topic Re: $31,000 Income w/ 770 Credit Score in Credit Cards

$31,000 Income w/ 770 Credit Score

BC1989 — Tue, 03 Oct 2017 04:45:08 GMT

I'm still new to the credit world and I was wondering what credit card(s) should I apply for and get approved? And ideal credit limits would be nice.

27yrs old
Clean Credit Report
770+ Credit Score
$31,000 Annual Income (monthly exp: $1,000)
2 years at current job

Re: $31,000 Income w/ 770 Credit Score

HeavenOhio — Tue, 03 Oct 2017 05:08:46 GMT

Do you have any cards currently? If not, what's in your history that would have caused you to generate a score, e.g. auto loan, student loans, or whatever?

Re: $31,000 Income w/ 770 Credit Score

BC1989 — Tue, 03 Oct 2017 05:11:15 GMT

Navy Federal rewards $2000 limit. And just paying things on time really (nothing special)

Re: $31,000 Income w/ 770 Credit Score

Anonymous — Tue, 03 Oct 2017 13:02:51 GMT

What is the age of your oldest account? Is the one account you mentioned the only on your report? If so your AoOA is also equal to your AAoA. These factors can be more important than your income and how long you've been at your current job really isn't relevant. Also, what is the utilization on your current $2000 card? Since that's your only card, your card utilization IS your aggregate utilization, a factor that makes up 30% of your score. You want this number to be between 1% and 8%, meaning you want a balance of say $5 up to $160 to be reported on that card before applying for additional cards to give yourself the best approval terms.

When it comes down to cards, it really depends on what (categories, travel, etc.) you plan to use them on.

Re: $31,000 Income w/ 770 Credit Score

HeavenOhio — Tue, 03 Oct 2017 13:47:44 GMT

Definitely follow BBS's advice on utilization. If it's a little high right now, get your Navy card to report a lower balance and apply next month. And as BBS says, the age of your Navy card is important. Some lenders, notably Chase and Citi like to see some age and probably thicker files.

Working with the information we have, I'd avoid cards that have high minimum credit limits. As examples, the Captial One Venture and the Chase Sapphire Preferred have $5,000 minimum limits. With a $31,000 income, you should eventually be able to obtain cards with limits in the $5,000-plus range. But for now, your "experience" with only a $2,000 limit would likely hold you back.

Cards you might want to take a look at include the Capital One Quicksilver, Capital One Premier Dining Rewards, and Bank of America Cash Rewards. People tend to be able to get them with fairly thin files. Discover might be a possibility too, although I'd feel better if I had a second card with a bit of history before applying with them.

Re: $31,000 Income w/ 770 Credit Score

newhis — Tue, 03 Oct 2017 15:29:39 GMT

I always recommend Discover and Amex, you can increase the limit with SP.

Re: $31,000 Income w/ 770 Credit Score

Anonymous — Tue, 03 Oct 2017 15:42:20 GMT

What about increasing the limit on your Navy Fed account first to make your thin profile more impressive to the lender you would want to apply with. I think both your income and score supports it. Let the new CL report. Lowered utilization as suggested by BBS. I think would position you in getting better cards with great SL. Just an opinion

Re: $31,000 Income w/ 770 Credit Score

Anonymous — Tue, 03 Oct 2017 17:40:46 GMT

I agree with newhis. Discover I believe likes thin files. Would not hurt to to see if could prequalify. Amex the I thought would want more than 1 card in the profile before approval. Of course there is the long term rebuilder/ respactable Capital One QS. You could see if you prequalify for this one also.

Re: $31,000 Income w/ 770 Credit Score

Gmood1 — Tue, 03 Oct 2017 17:48:28 GMT

Yeah Discover is a good one. If you are a member of USAA. And in a state with the Limitless available. That would be an awesome card to add! Straight cash back with no hassle.

Re: $31,000 Income w/ 770 Credit Score

Gregory1776 — Tue, 03 Oct 2017 21:59:22 GMT

Check out Discover, Amex. Soft pull CLI’s can grow with years.

Re: $31,000 Income w/ 770 Credit Score

Anonymous — Tue, 03 Oct 2017 22:20:47 GMT

We still need to hear from the OP regarding how long he's had his 1 CC and it would also be nice to know how many total accounts (open or closed) that you have on your credit report in order to gauge file thickness.

Re: $31,000 Income w/ 770 Credit Score

BC1989 — Tue, 03 Oct 2017 22:27:02 GMT

2 yrs oldest account ($2,000 Credit Card). 3 accounts (Credit card, self-lender & auto loan).

Re: $31,000 Income w/ 770 Credit Score

joltdude — Tue, 03 Oct 2017 23:06:49 GMT

Things id do if it were me... (which it was)

1. Definitely try to see if a CLI is in your cards with Navy Fed.... you *should* be able to get one... Esp if youve had it for over a year which is what i think you were saying...

2. Go app for credit scorecard to get a free FICO score... ALso wanting to get you on discovers radar....(And possibly save yourself one HP instead of two on app.. Not guarenteed however)

3. Id wait a month for either the CLI from Navy if successful AND paying a bit more down on the Navy card would be very useful....

4. Im betting that discover offers you a card via CS but even if not.. try the prequalify... (not the most reliable but predict youlll get a small range and/or a particular APR) You probably could cold app sucessfully but would like to see roughly what they think of you in targeted offers... May not get a huge CL on the first pass with them. but dont sweat it.. Then again you should do reasonably well...

5. App for discover and look around for another card... one of Amex's revolvers is a good possibility or even something else.. the third card will likely cause a temporary dip in your score... Dont sweat it.. youll be alright... If your thinking chase.. id try to get your Navy up a little higher and or wait for discover... With me.. chase intentionally tried to one up my CU card.. which was 5000$ at the time... but not by much... It hasnt grown since...

6. Try to prequalify and app for that third card... whatever you decided......

7. Sit back and garden for awhile... and if that self-lender loan is ending/ended think of an Alliant Secured Share loan in its place.. Pretty great rates for just savings too but they dont shorten the loan perioud with prepaying up front.... there are threads on this...

Your credit is great.. but really need another card or two more to strengthen it then to raise it... I ran into the same problem... Youll notice some small dips but you will get them back.. honest.....

-J

Re: $31,000 Income w/ 770 Credit Score

BC1989 — Tue, 03 Oct 2017 22:54:10 GMT

**bleep**, pretty serious advice (and detailed step-by-step). Y'all really know the ins-&-outs about the credit world, thanks (seriously).

Re: $31,000 Income w/ 770 Credit Score

HeavenOhio — Wed, 04 Oct 2017 03:14:46 GMT

As joltdude says, Discover's prequal tool isn't very reliable. But with the loans and the current card, I think your chances are likely OK.

Capital One, AMEX, and Chase have very reliable prequal tools, particularly if they give you a definite APR rather than a wide range. I think Chase is a tossup at this point, but you might be good for AMEX. I would think your chances would be excellent for a Capital One Quicksilver.

Lots of good ideas in this thread.

Re: $31,000 Income w/ 770 Credit Score

stinastina — Wed, 04 Oct 2017 03:42:54 GMT

Navy gives out cli every 6 months. Go to the navy thread to strategize when and how to do it. It's a hard pull. Also I recommend Penfed who has been known to give high limits right off the bat with scores like yours. It's $22 to join and there's another thread with step by step help. Penfed pulls Eq fico 9. Is 770 your Navy score ? They also pull EQ9.

Re: $31,000 Income w/ 770 Credit Score

BC1989 — Wed, 04 Oct 2017 04:09:34 GMT

Yes