topic Re: Help needed with next steps... in Credit Cards

Help needed with next steps...

Anonymous — Wed, 01 Jul 2015 00:46:30 GMT

About a year and a half ago I decided to get my credit in shape. I had basically no credit to speak of & several bruises. Today I have the following score/report info from each bureau:

TU score of 778C, no Inquiries
EQ score of 723 (on 6/19 it was 738, but dropped due to a vacation-since those charges are gone it should bump back up after utilization changes due to getting back deposits, payments), 2 inquiries
EXP score of 745, no inquiries

The worst thing I had to get off my report was an very old Discover card authorized user account. The cardholder/family member ran into trouble during the financial collapse. I show no negative info on TU, EQ, EX.

I have the following accounts:

BofA secured Platinum Plus Visa, CL 1000, balance of $33, opened 07/01/2014
CapOne Secured Platinum Mastercard, CL 2000, balance of 248, opened 07/23/2014
Randolph Brooks Federal Credit Union Secure Share Loan (installment loan), loan amount is $5K over 2 years, Balance is $996, opened 11/01/2014

I was crushed when I opened the installment loan & saw my score plummet due to utilization- so I paid down the loan early. I didnt realize the loan would be figured into utilization. Even though the loan has been paid down early I continue to make payments on time.

I chose the secure cards because they offered a chance to graduate to a unsecured card after a year.

I have no lates, no negative info. I use auto pay to make sure. My credit usage is for things I'm going to pay anyway. I pay in full at the end of the month, amounts used are below 30%.

I have no real estate, so theres no help there. My income is $75K a year.

I can see the improvements I'm making & am just ecstatic about it. Last few weeks I got the following credit card offers in the mail:

Chase Freedom
Amex Rewards Gold Card (2 offers)
Chase SaphirePreferred
Amex Platinum card (2 offers)
Chase Slate (2 offers)

I'm not really sure what the best next step is from here though. Should I try for the cards that have been offered to me? Or would that likely result in denials right now? Should I instead focus on cards that are easier to get? My Checking/Savings are through Chase, is there any risk to approval due to that? My balances have decreased this year due to some health expenses, and bringing on a family dependant-but aside from that I think I have a pretty good relationship there.

Also, in checking my reports for this post, I see that CapOne has been doing a periodic review of my credit history each month. Not sure why that would be. Equifax says:
AM or AR Inquiries with these prefixes indicate a periodic review of your credit history by one of your creditors. (AM and AR inquiries remain for twelve months.)

The dates are 06/17/15, 05/18/15, 04/17/15, 03/17/15, 02/17/15, 01/19/15, 12/17/14, 12/09/14, 11/17/14, 10/17/14, 09/18/14, 08/18/14.

Is that normal? I dont see that on Experian or Transunion.

Re: Help needed with next steps...

ddemari — Wed, 01 Jul 2015 00:52:37 GMT

With those scores and income you are golden.

Do you want high annual fee's? If not id stay away from the amex charge cards.

You bank with chase, go to the chase website and see what you prequal for.... CSP would give you an amazing limit but has the 95 annual fee after 1 year.

Freedom would probably give you a decent limit also. I dont see you having a new for Slate.

It all depends on what you want...

Re: Help needed with next steps...

taxi818 — Wed, 01 Jul 2015 01:01:30 GMT

Just go for cards you will actually use. you are already on a great journey. so don't over do it. I started when you did. 18 months ago. but now have all the cards i ever wanted out the way. so now for the next several years. 3. no need for me to appy for anything. that is when i will buy another house. in 3 years. expect to but in very high 700s by then. good luck.

Re: Help needed with next steps...

Anonymous — Wed, 01 Jul 2015 01:04:38 GMT

Thanks ddemari,

So the low average age of accounts wont be a problem?

Of course, I'd rather not have annual fees, but as I'm trying to get started I'm ok with have a few fees to get in the door. Especially if the cards were really great to have.

I tried the chase prequal, but kept getting an error in the street address. Not sure if it likes apartments?

Re: Help needed with next steps...

Anonymous — Wed, 01 Jul 2015 01:07:30 GMT

Thanks taxi818,

Appreciate the kind words. I definitely dont want to overdo it, ready to get into the gardening stage for awhile. I see people apply in a spree, but havent really figured out how to do that yet. More research is needed Thanks for sharing!

Re: Help needed with next steps...

Anonymous — Wed, 01 Jul 2015 01:27:29 GMT

Just to clarify, when I try the chase prequal site, and omit my apartment info from the street address, I get the following message:

We are unable to locate any offers for you at this time.

This may be because you have opted out of "prescreened" offers from Chase
and other companies or you have recently responded to another offer from Chase.

This may be because I usually opt out of offers, not sure yet how to reverse this....will poke around in settings to see if I can opt-in again.

Re: Help needed with next steps...

myjourney — Wed, 01 Jul 2015 01:29:09 GMT

@Anonymous wrote:
About a year and a half ago I decided to get my credit in shape. I had basically no credit to speak of & several bruises. Today I have the following score/report info from each bureau:

TU score of 778C, no Inquiries
EQ score of 723 (on 6/19 it was 738, but dropped due to a vacation-since those charges are gone it should bump back up after utilization changes due to getting back deposits, payments), 2 inquiries
EXP score of 745, no inquiries
The worst thing I had to get off my report was an very old Discover card authorized user account. The cardholder/family member ran into trouble during the financial collapse. I show no negative info on TU, EQ, EX.

