topic Re: Help Evaluate My Apps and Current Situation - AMEX BPC, Chase Sapphire Pref, Venture and Discove in Credit Cards

Help Evaluate My Apps and Current Situation - AMEX BPC, Chase Sapphire Pref, Venture and Discover

lrdwilder — Sun, 01 Jan 2012 22:23:58 GMT

Hi Everyone,

I've been lurking and reading for quite a while now. Have been working my butt off to move my score up and I think I finally hit wall. Here is where I was as of a week ago:

AU Wife's BoA 20k limit - currently carry a 4k balance

CapOne Plat $1200 cl - $0 $39/yearly fee

Orcahrd Bank $400 cl - $0 $79/yearly fee

AMEX Gold Premier Rewards - Avg about $3k spend a month - always paid in full

TU - 705 - EQ - 699 scores before an apps - 0 inquiries shows - 4 late payments from 3 years ago

Applied for in the following order -

AMEX BCP - Approved 10k CL

Chase Saphire Pref - Approved 6k CL

Capital One Venture Card - Approved 5k CL

Discover MORE Card - Approved 3k CL

----- i have SCOREWATCH and received the inquiry of CapOne but according to score watch my score INCREASED!! It went up 5 points! LOLOL

Future plans to upgrade the AMEX Gold to Plat in August which I think will generate a hard pull, no additional inquiries for 2012 are anticipated.

Please let me know your thoughts on the following actions:

Cancel the Orchard Bank 400CL / $79 annual fee

I am debating the cancellation of the CapitalOne 1200CL as I now have a higher line with them.....what are your thoughts? Also what are your thoughts as to amounts and types of credit I now have?

Thanks!

Re: Help Evaluate My Apps and Current Situation - AMEX BPC, Chase Sapphire Pref, Venture and Discove

LS2982 — Sun, 01 Jan 2012 22:26:10 GMT

@lrdwilder wrote:
Hi Everyone,

I've been lurking and reading for quite a while now. Have been working my butt off to move my score up and I think I finally hit wall. Here is where I was as of a week ago:

AU Wife's BoA 20k limit - currently carry a 4k balance

CapOne Plat $1200 cl - $0 $39/yearly fee

Orcahrd Bank $400 cl - $0 $79/yearly fee

AMEX Gold Premier Rewards - Avg about $3k spend a month - always paid in full

TU - 705 - EQ - 699 scores before an apps - 0 inquiries shows - 4 late payments from 3 years ago

Applied for in the following order -

AMEX BCP - Approved 10k CL

Chase Saphire Pref - Approved 6k CL

Capital One Venture Card - Approved 5k CL

Discover MORE Card - Approved 3k CL

----- i have SCOREWATCH and received the inquiry of CapOne but according to score watch my score INCREASED!! It went up 5 points! LOLOL

Future plans to upgrade the AMEX Gold to Plat in August which I think will generate a hard pull, no additional inquiries for 2012 are anticipated.

Please let me know your thoughts on the following actions:

Cancel the Orchard Bank 400CL / $79 annual fee

I am debating the cancellation of the CapitalOne 1200CL as I now have a higher line with them.....what are your thoughts? Also what are your thoughts as to amounts and types of credit I now have?

Thanks!

How old is your next card after Orchard?? if its only a few months i would think about canning it. If not, I'd be on the phone with them trying to get the AF waived.

Re: Help Evaluate My Apps and Current Situation - AMEX BPC, Chase Sapphire Pref, Venture and Discove

CS800 — Sun, 01 Jan 2012 22:37:44 GMT

@lrdwilder wrote:
Hi Everyone,

I've been lurking and reading for quite a while now. Have been working my butt off to move my score up and I think I finally hit wall. Here is where I was as of a week ago:

AU Wife's BoA 20k limit - currently carry a 4k balance

CapOne Plat $1200 cl - $0 $39/yearly fee

Orcahrd Bank $400 cl - $0 $79/yearly fee

AMEX Gold Premier Rewards - Avg about $3k spend a month - always paid in full

TU - 705 - EQ - 699 scores before an apps - 0 inquiries shows - 4 late payments from 3 years ago

Applied for in the following order -

AMEX BCP - Approved 10k CL

Chase Saphire Pref - Approved 6k CL

Capital One Venture Card - Approved 5k CL

Discover MORE Card - Approved 3k CL

----- i have SCOREWATCH and received the inquiry of CapOne but according to score watch my score INCREASED!! It went up 5 points! LOLOL

Future plans to upgrade the AMEX Gold to Plat in August which I think will generate a hard pull, no additional inquiries for 2012 are anticipated.

