topic Re: Next card ? in Credit Cards

Next card ?

Anonymous — Sat, 25 Apr 2020 00:59:48 GMT

Not sure what to do next to increase my score. I want to apply for another card to replace my $2oo CapitalOne SC and eventually CreditOne CC. Any suggestions, should I wait?

- Can I close my CapOne Secured Card and apply for another CapOne secured card with a higher limit? I tried multiple CLI on the SC to no avail until I was advised to apply for CapOne Platinum which I got and was initially 2k and then addt. $500 CLI after 6 months. I think this will continue automatically as long as I make payments on time.

- Which CapOne or other card do I have chance of getting with my score. I just want another card to increase my total credit limit. I plan on only using one card (AZEO) so maybe a cashback card?
- Discover card ? Amazon CC ? PayPal CC ? Capital Venture or VentureOne ?
- I am a member of MCU and they offer True Rewards Visa CC

I don’t want to apply for a card unless I am confident so as not to waste a HP. Open to suggestions. Also thinking of only apply to cards that pull from EQ so as not to hurt my TU score. Does it matter?

TU 611 | EQ 641

CareCredit
CapitalOne Platinum
CapitalOne Secured
CreditOne
MCU Overdraft Protection
SelfLender
- 1 closed, 1 open
- $48 month - starts reporting next month
Student Loans - good standing

$1000 AmeriAssist Collections ( will attempt to PFD)

Payment History: 100%
Hard Inquiries: 4 TU | 2 EX
Credit Card Utilization 45%

Re: Next card ?

CYBERSAM — Sat, 25 Apr 2020 00:30:59 GMT

Bring your utilization down as much as you can. AZEO is a very good goal.

Resolve or remove your baddies as fast as you can!

Bring your Ex up 20-30 more points and you can app for AMEX

No point apping for CCs that are going to give you very low SL with very high APR.

Re: Next card ?

thornback — Sat, 25 Apr 2020 00:36:41 GMT

Hi & Welcome to the forums!

You noted your EX & TU scores/inquiries, what about EQ? And are those FICO scores you've listed for EX & TU?

How old are your current accounts?

@Anonymous wrote:

Also thinking of only apply to cards that pull from EX so as not to hurt my TU score. Does it matter?

All three scores will be affected by the addition of a new account -- can't avoid that. You can, however, limit the inquiry to just a single bureau if you app for a card from a lender that is known to only pull one bureau (we know CapOne pulls all 3 and Chase may or may not pull 2, etc.).

@Anonymous wrote:
Not sure what to do next to increase my score.
Credit Card Utilization 45%

45% util is an issue. Utilization has a profound affect. If you can reduce this to below 29%, you'll see a nice score increase... less than 9% is even better. Yes, getting a new card can help reduce util, but only if the limit granted is sufficient - and there are no guarentees of that - especially with current high util and the presence of unpaid collections.

@Anonymous wrote:

$1000 AmeriAssist Collections ( will attempt to PFD)

Take care of this ^^ asap. The sooner you get them removed the better as they will continue to hold down your scores for as long as they remain on your reports -- especially if they are updating monthly/regularly. Do you know the DOFD (Date of First Delinquency)? DOFD is the month / year the account (with the original creditor) first become delinquent and was never brought current; this is the date that determines the start of the 7 year reporting period.

Re: Next card ?

Anonymous — Sat, 25 Apr 2020 01:01:05 GMT

Thanks for the advice. I'm a bit of a newb. What's the starter AMEX card. Also, is there a difference between AMEX and "normal" CCs -- is the expectation that you PIF each month with AMEX?

Working on collection. Currently disputing and if that doesn't work, I will attempt to PFD.

DoFD might be about two years ago. I'm guestimating.

I'm not sure what scores these are. I got both of them from creditkarma.

Average Age is 2 years 11 months

I had gotten EX and EQ mixed up. Edited OP

Re: Next card ?

