topic Re: I think I'm ready...finally! in Credit Cards

I think I'm ready...finally!

mrcrisp023 — Thu, 14 Apr 2016 16:08:59 GMT

I've been all over the threads the past couple weeks getting amazing tips and feedback from everyone. I think I've finally figured out what cards I'm going to go for on my app spree once my house closes a week from today (Just got the clear to close Tuesday and they moved the closing date up a day). Here's my plan, and the applications will be done in this order:

BarclayCard Rewards Mastercard (First since I've read that they are inquiry sensitive)
Lowe's (I need this card probably more than any other card because of all we need to do for the house)
Blispay (After seeing so many people getting approved for it, I finally looked it up and it looks legit. Plus they solely pull Ex, which is my best score and report)
Discover It (They appear to be BK and inquiry friendly, plus I want to add a different card since I likely won't be able to get an AMEX for another couple years)
QuicksilverONE and Venture Combo (I was just going to go for the QuicksilverONE, but since it will only be a single HP, I figured I might as well just try for both)

FICO8: EQ: 686, TU: 703, EX: 702.
Bank Card Score 8 EQ: 670, TU 697, EX: 693
FICO8 Mortgage Score: EQ: 688, TU: 715, EX: 666
Background history: ch7 BK discharged 12/2013
2 collections from 2011 both only showing on TU, one paid, the other not paid (medical only $130). Other than those, totally clean besides the inquiries.
Currently have a First Premier Card (secured) with $300 CL, opened July 2015, no lates, util under 10%
Currently have a Cap One (secured) with $500 CL. Opened May 2015 with $200, raised to $500 after 6 months. No lates, util under 10%
Inquiries in the last 2 years: Ex: 4 (3 from mortgage shopping in January, 1 from my Capital One last April), TU: 4 (Same as Ex), Eq: 11 (5 in the past 12 months, 3 from mortgage shopping in January, 1 from Paypal last July and 1 from First Premier last June)

So that's it. How does my card selection look? Too many? Good mix? Bad mix? Aim for better cards? I've done a lot of research, I just want to finalize my decision. Once I'm done, in the garden I go likely for at least 12 months.

Thanks.

Re: I think I'm ready...finally!

thehollowaytape — Thu, 14 Apr 2016 16:19:32 GMT

Why the Quicksilver One? You could easily get approved for $5k+ on the Quicksilver Visa Signature. Have you tried prequal for AmEx? They are being fairly lenient right now after losing Costco. If you see a prequalified offer pop up I would go for it.

Re: I think I'm ready...finally!

Anonymous — Thu, 14 Apr 2016 16:20:11 GMT

why not try for regular QS and Venture One? I'm not sure what those Cap1 cards do for you... the previous cards seem to serve a purpose better than the Cap1's I think? You'll get stuck with 2 AFs and what benefits will you get from them?

Re: I think I'm ready...finally!

mrcrisp023 — Thu, 14 Apr 2016 16:26:28 GMT

I know my scores are good enough for those cards, but my BK, Collections and low limits on my current cards have scared me away from attempting those.

Re: I think I'm ready...finally!

mrcrisp023 — Thu, 14 Apr 2016 16:28:39 GMT

The main reason I'm not going for the prime QS and the VentureONE is because of my history and low limits on current cards. I'm doing the Capital One cards last because they pull all 3 bureaus, and the first few only pull specific ones. I would love to do those first, but since they pull all 3, I'm saving those for last.

Re: I think I'm ready...finally!

Anonymous — Thu, 14 Apr 2016 16:35:44 GMT

I think basically what I'm trying to say is you'll have a good portfolio without a single Cap1 card... so why not swing for the fences then? I don't think you'll really lose much by not having them so you really only have rewards with no risk to go with the prime apps...

Re: I think I'm ready...finally!

Anonymous — Thu, 14 Apr 2016 16:42:30 GMT

(New here) - I think you are making a mistake in applying for all those cards. Although the home loan may be draggin down your current scores, I dont see anything over 750. Every one of those pulls is going to hit you and you will remain with a high pull amount for the next 3 years. You just bought a house and dont know what loans or refinance you may need to do. Barclay rewards card? Why?