I have the following accounts:

BofA secured Platinum Plus Visa, CL 1000, balance of $33, opened 07/01/2014
CapOne Secured Platinum Mastercard, CL 2000, balance of 248, opened 07/23/2014
Randolph Brooks Federal Credit Union Secure Share Loan (installment loan), loan amount is $5K over 2 years, Balance is $996, opened 11/01/2014
I was crushed when I opened the installment loan & saw my score plummet due to utilization- so I paid down the loan early. I didnt realize the loan would be figured into utilization. Even though the loan has been paid down early I continue to make payments on time. As long as it appears on your CR's as an installment loan and now that you have paid it down some this is actually helping with your credit mix....

I chose the secure cards because they offered a chance to graduate to a unsecured card after a year. Good move

I have no lates, no negative info. I use auto pay to make sure. My credit usage is for things I'm going to pay anyway. I pay in full at the end of the month, amounts used are below 30%.

I have no real estate, so theres no help there. My income is $75K a year.

I can see the improvements I'm making & am just ecstatic about it. Last few weeks I got the following credit card offers in the mail:
Don't trust the mail go to each lenders site and see what pre-approvals you have ...Chase Amex and Cap1 .....report back before making any moves
Chase Freedom
Amex Rewards Gold Card (2 offers)
Chase SaphirePreferred
Amex Platinum card (2 offers)
Chase Slate (2 offers)
I'm not really sure what the best next step is from here though. Should I try for the cards that have been offered to me? Or would that likely result in denials right now? Should I instead focus on cards that are easier to get? My Checking/Savings are through Chase, is there any risk to approval due to that? My balances have decreased this year due to some health expenses, and bringing on a family dependant-but aside from that I think I have a pretty good relationship there.

Also, in checking my reports for this post, I see that CapOne has been doing a periodic review of my credit history each month. Not sure why that would be. Equifax says:
AM or AR Inquiries with these prefixes indicate a periodic review of your credit history by one of your creditors. (AM and AR inquiries remain for twelve months.)
The dates are 06/17/15, 05/18/15, 04/17/15, 03/17/15, 02/17/15, 01/19/15, 12/17/14, 12/09/14, 11/17/14, 10/17/14, 09/18/14, 08/18/14. This has no effects credit wise SP's
Is that normal? I dont see that on Experian or Transunion. Yes normal (see above)

What type of cards are you looking for cashback, Travel?

What do you spend the most on monthly?

Re: Help needed with next steps...

myjourney — Wed, 01 Jul 2015 01:31:53 GMT

@Anonymous wrote:
Just to clarify, when I try the chase prequal site, and omit my apartment info from the street address, I get the following message:

We are unable to locate any offers for you at this time.
This may be because you have opted out of "prescreened" offers from Chase
and other companies or you have recently responded to another offer from Chase.

This may be because I usually opt out of offers, not sure yet how to reverse this....will poke around in settings to see if I can opt-in again.

Info must be entered exactly as it appears on your CR's

Edit to add....

opt in or out site

https://www.optoutprescreen.com/?rf=t

Re: Help needed with next steps...

Anonymous — Wed, 01 Jul 2015 01:39:30 GMT

well crud-tried it exactly as listed in my CR on Equifax, but got the same result....

I see you added the opt-in site, will check it out & report back! Thanks!

Re: Help needed with next steps...

Anonymous — Wed, 01 Jul 2015 01:38:25 GMT

Thank you myjourney,

I'll check them out & report back!

Re: Help needed with next steps...

myjourney — Wed, 01 Jul 2015 01:43:44 GMT

@Anonymous wrote:
well crud-tried it exactly as listed in my CR on Equifax, but got the same result....

I see you added the opt-in site, will check it out & report back! Thanks!

Welcome to the forum

Forgive my manners ...I slipped up

It will be IIRC 3-4 weeks after opting in if you're opted out before the CCC pickup on you and show offers ....Sorry

Re: Help needed with next steps...

Anonymous — Wed, 01 Jul 2015 21:19:18 GMT

Don't trust the mail go to each lenders site and see what pre-approvals you have ...Chase Amex and Cap1 .....report back before making any moves

As of today, my experian has gone up to 751, Equifax has risen to 730.

Here are the prequal results:

AMEX: Premier Rewards Gold Card from American. Doesnt mention the 50,000 points the mail offer did. Also, I recieved a Platimun card mailer with 100,000 points, but that didnt come through on the prequal site.
CapOne: I have a secure card with them & didnt think I'd qualify for anything, but checked anyway. I qualified for the Capital One Platinum, and also the QuickSilverOne Rewards. APR is high after the 1st year (22-24%!) but I guess I should expect that in a starter card?
Discover: Discover IT
Chase: I tried making sure my address line was exactly as stated on the credit bureaus reports, but still getting the "No offers, you may have opted out" message. No idea whats going on there...
BofA: Again, I have a small 1K secure credit card with BofA & didnt expect to get any offers. I signed in & was prequalified for BankAmericard Cash Rewards, BankAmericard Travel Rewards Card, BankAmericard Better Balance Rewards Credit Card, BankAmericard Visa Card

What type of cards are you looking for cashback, Travel?

What do you spend the most on monthly?

I dont really travel, so that seems a waste to focus on now. Probably cashback or rewards. I keep expenses on my cards pretty low really, and only spend as I need to maintain or grow. With the addition of a little one at the beginning of the year this is changing some though