topic Re: With improved scores, what CCs to get? in Credit Cards

With improved scores, what CCs to get?

Anonymous — Tue, 16 Oct 2007 04:28:54 GMT

I need opinions on my situation.

My scores have improved over the last couple of months.
09/08/2007 - EX=671 / EQ=701 / TU=730
10/15/2007 - EX=??? / EQ=775 / TU=???

I'm currently disputing a tax lien that appears only on Experian. Hense the low EX score. It has been paid off, but I'd rather to see it removed from the report than read "paid".

My TU Fako score was 718 when I pulled the report a week ago.
But I'm sure the TU FICO score can't be less than 730 as of today, since it was a balance change on a revolving account that bumped the EQ score today, so the positive change should apply across all 3 scores. And even with the lien on, the EX score is now probably no less than 720.

Q1: Would it be a good idea to first pull FICO scores on EX and TU before applying or is the current situation good enough to go ahead and apply anyway?
Q2: Would it be a good idea to wait until I hear from EX about the tax lien dispute?

The thing is that if a lender ever has a problem with the lien, I can fax over documents absolutely proving that it has been paid off, so even if it never comes off EX I'm not worried about it. It would still be great to get that thing off, of course.

I also got a new card that will soon start reporting. Its CL is set to $1K, but I'm confident that I'd be able to get for $2.5K on activation, bringing my total CL for all cards to around 12 grand. Its appearance will affect the scores in both positive (long-term) and negative (short-term) ways. My history is over a decade old, but rather thin. I'm interested in applying for a few cards with prime lenders and try to get as big credit lines as possible, and then just let them age. I only have 2-3 inquiries on the reports as of now: Apr/May 07 and Aug 07. They all have something to show for -- opened cards.

I'd like to hear opinions on whether I should strike while the iron is hot and apply now. If yes, which lenders would you recommend and what cards?

Re: With improved scores, what CCs to get?

Anonymous — Tue, 16 Oct 2007 04:34:26 GMT

AMEX comes to mind.
Even though AMEX is an EX puller.
WAMU
Many others- Do you belong to a Credit Union?

CCCU, NFCU, ETC.

Re: With improved scores, what CCs to get?

Anonymous — Tue, 16 Oct 2007 04:42:04 GMT

@Anonymous wrote:
AMEX comes to mind.
Even though AMEX is an EX puller.
WAMU
Many others- Do you belong to a Credit Union?

CCCU, NFCU, ETC.

Thanks. AMEX is definitely on my list (with a definite FR in mind). Posters here have seen good CLIs with WAMU, so I'm definitely going to apply with them. I'll try Chase 6 months from now. I have cards with them already. I don't, however, belong to a credit union. Can you explain why I should be interested in getting a card from a credit union. And how does someone become a member?

Re: With improved scores, what CCs to get?

Anonymous — Tue, 16 Oct 2007 04:57:00 GMT

I would also like to know how many cards I should apply for at once without going too crazy. I will, however, not apply for another 6-8 months after that, so I'd like to grab as much as I can and let them age and get fat. And it's important to apply for them all on the same day, right? What other prime lenders would I stand a good chance with? What do you think of Citi, Discover, BOA? Should I stay away from those for some reason? I don't hear many people talking about Discover. Why is that?

Message Edited by ficus on 10-15-2007 09:57 PM

Re: With improved scores, what CCs to get?

Anonymous — Tue, 16 Oct 2007 05:04:24 GMT

Credit Unions are more like a relationship than a bank that just wants to suck as much out of you as they can,

They bend the rules and give people chances-
They generally have better APR's on Loans and CC's
They are also generous with Credit Lines.

CCCU gave me a CC with a 5K limit when my EX score was 620

AZFCU gave me a 50K HELOC when WAMU and my current mortgage company blew me off. This is after opening an account 3 months ago.

I am a believer-

Re: With improved scores, what CCs to get?

Anonymous — Tue, 16 Oct 2007 05:06:39 GMT

My rule is to not apply to the point where your Avg age drops to the next oldest year.

I have 8 CC's and closing 2 in the next 6 months.

@Anonymous wrote:
I would also like to know how many cards I should apply for at once without going too crazy. I will, however, not apply for another 6-8 months after that, so I'd like to grab as much as I can and let them age and get fat. And it's important to apply for them all on the same day, right? What other prime lenders would I stand a good chance with? What do you think of Citi, Discover, BOA? Should I stay away from those for some reason? I don't hear many people talking about Discover. Why is that?

Message Edited by ficus on 10-15-2007 09:57 PM

Re: With improved scores, what CCs to get?

smallfry — Tue, 16 Oct 2007 09:35:14 GMT

Go for Citibank.

Re: With improved scores, what CCs to get?

Anonymous — Tue, 16 Oct 2007 11:42:28 GMT

If you are itching for a few cards I would recommend going for 3-4 spread out across the CRAs re: hard inquires. However, mayb just get one to two now and wait a year for one to two more. To help you better determine which CRAs CCs pull, utilize: www.whogavemecredit.com.

I would recommend, probably depending on your scores, income, and overall credit history:

Chase Freedom (it seems the mostly pull EQ) - or maybe do a product change from one of your other chase cards (I've done this and it worked)

Amex Delta Miles (then convert to Blue) or Amex Clear (if the above three variables are strong) - Experian - it also all depends on what perks do you want?

...and a "TU-pulling card" if interested, I think: WaMu, Juniper, and Discover (most of the time pull TU)

-good luck!

Message Edited by pjriverap on 10-16-2007 04:42 AM