topic Re: Thin File...Should I do BB&T if just a SP? in Credit Cards

Thin File...Should I do BB&T if just a SP?

Anonymous — Tue, 23 Apr 2019 18:57:48 GMT

Alrighty folks...

I have a "thin" file as all CR indicate "few accounts paid on time" (no lates). Here's the kicker I have a 22 year old cap1 cc with a small $1350 limit that I always kept a somewhat small balance on but never really had to use due to being cash is king. EX shows a closed cc account , so current AAofA is 18yrs. My average score across all CR is little over 760.

I apped for Disco and got instant approval today for my 2nd card ($6500 sl) as wanted a cash back card. Understanding I will have a small inq ding, hoping I should make that up and then some when Disco reports!? I understand my AAoA is what will take the biggest hit and "could" impact my score, but nobody really knows?

My question is I see all the BB&T love and I did the prequal thing and got all 3. Since it's apparently a SP is there any benefit of going for that today to get more in line with the 3 cc's that Fico likes to see in order to thicken up my file? Assuming that will also impact my AAoA I was thinking about an auto loan in the next 30 days or so, but have decided to push that back a couple more months as not that urgent but will be in about 6mos or so. Plan is to utilize them each moderately and then pif and implement azero...

Thoughts?

Re: Thin File...Should I do BB&T if just a SP?

pinkandgrey — Tue, 23 Apr 2019 19:13:05 GMT

In my opinion you could go for it. Although to be really safe you might wait until the Disco reports just so you are showing another decent TL. Good luck with what you decide!

Re: Thin File...Should I do BB&T if just a SP?

AverageJoesCredit — Tue, 23 Apr 2019 19:50:22 GMT

Get your Best Bath & Target On

Re: Thin File...Should I do BB&T if just a SP?

Anonymous — Tue, 23 Apr 2019 20:11:20 GMT

On your file, with as high as your AAoA is and how few accounts you have, I would do the math and see how many new accounts you can add before you go under 8 years first. Especially since BBT is going to be a bit of an unknown since you don’t have experience with high limits but you do have a very long established history with what you have.

Re: Thin File...Should I do BB&T if just a SP?

CreditMagic7 — Tue, 23 Apr 2019 23:48:16 GMT

It was the SP approvals for credit that actually got my own profile moving ahead when i was early on trying to establish a long term profile but my credit report was paper thin.

I had Victoria Secret (Comenity) and several other comenity cards AND fingerhut at the time. If it helped or not i do not know, but also having a few minor PAID OFF 1K installment loans didn't hurt either. Wasn't long after then that Discover & Citi mailed out offers that started the ball rolling.

With BB&T being a Bankcard AND if indeed you manage an approval via SP, that is a very good step to working your way up IMO.

The choice is yours but SP Bankcards don't often happen. It's a toss up but you do have a solid FICO to support a good chance.

Re: Thin File...Should I do BB&T if just a SP?

Anonymous — Wed, 24 Apr 2019 00:01:59 GMT

Thanks... I did the prequal and got a 17.49% apr, not a range so thinking I’m probably good. Only a little leery about that being my 2nd cc add today or tomorrow and how that impacts my AAoA and thus scores, don’t want to have a big 40-50 pt hit just for the mix of cards, unless the 3rd card can be Fico point neutral which there is conflicting info from what I read

Re: Thin File...Should I do BB&T if just a SP?

credit_is_crack — Wed, 24 Apr 2019 00:31:22 GMT

@Anonymous wrote:
Thanks... I did the prequal and got a 17.49% apr, not a range so thinking I’m probably good. Only a little leery about that being my 2nd cc add today or tomorrow and how that impacts my AAoA and thus scores, don’t want to have a big 40-50 pt hit just for the mix of cards, unless the 3rd card can be Fico point neutral which there is conflicting info from what I read

If you're considering getting that 3rd card in the next year then the impact is the same, you'd just be delaying the impact. It's a toss up but sounds like it's would benefit you long term anyway, but you'll be the best one to determine what works for you. I also had the 17.49% on the offer and went for it, instant approval for $9k. Good luck on whatever you decide to do

Re: Thin File...Should I do BB&T if just a SP?

CreditMagic7 — Wed, 24 Apr 2019 01:05:43 GMT

@Anonymous wrote:
Thanks... I did the prequal and got a 17.49% apr, not a range so thinking I’m probably good. Only a little leery about that being my 2nd cc add today or tomorrow and how that impacts my AAoA and thus scores, don’t want to have a big 40-50 pt hit just for the mix of cards, unless the 3rd card can be Fico point neutral which there is conflicting info from what I read

That really sweet (for this card product run) on your prequalify beats what i got which is 21% and my history is pretty long with high limits across many cards. So you may be in for a better SL as well. Mine was 4.5K and my profile sports $41K Cap One and the 2/3rd others in the $20K range.

Best of Luck to you should you decide to go all in. Like other's have already suggested, this might be the right time to add it in. Otherwise you might miss out. SP Bankcards don't show very often and are a rarity. Early adding of any Bankcard to a thin file is still a plus and in many ways can help accelerate things for you going forward. You can always cut it loose in a year or so as other lenders take note and offer you higher limits.

But that APR has me reeling. Nice one IMO compared to some from them.