Please let me know your thoughts on the following actions:

Cancel the Orchard Bank 400CL / $79 annual fee

I am debating the cancellation of the CapitalOne 1200CL as I now have a higher line with them.....what are your thoughts? Also what are your thoughts as to amounts and types of credit I now have?

Thanks!

When you close a card in good standing, you only lose the CL with the card and not the AAoA. It seems that you are great CL's already so I would close the Orchard and the Cap One if I were you.

Re: Help Evaluate My Apps and Current Situation - AMEX BPC, Chase Sapphire Pref, Venture and Discove

LS2982 — Sun, 01 Jan 2012 22:46:26 GMT

@CS800 wrote:
@lrdwilder wrote:
Hi Everyone,

I've been lurking and reading for quite a while now. Have been working my butt off to move my score up and I think I finally hit wall. Here is where I was as of a week ago:

AU Wife's BoA 20k limit - currently carry a 4k balance

CapOne Plat $1200 cl - $0 $39/yearly fee

Orcahrd Bank $400 cl - $0 $79/yearly fee

AMEX Gold Premier Rewards - Avg about $3k spend a month - always paid in full

TU - 705 - EQ - 699 scores before an apps - 0 inquiries shows - 4 late payments from 3 years ago

Applied for in the following order -

AMEX BCP - Approved 10k CL

Chase Saphire Pref - Approved 6k CL

Capital One Venture Card - Approved 5k CL

Discover MORE Card - Approved 3k CL

----- i have SCOREWATCH and received the inquiry of CapOne but according to score watch my score INCREASED!! It went up 5 points! LOLOL

Future plans to upgrade the AMEX Gold to Plat in August which I think will generate a hard pull, no additional inquiries for 2012 are anticipated.

Please let me know your thoughts on the following actions:

Cancel the Orchard Bank 400CL / $79 annual fee

I am debating the cancellation of the CapitalOne 1200CL as I now have a higher line with them.....what are your thoughts? Also what are your thoughts as to amounts and types of credit I now have?

Thanks!

When you close a card in good standing, you only lose the CL with the card and not the AAoA. It seems that you are great CL's already so I would close the Orchard and the Cap One if I were you.

After rethinking about it I'm woth you on that, Axe them!

Re: Help Evaluate My Apps and Current Situation - AMEX BPC, Chase Sapphire Pref, Venture and Discove

Anonymous — Sun, 01 Jan 2012 22:49:30 GMT

@lrdwilder wrote:
Hi Everyone,

I've been lurking and reading for quite a while now. Have been working my butt off to move my score up and I think I finally hit wall. Here is where I was as of a week ago:

AU Wife's BoA 20k limit - currently carry a 4k balance

CapOne Plat $1200 cl - $0 $39/yearly fee

Orcahrd Bank $400 cl - $0 $79/yearly fee

AMEX Gold Premier Rewards - Avg about $3k spend a month - always paid in full

TU - 705 - EQ - 699 scores before an apps - 0 inquiries shows - 4 late payments from 3 years ago

Applied for in the following order -

AMEX BCP - Approved 10k CL

Chase Saphire Pref - Approved 6k CL

Capital One Venture Card - Approved 5k CL

Discover MORE Card - Approved 3k CL

----- i have SCOREWATCH and received the inquiry of CapOne but according to score watch my score INCREASED!! It went up 5 points! LOLOL

Future plans to upgrade the AMEX Gold to Plat in August which I think will generate a hard pull, no additional inquiries for 2012 are anticipated.

Please let me know your thoughts on the following actions:

Cancel the Orchard Bank 400CL / $79 annual fee

I am debating the cancellation of the CapitalOne 1200CL as I now have a higher line with them.....what are your thoughts? Also what are your thoughts as to amounts and types of credit I now have?

Thanks!

