topic Re: Really want Chase and Citi or should I wait? in Credit Cards

Really want Chase and Citi or should I wait?

Anonymous — Sat, 21 Jan 2012 21:31:14 GMT

Okay after 7 years of waiting my collections dropped off of all my CRA reports last December. Being more financialy secure and wiser I decided to get back in the credit game. I apped and got instantly approved for these cards in this order except barclays which I had to recon to get. Macy's 1200CL, U.S. Bank FlexPerks cah reward Visa 7000CL, Barclays Denver Broncos Visa 1000CL (yes I'm a broncos fan), Walmart discover card 1000CL (for the free fico scores), Dillard's amex card 1000CL (cause I shop Dillard's a lot), Amex True Earnings 3000CL (cause I shop Costco every weekend), and Discover more 7000CL (got it for the 15 month 0% apr BT). All this was done last month to this month. My credit reports are clean now except for the new inquiries and new accounts that just been added and my fico scores on all 3 reports are all still over 720 each (thanks to the collections finally falling off of my report and being an authorized user on a few of my spouses credit cards dating back to 1999). I know I've acquired a few new trade lines in my app spree but I really want a Chase Saphire Preferred and a Citi Thank You premier card to complete my portfolio and I plan on applying for an amex BCE card in 6 months from now after I have built my relationship with amex. Should I also wait on Chase and Citi? I do have 2 old credit cards and student loans on my credit reports that I have in good standing and never missed a payment on those and my AAoA after the new trade lines are now 8.5 years. Wait or go for Chase and Citi? Also Experian reports 4 recent inquiries (Macy's, U.S. Bank, Barclays, Amex), Transunion 3 (Barclays, GEMB, GEMB) and Equifax 1 (Discover).

Re: Really want Chase and Citi or should I wait?

Revelate — Sat, 21 Jan 2012 21:39:34 GMT

My own opinion, shoot for the moon right now if you really want those cards (though it might've been better to just apply for them first).

You're going to eat another inquiry or two, but with the numbers you have already it may not make much of a different in score, and in a year it will be meaningless from a score perspective. If you wait six months to a year, your second wave app spree is going to hit you then, and it's better to just get your inquiries and new tradelines out of the way and either healing or increasing in age right now respectively. If you get denied now, you really haven't lost any time if you were planning to follow the conventional wisdom of waiting six months to a year in your situation.

I can assure you this isn't a popular opinion on this forum though

Edit: Barclay's can be finicky about new inquiries post-opening their account from what I've read here. YMMV with this or any other strategy.

Re: Really want Chase and Citi or should I wait?

Anonymous — Sat, 21 Jan 2012 23:06:55 GMT

I would go for it, though others may disagree.

Chase has pulled EX and EQ on me here in NY.

Citi always pulls EX on me.

After these 2 apps, I would definitely cool off.

Re: Really want Chase and Citi or should I wait?

LS2982 — Sat, 21 Jan 2012 23:09:16 GMT

@Anonymous wrote:
Okay after 7 years of waiting my collections dropped off of all my CRA reports last December. Being more financialy secure and wiser I decided to get back in the credit game. I apped and got instantly approved for these cards in this order except barclays which I had to recon to get. Macy's 1200CL, U.S. Bank FlexPerks cah reward Visa 7000CL, Barclays Denver Broncos Visa 1000CL (yes I'm a broncos fan), Walmart discover card 1000CL (for the free fico scores), Dillard's amex card 1000CL (cause I shop Dillard's a lot), Amex True Earnings 3000CL (cause I shop Costco every weekend), and Discover more 7000CL (got it for the 15 month 0% apr BT). All this was done last month to this month. My credit reports are clean now except for the new inquiries and new accounts that just been added and my fico scores on all 3 reports are all still over 720 each (thanks to the collections finally falling off of my report and being an authorized user on a few of my spouses credit cards dating back to 1999). I know I've acquired a few new trade lines in my app spree but I really want a Chase Saphire Preferred and a Citi Thank You premier card to complete my portfolio and I plan on applying for an amex BCE card in 6 months from now after I have built my relationship with amex. Should I also wait on Chase and Citi? I do have 2 old credit cards and student loans on my credit reports that I have in good standing and never missed a payment on those and my AAoA after the new trade lines are now 8.5 years. Wait or go for Chase and Citi? Also Experian reports 4 recent inquiries (Macy's, U.S. Bank, Barclays, Amex), Transunion 3 (Barclays, GEMB, GEMB) and Equifax 1 (Discover).

I would wait 6 months and let these recent INQ's age. and App for 1 at a time in a 6 month interval. You have plenty of credit, not worth getting a denial for INQ's.

Re: Really want Chase and Citi or should I wait?

mxp114 — Sun, 22 Jan 2012 01:01:00 GMT

I would wait six months because there is greater chance of AA from any of those cards. You're aggressively seeking too much new credit in a short period.

Re: Really want Chase and Citi or should I wait?

LS2982 — Sun, 22 Jan 2012 02:54:44 GMT

@mxp114 wrote:
I would wait six months because there is greater chance of AA from any of those cards. You're aggressively seeking too much new credit in a short period.

Good advice.