topic Re: Best Next Card App for that 850 Goal in Credit Cards

Best Next Card App for that 850 Goal

Gratitude — Tue, 18 Sep 2018 22:47:39 GMT

I’ve read here in the threads that having a minimum of '5' cards is a part of the algo to reach a 850 FICO8.

Got 4 cards so far:

all in good standing, been gardening since app spree in December;
recall reading that it is better to apply earlier for that 5th card, to help your AAoA in the future;
my scores (avg 786 FICO8) have stalled out past 2 months.

Note: 6 months after AMEX BCE approval (Dec 2017), a Platinum AMEX card offer came by snail mail; 8 months after, a Gold card offer - I ignored both as I was blissfully gardening. ..That's about to be over.

I need to move my AZEO to my highest limit card (now AMEX BCE after 3x CLI to $18,000)

And I’ve been needing to purchase some camera equipment... so…

Is this the best strategy:

AppSpree > Platinum Amex card + <? card> + CLI (HP) on Citi BBV
Upon approval: make the equipment purchase on the BCE (or Platinum, or whichever has a higher limit)
leaving a balance no higher than 28.9% & using no more than 8.9% on 2 cards max (for the first month only)
reduce balance monthly on single AZEO card up until 24month AAoA is reached or purchase paid off.

Is there a better strategy?

What card(s) should I apply for?

Top of the line Amex? Top of the line Discover? Top of the line Citi card? Other..?

Not 100% sure on my Needs/Wants but roughly:

Definitely looking for high CL & CLI’s via SP
0% interest first 12 - 18 months
Decent-to-great cash back rewards (will trade great rewards for a pricy annual fee that I can compensate for)
Flying points <?> - Not sure (yet) how often I will be flying within the upcoming year but I definitely have some trips planned.
A card easy to use abroad with NO Fee

Note: got zero TU inquiries currently

Note: I don’t think it would be wise to app for any Chase cards* at this time

(*had a 11yr old Chase CO; got approved for toy card after recon; they’ve auto CLI me since! - don’t want push it this year).

Note: I realize that one of the factors of getting to or close to 850 is time (oldest account is still under 3 years)

Here’s the data:

5 Tradelines -

4 bankcards -

$2000 - Merrick Bank (Secured) Visa (oldest account)

$5300 - Citi BBV (due for HP CLI)

$2000 - Chase Freedom (was approved for $500 - auto CLI in 5 or 6 months {{ I bank with Chase}} )

$18,000 -Amex BCE (2nd approved 3x CLI Sept)

$82 Total balance (Citi BBV)

$27.3K Total Bankcard Limit

1 SSL - Alliant - $500

Generally spend under 20% at any time / any card.

AZEO Citi BBV - 1.55%

CC Revolving UTL = 0.3%

AoOA: 2yrs, 8 months

AAoA: Sep 2018 = 15.5 months

EQ - 785 - Inq’s 2*

TU - 788 - Inq’s 0

EX - 786 - Inq’s 4* (1 needs dispute)

*All inquiries turn 1 year in December 2018

0 Late (never late)

0 Negative

0 Public Records

0 Collectons

----

I couldn't be in here for a while now - Hope everyone has been well!

Re: Best Next Card App for that 850 Goal

Brian_Earl_Spilner — Wed, 19 Sep 2018 00:08:34 GMT

You can technically get 850 with 1 card. The other cards and installment loan are just to optimize scoring until then. And when you get near the end, account ages are what is going to get you there so applying for a new card is counterproductive.

Re: Best Next Card App for that 850 Goal

SouthJamaica — Wed, 19 Sep 2018 00:44:16 GMT

@Gratitude wrote:
I’ve read here in the threads that having a minimum of '5' cards is a part of the algo to reach a 850 FICO8.

Got 4 cards so far:
all in good standing, been gardening since app spree in December;
recall reading that it is better to apply earlier for that 5th card, to help your AAoA in the future;
my scores (avg 786 FICO8) have stalled out past 2 months.