This is what I would do:

Lowes (The only one you actually need)

Quicksilver (1.5% CB all the time)

And thats it. You are clealy rebuilding, so slamming apps down is not a good choice. Sorry if this is harsh, and I know I am new here.

P.S. Capone is one of the easiest and most lenient CC companies to apply for.

Re: I think I'm ready...finally!

mrcrisp023 — Thu, 14 Apr 2016 16:44:48 GMT

That's a good point. I might just see how the first apps go first and go from there. If I get good SL's on the other cards, I'll likely swing for the fences on the Cap1 cards. If my other cards for some reason don't go as well, then I'll likely just go for a base hit on the Cap1 cards just to ensure approval.

Re: I think I'm ready...finally!

Anonymous — Thu, 14 Apr 2016 16:48:21 GMT

hey man i dont know about discover being bk friendly i have applied twice and they denied me twice based on bk i would rethink discover

Re: I think I'm ready...finally!

Anonymous — Thu, 14 Apr 2016 16:49:22 GMT

Mind if I ask if your Paypal Credit is the the Paypal Smart Connect? Those lines are supposed ot be rolling into Paypal Extras (VISA card) that has nice rewards all around. Just FYI.

Re: I think I'm ready...finally!

mrcrisp023 — Thu, 14 Apr 2016 16:51:01 GMT

I've done a decent chunk of homework, none of the cards I am applying for require a score that high. All those cards are considered cards for fair/good credit, and my scores are borderline great credit. The house didn't go through yet, closing isn't until next week. Also, HP's only stay on your credit report for 2 years, and after a year they basically lose all impact. Even when my scores dipped a few points for my mortgage shopping for 3 different lenders, those points were right back literally a month later. While I've been rebuilding, I've been rebuilding slow, which is why my score has reached the points they are at now. I feel that now is the time to strike while the iron is hot.

Re: I think I'm ready...finally!

mrcrisp023 — Thu, 14 Apr 2016 16:53:14 GMT

No it's not the smart connect.

Re: I think I'm ready...finally!

Anonymous — Thu, 14 Apr 2016 16:56:30 GMT

Sorry your right, 2 years. But once the house closes, that will dorp your score like a rock. Along with 5 point x 6 applications = another 30. You could be hitting the low 600's before you know it. The cards you chose dont seem that useful, granted I dont know where you live. Lowes, you need and will use. Cap1 QS is a good all around card. Then I would try to get the limits raised (which wont pull your credit) on the cards you already have. Give it a year and then start going for the more specialized cards (Travel etc). I always tell people to start with a simple cash back card.

Re: I think I'm ready...finally!

mrcrisp023 — Thu, 14 Apr 2016 16:58:50 GMT

Thanks for the feedback.

Re: I think I'm ready...finally!

Anonymous — Thu, 14 Apr 2016 17:12:12 GMT

@Anonymous wrote:
Sorry your right, 2 years. But once the house closes, that will dorp your score like a rock. Along with 5 point x 6 applications = another 30. You could be hitting the low 600's before you know it. The cards you chose dont seem that useful, granted I dont know where you live. Lowes, you need and will use. Cap1 QS is a good all around card. Then I would try to get the limits raised (which wont pull your credit) on the cards you already have. Give it a year and then start going for the more specialized cards (Travel etc). I always tell people to start with a simple cash back card.

In red - this is not necessarily a given. When my mortgage closed, I applied for 5 cards and a home improvement loan the next day. They ALL reported within 2 weeks and guess what, not ONE score dropped. Some profiles are more sensitive to inquiries during rebuilding but it's not a one size fits all major drop like you are saying.