AllZero — Sat, 25 Apr 2020 00:59:17 GMT

$1 you can obtain your 3 bureau FICO 8 reports at Experian.com or creditchecktotal.com. Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

Re: Next card ?

thornback — Sat, 25 Apr 2020 01:03:37 GMT

@Anonymous wrote:
Thanks for the advice. I'm a bit of a newb. What's the starter AMEX card. Also, is there a difference between AMEX and "normal" CCs -- is the expectation that you PIF each month with AMEX?

Working on collection. Currently disputing and if that doesn't work, I will attempt to PFD.

There are Amex revolvers and Amex charge cards. The Charge Cards (Green, Gold, Platinum) have no preset spending limit (NPSL) and are meant to be paid in full each month. The revolvers (Blue Cash Everyday, Blue Cash Preferred, Cash Magnet) act as every other credit card where only the minimum due is required to be paid each month (though paying more than the minimum, if not in full, is recommended as good practice). There are no Amex "starter" cards. If you are a borderline approval for a revolver, they will start you with a minimum limit of $500. If you are borderline approval for a charge card, your internal spending limit will be low (which means charges will be declined once that internal limit is reached) and they will raise it over time, as they see fit. Your scores should be in the 700s before you app for an Amex.

Amex also offers co-branded revolver cards (Delta, Hilton, Marriot cards). These cards have less strict underwriting for approval criteria and can be a gateway for building an Amex relationship so you may eventually acquire one of their core cards. You can use the pre-qualification tool on their website to see if any offers are available. Their prequal tool is usually pretty solid. That said, do your research. Don't just app because it's amex - make sure the card you choose fits your spending so you can utilize the card long term. If you travel - look at travel cards; if not, seek cash back.

Re: Next card ?

Anonymous — Sat, 25 Apr 2020 01:22:34 GMT

got my creditchecktotal, thanks @AllZero

just reminded off old charge off BoA CC that is more than 7 years old. Should I attempt to PFD this as well?

Date of Collection is Oct 2019

FICO 2 = 588

FICO Auto 8 = 607

FICO Auto 2 = 588

FICO Bankcard 8 = 618

FICO8 Score = 628

FICO Score 3 = 554

FICO Bankcard 2 = 593

Re: Next card ?

ficosuave — Sat, 25 Apr 2020 01:11:37 GMT

This won't help your total credit line any, but if you haven't you may want to check the Capital One upgrade link to see if you're eligible to product change your Platinum to a Quicksilver.

https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade

RE: Next Card ?

thornback — Sat, 25 Apr 2020 01:24:13 GMT

@Anonymous wrote:

Working on collection. Currently disputing and if that doesn't work, I will attempt to PFD.

Disputing for what reason? Is it innaccurate? Too late now - but don't dispute just to dispute -- it can sometimes come back to bite - hopefully, things will work out in this instance. In the future, only dispute information that is innacurate, otherwise, work with the owner of the tradeline to resolve (in this case, the collection agency).

@Anonymous wrote:

DoFD might be about two years ago. I'm guestimating.

OK - so definately need to resolve this because it'll be a long while before they reach their 7 year reporting statute for removal. You're also probably still within the Statute of Limitations (SOL) for your state -- which means they can pursue legal action for the debt and that is the last thing you want. Even if this dispute results in a deletion - pay the debt if you owe the debt (settle it if possible) so that it doesn't come back to haunt you in the future.

@Anonymous wrote:

I'm not sure what scores these are. I got both of them from creditkarma.

Credit Karma scores are of the Vantage 3 model and are very different from FICO scores in how they weigh various aspects of your credit and respond to changes to your credit profile. The overwhelming majority of lenders use FICO to make credit decisions -- in fact, we only know of one lender (Synchrony) that uses Vantage and they don't even use Vantage 3, they use Vantage 4. You really need to get and monitor your FICO scores so you know where you stand. As stated in the post by @AllZero, you can obtain all 3 FICO 8 scores by signing up for the $1 / 7-day trial at Experian.com. Just be sure to cancel before your trial ends if you decide you don't want the monthly service.