Note: 6 months after AMEX BCE approval (Dec 2017), a Platinum AMEX card offer came by snail mail; 8 months after, a Gold card offer - I ignored both as I was blissfully gardening. ..That's about to be over.

I need to move my AZEO to my highest limit card (now AMEX BCE after 3x CLI to $18,000)
And I’ve been needing to purchase some camera equipment... so…

Is this the best strategy:

AppSpree > Platinum Amex card + <? card> + CLI (HP) on Citi BBV
Upon approval: make the equipment purchase on the BCE (or Platinum, or whichever has a higher limit)
leaving a balance no higher than 28.9% & using no more than 8.9% on 2 cards max (for the first month only)
reduce balance monthly on single AZEO card up until 24month AAoA is reached or purchase paid off.

Is there a better strategy?

What card(s) should I apply for?

Top of the line Amex? Top of the line Discover? Top of the line Citi card? Other..?

Not 100% sure on my Needs/Wants but roughly:
Definitely looking for high CL & CLI’s via SP
0% interest first 12 - 18 months
Decent-to-great cash back rewards (will trade great rewards for a pricy annual fee that I can compensate for)
Flying points <?> - Not sure (yet) how often I will be flying within the upcoming year but I definitely have some trips planned.
A card easy to use abroad with NO Fee

Note: got zero TU inquiries currently
Note: I don’t think it would be wise to app for any Chase cards* at this time
   (*had a 11yr old Chase CO; got approved for toy card after recon; they’ve auto CLI me since! - don’t want push it this year).
   Note: I realize that one of the factors of getting to or close to 850 is time (oldest account is still under 3 years)

Here’s the data:

5 Tradelines -

4 bankcards -
$2000 - Merrick Bank (Secured) Visa (oldest account)
$5300 - Citi BBV (due for HP CLI)
$2000 - Chase Freedom (was approved for $500 - auto CLI in 5 or 6 months {{ I bank with Chase}} )
$18,000 -Amex BCE (2nd approved 3x CLI Sept)

$82 Total balance (Citi BBV)

$27.3K Total Bankcard Limit

1 SSL - Alliant - $500

Generally spend under 20% at any time / any card.

AZEO Citi BBV - 1.55%
CC Revolving UTL = 0.3%

AoOA: 2yrs, 8 months
AAoA: Sep 2018 = 15.5 months

EQ - 785 - Inq’s 2*
TU - 788 - Inq’s 0
EX - 786 - Inq’s 4* (1 needs dispute)
*All inquiries turn 1 year in December 2018

0 Late (never late)
0 Negative
0 Public Records
0 Collectons

----
I couldn't be in here for a while now - Hope everyone has been well!

You have been given misinformation, or have misinterpreted what you have read.

If your goal is to reach 850 the best thing you can do is NOT apply for any new credit for a long long time.

Re: Best Next Card App for that 850 Goal

redpat — Wed, 19 Sep 2018 00:44:19 GMT

You are thinking too hard about reaching 850. Get any credit card you want that has the reward program that best suits you. There is no such thing as top line card if it doesn’t fit your send or reward needs.

Your 786 is more than enough for any card with getting the best rates. 786 - 850 really doesn’t matter to most lenders.

Re: Best Next Card App for that 850 Goal

Anonymous — Wed, 19 Sep 2018 01:18:54 GMT

If you want a card because its rewards fits your spending habit and will help reduce the cost of living, then app. If your sole purpose is to get to, or get closer to 850, the quickest route is to not app at all. The biggest upcoming score bumps are individual inquiries become unscorable at 1year (3-5 points per) but most importantly, when your AoYA crosses over 12 months (about 20 points), this will put you at around 815-830 and the rest is up to the growth of AAoA and AoOA over time, adding more cards will just reset the AoYA to 0 months, add another scorable inquiry and drop your AAoA some more.

