topic Re: Advice moving forward from here in Credit Cards

Advice moving forward from here

espnjunkie — Fri, 06 Jul 2012 16:55:16 GMT

I am about to reach one year of credit history in August with my Capital One Newcomers card. I opened up an Amex Green card in February that is my go to card. These are my only two lines of personal credit. Everything is always paid off in full and on time. Last I check a few months ago my scores were in the 740's, but am not too sure what they are now. I am interested in adding a prime credit card that will grow with me. I am content using my green card for everyday spending and using the cap one for whenever a place doesn't accept amex, but adding another card to the mix couldn't hurt.

Questions: Are two cards enough for me to be getting approvals for 'prime' cards with a year of history?

Which cards should I be looking at?

Any help is appreciated

Re: Advice moving forward from here

LS2982 — Fri, 06 Jul 2012 17:13:03 GMT

Go for Discover!!

Re: Advice moving forward from here

espnjunkie — Fri, 06 Jul 2012 17:26:59 GMT

I have heard go for Discover More and how great they are to work with. There's no annual fee so it's not really an issue on that front. Discover More? Or another Discover card?

Re: Advice moving forward from here

espnjunkie — Fri, 06 Jul 2012 17:48:58 GMT

I was thinking about the freedom, but have heard mixed things about Chase. No cli w/o doing a HP, no chance of approval without one year of credit history, etc. Amex approved me for the green, and my internal limit is over 10,000.00 on it so I must be somewhat prime haha.

I guess what I am looking for is a prime revolver that will be a stepping stone to prime prime cards like BCP/BCE, Sapphire Preferred, etc. down the line.

Re: Advice moving forward from here

espnjunkie — Fri, 06 Jul 2012 18:21:37 GMT

Any advice on where to go from here? I have two cards at the one year mark. Should I wait? Or apply for something now?

Re: Advice moving forward from here

Anonymous — Fri, 06 Jul 2012 18:33:39 GMT

What's holding you back from a BCE now?

Re: Advice moving forward from here

LionLaw — Fri, 06 Jul 2012 18:35:26 GMT

Congrats on the Amex Green; that's a great card to get.

Chase, Citi, and Discover are all prime lenders, and I think you're in good shape to get approved by any of them.

Re: Advice moving forward from here

Anonymous — Fri, 06 Jul 2012 18:38:34 GMT

I'd wait on the Chase.

They'll try to match whatever CL's you have now.

I generally recommend getting an AMEX revolver first, waiting 61 days, 3x CLI, then apply for Chase.

Seems to work out better that way than going for Chase first. They are stingy with CLI's and opening CL's.

If you're FICOs are in the 700's and you already have your foot in with the Green, why not try for the BCE already?

At worst, it's a SP for a denial.

Re: Advice moving forward from here

espnjunkie — Fri, 06 Jul 2012 18:43:48 GMT

So just say screw it and go for the BCE card? If they deny me it's only a soft pull right because I am a cardmember correct? Also can you product change to the Blue Cash Preferred down the line if you like?

Thanks!

Re: Advice moving forward from here

Anonymous — Fri, 06 Jul 2012 18:45:37 GMT

I believe you can. Sure they wouldn't mind changing you to a product that would have an AF on it.

How long ago did you apply for the Green?

Re: Advice moving forward from here

espnjunkie — Fri, 06 Jul 2012 18:50:55 GMT

I opened up my Cap One (750.00 limit) card in August 2011, opened up my Amex green card in February 2012. My Amex internal limit has jumped from 2,000.00 to over 10,000.00 on the green card so far. Is that enough history? I have a 900.00 balance on the green card right now, but I'm in the middle of my statement month so nothing is due yet.

What's the worst the could happen? I get denied and it's only a soft pull right? And that wouldn't impact my green card standing in any way would it?

Re: Advice moving forward from here

Cdnewmanpac — Fri, 06 Jul 2012 18:55:11 GMT

If you want the BCP, just start there. I've followed these (and other) forums pretty closely and it appears underwriting requirements about the same. Do some quick math: looking at your monthly spending on Green, would you have generated enough cash back to justify the higher fee (for bcp vs bce)?

I would at least think about Chase Freedom (really liberal approvals lately, I think the rotating categories are roughly equivalent to Discover, but non-rotating points are much better) and/or one of the Citi cards (long zero intro apr, generous with credit limits). Sure, you might get a lower initial CL from Chase, but the Freedom seems to work best with everyday spending, so overall limit (unless it is triple digits) should not be a huge deal.

