topic Re: Help me plan my app spree in Credit Cards

Help me plan my app spree

beerdrinker — Tue, 09 Oct 2012 17:29:58 GMT

After making some foolish decisions last year, I've been able to turn things around this year after joining this board.

I started the year with a 647 Equifax (myfico) score with an Amex collection which was paid in full and 5 inquiries. 4 of those Inquires were Credit Card application denials due to recent collection and high util. As of today I have a 758 Equifax (myfico) score with one 1 inquiry after receiving an Amex GW TL deletion this Spring. My current reported Util is 28% with 3 out of 4 cards reporting a balance. When this month is updated I should see a significant boost (808 to 848 according to the Score Predictor). My stats should look like this:

Discover More $5300 cl; ~$300 bal

Chase Freedom $1300 cl; $0 bal

Amex Optima (Oasis) $500 cl; $0 bal

CapOne (Credit Steps) $500 cl; $0 bal

1 inq. from 1/13/12 from Nordstrom store card application (denied based on recent Collection, High Util., Too many Inq.)

AAoA 4 years

missed payments 0

Newest Account 1 year, 5 months (CapOne)

No Collections and No Public Records

As soon as my last card reports this month my plan is to close my Amex Optima in an effort to apply for a regular American Express and also apply for other Prime Cards. My plan of attack is as follows:

- Apply for a Nordstrom Signature Visa.

Placing them first due to their Inq. sensitivity. Hoping that being approved for their Signature Visa will give me some nice CLIs in the future.

- Apply for a Chase Sapphire Preferred.

Not Inq. sensitive as Nordstrom, but I should still have 2 Inq. when I do so. I know they like to see how you treat $5000 TLs and my Discover takes care of that prerequisite.

- Apply for an American Express.

I'm thinking of applying for a Gold Preferred Rewards charge card, but open to the idea of a BCP if the consensus is that I'll get approved.

I will apply for all these cards the same day so they all age evenly and my AAoA recovers after 6 months.

Thoughts, opinons? I'm open to other Credit Card suggestions. Thanks You for reading.

Re: Help me plan my app spree

jamie123 — Tue, 09 Oct 2012 17:45:22 GMT

I think you have a pretty solid plan. My only concern would be getting approved for any AMEX product so soon after having a collection with them.

How old was the AMEX collection and what type of card was it?

Re: Help me plan my app spree

beerdrinker — Tue, 09 Oct 2012 17:52:48 GMT

@jamie123 wrote:
I think you have a pretty solid plan. My only concern would be getting approved for any AMEX product so soon after having a collection with them.

How old was the AMEX collection and what type of card was it?

Zync which was in collections for a month before it was paid off completely. Amex offered me an Optima which I've maintained for 15 months with a perfect payment history. I've read they require enrollment in their Oasis program for 12 months before they reconsider an applicant for a regular product.

Re: Help me plan my app spree

maiden_girl — Tue, 09 Oct 2012 17:55:40 GMT

I don't think a lot of us really plan our app sprees...I don't. I just do it and suffer the consequences later. LOL.

Re: Help me plan my app spree

Anonymous — Tue, 09 Oct 2012 20:42:18 GMT

AMEX has a long memory of past defaults. You may try but don't be surprised if they smack you down. Just because it's not on your CR doesn't mean they forget about it.

Re: Help me plan my app spree

beerdrinker — Tue, 09 Oct 2012 21:20:46 GMT

@Omaplatypus wrote:
AMEX has a long memory of past defaults. You may try but don't be surprised if they smack you down. Just because it's not on your CR doesn't mean they forget about it.

The account was paid in full after it went to collections, it was not a default. It didn't just fall off my CR, I requested a Goodwill Tradeline delete directly with Amex. They granted it after reviewing my file and seeing that I had a perfect payment history in their recovery product.

Re: Help me plan my app spree

Duncanrr — Tue, 09 Oct 2012 21:36:06 GMT

@maiden_girl wrote:
I don't think a lot of us really plan our app sprees...I don't. I just do it and suffer the consequences later. LOL.

I actually planned out my app spree. Even my drapping of Freedom was planned to a degree (it was the next card on my list that I wanted to app for and I would had probably apped for it a couple days later if I hadnt drapped for it.

But every part of my initial app spree was planned and Ive already planned my next spree. NFCU beginning of November then after refi in 8 months I'll app for CSP, SPG and Citi Forward.

Re: Help me plan my app spree

djrez4 — Tue, 09 Oct 2012 21:54:35 GMT

@beerdrinker wrote:

- Apply for a Nordstrom Signature Visa.
Placing them first due to their Inq. sensitivity. Hoping that being approved for their Signature Visa will give me some nice CLIs in the future.

- Apply for a Chase Sapphire Preferred.
Not Inq. sensitive as Nordstrom, but I should still have 2 Inq. when I do so. I know they like to see how you treat $5000 TLs and my Discover takes care of that prerequisite.

- Apply for an American Express.
I'm thinking of applying for a Gold Preferred Rewards charge card, but open to the idea of a BCP if the consensus is that I'll get approved.