First off Congratulations! The cards you were approved for and starting limits are impressive. Regarding the Orchard and Capital One with AF. I would definitely first call each to get the AF waived. If Orchard won't waive it then I would consider closing it but I would recommend to keep the Cap One since it's only $39 and I doubt that's a lot to you since you are paying a much higher AF with the Amex Gold and considering upgrading to the Platinum one. Remember with Cap One you can do BT without any fees if you ever run into some financial hardship or emergency in the future.

Re: Help Evaluate My Apps and Current Situation - AMEX BPC, Chase Sapphire Pref, Venture and Discove

SevenNEW — Sun, 01 Jan 2012 23:45:44 GMT

@Anonymous wrote:
First off Congratulations! The cards you were approved for and starting limits are impressive. Regarding the Orchard and Capital One with AF. I would definitely first call each to get the AF waived. If Orchard won't waive it then I would consider closing it but I would recommend to keep the Cap One since it's only $39 and I doubt that's a lot to you since you are paying a much higher AF with the Amex Gold and considering upgrading to the Platinum one. Remember with Cap One you can do BT without any fees if you ever run into some financial hardship or emergency in the future.

True, but OP also has Cap 1 Venture, so I wouldn't think twice -- axe!

Re: Help Evaluate My Apps and Current Situation - AMEX BPC, Chase Sapphire Pref, Venture and Discove

Walt_K — Sun, 01 Jan 2012 23:55:53 GMT

Agree about axing Cap One and Orchard. FYI, upgrading to Platinum will not be a hard pull. But if you upgrade rather than apply for a new account, you most likely won't get any bonus MR points. I received an upgrade offer, and I've read about others getting them, but normally when you upgrade, there's no bonus associated with it. I would have applied for a new account rather than upgrading if they hadn't sent me an offer to upgrade and get 50K bonus points.

Re: Help Evaluate My Apps and Current Situation - AMEX BPC, Chase Sapphire Pref, Venture and Discove

Anonymous — Mon, 02 Jan 2012 00:08:13 GMT

@LS2982 wrote:
@CS800 wrote:
@lrdwilder wrote:
Hi Everyone,

I've been lurking and reading for quite a while now. Have been working my butt off to move my score up and I think I finally hit wall. Here is where I was as of a week ago:

AU Wife's BoA 20k limit - currently carry a 4k balance

CapOne Plat $1200 cl - $0 $39/yearly fee

Orcahrd Bank $400 cl - $0 $79/yearly fee

AMEX Gold Premier Rewards - Avg about $3k spend a month - always paid in full

TU - 705 - EQ - 699 scores before an apps - 0 inquiries shows - 4 late payments from 3 years ago

Applied for in the following order -

AMEX BCP - Approved 10k CL

Chase Saphire Pref - Approved 6k CL

Capital One Venture Card - Approved 5k CL

Discover MORE Card - Approved 3k CL

----- i have SCOREWATCH and received the inquiry of CapOne but according to score watch my score INCREASED!! It went up 5 points! LOLOL

Future plans to upgrade the AMEX Gold to Plat in August which I think will generate a hard pull, no additional inquiries for 2012 are anticipated.

Please let me know your thoughts on the following actions:

Cancel the Orchard Bank 400CL / $79 annual fee

I am debating the cancellation of the CapitalOne 1200CL as I now have a higher line with them.....what are your thoughts? Also what are your thoughts as to amounts and types of credit I now have?

Thanks!

When you close a card in good standing, you only lose the CL with the card and not the AAoA. It seems that you are great CL's already so I would close the Orchard and the Cap One if I were you.
After rethinking about it I'm woth you on that, Axe them!

i agree, get rid os them,, but can u replace the cl's with cli's on the other cards? have u tried yet?

Re: Help Evaluate My Apps and Current Situation - AMEX BPC, Chase Sapphire Pref, Venture and Discove

-Cain- — Mon, 02 Jan 2012 00:13:41 GMT

You can probably close them and be ok. You've picked up nice CLs for utilization purposes, and will keep the positive TLs for 10 more years, so AAoA wouldnt be affected until then. By then, you're other accounts will age nicely, and future AmEx will backdate and help as well. Getting rid of those AFs will be a bonus as well. Congrats on your new cards.

Re: Help Evaluate My Apps and Current Situation - AMEX BPC, Chase Sapphire Pref, Venture and Discove

Creditaddict — Mon, 02 Jan 2012 02:11:57 GMT

I would close Cap and HSBC.

