topic Re: Just Called: Successful CLI & PC in Credit Cards

Just Called: Successful CLI & PC

G19OD — Wed, 20 Jun 2012 14:49:14 GMT

Call BoA this morning - told them I want to PC and get a CLI up to no less than 5k - 5k because I have great credit history and 772 score. But a new BECU $9,xxx auto loan and only $700 BoA line (for 4 years). Told them I graduated about 6 months ago and have been working for 2 months with my current employer (~33k). I also said that I want to use this card as my daily and pay it off monthly.

Anyways, she reviewed my credit after a hard inquiry, and came back with $1,900 due to my new auto loan and only having one card with a low limit. She said use it for awhile and we can re-evaluate in about 6 months (with another hard inquiry of course). I ask her to round it to 2k and that was a no. Clearly they need more history on me.

Then I had her PC to the 1-2-3 Bankamericard rewards (now the 2-4 week wait!)

So, what is my next step. Stick with this card and wait a couple months/years until I can get a healthy credit limit of ~5k and then app for Chase Freedom, AMEX Costco or other CC, maybe a BECU CC?

Or is today the day to app like crazy (2 - 3 apps)?

Of course my goal is a Chase Sapphire eventually.

Re: Just Called: Successful CLI & PC

Anonymous — Wed, 20 Jun 2012 14:52:05 GMT

I wouldn't touch the Freedom/CSP yet.

The Freedom might match or go lower than your current CL and that's not what you want. The CSP typically goes at a minimum of $5K, but they might cite a thin file.

This BoA card is the only thing you have?

Re: Just Called: Successful CLI & PC

G19OD — Wed, 20 Jun 2012 14:53:49 GMT

Yeah, unfortunately it is. That is why I decided I should CLI before applying so I don't get stuck with low CL.

Next step y'all?

Re: Just Called: Successful CLI & PC

OhioCPA — Wed, 20 Jun 2012 14:56:48 GMT

I will give my broken record answer: CU first now that you got the BOA raised. If you are past the point where it will be another HP for the CU, then I would wait for BOA to report the CLI. BOA is fairly fast on reporting changes, so you might see it in the next week.

Re: Just Called: Successful CLI & PC

Anonymous — Wed, 20 Jun 2012 15:04:01 GMT

If BoA is all you have, my recommendation would be a CU card or a GE-backed card. You need cards that will grow.

Re: Just Called: Successful CLI & PC

Anonymous — Wed, 20 Jun 2012 15:09:16 GMT

First off, where did you get score from? 2nd, your mistake wasn't getting 3 cards total earlier. You have good history but really thin credit file so no matter what the score is, you need to discount it. Ideally, you want a card issuer with cli friendly policies. Amex is ideal but you are iffy with credit card approval with them. Assuming your fico score is close to what you said. I would do the following. Wait for new cli bofa to report (did you get soft or hard inquiry for that cli and pc?). App for Amex charge card that fits you. Zync is easiest. Rest are about the same. Assuming you get approved, immediately app for Amex credit card you like. Same day, app for one other card that fits your needs. Citi thank you is nice. Pick a ge money bank product you might use (ge is good for soft cli with use). Walmart is ge product for example. So in the end, you should have Amex charge and one other card. Maybe even Amex credit card. Make sure you only got one inquiry for both Amex attempts, or dispute with experian to get one removed as dupe (assuming ex is pulled). If you didn't get Amex cc, use the Amex charge card and app again for cc in jan 2013. With new Amex cc, wait 61 days and ask for 3x cli and 6 months later ask for 3x again

Re: Just Called: Successful CLI & PC

improvingmycredit — Wed, 20 Jun 2012 15:13:04 GMT

@Anonymous wrote:
First off, where did you get score from? 2nd, your mistake wasn't getting 3 cards total earlier. You have good history but really thin credit file so no matter what the score is, you need to discount it. Ideally, you want a card issuer with cli friendly policies. Amex is ideal but you are iffy with credit card approval with them. Assuming your fico score is close to what you said. I would do the following. Wait for new cli bofa to report (did you get soft or hard inquiry for that cli and pc?). App for Amex charge card that fits you. Zync is easiest. Rest are about the same. Assuming you get approved, immediately app for Amex credit card you like. Same day, app for one other card that fits your needs. Citi thank you is nice. Pick a ge money bank product you might use (ge is good for soft cli with use). Walmart is ge product for example. So in the end, you should have Amex charge and one other card. Maybe even Amex credit card. Make sure you only got one inquiry for both Amex attempts, or dispute with experian to get one removed as dupe (assuming ex is pulled). If you didn't get Amex cc, use the Amex charge card and app again for cc in jan 2013. With new Amex cc, wait 61 days and ask for 3x cli and 6 months later ask for 3x again

I agree 100%. Amex is great about CLI with SP after 60 days on their credit card products. Get in with Amex, then request the CLI in 60 days to increase by 3 X. Your scores are good so I don't see a decline on the charge product or credit card product. Remember though: charge product first then credit card. If you are declined for a product with Amex, you must wait 30 to apply again because all subsuquent applications will be kicked out.

