topic Re: Need advice. Good score. 13 Inquirys. Thin file. in Credit Cards

Need advice. Good score. 13 Inquirys. Thin file.

Anonymous — Mon, 22 Jun 2020 05:06:09 GMT

Looking to bulk up file with more credit cards. Could use a good balance transfer among them (not chase). Problem is I only have 2 open accounts a car payment and a cap one entry tier. Both in good standing. I have 12 inqs across all 3. Barclays wanted none of me 10 months ago. My avg score is 760ish and a pretty decent income.

Preapprovals treat me like a newb: amex blue cash everyday, discover it cash back, etc..decent but looking for higher limit or balance transfer friendly cards.

Am I asking for too much?

Which direction should I take?

Re: Need advice. Good score. 13 Inquirys. Thin file.

K-in-Boston — Mon, 22 Jun 2020 07:42:50 GMT

I would strongly suggest that you consider a local credit union, or a large one such as Navy FCU if you are eligible for membership. Very limited revolving credit history, balance transfer, high starting limit, and aggressive recent credit-seeking are not terms that often go together well outside of CUs.

Re: Need advice. Good score. 13 Inquirys. Thin file.

Gollum — Mon, 22 Jun 2020 08:04:54 GMT

@Anonymous wrote:
Looking to bulk up file with more credit cards. Could use a good balance transfer among them (not chase). Problem is I only have 2 open accounts a car payment and a cap one entry tier. Both in good standing. I have 12 inqs across all 3. Barclays wanted none of me 10 months ago. My avg score is 760ish and a pretty decent income.
Preapprovals treat me like a newb: amex blue cash everyday, discover it cash back, etc..decent but looking for higher limit or balance transfer friendly cards.

Am I asking for too much?
Which direction should I take?

The car payment and the Capital One credit card will help your credit rating/score. Keep making your payments on time to improve your credit rating/score. You have quite a few inquiries, so I would wait a year or two before applying for new credit or a credit limit increase.

Re: Need advice. Good score. 13 Inquirys. Thin file.

Gmood1 — Mon, 22 Jun 2020 08:38:06 GMT

@Anonymous

Are those your FICO scores?

When you say higher limit BT CC, what's the limit you are looking for?

Also how old is your credit history? The inqs spread acorss 3 credit reports isn't a factor. Especially if they are 12 months or older.

Re: Need advice. Good score. 13 Inquirys. Thin file.

Anonymous — Mon, 22 Jun 2020 08:59:39 GMT

Thanks a good cu may be an option.

Re: Need advice. Good score. 13 Inquirys. Thin file.

Anonymous — Mon, 22 Jun 2020 09:06:01 GMT

Yes Fico scores 750 - 770

Looking for +15k limit

Inquiry history:

I can only see 12 mos. back

Took a bunch of inq's early 2020 shopping a mortgage. Turns out seller took cash offer.

Re: Need advice. Good score. 13 Inquirys. Thin file.

Gmood1 — Mon, 22 Jun 2020 23:22:21 GMT

Ok, yeah a credit union would be you best bet.

Maybe be one that allows you to request your SL.

Consumers credit union of Illinois(TU puller)

SECU of Maryland ( EQ puller)

AOD FCU (EQ puller)

First Tech FCU (EX puller)

If in one of their states, BBVA compass. (EX puller). They have a pre-approval site that's been 100% accurate for me. You know your starting limit before you pull the trigger.

PNC bank pulls EX.

Seem generous, though you can't request your SL.

Re: Need advice. Good score. 13 Inquirys. Thin file.

KJinNC — Mon, 22 Jun 2020 15:09:28 GMT

I can't help but ask, how do you have 13 inquiries and only two accounts? Do you have some closed accounts you didn't mention? Those would still also count, making your file maybe not as thin as you're thinking.

I don't know if you'd be able to get a Chase card, but if so, that is something to consider, since I guess you are below 5/24 for now. Also, I agree with the previous advice about credit unions, especially Navy Federal if you are eligible (more people are eligible than realize it).

Barring that, I'd probably go ahead and pick up the Amex Delta Blue and the Discover you mentioned. Then sit on those four accounts for a few months, and I think you'll start getting some better options showing up. What I would not do is sit on two accounts waiting for inquiries to fall off before my next step. As far as qualifying for better credit cards, that cure is worse than the disease. Credit-seeking behavior does hurt, but you have to break eggs to make an omelette. I think people sometimes underestimate the problems of a thin file and overestimate the damage of inquiries. Of course, other goals (eg mortgage, car loan etc) may favor different strategies. JMO, good luck!

Re: Need advice. Good score. 13 Inquirys. Thin file.

Anonymous — Mon, 22 Jun 2020 15:17:59 GMT

It's up to you if you want to answer this. What is the purpose of a balance transfer card if you don't have any balances? If your plan is to collect balances and transfer them around, I would urge you to reconsider.

Re: Need advice. Good score. 13 Inquirys. Thin file.

