ago that was tied to my SSN but fell off reports but still shows up in my Chase online banking!

Want one rewards primarily for BT and one travel related (no annual fees). My two targets are:
AMEX Blue Cash Everyday
USB Altitude Connect

Backups are (although denial in first two would mean likely denial in these also I expect)

BofA Customized Cash
Capital One Savor
Chase Freedom Flex
Citi Double cash (last resort I hate Citi)

I will of course use prequal tools first when available. Recommended order of apping assuming prequal?

36% total utilization? Way to high. Get it down to 8%. And never carry a balance.

With those numbers and recent new accounts a couple months ago, I would question whether you even could qualify for one new CC (although it doesn't hurt to try). Wait 6 months from last new CC (12 months for USB). Then proceed with the CC you need most/desire. Forget the order and hope you get just one, then try for 2.

Re: Recommended App Order?

Jazee — Thu, 14 Nov 2024 01:20:49 GMT

@ElvisCaprice wrote:
@@
36% total utilization? Way to high. Get it down to 8%. And never carry a balance.
With those numbers and recent new accounts a couple months ago, I would question whether you even could qualify for one new CC (although it doesn't hurt to try). Wait 6 months from last new CC (12 months for USB). Then proceed with the CC you need most/desire. Forget the order and hope you get just one, then try for 2.

Last new card was over 4 years ago. DD for subs was referring to direct deposits into new checking accounts which have no effect on credit. Added that info as existing relationships sometimes help to varying degrees.

If no takers being self enjoyed I'll get a business loan that doesn't report to my personal credit and pay cards down. That actually may be best route anyway.

I'll guess I'll find out how detrimental a 30 something UTI is with a high 700's score, 0/24 inquiries and 0/48 accounts.

Re: Recommended App Order?

ElvisCaprice — Thu, 14 Nov 2024 06:49:31 GMT

@Jazee wrote:
Last new card was over 4 years ago. DD for subs was referring to direct deposits into new checking accounts which have no effect on credit. Added that info as existing relationships sometimes help to varying degrees.

If no takers being self enjoyed I'll get a business loan that doesn't report to my personal credit and pay cards down. That actually may be best route anyway.
I'll guess I'll find out how detrimental a 30 something UTI is with a high 700's score, 0/24 inquiries and 0/48 accounts.

Ah, got you. You should be good then. Fire away, like to see how it goes for you. Grab as many as allowed. Start Citi, USB, pause then Chase and Amex.

Re: Recommended App Order?

Jazee — Thu, 14 Nov 2024 17:48:15 GMT

@ElvisCaprice wrote:
Ah, got you. You should be good then. Fire away, like to see how it goes for you. Grab as many as allowed. Start Citi, USB, pause then Chase and Amex.

Thinking out loud... It will be 2 cards most likely maybe 3 max if I get low SLIs on the first 2. With only 4 cards I will take a considerable hit on my AAoA although luckily that makes up a relatively small percentage of the overall score. But yes, better to get the cards you want sooner than later. I'm not one to try to get 10+ cards to have bragging rights that I have a half million in total credit card limit. It's rather pointless in my personal opinion and just creating a bunch of uncessary work. To each their own though. I'm not going to get cards to chase an extra 0.5%-1% reward in a particular category that may net me $50-$100 in extra rewards value a year. I would get a premium travel card for the free lounge access but I already have that from a family member paying $200 to add me to their AMEX Platinum for the lounge benefits. I could see possibly in a couple years *maybe* going for a Venture X card for the other benefits. But really only for the added travel points since if I get the US Bank Altitude Connect, I'll then have two cards with TSA reimbursement (that and the NFCU Signature Visa - use one for me and one for my partner) combined with the free lounge access as a AMEX Platinum Add On Member.

Re: Recommended App Order?

Jazee — Thu, 14 Nov 2024 17:41:58 GMT

@ElvisCaprice wrote:
Ah, got you. You should be good then. Fire away, like to see how it goes for you. Grab as many as allowed. Start Citi, USB, pause then Chase and Amex.

The other point I forgot to make is, if lenders turned down most card holders with good score and no recent inquiries or accounts because of moderate balances on existing cards, there would be no point of offering a Balance Transfer offer on Credit Cards in the first place. It should mainly just effect SLIs and CLIs.

Re: Recommended App Order?

ElvisCaprice — Fri, 15 Nov 2024 18:04:00 GMT

@Jazee wrote:
@ElvisCaprice wrote:
Ah, got you. You should be good then. Fire away, like to see how it goes for you. Grab as many as allowed. Start Citi, USB, pause then Chase and Amex.
The other point I forgot to make is, if lenders turned down most card holders with good score and no recent inquiries or accounts because of moderate balances on existing cards, there would be no point of offering a Balance Transfer offer on Credit Cards in the first place. It should mainly just effect SLIs and CLIs.