I will apply for all these cards the same day so they all age evenly and my AAoA recovers after 6 months.

Thoughts, opinons? I'm open to other Credit Card suggestions. Thanks You for reading.

My thoughts -

Do you shop at Nordstrom a lot? If you're getting the Nordstrom card just for Signature benefits, the CSP is a Visa Signature as well. Same Signature benefits, but much better rewards program. I just got the CSP this week with 9 inquiries on Experian. They asked me about my new accounts, but didn't think too much of it. Two inquiries is nothing.

Compare the regular Gold and PRG carefully before you decide to apply. I made the mistake of applying for the regular Gold. It didn't come with a signup bonus, which was a big bummer, but maybe I wouldn't have properly utilized the points multipliers enough to justify the extra $50 AF. Who knows? In hindsight, I wish I has skipped the charge card (or maybe grabbed a Zync while it was still available). With the Chase Trifecta, I don't see myself using it much. On the other hand, the BCP is a whomper of a card with the 6% back on groceries.

I think you're better served using the CSP as a travel card, skipping the Nordstrom, and getting the BCP instead of the PRG. Come January, I'll have the exact same wallet, credit gods willing. Chase Trifecta for most purchases, BCP for groceries.

Re: Help me plan my app spree

maiden_girl — Tue, 09 Oct 2012 21:58:13 GMT

@Duncanrr wrote:
@maiden_girl wrote:
I don't think a lot of us really plan our app sprees...I don't. I just do it and suffer the consequences later. LOL.
I actually planned out my app spree. Even my drapping of Freedom was planned to a degree (it was the next card on my list that I wanted to app for and I would had probably apped for it a couple days later if I hadnt drapped for it.

But every part of my initial app spree was planned and Ive already planned my next spree. NFCU beginning of November then after refi in 8 months I'll app for CSP, SPG and Citi Forward.

After all that "drapping" you outta have like 1,000 credit cards by now...LOL.

Re: Help me plan my app spree

beerdrinker — Tue, 09 Oct 2012 22:10:00 GMT

@djrez4 wrote:
@beerdrinker wrote:

- Apply for a Nordstrom Signature Visa.
Placing them first due to their Inq. sensitivity. Hoping that being approved for their Signature Visa will give me some nice CLIs in the future.

- Apply for a Chase Sapphire Preferred.
Not Inq. sensitive as Nordstrom, but I should still have 2 Inq. when I do so. I know they like to see how you treat $5000 TLs and my Discover takes care of that prerequisite.

- Apply for an American Express.
I'm thinking of applying for a Gold Preferred Rewards charge card, but open to the idea of a BCP if the consensus is that I'll get approved.

I will apply for all these cards the same day so they all age evenly and my AAoA recovers after 6 months.

Thoughts, opinons? I'm open to other Credit Card suggestions. Thanks You for reading.
My thoughts -

Do you shop at Nordstrom a lot? If you're getting the Nordstrom card just for Signature benefits, the CSP is a Visa Signature as well. Same Signature benefits, but much better rewards program. I just got the CSP this week with 9 inquiries on Experian. They asked me about my new accounts, but didn't think too much of it. Two inquiries is nothing.

Compare the regular Gold and PRG carefully before you decide to apply. I made the mistake of applying for the regular Gold. It didn't come with a signup bonus, which was a big bummer, but maybe I wouldn't have properly utilized the points multipliers enough to justify the extra $50 AF. Who knows? In hindsight, I wish I has skipped the charge card (or maybe grabbed a Zync while it was still available). With the Chase Trifecta, I don't see myself using it much. On the other hand, the BCP is a whomper of a card with the 6% back on groceries.

I think you're better served using the CSP as a travel card, skipping the Nordstrom, and getting the BCP instead of the PRG. Come January, I'll have the exact same wallet, credit gods willing. Chase Trifecta for most purchases, BCP for groceries.

Yes, I shop at Nordstrom a lot. It is at the top of my list, because from all accounts they are quite generous with their CLIs. Since they are so INQ sensitive, I wanted to apply for it first before the CSP.

Would it be wiser to just apply for the BCP and stay out of the charge cards? My logic tells me that since Amex is less strict with their charge cards it would be easier for me to get in with them after closing my Optima.

Thanks for your input.

Re: Help me plan my app spree

djrez4 — Tue, 09 Oct 2012 22:16:31 GMT

@beerdrinker wrote:

Yes, I shop at Nordstrom a lot. It is at the top of my list, because from all accounts they are quite generous with their CLIs. Since they are so INQ sensitive, I wanted to apply for it first before the CSP.
Would it be wiser to just apply for the BCP and stay out of the charge cards? My logic tells me that since Amex is less strict with their charge cards it would be easier for me to get in with them after closing my Optima.
Thanks for your input.

I received an Amex revolver with a much lower score (<650) and thinner history than you. If you have reasonable income, I don't see any reason not to go straight for the BCP.

