topic Re: Product suggestions/When will CRA's update in Credit Cards

Product suggestions/When will CRA's update

csd456 — Thu, 05 May 2011 02:35:48 GMT

I posted this in another thread but need some further feedback.

My goal is an additional 10K in CL, either with CLI or new product. Currently I have: BofA Cash Rewards, 8,000CL, Chase Visa 5800 CL, Credit One Visa 1100 CL, Household Bank 700 CL. In total, only about $400 UTIL, but just paid off BofA and Chase and as of this morning the CRA's did not show updated balances. The Chase and BofA statements just closed on 5/3.

Scores, as of 5/4/11: TU FICO 690, EX FAKO 716, EQ: not totally sure. TU still showed high balances (90% UTIL). TU has only two inq's, EX has 9 showing (5 were on 4/7/09 and should drop this month...auto dealer pulled through every bank in town, URRG!. Others include BofA mortage, BofA auto loan SEP 2010). I actually pulled an EQ FAKO via EX on 4/16 and it was 706 PLUS score, know this means little. Today I spoke with an EXP CS rep and he said it takes up to 15 days for EXP to update, just don't want to wait that long on EX!

Nonetheless, I'm expecting a decent bump in score (no other baddies, long credit history) when the CRA's update my balances. When that happens, and I'm mor4e confident in approvals with decent CL's or CLI's, I'm considering these options:

--Discover More (new app: I figure a safe bet as they pull TU and I have only two inquiries there)

--BofA: CLI on existing card (but just opened the card OCT 2010)

--BofA Visa Business (BofA also has my mortgage and auto loan and have been generous with CL and interest rates)

--Chase: CLI request (but was denied FEB 2010, although had high UTIL then)

--Citi Platinum.

--Amex Blue Cash

So, my questions are:

1. When can I expect the CRA's to update?

2. Which way should I go to reach my CL increase goal: new products or CLI request?

3. Any other new cards I should consider?

Obviously I want the fewest hard pulls as possible but may need multiple applications. Please help!

Re: Product suggestions/When will CRA's update

llecs — Thu, 05 May 2011 05:43:31 GMT

Your Chase and BofA should update this week if the statement date was yesterday.

If your FICO score isn't that important, then aim for a new card, but do your homework first.

Pay off your CCs to very near $0 and get those balances to report on all 3 and then maybe try a CU.

Re: Product suggestions/When will CRA's update

csd456 — Thu, 05 May 2011 12:58:41 GMT

Thanks for the one and only feedback llecs...maybe my post was too long and complicated? Part of my "homework" is this forum!

With the 5 inq's on my EX report, I'm hesitant to go for a new card since from what I can tell, most all the big ones pull EX: BofA, Chase, Citi. CL's with Discover appear to be smallish (someone posted yesterday 4K CL with Discover More, but had score above 760. CU's appear to pull mulitple inq's. Do you know anything of BofA's business card? BofA CS was pitching this card to me when I called in last week for something.

I'm anticipating a bump to 730 or better once my balances updated with CRA's.

Re: Product suggestions/When will CRA's update

llecs — Thu, 05 May 2011 15:05:06 GMT

Remove inquiries from the equation. All CCCs will ding you with an inquiry for new credit and most will also ding you with an inquiry just for asking for a CLI. Either way, it's likely to happen.

CUs typically use one (not always though). YMMV and you'd certainly want to request a new CC verbally after joining. Many CUs will use the same pulled CR for multiple products if requested in a short-time period (30 or so days), but you'd have to ask.

I get BofA biz card preapprovals all the time, but I don't like BofA. Into the shredder it goes. If they offered me a guaranteed $10k CL, I'd tell them to pound sand. I'm not a fan if you can't tell. I don't know if they report to personal reports; you may want to ask in Biz Credit.

Re: Product suggestions/When will CRA's update

csd456 — Thu, 05 May 2011 16:14:58 GMT

Just curious why the animosity toward BofA. Not that I'm in love with them, but they carry my mortgage (4.5%), auto loan (3.9%/5-yr), and an 8K CL card; my largest CL. They've been good to me thus far, so thought I should really try them first. Some of the worry of going back to BofA-- and inquiries--on EX is the auto loan, mortgage (re-fi) and new CC all occured sep/oct 2010.

One other question: let's say I plan on two inq's for this task. Is it possible to time the applications and requests for CLI's close enough together (like within minutes or seconds by opening a couple of browser windows and pushing "send" at precisely the right time so that one is perhaps not seen by the next?