topic Re: Need Advice before App in Credit Cards

Need Advice before App

Anonymous — Tue, 04 Sep 2012 05:29:40 GMT

I am building my good credit history with help of this forum. You all established members are doing great help.

Now I want to apply for 3 cards for my wife and I beleive her credit file is ready to pull the trigger. Please review following before I apply.

Following is summary with utilization 2% and always PIF. Inqueries 2-3 with each CRB.

Credit Scores : In range of 710-720

AU on my Cap1 - CL 750 - Age 10 Month

Cap1 - CL 300 - Age 6 Month

Discover More - CL 1500 - Age 2 Month

JCP GE - CL 600 - Age 3 Month

Walmart - CL 300 - Age 2 Month

Want to Apply for Following Cards in order:

Amex Zync (If success then BCE also)

BoA Cash Rewards

Amazon Chase

All 3 with pull from EQ/EX so little worried about if my order of app is correct or not. I am sure about Zync and Amazon but doubt BoA will approve or not.

Re: Need Advice before App

Revelate — Tue, 04 Sep 2012 03:08:57 GMT

With that report profile I think it's too early. Wait six more months for her own C1 to tick over the 1 year mark. You might get the Zync now but I'm not so sure about the Amazon card, and you're begging for a BOA counter-offer I think. Is there some reason you need to apply right now, namely a mortgage in summer '13?

Re: Need Advice before App

kese — Tue, 04 Sep 2012 03:15:46 GMT

If i were you, i would ask her to hold off for at least another 6 months.The AAOA is less than a year.

Are all these score fico or fako. Nice scores for a relatively short credit history.

Re: Need Advice before App

Anonymous — Tue, 04 Sep 2012 04:09:51 GMT

@kese wrote:
If i were you, i would ask her to hold off for at least another 6 months.The AAOA is less than a year.
Are all these score fico or fako. Nice scores for a relatively short credit history.

Score are FICO. I know AAOA is less and this is another reason for apping. If I get desired cards early then it will be more helpful to build better AAoA. I dont want to wait for another 6 months, if denied then again credit file will be elligible for next app after 6 months..

What u say, it is worth trying and utilizing 3 inqueries now. Old inqueries will fall after 6 months and we will be good for next app spree after 3-4 months.

Re: Need Advice before App

webhopper — Tue, 04 Sep 2012 04:14:29 GMT

@Anonymous wrote:
Hello Friends,

I am building my good credit history with help of this forum. You all established members are doing great help.

Now I want to apply for 3 cards for my wife and I beleive her credit file is ready to pull the trigger. Please review following before I apply.

Following is summary with utilization 2% and always PIF. Inqueries 2-3 with each CRB.
Credit Scores : In range of 710-720
AU on my Cap1 - CL 750 - Age 10 Month
Cap1 - CL 300 - Age 6 Month
Discover More - CL 1500 - Age 2 Month
JCP GE - CL 600 - Age 3 Month
Walmart - CL 300 - Age 2 Month

Want to Apply for Following Cards in order:
Amex Zync (If success then BCE also)
BoA Cash Rewards
Amazon Chase

All 3 with pull from EQ/EX so little worried about if my order of app is correct or not. I am sure about Zync and Amazon but doubt BoA will approve or not.

Keep in mind that applying for credit for your wife is not the right thing to do without her consent. That being said, I think she should stop all apps until after the mortgage which you list as summer '13. She may have a shot at Zync in December if you want the 2012 year for her. Let everything age before you start hitting up Chase and BOA

Re: Need Advice before App

Anonymous — Tue, 04 Sep 2012 04:21:29 GMT

@webhopper wrote:
@Anonymous wrote:
Hello Friends,

I am building my good credit history with help of this forum. You all established members are doing great help.

Now I want to apply for 3 cards for my wife and I beleive her credit file is ready to pull the trigger. Please review following before I apply.

Following is summary with utilization 2% and always PIF. Inqueries 2-3 with each CRB.
Credit Scores : In range of 710-720
AU on my Cap1 - CL 750 - Age 10 Month
Cap1 - CL 300 - Age 6 Month
Discover More - CL 1500 - Age 2 Month
JCP GE - CL 600 - Age 3 Month
Walmart - CL 300 - Age 2 Month

Want to Apply for Following Cards in order:
Amex Zync (If success then BCE also)
BoA Cash Rewards
Amazon Chase

All 3 with pull from EQ/EX so little worried about if my order of app is correct or not. I am sure about Zync and Amazon but doubt BoA will approve or not.

Keep in mind that applying for credit for your wife is not the right thing to do without her consent. That being said, I think she should stop all apps until after the mortgage which you list as summer '13. She may have a shot at Zync in December if you want the 2012 year for her. Let everything age before you start hitting up Chase and BOA

Ofcourse with her consent, just helping her building credit. Not planning any mortgage next year but want to build good credit history and hit 800 mark. I got approved with chase last month so beleive she can also get BoA. Just want to get it reviewed by senior members or will wait for another 2-3 months..