Either way, I think now would be a great time to add a prime Visa or MC, ideally one with a reward structure that matches your spending habits.

Re: Advice moving forward from here

Anonymous — Fri, 06 Jul 2012 18:56:30 GMT

Nope. Not at all.

It's a SP if denied and if you try to recon (if denial DOES happen) you can just explain that you really want a revolver to put more expenses through.

If I were you, I'd app for the BCE after you pay the balance on that Green card. They don't like to see too much utilization for the revolvers.

They MIGHT cite "thin file" with not enough history, but as stated before, you get the benefit of it only costing you a SP.

Re: Advice moving forward from here

emptypockets — Fri, 06 Jul 2012 19:03:00 GMT

@espnjunkie wrote:

What's the worst the could happen?

LOL. Most of the trouble I get in starts with this question....

Anyway, I think BCP or BCE are your best bets. You are already in with AMEX, and have a 700 score. Even with a low limit, you can CLI in 61 days to 3x the limit. Chase will probably approve you, but since you don't have high limits on cards now, will likely give you a low (500-1500) limit, that will require a HP to increase.

You could also probably get a Discover. I think your limit would likely be 1-2k at the most to start, as they are conservative.

Re: Advice moving forward from here

espnjunkie — Fri, 06 Jul 2012 19:04:47 GMT

I figure it's probably best to wait until right after I pay off my Green card balance for the month. I did apply for the Citi Forward card back in February the same day I applied for Amex green. Amex approved me for NPSL Green, but Citi denied me for having only one revolving account open at the time. Now that I have two credit cards I figure that problem is solved, as well as any amex product being considered a prime card.

I suppose I could try for Citi again since it has been five months since I got denied...

Discover is not widely accepted enough to be all that useful to me. It has about the same coverage as Amex, and I'd prefer to use Amex if possible to get the MR points for now. That being said I would like a prime revolver at some point so I can start qualifying for super prime revolvers in the future and be getting the most rewards possible for my spending.

Re: Advice moving forward from here

GeneralCucumbre — Fri, 06 Jul 2012 19:07:00 GMT

espnjunkie wrote:
Which cards should I be looking at?

Considering you already have an American Express, I would not go for one of their other cards. Personally, I would look at Citi...they are a good prime lender and they have a really nice selection of different cards to choose from and IF you keep your account in GOOD STANDING (use it and pay on it), you can get a CLI (soft inquiry) every 6 months. They are pretty good about giving decent initial credit lines.

My Citi Dividend World MasterCard (originally a Visa) was opened in April 2011 with a $4,000 credit line, 6 months later they increased my credit limit to $5,000 and when I hit my one year anniversary, they bumped my limit up to $7,000 and upgraded my account to a higher tiered card (the World MasterCard).

Re: Advice moving forward from here

espnjunkie — Fri, 06 Jul 2012 19:12:44 GMT

I'm in this awkward limbo stage of being prime by having amex green, but also not because I don't have a prime revolver and only nearly one year of credit history. I understand credit pretty well I believe, but I do appreciate the feedback I am getting from those who have been in this situation before.

Re: Advice moving forward from here

emptypockets — Fri, 06 Jul 2012 19:23:42 GMT

It is a matter of picking the card that suits your needs that you are most likely to get approved for. Your Cap One is likely to not grow much (Is it a credit steps card?). If you are looking for a Visa or MC, then a Citi Forward or Freedom are likely the way to go. I suggested AMEX because since you are already a customer, they may not have the issue with a 'thin' file that other creditors may have, since they are able to look at your payment history with them.

You really have nothing to lose by applying for the AMEX, because as you said it is only a HP if approved. If denied, you just get a letter. Then you will know where you stand, and what you want to do next.

Re: Advice moving forward from here

espnjunkie — Fri, 06 Jul 2012 19:28:27 GMT

Very true. BCE would suit my needs for now, and I'm sure it can be upgraded in the future if necessary. Should I wait until I pay off my green card balance once they ask me to pay, or just apply now?

Re: Advice moving forward from here

emptypockets — Fri, 06 Jul 2012 19:31:36 GMT

I would probably pay it down first. You shouldn't have to wait for the statement date to pay, if the charges are posted on the account you can pay anytime you want. That's what I do to keep balances reporting zero.