OP, you've asked a lot of good questions and really researched your needs. You are limited with the BK, since some companies won't touch that with a ten foot pole, trust me I get that. Your scores are in good shape right now. As for Cap1, I'd try the pre-qual link before applying - my only concern for you is the limit on the Venture being so high and you have no experience with that high of limits. If the Venture or Venture1 shows up, awesome, go for the regular QS and not the QS1 because it has a fee. Who knows, Cap1 was the first to give me a $15K card out of bankruptcy - they are awesome for us rebuilders!!!

OP, one last thought - I just noticed your TU score - have you looked any any Synchrony MC's or Visa's? The new Marvel card floating around here looks really good and it sync pulls TU, even with the BK, they are friendly and you are over the scores they look for when approving those. Just a mention.

So excited for you that you have your CTC! Crossing my fingers that you have a successful app spree too!

Re: I think I'm ready...finally!

Anonymous — Thu, 14 Apr 2016 17:16:51 GMT

ksb1 wrote:

samadkins29 wrote:

Sorry your right, 2 years. But once the house closes, that will dorp your score like a rock. Along with 5 point x 6 applications = another 30. You could be hitting the low 600's before you know it. The cards you chose dont seem that useful, granted I dont know where you live. Lowes, you need and will use. Cap1 QS is a good all around card. Then I would try to get the limits raised (which wont pull your credit) on the cards you already have. Give it a year and then start going for the more specialized cards (Travel etc). I always tell people to start with a simple cash back card.

In red - this is not necessarily a given. When my mortgage closed, I applied for 5 cards and a home improvement loan the next day. They ALL reported within 2 weeks and guess what, not ONE score dropped.......

---------------------------------------

Thats becuase your scores (Absolutly no offence) are already at the bottom. If you take someone in the 700s and apply a huge debt to available ratio, the score will drop. I guarentee it.

Re: I think I'm ready...finally!

mrcrisp023 — Thu, 14 Apr 2016 17:26:22 GMT

Thanks! I did try the prequal link, but it didn't give me any offers. Only offer I've received has been from Barclays. I haven't done much research on synchrony, but I'll check their cards out. Maybe ill swap the discover out for that.

Re: I think I'm ready...finally!

Anonymous — Thu, 14 Apr 2016 17:47:17 GMT

@mrcrisp023 wrote:
Thanks! I did try the prequal link, but it didn't give me any offers. Only offer I've received has been from Barclays. I haven't done much research on synchrony, but I'll check their cards out. Maybe ill swap the discover out for that.

Just so that you know, Lowes is issued by Synchrony as well. They issue a lot of store cards and issue MC's and Visa's as well. They do SP CLI's too - everytime you see someone post to call into Credit Solutions and ask for a CLI, that's Synchrony :-)

Re: I think I'm ready...finally!

Anonymous — Thu, 14 Apr 2016 17:54:36 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Sorry your right, 2 years. But once the house closes, that will dorp your score like a rock. Along with 5 point x 6 applications = another 30. You could be hitting the low 600's before you know it. The cards you chose dont seem that useful, granted I dont know where you live. Lowes, you need and will use. Cap1 QS is a good all around card. Then I would try to get the limits raised (which wont pull your credit) on the cards you already have. Give it a year and then start going for the more specialized cards (Travel etc). I always tell people to start with a simple cash back card.
In red - this is not necessarily a given. When my mortgage closed, I applied for 5 cards and a home improvement loan the next day. They ALL reported within 2 weeks and guess what, not ONE score dropped.......

---------------------------------------
Thats becuase your scores (Absolutly no offence) are already at the bottom. If you take someone in the 700s and apply a huge debt to available ratio, the score will drop. I guarentee it.

Too bad you don't know my whole profile or score history before you chose to take a dig at my "at the bottom" scores. There are a lot of banks/creditors who have given me credit with close to these "at the bottom" scores. Too bad you have NO idea what is holding the scores down right now before you tried to make the dig in order to prove that you are right.

Re: I think I'm ready...finally!

mrcrisp023 — Thu, 14 Apr 2016 17:57:27 GMT

Yea, I've heard of Synchrony and I know they do Lowe's and some other store cards, but I haven't researched their other cards much. I'm going to take a look and see what they got.

Thanks.