topic Re: Looking for some advice. in Credit Cards

Looking for some advice.

Anonymous — Wed, 03 Oct 2018 13:10:40 GMT

So, I occasionually check the pre-qualify sites to see if I could get a better card. Got a couple cards that need to be shredded/replaced. Well, recently Discover says I can get a new card and here is my options. The question is I just got my AMEX card 2 months on the 15th of this month and I don't think since AMEX uses Experian, Discover uses Transunion that when my 3x CLI request is available (10.15) getting the new Discover would affect my chances of getting the 3x limit increase. It comes down to do I wait, let the AMEX report and hopefully report the new limit (if I get approved for it) and then apply for the Discover to see if I may get a higher limit? Or do I go ahead, get the Discover now and start building a history with them? I didn't see anywhere on the pre-qualify site what my limit may be with Discover.

Re: Looking for some advice.

Medic981 — Wed, 03 Oct 2018 13:26:08 GMT

Discover and Amex both are thin file friendly. Your 61 day x3 CLI is not automatically guaranteed. You have not included enough information for the forum to give you informed advice. We need a little more information about your current credit situation for the forum to give you an educated guess.

With that said. From what you have stated. I would wait to apply for a Discover card until you have made your CLI request with Amex.

Re: Looking for some advice.

Anonymous — Wed, 03 Oct 2018 13:40:20 GMT

Yeah, that's why I added IF they decide to give it to me Currently between my 4 cards I'm sitting at 1% utilization with 1 auto loan that I got earlier this year. Inquiries 7 EX, 8 for EQ, 3 for TU. My scores 739 EX, 695 EQ, 702 TU. Total credit (as of now) says $1300 current cards are Credit One, Indigo, OpenSky and AMEX but they haven't reported the new card yet. Hope that's the info you're looking for.

Re: Looking for some advice.

K-in-Boston — Wed, 03 Oct 2018 13:41:54 GMT

I would actually suggest applying prior to the American Express card reporting. With the exception of the Experian score, if those are all FICO 08 you're already a bit borderline; once the new account reports reducing your AAoA and resetting AoYA, you will likely see a score dip. If you do end up getting the Discover, it may be worth considering whether the subprime cards are worth keeping, particularly if they're charging annual and/or monthly fees.

Re: Looking for some advice.

Medic981 — Wed, 03 Oct 2018 13:42:45 GMT

@Anonymous wrote:
Yeah, that's why I added IF they decide to give it to me Currently between my 4 cards I'm sitting at 1% utilization with 1 auto loan that I got earlier this year. Inquiries 7 EP, 8 for EQ, 3 for TU. My scores 739 EP, 695 EQ, 702 TU. Total credit (as of now) says $1300 current cards are Credit One, Indigo, OpenSky and AMEX but they haven't reported the new card yet. Hope that's the info you're looking for.

I would wait for your Amex to report with the CLI if you are able to obtain it at day 61. High credit begets high credit. Once I started getting CLI and higher SL, it has been a snowball effect for me. Each new CC app I make, the SL is higher than the last CC I had gotten. It is a matter of time. Credit building is a marathon, not a sprint. You have to pace yourself.

Re: Looking for some advice.

Medic981 — Wed, 03 Oct 2018 13:48:03 GMT

@K-in-Boston wrote:
I would actually suggest applying prior to the American Express card reporting. With the exception of the Experian score, if those are all FICO 08 you're already a bit borderline; once the new account reports reducing your AAoA and resetting AoYA, you will likely see a score dip. If you do end up getting the Discover, it may be worth considering whether the subprime cards are worth keeping, particularly if they're charging annual and/or monthly fees.

That is another way of looking at it. We don't know what the AAoA or AoNA is but, I advise opening accounts 6 months apart. In my case, I have done app sprees 6 months apart. OP, whatever you decide, let us know.

Re: Looking for some advice.

Anonymous — Wed, 03 Oct 2018 13:50:42 GMT

Yeah, that's why I want to go ahead and try and get better cards. Considering at the first of the year I was sitting at high 500s low 600s across the board on scores I'm stoked at how far I've come. And those Credit One cards they hit me with a fee every month.

Re: Looking for some advice.