Re: Need Advice before App

Anonymous — Tue, 04 Sep 2012 06:20:45 GMT

Anyone else want to comment? Your feedback will be helpful me for me.

Re: Need Advice before App

improvingmycredit — Tue, 04 Sep 2012 07:22:43 GMT

MHO is to not app any more cards for at least 6 months but 1 year would be best.. Those are really new accounts already with really low limits. Not the kind of credit building I'd recommend to anyone. Best thing for right now is patience and time. Build up some credit history, let the new accounts age and get some SP CLIs under your belt. You've already got the credit building cards. Now wait and strive for Prime in 6 mo to a year. If you decide to app, the only one I'd app is the Zync. It'd be an EX pull and most of your cards now are TU pullers. The other cards you have on your wish list, if approved would probably be low limit also.

Re: Need Advice before App

Anonymous — Tue, 04 Sep 2012 08:10:23 GMT

You might have a chance at zync now but if it were me I would wait at least 6 mos before apping. If your not patient then your going to get low limits then denials then nothing but denials.

Re: Need Advice before App

atarvuzdar — Tue, 04 Sep 2012 13:00:32 GMT

I agree that your wife will want at least one CC with 1 year of good history. What your wife can do while waiting (if she decides to wait) is request CLI's on both of her GE cards twice in that time-span which may get her higher limits that will make lenders more willing to give her higher limits if and when she's approved. I think any concern about AAoA is negligible because 6 months isn't that far away from when her other cards were first received.

Whatever the decision: Good luck!

Re: Need Advice before App

Shogun — Tue, 04 Sep 2012 13:36:31 GMT

You might want to garden these for awhile. Too many inquiries could hurt you.

Re: Need Advice before App

jamesdwi — Tue, 04 Sep 2012 15:23:45 GMT

I would recomend waiting at least 6 to 8 months. Ask for CLI's on the GE backed cards every 4 months, and the Discover card at 6 months. In a month or so hopefully your Capone will get its one and only Auto-CLI unless its secured. For the Zync wait till December so you still get 2012 as your membership year.

Some times its worse to get an approval with a terrible CL than get denied. With your current limits showing you would be stuck with a 1k CL or less and you would need to burn a HP just see if you can get a CLI to where you would of been if you waited a few more months. Wait 8 months your average CL could easily be over 1k and your highest limit could be over 2k that Chase or BoA could possibly match.

Re: Need Advice before App

ssghandless — Tue, 04 Sep 2012 19:45:14 GMT

Aging the accounts is a gret idea to be honest. I understand the timelines you are looking at but you might have to push them back. CAP1 will increase her limit to at least $500, maybe $750. Ask them they will tell you to wait 6 months before each increase. Discover was great CL to begin with and I will use tht card and make sure you keep that down under 10% util. Walmart and JCP I would not touch. I would look towards an AMEX or something that render a bigger limit. Of course everyon ehas thier opinions on what card to go for next but it depends on your spending habits and what rewards you are looking for. Good luck.

Re: Need Advice before App

bichonmom — Tue, 04 Sep 2012 20:00:01 GMT

@Anonymous wrote:

I am building my good credit history with help of this forum. You all established members are doing great help.

Now I want to apply for 3 cards for my wife and I beleive her credit file is ready to pull the trigger. Please review following before I apply.

Following is summary with utilization 2% and always PIF. Inqueries 2-3 with each CRB.
Credit Scores : In range of 710-720
AU on my Cap1 - CL 750 - Age 10 Month
Cap1 - CL 300 - Age 6 Month
Discover More - CL 1500 - Age 2 Month
JCP GE - CL 600 - Age 3 Month
Walmart - CL 300 - Age 2 Month

Want to Apply for Following Cards in order:
Amex Zync (If success then BCE also)
BoA Cash Rewards
Amazon Chase

All 3 with pull from EQ/EX so little worried about if my order of app is correct or not. I am sure about Zync and Amazon but doubt BoA will approve or not.

I agree with everyone else. She needs to let her accts age before apping for anything else. WM and JCP can try for CLIs every 4 mos, which will also help to show higher CLs when she apps later on.

If she did get Zync, I think it would be with a $500 hard limit. No way B of A or Chase will approve her at this point. They look at more than just FICO. She has a new, thin credit file. It takes time to build credit.

You might want to call some local CUs and talk with their loan officers, and see if someone might work with her. They can be very helpful; however, some are conservative, so you might need to call around.

You shouldn't app for credit at least 6 mos before apping for a mortgage. (I believe that's the rule of thumb.) So, frankly, I think that she'd be better off letting the cards she has age and then apping after the mortgage.

Another caveat: If she keeps trying to add card before they've aged enough, she's just going to end up with a bunch of toy limit cards and low AAoA.

Re: Need Advice before App

kimmiller112 — Tue, 04 Sep 2012 20:04:00 GMT

I, too, think she should wait. I woulld suggest apping for the Zync in December and waiting at least 6 - 8 months before apping for anything else. Everything is just too new and she shouldn't waste the inquiries.