That said, like redpat already said, 786 (or 760) is no different than 850 when it comes to getting the best rates, I wouldn't even worry about AZEO and just put everything on autopilot, let all charges post naturally while keeping individual UTI under 28.9% and set your autopay to PIF the statement balance, until the cycle before an important application like an auto loan or mortgage.

Re: Best Next Card App for that 850 Goal

AverageJoesCredit — Wed, 19 Sep 2018 01:37:41 GMT

Awesome advice imo. 850 is a great goal if all you are doing is chasing a number. If you want to maintain great credit, just keep using your cards and make on time payments. Score isnt actually everything regardless of what some may say, im living proof, you can still get rejected with high scores. Create a healthy balance of credit with your lifestyle, everything else will fall into place

Re: Best Next Card App for that 850 Goal

Anonymous — Wed, 19 Sep 2018 03:28:18 GMT

@AverageJoesCredit wrote:
Awesome advice imo. 850 is a great goal if all you are doing is chasing a number. If you want to maintain great credit, just keep using your cards and make on time payments. Score isnt actually everything regardless of what some may say, im living proof, you can still get rejected with high scores. Create a healthy balance of credit with your lifestyle, everything else will fall into place

Many users have been denied credit with 850 Ficos. Lenders look at your entire history in credit-lending decsions.

Re: Best Next Card App for that 850 Goal

Anonymous — Wed, 19 Sep 2018 03:51:41 GMT

There is a community of people that is devoted to attaining a perfect FICO on all models. It's basically pointless from a practical standpoint, as typically a 760+ will yield you the best terms for any credit needs. Here are the the ingredients of a perfect score:

You need to get to "excellent" status in all categories.

The obvious

100% perfect payment history reported

0 Derogs

0 inquiries

The rest

utilization: lower than 9%

non-mtg debt should be near 0

Good mix of credit (i.e. credit cards and an installment or mtg)

Need a long credit history, typically at least 20+ yrs. Avg for perfect scorers is 30 yrs.

Average Age of Accs 9+ yrs

For bonus chasers or people who open up lots of credit cards, its near impossible to attain a perfect score, as opening new accounts takes a hit on the score.

Re: Best Next Card App for that 850 Goal

Anonymous — Wed, 19 Sep 2018 04:14:15 GMT

@Anonymous wrote:
There is a community of people that is devoted to attaining a perfect FICO on all models. It's basically pointless from a practical standpoint, as typically a 760+ will yield you the best terms for any credit needs. Here are the the ingredients of a perfect score:

You need to get to "excellent" status in all categories.

The obvious
100% perfect payment history reported
0 Derogs
0 inquiries

The rest
utilization: lower than 9%
non-mtg debt should be near 0
Good mix of credit (i.e. credit cards and an installment or mtg)

Need a long credit history, typically at least 20+ yrs. Avg for perfect scorers is 30 yrs.
Average Age of Accs 9+ yrs

For bonus chasers or people who open up lots of credit cards, its near impossible to attain a perfect score, as opening new accounts takes a hit on the score.

Currently my scores are EX 827 TU 825 EQ 817, AAoA 3 years 11 months, AoOA 15 years 2 months (30 year mortgage) and I still have $50k/$165k 30% left on my mortgage which I intend to pay down to below 10% this year, I suspect this alone will put me very close to 850 if I don't app for more cards until then. I think you might have over estimated the needed age related factors to reach 850.

Re: Best Next Card App for that 850 Goal

Anonymous — Wed, 19 Sep 2018 05:19:51 GMT

@Anonymous wrote:
@AnonymousI think you might have over estimated the needed age related factors to reach 850.

It's based on averages, not every case. Getting a perfect score is not easy, many people in the 800's including myself.

Re: Best Next Card App for that 850 Goal

MrDFinance — Wed, 19 Sep 2018 05:59:52 GMT

I believe anything over 780 you can pretty much get anything you want at prime rates ... I would much rather use my score to get the cards I want to maximize my benefits then not apply for cards to just achieve a perfect score...

