topic Re: When to try for “better” cards? in Credit Cards

When to try for “better” cards?

Anonymous — Wed, 07 Apr 2021 18:48:55 GMT

I already closed my "builder cards" and have an excellent mix of other credit, but with my scores climbing as my cards are paid off I'm wondering when/if I should try for some of the "better" cards when my scores top out as the status is updated to the bureaus.

Current scores are

EQ: 704

TU: 693

EX: 698

I expect these scores to increase as my utilization drops from 40% to under 5% within the next 2 weeks.

Current cards:

CapOne Platinum

Local CU card

Paypal MC

Chase/Amazon MC

Verizon Visa

Amazon card (may close as it hasn't increased CL since I got it 5 years ago)

Care Credit/Synchrony

Home Depot card

BestBuy card

Other credit:

1. 2 Auto loans (one will be paid off in about 8 months or less)

2. Personal loan (from local Credit Union--same as one car loan)

3. Student loans

4. Mortgage

Should I even worry about trying for the "better" cards like Discover (any others?) or just relish in the scores and let things go for a while.

Re: When to try for “better” cards?

GApeachy — Wed, 07 Apr 2021 18:23:02 GMT

@Anonymous wrote:
or just relish in the scores and let things go for a while.

I think you said it best ^^^^^. Let things report, have your reports unlocked, sit back and see what offers may come your way. As the offers get better then you'll know it's time to jump. Do your research, take your time, be picky and after a short while decide which card(s) you'd really like to go for. Save your inquiries and possibly a few headaches along the way by app'ing possibly a little too soon. Once your scores seemed "topped out" then come back here and ask the forum about certain cards that interest you. GL and congrats on your progress!

Re: When to try for “better” cards?

Anonymous — Wed, 07 Apr 2021 18:30:04 GMT

Definitely let that utilization drop first for best chances.

Disco probably would have approved you 20 points ago. I would check their prequal and see if they have anything for you.

You have an in with Chase already. Have you checked to see if you have any offers from them?

AMEX might not be so open about a revolver depending on what's suppressing your scores but it's worth checking their prequal too.

There is nothing wrong with waiting for better offers but I would think you would be approved for some other cards right now. It depends on your long term goals. I definitely went full YOLO with my rebuild and it worked out for me but I had a thick file thanks to old student loans.

Re: When to try for “better” cards?

Anonymous — Thu, 08 Apr 2021 00:01:15 GMT

Got a pre-screen offer from discover.

Got denied.

This is why I don't like scores. Lol.

Re: When to try for “better” cards?

JNA1 — Thu, 08 Apr 2021 00:29:07 GMT

@Anonymous wrote:
Got a pre-screen offer from discover.

Got denied.

This is why I don't like scores. Lol.

Not piling on you, but that's a good example why it's wise to listen to advice like the posts above ^^^. Even if Disco had approved you, you would have likely got a much better CL if you had waited. Just wait a little, get your scores in the (F8) 720's - 730's, and you can start getting approved for almost anything.

Again, not ragging on you, just urging you to take a metered, patient approach.

Re: When to try for “better” cards?

Anonymous — Thu, 08 Apr 2021 00:50:36 GMT

Yeah I should have waited...but I got an offer in the mail...and for some reason Discover is my goal card so....

It will remain my goal card.

Re: When to try for “better” cards?

JNA1 — Thu, 08 Apr 2021 01:27:30 GMT

@Anonymous wrote:
Yeah I should have waited...but I got an offer in the mail...and for some reason Discover is my goal card so....

It will remain my goal card.

Discover is a great card - especially for the first year. We used mine for a year for almost everything and earned a little over $1300 in cash back with the cash back match. We are using my wife's for the 5% categories (10% with cash back match) this year.

Re: When to try for “better” cards?

firefox100 — Sat, 10 Apr 2021 01:09:29 GMT

First you may want to call Discover and do a recon, they will give you an Idea why you got turn down and if there is any way to change it into approval. The customer service people at Discover are very nice. If you provide your income and credit limits will help us to guide you.

Re: When to try for “better” cards?

Anonymous — Sat, 10 Apr 2021 03:18:06 GMT

Income 90k

Limits 40k

Re: When to try for “better” cards?