Re: Just Called: Successful CLI & PC

webhopper — Wed, 20 Jun 2012 15:20:54 GMT

An amex charge card is a great tool for your wallet and will assist you in growing higher limits. The "internal limit" on a charge card will grow super fast and will show other creditors that you can use credit responsibly and have the ability to PIF your charges. I'm a big fan of zync, I've spent over 15k through zync since late feb when I got my card. Amex customer service is easy and pleasant to deal with.

You also may consider adding discover for the same reason. They are great to deal with and will grow with u

Re: Just Called: Successful CLI & PC

G19OD — Wed, 20 Jun 2012 15:24:39 GMT

Thank you all, sounds like very solid advice.

I just got off the phone with BECU, they would have to do a hard inquiry since it has been over 30 days and can't app the VISA CC onto the auto loan. So I said I would think about it.

Re: Just Called: Successful CLI & PC

Anonymous — Wed, 20 Jun 2012 15:25:03 GMT

Discover is nice too. Only issue is I am scared with thin file, op wont qualify. Too bad he didn't app when in college.

Re: Just Called: Successful CLI & PC

Anonymous — Wed, 20 Jun 2012 15:29:42 GMT

@G19OD wrote:
Thank you all, sounds like very solid advice.

I just got off the phone with BECU, they would have to do a hard inquiry since it has been over 30 days and can't app the VISA CC onto the auto loan. So I said I would think about it.

Smart thinking on going back to cu. personally, not sure about most cu when comes to cli. They usually require hard pull. I like cu in general as many more flavors than banks. Penfed is great about cli without hard pull, but they are hard to get into. Your credit goals should be to deepen your credit file and grow your cls.

Re: Just Called: Successful CLI & PC

Anonymous — Wed, 20 Jun 2012 15:37:20 GMT

@G19OD wrote:
Thank you all, sounds like very solid advice.

I just got off the phone with BECU, they would have to do a hard inquiry since it has been over 30 days and can't app the VISA CC onto the auto loan. So I said I would think about it.

Are you planning a major purchase within the next two inquiries... that being a car or a house?

You seem VERY worried about inquiries, but you also need more credit... so inquiries are a necessary evil for you.

Re: Just Called: Successful CLI & PC

G19OD — Wed, 20 Jun 2012 16:35:20 GMT

No definitely not - I was just under the impression that inquiries significantly reduce your credit score. But I entirely understand your point. Inquiries for credit.

So as has been suggested, I need to wait until the BoA credit increase hits my CR and then go to CU & Amex?

Re: Just Called: Successful CLI & PC

improvingmycredit — Wed, 20 Jun 2012 16:39:40 GMT

I wouldn't wait to apply for Amex. I'd do it today. . Hit up the charge card you want then immediately go for the credit card you want. If approved for the charge- it will only be a SP for the credit card if denied. If you get the credit card- request a CLi in 61 days for 3X the current limit.

Re: Just Called: Successful CLI & PC

improvingmycredit — Wed, 20 Jun 2012 16:41:19 GMT

FYI- there is a good probability that only one HP will result from the 2 apps if approved for both Amex products. Good Luck if you go for it.

Re: Just Called: Successful CLI & PC

G19OD — Wed, 20 Jun 2012 16:43:33 GMT

Applying online versus over the phone? Does it matter for AMEX

Re: Just Called: Successful CLI & PC

improvingmycredit — Wed, 20 Jun 2012 16:46:45 GMT

Either... Doesn't matter. They use the same system online or on the phone. Have you decided if you apply which ones you want? Some credit cards are more difficult to get then others.

Re: Just Called: Successful CLI & PC

G19OD — Wed, 20 Jun 2012 16:51:44 GMT

From what I have gathered, go for Zync charge card first. Then for CC TrueEarnings Costco or perhaps a travel Card seeing as I would have the 1-2-3 for everyday rewards.

I am not too sure on the CC side. What's generally easiest with no AF.

Re: Just Called: Successful CLI & PC

improvingmycredit — Wed, 20 Jun 2012 17:08:01 GMT

@G19OD wrote:
From what I have gathered, go for Zync charge card first. Then for CC TrueEarnings Costco or perhaps a travel Card seeing as I would have the 1-2-3 for everyday rewards.

I am not too sure on the CC side. What's generally easiest with no AF.

Do you have a Costco membership? Secondly, just an FYI, if you apply online or over the phone for this card and not in at Costco, the app takes a few days because of Costco membership verification.

The option available with no annual fee: Blue, Blue Sky, Blue Cash Everyday, Costco TU, Hilton HHonors and Clear.

Re: Just Called: Successful CLI & PC

G19OD — Wed, 20 Jun 2012 17:19:54 GMT

Got it - yes luckily I have a personal costco card as a fringe benefit.

I guess now my next battle is figuring out whether I want to use BoA as my everyday 1-2-3 cash rewards and then have a travel card through AMEX (blue sky) or vice versa.

It seems more efficient to have one of each rather than two of the same.

If and when I get approved for Zync/Green - how long before I wait to app for CC - immediate, an hour?