Re: Best Next Card App for that 850 Goal

Gratitude — Wed, 19 Sep 2018 21:05:09 GMT

@Anonymous wrote:
If you want a card because its rewards fits your spending habit and will help reduce the cost of living, then app. Yes that is what I want now, to get one or two more cards - highest starting Limit / best reward. If your sole purpose is to get to, or get closer to 850 exactly - perhaps I did not write my post as clear as possible - I want to do things that allow the score to grow as best as possible from where I am the quickest route is to not app at all. That is what follows this app - gardening! thus I want to app for the best card(s) where satisfied in the months to come (ie. 3x CLI, SP CLI, etc) The biggest upcoming score bumps are individual inquiries become unscorable at 1year (3-5 points per) but most importantly, when your AoYA crosses over 12 months (about 20 points) along with the fact that I was told by a knowledgable member on the forum, that 5 cards are potentially a part of the 850 algo (maybe interms of speed?) this (AoYA) was the point! the sooner I app, the sooner this new card gets to that 12 year mark.. best to app this year and then sit inactive, this will put you at around 815-830 and the rest is up to the growth of AAoA and AoOA over time, adding more cards will just reset the AoYA to 0 months, add another scorable inquiry and drop your AAoA some more.

That said, like redpat already said, 786 (or 760) is no different than 850 when it comes to getting the best rates thank you & all for clarifying this point, I wouldn't even worry about AZEO and just put everything on autopilot, let all charges post naturally while keeping individual UTI under 28.9% and set your autopay to PIF the statement balance, until the cycle before an important application like an auto loan or mortgage.

@Anonymous @Anonymous,

I apprecaite all the replies... But no one entertained the part of my question about which card(s) to app for based on my current cards/scores/AAoA/ Inq's./etc

Setting the 850 part aside for now, based upon my supplied data:
what can I expect (starting limit wise) from Amex Gold / Platinum / other ?
which cards offer the highest starting CL?
Just got a 3X CLI on my BCE - how will that impact the SP and the starting Limit on a premium Amex card?
I have zero TU Inq's - strategically which cards should I app for?

(if any of these need to be a new thread please let me know).

Re: Best Next Card App for that 850 Goal

redpat — Wed, 19 Sep 2018 21:19:18 GMT

OP, if you need cards get them. Don't get them for a magic number of 5 to get a perfect score.

Never apply for a card to get the highest limit, charge cards don't have credit limit but a spend limit maybe assigned to your card in the beginning. You won't know that until you get the card.

Also, don't apply for a card just based on CRA is pulled.

OP, get cards that fit your spend and the rewards you use.

I think you are caught up in the perfect scoring mentality when getting the right cards for you is more important.

Sorry I didn't answer your question.

Re: Best Next Card App for that 850 Goal

Anonymous — Wed, 19 Sep 2018 21:23:15 GMT

@Anonymous wrote:

That said, like redpat already said, 786 (or 760) is no different than 850 when it comes to getting the best rates, I wouldn't even worry about AZEO and just put everything on autopilot, let all charges post naturally while keeping individual UTI under 28.9% and set your autopay to PIF the statement balance, until the cycle before an important application like an auto loan or mortgage.

I agree with most of the post, but if we are not micromanaging with AZEO, why should I care about keeping individual UTI low (at least for the short term)? If one card reports 90+% for a cycle, so long as I PIF it really shouldn't matter if I have no important apps.

Re: Best Next Card App for that 850 Goal

Anonymous — Wed, 19 Sep 2018 21:32:52 GMT

@Anonymous wrote:
@Anonymous wrote:

That said, like redpat already said, 786 (or 760) is no different than 850 when it comes to getting the best rates, I wouldn't even worry about AZEO and just put everything on autopilot, let all charges post naturally while keeping individual UTI under 28.9% and set your autopay to PIF the statement balance, until the cycle before an important application like an auto loan or mortgage.
I agree with most of the post, but if we are not micromanaging with AZEO, why should I care about keeping individual UTI low (at least for the short term)? If one card reports 90+% for a cycle, so long as I PIF it really shouldn't matter if I have no important apps.