Anonymous — Wed, 03 Oct 2018 13:59:54 GMT

I did forget to add that, below is the numbers

AAoA EX - 2 yrs 9 mos EQ 6 yrs 9 mos TU 6yrs 9 mos

Re: Looking for some advice.

Anonymous — Wed, 03 Oct 2018 16:49:16 GMT

With that added extra information, would that till the scales to apply or just hold off?

Re: Looking for some advice.

Anonymous — Wed, 03 Oct 2018 19:17:41 GMT

Your scores are decent. You don't have an excessive amount of inquiries and your AAoA isn't exactly indicitive of someone seeking a lot of credit in a short span so I wouldn't worry an aweful lot there.

What is your reason for waiting? Are you concerned that AMEX will see a new account and deny your CLI? Are you maybe thinking that if Discover sees a certain amount on your AMEX that they will give you a higher limit?

A couple things to keep in mind:

You didn't mention what your SL is with AMEX but if it is one of the notoriously lower levels ($500/$1000) those seem to be "border line" approvals and not as likely to receive an increase after that 61 days. As always YMMV.

Also, AMEX isn't exactly quick to update credit limits. If I recall correctly by the time my BCE finally showed up on my report I had already hit the 3X CLI. It was some time after that before that increase was reflected on my reports. So be aware that if you wait for any increase to report it may take some time.

Re: Looking for some advice.

Anonymous — Wed, 03 Oct 2018 19:24:43 GMT

It's just that, getting the Discover if they approve it and AMEX seeing that and declining to do the 3x CLI and if waiting gets me a better limit with Discover, that's great. And yes, I'm at the $1k SL but it's not the credit steps limit that I've seen alot. I've read a lot of people that did get the 3x limit and a lot that didn't. That's why I mentioned since AMEX uses EXP here and Discover is TU maybe they wouldn't see it.

Re: Looking for some advice.

Anonymous — Thu, 04 Oct 2018 16:04:00 GMT

I'm starting to lean towards waiting.. I wish I knew what Discover would offer me credit wise, the APR is a bit high but I usually PIF before statements end.

Re: Looking for some advice.

Anonymous — Thu, 04 Oct 2018 19:17:49 GMT

Personally, I was looking to get my first decent card (Cap 1 was bucketed) and Discover gave me a high SL. Not having a high limit card already didn't affect anything, and I got frequent CLIs. I only wish I had applied earlier since I later got a second Discover for a second year of cash back match. I'd also understand focusing on the AMEX and letting your account age though.
Whichever you choose, it's a good choice because it's your choice. :-)
Good luck with the 3x and apps

Re: Looking for some advice.

Anonymous — Thu, 04 Oct 2018 19:25:46 GMT

Yeah, it's a bit of a pickle of a situation considering how close my AMEX 3x CLI date is. If I do decide to app it I just hope they don't report to EXP (which I don't think do in my state) but, who knows with that.

Re: Looking for some advice.

Anonymous — Thu, 04 Oct 2018 21:38:54 GMT

Regardless of which report a lender pulls they will still see each and every account you have. Most lenders report to all 3 major credit scoring systems (TU, EQ and EX) even if they only pull one of them for application review/approval. When/if Discover pulls your credit file even though they might only pull from TU, the AMEX account will still be there just the same as if AMEX pulls your report on EX they would eventually see any other accounts you open.

Re: Looking for some advice.

Anonymous — Thu, 04 Oct 2018 21:40:51 GMT

That's right so yeah the best thing for me to do then is to wait until if I get 3x AMEX bump or not then app the Discover if I'm still pre-approved.

Re: Looking for some advice.

Anonymous — Fri, 05 Oct 2018 18:00:13 GMT

So, I had a dip in my score because I'm an authorized user on another captial one card show up on my credit (not sure why it cause my score to go down). So, I went ahead and APPD the Discover card and I'm glad I did....

Congratulations!

Your credit line is $7,000.

Re: Looking for some advice.

Anonymous — Fri, 05 Oct 2018 18:27:43 GMT

Elstryfe: congrats!!! Glad it worked out!

Re: Looking for some advice.

Anonymous — Fri, 05 Oct 2018 18:50:59 GMT

Thank you!! Now I can go to the garden a happy fella! :-)