Remedios — Sat, 10 Apr 2021 03:24:37 GMT

@firefox100 wrote:

First you may want to call Discover and do a recon, they will give you an Idea why you got turn down and if there is any way to change it into approval. The customer service people at Discover are very nice. If you provide your income and credit limits will help us to guide you.

Discover doesn't do "recon"

They will be very nice while telling you that, though.

Re: When to try for “better” cards?

micvite — Sat, 10 Apr 2021 03:34:44 GMT

@Remedios wrote:
@firefox100 wrote:

First you may want to call Discover and do a recon, they will give you an Idea why you got turn down and if there is any way to change it into approval. The customer service people at Discover are very nice. If you provide your income and credit limits will help us to guide you.
Discover doesn't do "recon"
They will be very nice while telling you that, though.

Discover was one of my first cards and depending on the reason, they can recon (got denied, recon got told to wait and send in a bunch of info and got a card in the mail 2 weeks later with no idea it was coming). They denied me for inquiries, too many new accounts, and that they couldn't verify identity. Explained I had just gotten started with applying for cards (5 inquiries, 3 approvals 2 months before applying for disco) they said they needed to verify my identity probably because I literally had just started getting credit (amex bofa and CO all did the same) and I had to send in a pic of my ID and social security card and voila! This was 4 years ago now so YMMV.

Re: When to try for “better” cards?

firefox100 — Sat, 10 Apr 2021 04:08:06 GMT

@Remedios wrote:
@firefox100 wrote:

First you may want to call Discover and do a recon, they will give you an Idea why you got turn down and if there is any way to change it into approval. The customer service people at Discover are very nice. If you provide your income and credit limits will help us to guide you.
Discover doesn't do "recon"
They will be very nice while telling you that, though.

Ok I am wrong, I know that I have been able to recon cli in the past.

Re: When to try for “better” cards?

Anonymous — Fri, 16 Apr 2021 14:50:12 GMT

I should have listened and waited. I got the letter from Discover why I didn't get approved: debt to income ratio/payments to income ratio...I'm assuming because my debt consolidation loan reported, but before the credit cards reported as being paid off.

Ironically, I got a Discover invitation in the mail.

Meanwhile utilization is going down and scores going up as CC's are reporting as being paid off.

I guess I'll try again in a few months?

Re: When to try for “better” cards?

GApeachy — Fri, 16 Apr 2021 15:40:36 GMT

@Anonymous what you can do now is wait like you stated. But not only to pass time but to see if Disco sends followup snail mail offers with better apr offers. If and when time has gone by you may well see the apr range lowering. Just give it time and don't app for other cards and THAT just might return a sweet offer from them in a few months. Thanks for updating.

Re: When to try for “better” cards?

Anonymous — Thu, 22 Apr 2021 16:21:22 GMT

Well, now that all credit cards are paid off (except 2 with total of $200 on them) and utilization down to 1%, my scores have updated to 767, 766 and 767.

I guess I should have waited on that Discover It card. I don't have any need for more credit, but it is killing me stop myself from trying to increase those limits on the ones I have.

At least I can have less anxiety with apps now.

Re: When to try for “better” cards?

805orbust — Fri, 23 Apr 2021 05:01:57 GMT

Thats awesome news. Discover is a strange bird tho. I had the It for years at $900 and nothing. Finally decided to send them packing and picked up a $9k Freedom Flex during the holidays. Of course then they raise me to $4k. Weird.

I say stay the course, keep doing what you're doing and put some serious thought into what products will work for your spend patterns. With those s ores you can get approval on anything. But don't be surprised if you get a shocker here and there. These banks are crazy and we live in crazy times.

Re: When to try for “better” cards?

GrandBay — Wed, 23 Jun 2021 15:28:05 GMT

@Anonymous any updates? Disco's pre-qual page seems to have better luck than their mailings IMHO

Re: When to try for “better” cards?

Anonymous — Wed, 23 Jun 2021 15:36:09 GMT

I've given up on Discover for now. I did get a Chase Freedom and a Cap 1 QS cards, though. Both have rewards so I use them just to collect points.

I've decided to retire my debit card and just use my reward cards for most things.

Scores have increased to 775, 768 and 769 so the scores are there, but whatever. LOL.