I actually agree with you completely and that is what I do personally, threw that in there just so I don't get the "what about possible spooking lenders leading to AA" replies.

Re: Best Next Card App for that 850 Goal

wasCB14 — Wed, 19 Sep 2018 21:39:12 GMT

I'm on track to report ~31% overall.

I do love having a grace period....but thinking about making a payment or two before statements cut.

Re: Best Next Card App for that 850 Goal

AverageJoesCredit — Wed, 19 Sep 2018 23:32:42 GMT

Op if you want a card that can grow big time with sp cli requests, try for a Bank of America card. If you have high income or assets, good credit score you can be golden.

Joining a Credit Union can also score big limits . Penfed or Navy come to mind. Premium cards are just a name but many of the travel cards can be found to get high limits. Good luck

Re: Best Next Card App for that 850 Goal

Gratitude — Thu, 20 Sep 2018 00:52:00 GMT

@AverageJoesCredit wrote:
Op if you want a card that can grow big time with sp cli requests, try for a Bank of America card. If you have high income or assets, good credit score you can be golden.

Joining a Credit Union can also score big limits . Penfed or Navy come to mind. Premium cards are just a name but many of the travel cards can be found to get high limits. Good luck

@AverageJoesCredit!

Thank you for that suggestion!
Since reading your post, I have been comparing BOA cards to make a determination

meanwhile - update:
Im in the midst of an app spree -
Amex Platinum (charge) Card - instantly approved (AZEO has helped my score, charge card works for me)

Discover IT - instantly aprroved $5000 (thinking of Recon on this starting limit)
CitiBBV CLI request - instantly approved from $5300 to $11,000

last two spree items may be:

upgrade from BCE to BCP (thoughts?)
app for BOA card - but which?

basic Cash Rewards card ..eh... reading reviews and wondering;

Travel Rewards card offers no Foreign fee and no AF... I like these benefits.

Thoughts?

Re: Best Next Card App for that 850 Goal

Anonymous — Thu, 20 Sep 2018 00:59:29 GMT

Well, that escalated quickly, congrats on the approvals. I would put the brakes on now if you can, Platinum will cover most of your travel rewards/spending.

Re: Best Next Card App for that 850 Goal

redpat — Thu, 20 Sep 2018 01:12:51 GMT

@Gratitude wrote:
@AverageJoesCredit wrote:
Op if you want a card that can grow big time with sp cli requests, try for a Bank of America card. If you have high income or assets, good credit score you can be golden.

Joining a Credit Union can also score big limits . Penfed or Navy come to mind. Premium cards are just a name but many of the travel cards can be found to get high limits. Good luck
@AverageJoesCredit!

Thank you for that suggestion!
Since reading your post, I have been comparing BOA cards to make a determination

meanwhile - update:
Im in the midst of an app spree -
Amex Platinum (charge) Card - instantly approved (AZEO has helped my score, charge card works for me)
Discover IT - instantly aprroved $5000 (thinking of Recon on this starting limit)
CitiBBV CLI request - instantly approved from $5300 to $11,000

last two spree items may be:
upgrade from BCE to BCP (thoughts?)
app for BOA card - but which?
basic Cash Rewards card ..eh... reading reviews and wondering;
Travel Rewards card offers no Foreign fee and no AF... I like these benefits.

Thoughts?

Well I see that you have Amex plat now and EDP goes better w/ plat than BCP beucase of MR point earnings potential and getting MR offers on MR reward cards. I suggest getting EDP and move limit from BCE and skip BOA.

You can double app Amex.

Amex plat UW is pretty easy under 700 gets the card.