Also, FYI - understand that you actually have 28 different FICO scores. FICO 8 is the most common version, but lenders may use any one of the other FICO versions which include Mortgage, Auto, and Bankcard enhanced scores, as well as FICO 9. I just wanted to mention that in case a lender provides you with a FICO score that doesn't match your FICO 8 -- so you know that it's one of the other FICO versions. If you're interested in seeing all of your other scores, you'll need to purchase a subscription at myFICO -- it's the only place to get all of them and it's a bit costly. You can absolutely wait to do that though - it can get overwhelming so just focus on your FICO 8 scores for now.

@Anonymous wrote:

Average Age is 2 years 11 months

That's per Credit Karma? If so, it may not be completely accurate (for FICO scoring) because Credit Karma excludes closed accounts in determining age.

If it is accurate (ie. you have no closed accounts) then that's great - and you'll hit the 3 year AAoA (Average Age of Accounts) mark on May 1st -- which is a known FICO scoring threshold that should yield a bit of a score increase.

Re: Next card ?

AllZero — Sat, 25 Apr 2020 01:26:52 GMT

@Anonymous wrote:
got my creditchecktotal, thanks @AllZero

just reminded off old charge off BoA CC that is more than 7 years old. Should I attempt to PFD this as well?

Date of Collection is Oct 2019

FICO 2 = 588
FICO Auto 8 = 607
FICO Auto 2 = 588
FICO Bankcard 8 = 618
FICO8 Score = 628
FICO Score 3 = 554
FICO Bankcard 2 = 593

Glad you got your scores. Did you et your TU 8 and EQ 8 scores too?

Re: Next card ?

Anonymous — Sat, 25 Apr 2020 01:33:55 GMT

Thanks everyone !

I just upgraded to QuickSilver. This is exactly what I was looking for (a cashback card). I hope I still get the semi-annual CLI as with Platinum. Does QS come with lower interest rate? I plan on adhering to AZEO and PIF but just curious. @ficosuave

Re: Next card ?

thornback — Sat, 25 Apr 2020 01:34:34 GMT

Great that you got your scores.

@Anonymous wrote:

just reminded off old charge off BoA CC that is more than 7 years old. Should I attempt to PFD this as well?

Date of Collection is Oct 2019

BoA won't PFD, don't even bother trying. PFDs work best with collection agencies - they don't work with original creditors. You have to Goodwill original creditors after you pay your outstanding debt.

You need the DOFD to determine how much longer the BoA tradeline will remain on your reports. Just because the account is more than 7 years old, doesn't mean the delinquency is more than 7 years old. How much longer the tradeline will remain on your reports will determine whether or not it's worth paying the outstanding debt. If the charge-off account is still reflecting an outstanding balance, then that balance is still factoring into your overall utilization and hurting your scores. The only way to fix that is to pay it (either in full or settled for less) so that it's updated to reflect a $0 balance. However, if the account is going to fall off soon, it may not be worth it.

Same goes for the collection -- the date of the collection (Oct. 2019) is the date the collection was opened - that's not the DOFD. The DOFD is based on the original debt with the original creditor.

So... (don't get annoyed...lol). You need to also pull your reports from AnnualCreditReport.com. These reports (just reports, no scores) are the most comprehensive version of your credit reports you can get online and they show the DOFD / Expected Date of Removal for all deragotory accounts. It is free to pull and right now, due to COVID, they are allowing weekly pulls. The site is safe (mandated by the Fed. Government). Go... get them and report back with the DOFD/Expected removal dates for those negatives so we can better advise how to handle.

Re: Next card ?

M_Smart007 — Sat, 25 Apr 2020 01:37:58 GMT

@AllZero wrote:
$1 you can obtain your 3 bureau FICO 8 reports at Experian.com or creditchecktotal.com. Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

https://www.annualcreditreport.com/index.action

Re: Next card ?

AllZero — Sat, 25 Apr 2020 01:38:41 GMT

@Anonymous wrote:
Thanks everyone !