Re: Help me plan my app spree

beerdrinker — Sat, 20 Oct 2012 02:34:47 GMT

This afternoon I had the following results:

- Chase Sapphire Preferred -- Instant approval!!!

- Nordstrom Visa Signature -- Got the 7-10 day mail decision message. Called the Customer Service number and was told that at this time they couldn't approve me for a Visa Signature or their Store card, but I had to mail or present at a store a copy of my Drivers License and a Utility bill or Bank Statement with my address for ID verification. Went to the Customer Service desk after work and they faxed my information to their Credit Department. They told me it would take them 48 hours to process the information. Does that mean an approval???

There's a pending transaction on my Amex Optima. Once that posts and I push a payment to bring it back to $0.00 I'll cancel it and proceed to apply for a non-recovery product. A Gold Preferred is a safer bet, but the BCP is what I want. What should I do?

Re: Help me plan my app spree

Duncanrr — Sat, 20 Oct 2012 02:42:48 GMT

If they are doing address verification then its probably an approval.

(P.s. I only drapped once )

Re: Help me plan my app spree

beerdrinker — Mon, 22 Oct 2012 21:27:17 GMT

Called Nordstrom and they notified me that my Visa Signature was approved after the ID verification!!!

2 for 2. Now I have to wait for my last payment to my Optima to post to close that account and apply for a regular American Express. This is the part of my plan I'm most nervous about.

Re: Help me plan my app spree

beerdrinker — Thu, 25 Oct 2012 15:51:31 GMT

SOOOOO....I was approved for the Nordstrom Signature, but they HP'ed the other 2 CRAs 3 days after my initial application. I'll call them after I activate the card and request to have them recoded as softs, that really irks me.

Closed my Optima and gave it 24 hours to cycle through their system and was declined when I applied for one of the charge cards due "to having an active recovery product". Gave it another day and reapplied to be declined again for several reasons, mainly "High Utility", which is puzzling given that I have 1% Utility. Called their Executive Office and was told they had pulled a CR from mid-September (not sure how they were able to do so when I applied a full MONTH later in October). They connected me to New Accounts and I had to re-summarize my case to the CSR. It was forwarded to their Reconn Dept. for manual review with the instructions to pull a recent CR. My online status was changed from "Declined" to "In Progress", crossing my fingers for a possitve result so I can retire to the garden for a year.

I got my 2 top cards and I can live with being turned down after a Manual Review for an Amex charge for now. If they regularly use old CRs, I can try to reapply in January or in 6 months.

Re: Help me plan my app spree

TheConductor — Thu, 25 Oct 2012 16:40:21 GMT

@beerdrinker wrote:
SOOOOO....I was approved for the Nordstrom Signature, but they HP'ed the other 2 CRAs 3 days after my initial application. I'll call them after I activate the card and request to have them recoded as softs, that really irks me.

Unlikely they will recode those Nordstrom pulls as soft inquiries. You made an application for credit, and they are allowed to pull all 3 bureaus hard if they want to. The fact that most creditors only pull one bureau on most apps is a courtesy, not a right.

Congrats on your new cards, though! Good app spree!

Re: Help me plan my app spree

KBraggs — Thu, 25 Oct 2012 16:42:37 GMT

Why did you close the optima? From what I understand, a denial would have been a SP if as a card member. Not sure if it operates the same with the optima..
Moreover, the optima would keep your continued payment history with them fresh in mind and more food for reconsideration later.

Now if Amex decides not to let you back in for a while, you closed the card that keeps you in the door & could best prove them wrong for that! Hopefully they will be forgiving though given your strong credit performance.

Re: Help me plan my app spree

Anonymous — Thu, 25 Oct 2012 16:59:09 GMT

[deleted]

Re: Help me plan my app spree

beerdrinker — Thu, 25 Oct 2012 21:01:58 GMT

@KBraggs wrote:
Why did you close the optima? From what I understand, a denial would have been a SP if as a card member. Not sure if it operates the same with the optima..
Moreover, the optima would keep your continued payment history with them fresh in mind and more food for reconsideration later.

Now if Amex decides not to let you back in for a while, you closed the card that keeps you in the door & could best prove them wrong for that! Hopefully they will be forgiving though given your strong credit performance.

Amex will not allow a person to have a charge or revolver card if you have an Active Recovery Product, which is what the Optima Card is. They will not even PC you. The only way one "graduates" from their Oasis Program is to have a perfect payment history for 12 months, cancel the Optima and reapply for a regular product.

I was confident that my scores exceeded their requirements for the charge card, but I was not expecting them to pull an outdated CR.

Re: Help me plan my app spree

KBraggs — Sat, 27 Oct 2012 13:00:38 GMT

I see. Clearly another case of YMMV. Seen a few people who have had their optima card open while receiving approval for standard AMEX cards..

Like here for example http://ficoforums.myfico.com/t5/Credit-Cards/Amex-denial-b-c-Optima/m-p/1288183/highlight/true#M358503

~3 posts down

But in any event, you obviously have your affairs in order and shouldn't have any trouble. Best of luck!