topic Re: New to forum in Credit Cards

New to forum

Anonymous — Sun, 23 Feb 2020 06:22:57 GMT

Hello, new to the forum but been but have been reading for a while. I'm trying to help out my son. I'm looking on opening some cards but don't know what route to go for him. I'm thinking of Chase Sapphire preferred, amex blue cash, and Citi double cash. Scores are as follows: TU-709, EQ-703, & EX-717 from myfico. His aaoa is 5 yrs 9mos, no chargeoffs and 4% utilization on 3 cards. He has a secured card with nfcu of 200-0 bal 6 mos old, Kohl's 300-0 bal 10 mos old, and cap1 1550-39 bal 2 1/2 yrs old and a paid off auto. Does he have a chance on these cards. Any input appreciated.

Re: New to forum

NimbusIII — Sun, 23 Feb 2020 07:34:42 GMT

Will probably be ok for Amex and Citi Cash. CSP is doubtful at those scores and with young account. I would give it a couple months until the NFCU graduates and is reporting. Keep utilization low and scores should go up as 2 accounts are still considered quite new. He has a good base started, just needs to grow his CL and age out some new accounts.

Re: New to forum

omgitsMatt — Sun, 23 Feb 2020 07:45:15 GMT

I'd say probably yes for Amex and Citi.

Re: New to forum

CreditInspired — Sun, 23 Feb 2020 08:59:03 GMT

Hi and welcome to myFICO

IMHO, I suggest waiting so he doesnt get another toy limit card. There's a reason his SLs are so tiny. He has 3 CCs which are great for scoring purposes. So now is the time to slow down and garden until AoYA is 12 months. This will give his credit history time to age, his NFCU CC time to graduate, and just overall time to continue creating a great credit profile to get out of toy limit hell.

GL2 son

Re: New to forum

AverageJoesCredit — Sun, 23 Feb 2020 12:07:26 GMT

Remember with Chase , the 5/24 rule so be aware of that moving forward. As stated Amex and Citi might be best bet but Citi also likes to see 1 year history. Might check out Disco too. Maybe at 1 year mark check out a lower level Chase card like Freedom to establish history with them. Options a plenty, especially if Navy card graduates.

Re: New to forum

Anonymous — Sun, 23 Feb 2020 13:39:16 GMT

Thanks for the insight. He has 3 inquiries at the moment. I'll have him wait til nfcu graduates and then go from there. How long does it usually take to graduate. Around a year out so.

Re: New to forum

Anonymous — Sun, 23 Feb 2020 15:29:31 GMT

Welcome to the forums, OP! Good luck to DS when he decides to start applying! 👍

Re: New to forum

seattletravels — Sun, 23 Feb 2020 15:41:47 GMT

@Anonymous wrote:
Hello, new to the forum but been but have been reading for a while. I'm trying to help out my son. I'm looking on opening some cards but don't know what route to go for him. I'm thinking of Chase Sapphire preferred, amex blue cash, and Citi double cash. Scores are as follows: TU-709, EQ-703, & EX-717 from myfico. His aaoa is 5 yrs 9mos, no chargeoffs and 4% utilization on 3 cards. He has a secured card with nfcu of 200-0 bal 6 mos old, Kohl's 300-0 bal 10 mos old, and cap1 1550-39 bal 2 1/2 yrs old and a paid off auto. Does he have a chance on these cards. Any input appreciated.

If AAoA is 5 yr 9 mo, what are the other items on his report? Limits are low on existing cards, so it's unlikely he'd be approved for CSP.

Of the cards you mention, I'd start with the Amex but I actually think I'd recommend starting with a Discover. Either way, I'd just try for the one at the moment and then let the existing cards age (and limits grow!)

Re: New to forum

AverageJoesCredit — Sun, 23 Feb 2020 16:17:59 GMT

Navy graduation can vary maybe post a question in the Navy thread where some have more experience with a secured Navy card

Re: New to forum

HeavenOhio — Sun, 23 Feb 2020 16:28:12 GMT

Welcome, @Anonymous.

Given your son's history with Capital One and the auto loan, is there a reason why Navy didn't start him out with an unsecured card?

Re: New to forum

Anonymous — Sun, 23 Feb 2020 17:14:33 GMT

He had 1 collection on file at the time that already dropped off and his scores were at around 630. Do he decided to go the secured route to be safe.

Re: New to forum

K-in-Boston — Sun, 23 Feb 2020 17:20:38 GMT

I would also agree that the CSP is unlikely as it requires a minimum $5,000 credit line. My other question would be why that card (other than awesome signup bonus)? With the others being cash back cards, does a general purpose travel points card make sense? Cashing out Ultimate Rewards would give the same or only half of the value as putting those charges on Double Cash. For the Chase Travel portal, it would only be slightly elevated for restaurant and travel spend compared to Double Cash and there is the annual fee to overcome.

If travel is planned with CSP, perhaps he might consider other travel cards from Amex and Citi instead of the ones you mentioned. Just using my own reasoning for having cards from all 3 of those lenders, Membership Rewards, ThankYou Points, and Ultimate Rewards can all be transferred to Air France/KLM or Virgin Atlantic, which is great in the Delta ecosystem (as are the Delta cards from Amex).

Re: New to forum

HeavenOhio — Sun, 23 Feb 2020 17:23:41 GMT

That makes sense, @Anonymous.

I think getting out of Low Limit Land is priority number one. Citi isn't known for high starting limits. On the other hand, AMEX is noted for being generous with thin, clean profiles that produce 700-plus scores.

I'd also check in with Navy. They're probably about ready to open up. He might want to apply for a second card, depending on what happens when his current card graduates.

Re: New to forum

Anonymous — Mon, 24 Feb 2020 17:13:38 GMT

I'd let his accounts age a little (AA0A > 1yr). Maybe the secured card graduates by then. Discover isn't a bad starter card that can grow when he's ready to apply.

Re: New to forum

Taurus22 — Mon, 24 Feb 2020 17:23:14 GMT

Welcome to the forum OP.....

From my experience, the only card I can offer any DP's on is the Citi DC. When I opened mine (2013), it was expressed to me that a score of 740+ was ideal to get this card. Mine was 760 at the time and I got instant approval $2500. This may have changed since then, just offering what I knew then.

Discover would probably give him a card now with 700+.....double cashback 1st year in categories.

Re: New to forum

SouthJamaica — Mon, 24 Feb 2020 17:28:19 GMT

@Anonymous wrote:
Hello, new to the forum but been but have been reading for a while. I'm trying to help out my son. I'm looking on opening some cards but don't know what route to go for him. I'm thinking of Chase Sapphire preferred, amex blue cash, and Citi double cash. Scores are as follows: TU-709, EQ-703, & EX-717 from myfico. His aaoa is 5 yrs 9mos, no chargeoffs and 4% utilization on 3 cards. He has a secured card with nfcu of 200-0 bal 6 mos old, Kohl's 300-0 bal 10 mos old, and cap1 1550-39 bal 2 1/2 yrs old and a paid off auto. Does he have a chance on these cards. Any input appreciated.

No chance on CSP. He has a chance for either the Citi DC or the Amex BCE.

Re: New to forum

Anonymous — Tue, 25 Feb 2020 00:23:34 GMT

Well my son just told me his secured card unsecured today after 6 months to 2k. When is a good time for a second card with Navy.

Re: New to forum

K-in-Boston — Tue, 25 Feb 2020 16:56:56 GMT

OP's son has been approved for a 2nd NFCU card. That thread is here. I am leaving this one open if OP is still looking for further suggestions.