When it comes to Banks issuing credit, any reason to deny can be used for justification. Your trying to make sense of a moving process. Just fire away. What's the worst that can happen, a denial, HP. No big deal. Next

Re: Recommended App Order?

Jazee — Thu, 21 Nov 2024 20:35:44 GMT

@ElvisCaprice wrote:
@Jazee wrote:
About to app for 2 new cards in a few days after one of my cards posts zero balance. DPs: FICO8 will be at least 770. Total UTI 36% $54k total CLI. 4 cards, 2 reporting zero balance, one 28% UTI other 68%. Short term relationships with BofA, Citi and USB but not using for primary (just did DD for subs a couple months ago.) long time relationship with Chase but burned them on a Biz card 7 years ago that was tied to my SSN but fell off reports but still shows up in my Chase online banking!

Want one rewards primarily for BT and one travel related (no annual fees). My two targets are:
AMEX Blue Cash Everyday
USB Altitude Connect

Backups are (although denial in first two would mean likely denial in these also I expect)

BofA Customized Cash
Capital One Savor
Chase Freedom Flex
Citi Double cash (last resort I hate Citi)

I will of course use prequal tools first when available. Recommended order of apping assuming prequal?

36% total utilization? Way to high. Get it down to 8%.

Bof A Customized Cash approved $11K SLI. US Bank Altitude Connect Approved $12K SLI. 37% UTI.

Re: Recommended App Order?

Jazee — Fri, 22 Nov 2024 21:00:16 GMT

@Jazee wrote:
@ElvisCaprice wrote:
@Jazee wrote:
About to app for 2 new cards in a few days after one of my cards posts zero balance. DPs: FICO8 will be at least 770. Total UTI 36% $54k total CLI. 4 cards, 2 reporting zero balance, one 28% UTI other 68%. Short term relationships with BofA, Citi and USB but not using for primary (just did DD for subs a couple months ago.) long time relationship with Chase but burned them on a Biz card 7 years ago that was tied to my SSN but fell off reports but still shows up in my Chase online banking!

Want one rewards primarily for BT and one travel related (no annual fees). My two targets are:
AMEX Blue Cash Everyday
USB Altitude Connect

Backups are (although denial in first two would mean likely denial in these also I expect)

BofA Customized Cash
Capital One Savor
Chase Freedom Flex
Citi Double cash (last resort I hate Citi)

I will of course use prequal tools first when available. Recommended order of apping assuming prequal?

36% total utilization? Way to high. Get it down to 8%.
Bof A Customized Cash approved $11K SLI. US Bank Altitude Connect Approved $12K SLI. 37% UTI.

BTW, this makes perfect sense. If banks were overly sensitive to UTI this would contradict basic logic asking what would be the point of offering intro APRs for balance transfers then? If most everyone, not all, that were approved had to have a very low UTI, unless it's 6% of $300K or something and their income was 5 figures (like most the population), there's no practical use for doing balance transfers so having a BT offer is basically pointless.

Re: Recommended App Order?

ElvisCaprice — Sat, 23 Nov 2024 07:03:24 GMT

@Jazee wrote:
@Jazee wrote:
@ElvisCaprice wrote:
@Jazee wrote:
About to app for 2 new cards in a few days after one of my cards posts zero balance. DPs: FICO8 will be at least 770. Total UTI 36% $54k total CLI. 4 cards, 2 reporting zero balance, one 28% UTI other 68%. Short term relationships with BofA, Citi and USB but not using for primary (just did DD for subs a couple months ago.) long time relationship with Chase but burned them on a Biz card 7 years ago that was tied to my SSN but fell off reports but still shows up in my Chase online banking!

Want one rewards primarily for BT and one travel related (no annual fees). My two targets are:
AMEX Blue Cash Everyday
USB Altitude Connect

Backups are (although denial in first two would mean likely denial in these also I expect)

BofA Customized Cash
Capital One Savor
Chase Freedom Flex
Citi Double cash (last resort I hate Citi)

I will of course use prequal tools first when available. Recommended order of apping assuming prequal?

36% total utilization? Way to high. Get it down to 8%.
Bof A Customized Cash approved $11K SLI. US Bank Altitude Connect Approved $12K SLI. 37% UTI.
BTW, this makes perfect sense. If banks were overly sensitive to UTI this would contradict basic logic asking what would be the point of offering intro APRs for balance transfers then? If most everyone, not all, that were approved had to have a very low UTI, unless it's 6% of $300K or something and their income was 5 figures (like most the population), there's no practical use for doing balance transfers so having a BT offer is basically pointless.

I think the UTI is more to do with FICO score than so much with CC approvals/denials. BUT, if they didn't want to give you an approval then they could use UTI as a reason.

That's why I said fire away when you clarified you were clean of HP's or new CC's for the past 6 months to a year. These two factors are the most important, if FICO is acceptable. New accounts first, HP's second.