K-in-Boston — Mon, 22 Jun 2020 16:34:02 GMT

@KJinNC wrote:
I can't help but ask, how do you have 13 inquiries and only two accounts?

@Anonymous wrote:
Took a bunch of inq's early 2020 shopping a mortgage. Turns out seller took cash offer.

Re: Need advice. Good score. 13 Inquirys. Thin file.

Remedios — Mon, 22 Jun 2020 19:17:56 GMT

@Anonymous wrote:
Looking to bulk up file with more credit cards. Could use a good balance transfer among them (not chase). Problem is I only have 2 open accounts a car payment and a cap one entry tier. Both in good standing. I have 12 inqs across all 3. Barclays wanted none of me 10 months ago. My avg score is 760ish and a pretty decent income.
Preapprovals treat me like a newb: amex blue cash everyday, discover it cash back, etc..decent but looking for higher limit or balance transfer friendly cards.

Am I asking for too much?
Which direction should I take?

Well, your oldest account is from September, so you are a "newb".

High limits take time, that's not something that happens over night.

As far as BTs, you only have one card with low limit, so are you looking for the actual BT card, or are you looking for cards that allow BT funds to be transferred to your checking account?

While end result might be the same, it's easier to "help" if we know the intent.

In any case, with such a short history, your approvals might be in $1500.00 range, so if you're really wanting higher limits, dont apply and let your accounts age.

Re: Need advice. Good score. 13 Inquirys. Thin file.

Gollum — Tue, 23 Jun 2020 08:05:55 GMT

@Anonymous wrote:
Yes Fico scores 750 - 770
Looking for +15k limit
Inquiry history:
I can only see 12 mos. back
Took a bunch of inq's early 2020 shopping a mortgage. Turns out seller took cash offer.

@Anonymous,

I suggest you read the "What to know about rate shopping" and "What to remember when you are rate shopping" sections at the myFICO webpage https://www.myfico.com/credit-education/credit-reports/credit-checks-and-inquiries

It is possible that your mortgage-related inquiries would be treated as one inquiry.

I still advise patience and paying your car payment (and your other bills) on time.

Re: Need advice. Good score. 13 Inquirys. Thin file.

Anonymous — Tue, 23 Jun 2020 09:19:24 GMT

Good question

I have a chase business card with 15k on it. Need to unload it quick. Interest is killing me.

Re: Need advice. Good score. 13 Inquirys. Thin file.

Anonymous — Tue, 23 Jun 2020 09:22:19 GMT

Yea I've heard same category hits are often lumped into one within a certain timeframe but there they are.

Re: Need advice. Good score. 13 Inquirys. Thin file.

ChargedUp — Tue, 23 Jun 2020 11:00:43 GMT

@Anonymous wrote:
Good question
I have a chase business card with 15k on it. Need to unload it quick. Interest is killing me.

If you have any military affiliation, be it yourself or a close relative then Navy Fed would be my first thought. As thin as your file is though, I don't see an initial approval for anything close to $15K being likely, but Navy Fed has surprised us before. PSECU has been known to be generous with SL's as well.

Honestly, most banks have become BT shy in the current market. CU's are truly going to be your best bet.

If all the mortgage inquiries happened within a 2 week period, they should be counted at 1 inquiry scorewise.

Re: Need advice. Good score. 13 Inquirys. Thin file.

Anonymous — Tue, 23 Jun 2020 16:36:00 GMT

@Anonymous wrote:
Good question
I have a chase business card with 15k on it. Need to unload it quick. Interest is killing me.

Have you considered BB&T Bright card? 0% introductory annual percentage rate (APR) for 15 months on purchases and balance transfers.

Pre-qualify link below....vast majority of us who have received approval and cards have have gotten with sp only. I have a very thin, young file and BB&T gave me 11k sl. Good luck!

https://www.bbt.com/offers/checkOffers

Re: Need advice. Good score. 13 Inquirys. Thin file.

MacCreed — Wed, 24 Jun 2020 07:30:00 GMT

BB&T used to hand out $6500 like candy but I am seeing much lower limits in recent approvals.

Re: Need advice. Good score. 13 Inquirys. Thin file.

Anonymous — Wed, 24 Jun 2020 11:53:47 GMT

Good suggestion although BB&T is not in IL

Re: Need advice. Good score. 13 Inquirys. Thin file.

Anonymous — Wed, 24 Jun 2020 12:08:14 GMT

Thanks great insight there.

Good advice.

Re: Need advice. Good score. 13 Inquirys. Thin file.

Anonymous — Wed, 24 Jun 2020 12:28:51 GMT

12 of the 13 inqs are essentially two-categoried. Auto and mortgage.

Mortgage - Feb 2020 same week. 2 inqs. all 3 bureaus

Auto - Oct 2019 same day. 6 inqs. TU only

13th inq is either barclays or Mortgage from Aug 2019.

Technically this amounts to just 3 inqs.

Perhaps this is just how MY report reads for informational purposes. But barclays said too many inqs. How can I find out what lenders see??