I just upgraded to QuickSilver. This is exactly what I was looking for (a cashback card). I hope I still get the semi-annual CLI as with Platinum. Does QS come with lower interest rate? I plan on adhering to AZEO and PIF but just curious. @ficosuave

Congratulations on your product upgrade!

Re: Next card ?

Anonymous — Sat, 25 Apr 2020 01:41:47 GMT

<Quote> Glad you got your scores. Did you et your TU 8 and EQ 8 scores too? </Quote>

@AllZero

FICO 8 | EX 628 | EQ 633 | TU 616

(How does one quote in this forum?)

Re: Next card ?

Anonymous — Sat, 25 Apr 2020 01:43:41 GMT

@Anonymous wrote:
Not sure what to do next to increase my score. I want to apply for another card to replace my $2oo CapitalOne SC and eventually CreditOne CC. Any suggestions, should I wait?

- Can I close my CapOne Secured Card and apply for another CapOne secured card with a higher limit? I tried multiple CLI on the SC to no avail until I was advised to apply for CapOne Platinum which I got and was initially 2k and then addt. $500 CLI after 6 months. I think this will continue automatically as long as I make payments on time.

- Which CapOne or other card do I have chance of getting with my score. I just want another card to increase my total credit limit. I plan on only using one card (AZEO) so maybe a cashback card?
- Discover card ? Amazon CC ? PayPal CC ? Capital Venture or VentureOne ?
- I am a member of MCU and they offer True Rewards Visa CC

I don’t want to apply for a card unless I am confident so as not to waste a HP. Open to suggestions. Also thinking of only apply to cards that pull from EQ so as not to hurt my TU score. Does it matter?

TU 611 | EQ 641
CareCredit
CapitalOne Platinum
CapitalOne Secured
CreditOne
MCU Overdraft Protection
SelfLender
- 1 closed, 1 open
- $48 month - starts reporting next month
Student Loans - good standing
$1000 AmeriAssist Collections ( will attempt to PFD)
Payment History: 100%
Hard Inquiries: 4 TU | 2 EX
Credit Card Utilization 45%

IMHO, you need to pull your scores up and bring down your utilization first before you waste HPs for another card.

Don't close your Cap1 and Credit one if they are your oldest cards. Never everrr close/reapply one secure another secure from the same cc/bank. You can't request a CLI for a Cap1 secure card, they are given to you. No one will know what you can get under Cap1 but you can always request to upgrade your Cap1 Platinum to a QS/Venture/Savor and their 1s sisters; you can search for the link in these forums. That would save you from getting a HP as well as the chance to earn cash/points on a card you already have.

MCU isn't a great credit union. Besides us government workers getting paid a day earlier, I don't see the point of them. They just created that True Visa card recently because no one really gets their CCs. Their other credit cards are often super low limits and gave crazy hidden fees (just like their bank accounts) and always want HP for CLIs. This new 1.5 cash back card is their way of trying to compete *eye-roll* and get government workers do everything Financially under them.

Re: Next card ?

AllZero — Sat, 25 Apr 2020 01:44:01 GMT

@Anonymous wrote:
<Quote> Glad you got your scores. Did you et your TU 8 and EQ 8 scores too? </Quote>
@AllZero

FICO 8 | EX 628 | EQ 633 | TU 616

(How does one quote in this forum?)

Nice scores. Now you have a baseline to work with.

Go to the post you want to reply, click the quote button.

Re: Next card ?

Anonymous — Sat, 25 Apr 2020 01:46:49 GMT

Go to the post you want to reply, click the quote button.

Don't know how I missed that. I think I have a good idea of next steps. Thanks everyone! I'll keep y'all posted.

Re: Next card ?

Anonymous — Sat, 25 Apr 2020 03:21:25 GMT

I skimmed past your post. Going to get my credit report from ACR.com

Re: Next card ?

thornback — Sat, 25 Apr 2020 03:28:41 GMT

@Anonymous wrote:
I skimmed past your post. Going to get my credit report from ACR.com

haha.. Yeah... everyone started posting at the same time... easy to miss stuff.