Upgrading to Plat. will not be a hard pull.

Re: Help Evaluate My Apps and Current Situation - AMEX BPC, Chase Sapphire Pref, Venture and Discove

lrdwilder — Mon, 02 Jan 2012 02:16:48 GMT

Great advice from everyone so far thanks!

My avg age isn't a problem as I have very good hx of almost 15 years. The CapOne Plat and Orchard bank were both opened only 2 years ago and do not add any sig hx so I am going to go with the general consensus and axe them as I thought I would.

I did call and ask Chase about an CLI immediately after approval, they said my highest limit was showing as an AU and that I would require additional time and that after 6 mos they may re-eval without a hard pull....so I was happy with that.

I did not ask AMEX upon approval....happy enough with that limit to start and figured why wake the sleeping dragon.

I did call Discover whom I figured would give a higher limit then the others but who did not and they said no without any other consideration. As this was the last app and 1 day later then the rest perhaps they saw the multiple apps and got scared. Either way I will wait my 6 mos and see what happens.

CapOne I did not ask for or call...I figured with 2 cards they most likely wouldnt consider it so I let it go.

Great advise about the AMEX...if I wait about 8 mos and then apply for it rather then upgrade it I would be eligable for the MR points which I am a huge fan of. After I get it I can cancel the Gold as its of no use to me to have multiple as well i believe it wont ding me to bad to take that one additional inq as the others will be older then 6 mos.

Thanks!

Re: Help Evaluate My Apps and Current Situation - AMEX BPC, Chase Sapphire Pref, Venture and Discove

LS2982 — Mon, 02 Jan 2012 02:23:46 GMT

@lrdwilder wrote:
Great advice from everyone so far thanks!

My avg age isn't a problem as I have very good hx of almost 15 years. The CapOne Plat and Orchard bank were both opened only 2 years ago and do not add any sig hx so I am going to go with the general consensus and axe them as I thought I would.

I did call and ask Chase about an CLI immediately after approval, they said my highest limit was showing as an AU and that I would require additional time and that after 6 mos they may re-eval without a hard pull....so I was happy with that.

I did not ask AMEX upon approval....happy enough with that limit to start and figured why wake the sleeping dragon.

I did call Discover whom I figured would give a higher limit then the others but who did not and they said no without any other consideration. As this was the last app and 1 day later then the rest perhaps they saw the multiple apps and got scared. Either way I will wait my 6 mos and see what happens.

CapOne I did not ask for or call...I figured with 2 cards they most likely wouldnt consider it so I let it go.

Great advise about the AMEX...if I wait about 8 mos and then apply for it rather then upgrade it I would be eligable for the MR points which I am a huge fan of. After I get it I can cancel the Gold as its of no use to me to have multiple as well i believe it wont ding me to bad to take that one additional inq as the others will be older then 6 mos.

Thanks!

If you wait 61 days from AMEX approval you can ask for 3x CLI increase.

Re: Help Evaluate My Apps and Current Situation - AMEX BPC, Chase Sapphire Pref, Venture and Discove

lrdwilder — Mon, 02 Jan 2012 02:46:47 GMT

After 61 days a 3x request....I'm nervous about that in some respects I'm not sure I can understand them approving me for a 30k CL....that would be crazy! LOL.....does that generate a hard pull after 61 days though?

Re: Help Evaluate My Apps and Current Situation - AMEX BPC, Chase Sapphire Pref, Venture and Discove

-Cain- — Mon, 02 Jan 2012 02:48:30 GMT

From what I read here, AmEx CLI requests are soft pulls...

Re: Help Evaluate My Apps and Current Situation - AMEX BPC, Chase Sapphire Pref, Venture and Discove

Anonymous — Wed, 25 Jan 2012 20:42:49 GMT

I have just confirmed that I have been approved for Venture 1 - but, I don't know what will be my CL until I get the card in mail.

Here are my 2questions:

1. What is best strategy for CLI with Venture 1? Is it worth using and PIF, and keep asking every 3 months?

2. Is Venture just like another other cap 1 cards, as mentioned in thread above - or a card of higher notch, and very good one for long term keeping? [I have two current cards: BOA, AmEX in my portfolio - and, two Citi cards Dividend Preferred are now closed as I had rejected those change of terms back in 08].