topic Re: Advice for first app spree/portfolio in Credit Cards

Advice for first app spree/portfolio

Anonymous — Wed, 27 Feb 2013 14:53:41 GMT

I've recently been looking to expand my credit card portfolio. My current credentials and history are listed below.

Age: 27

EX: 763

TU: 764

Utilization Rate: 15% (It will be close to 0%, if not completely, at time of application)

OAA: 7.3 years

AAoA: 5.8 years

Delinquents: 0

Late payments: 0

Hard inquiries: EX (1, 8/11), TU (2, 7/11, 11/11)

Installment loans: 1 - $25k/Auto (07/11)

Credit cards: 1 - $5k/I was going to ask them for a CLI soon to $10k if it'd benefit me (10/05)

Income: $37k

Below is a list of cards I would like to obtain. (I don't mind starting with the "lower" cards to obtain the premium ones, I'm not in any need or rush)

Amex GC (PRG@13 months)

Amex BCE (BCP@13 months)

Discover IT

Chase Freedom/Sapphire (CSP@13 months)

*BoA Visa (I could exclude this one, since my CU CC is a Visa)

I want these cards so I can start a relationship with these companies, and so I can have one of every "type" in my portfolio (Visa, Discover, MC, Amex). Would it be best to apply for all of them on the same day? Would it be better to apply for the two (Amex?), let those post to my reports, and then apply for the rest? Would it be better to get an CLI for my CU CC to $10k before applying?

Re: Advice for first app spree/portfolio

Simply827 — Wed, 27 Feb 2013 15:03:54 GMT

I think your file looks great and you would be a great candidate for all of those cards. The only one that might be slightly iffy is the Amex revolver. Go for them all in a day. If you wait until the new accounts post your AAoA will be dragged down. Only ask for CLI on your current card if it is a SP. The only thing I would suggest is that you go for all the "preferred" cards first. That way you can get the awesome sign-up bonuses. I don't think you'll be eligible with a PC at 13 months. If you wish to downgrade your preferred cards to avoid the AF that is a possibility.

Lookin great! Good luck on your spree!

Re: Advice for first app spree/portfolio

improvingmycredit — Wed, 27 Feb 2013 15:53:22 GMT

@Anonymous wrote:
I've recently been looking to expand my credit card portfolio. My current credentials and history are listed below.

Age: 27
EX: 763
TU: 764
Utilization Rate: 15% (It will be close to 0%, if not completely, at time of application)
OAA: 7.3 years
AAoA: 5.8 years
Delinquents: 0
Late payments: 0
Hard inquiries: EX (1, 8/11), TU (2, 7/11, 11/11)
Installment loans: 1 - $25k/Auto (07/11)
Credit cards: 1 - $5k/I was going to ask them for a CLI soon to $10k if it'd benefit me (10/05)
Income: $37k

Below is a list of cards I would like to obtain. (I don't mind starting with the "lower" cards to obtain the premium ones, I'm not in any need or rush)

Amex GC (PRG@13 months)
Amex BCE (BCP@13 months)
Discover IT
Chase Freedom/Sapphire (CSP@13 months)

*BoA Visa (I could exclude this one, since my CU CC is a Visa)

I want these cards so I can start a relationship with these companies, and so I can have one of every "type" in my portfolio (Visa, Discover, MC, Amex). Would it be best to apply for all of them on the same day? Would it be better to apply for the two (Amex?), let those post to my reports, and then apply for the rest? Would it be better to get an CLI for my CU CC to $10k before applying?

Greetings Royal_Flush! Welcome to the FICO Forums!

Well, I think your AAoA looks good as does the amount of credit you've been seeking for the cards you'd like to get. I'm curious about which card you have at 5K and where you get your scores. Are they FICO? If not, then I'd def invest in purchasing your true FICO from here to give you a better gauge of what your EX report might look like. With that said, with your scores (being FICO) and current profile, I think you are good to go for all the cards you've listed including the AMEX revolvers. However, my advice is to get the CLI on the current card and let if report before you app the other cards. The reason I ask the current card you have at 5K is because I'm curious if it's possible to get the CLI with a SP or not. Either way, I'd still do it. After the CLI to a higher limit, you will probably gleen a few really good CLs on the new cards. Just an FYI, you AAoA is only good, not great so understand that apping all these cards and getting approved will lower your AAoA significantly and probably affect your score for a little longer being that the 4 new cards vs the current one and installment loan weight. . I'd probably only app 3 cards that I really want then wait a year and app the 4th, with the 4th being the Discover. That's MHO and wish you the best! After thought - Get the CSP if you travel or plan to travel a lot, if not then the Freedom might better suit you. Hope this helps.

Re: Advice for first app spree/portfolio

Anonymous — Wed, 27 Feb 2013 16:15:53 GMT

@Simply827 wrote:
I think your file looks great and you would be a great candidate for all of those cards. The only one that might be slightly iffy is the Amex revolver. Go for them all in a day. If you wait until the new accounts post your AAoA will be dragged down. Only ask for CLI on your current card if it is a SP. The only thing I would suggest is that you go for all the "preferred" cards first. That way you can get the awesome sign-up bonuses. I don't think you'll be eligible with a PC at 13 months. If you wish to downgrade your preferred cards to avoid the AF that is a possibility.

Lookin great! Good luck on your spree!

I thought for Amexs it normally goes; obtain card > 61 day 3x CLI > 6 month CLI > 13 month PC?

Re: Advice for first app spree/portfolio

Anonymous — Wed, 27 Feb 2013 16:19:03 GMT

@improvingmycredit wrote:
Greetings Royal_Flush! Welcome to the FICO Forums!
Well, I think your AAoA looks good as does the amount of credit you've been seeking for the cards you'd like to get. I'm curious about which card you have at 5K and where you get your scores. Are they FICO? If not, then I'd def invest in purchasing your true FICO from here to give you a better gauge of what your EX report might look like. With that said, with your scores (being FICO) and current profile, I think you are good to go for all the cards you've listed including the AMEX revolvers. However, my advice is to get the CLI on the current card and let if report before you app the other cards. The reason I ask the current card you have at 5K is because I'm curious if it's possible to get the CLI with a SP or not. Either way, I'd still do it. After the CLI to a higher limit, you will probably gleen a few really good CLs on the new cards. Just an FYI, you AAoA is only good, not great so understand that apping all these cards and getting approved will lower your AAoA significantly and probably affect your score for a little longer being that the 4 new cards vs the current one and installment loan weight. . I'd probably only app 3 cards that I really want then wait a year and app the 4th, with the 4th being the Discover. That's MHO and wish you the best! After thought - Get the CSP if you travel or plan to travel a lot, if not then the Freedom might better suit you. Hope this helps.

I signed up for the trails at EX and TU. The CC I have at $5k is from my local CU and is a Visa Platinum.

Re: Advice for first app spree/portfolio

Simply827 — Wed, 27 Feb 2013 16:28:14 GMT

It would be more advantageous to apply for the "prefered" cards so that you will get the sign on bonus. A product change likely won't allow you to take advantage of the bonuses. If the preferred cards are what you want then just app with those.

Any scores you got from the EQ and TU sites are NOT FICO scores. You can get your true FICOs from this site.

Re: Advice for first app spree/portfolio

improvingmycredit — Wed, 27 Feb 2013 16:55:22 GMT

@Simply827 wrote:
It would be more advantageous to apply for the "prefered" cards so that you will get the sign on bonus. A product change likely won't allow you to take advantage of the bonuses. If the preferred cards are what you want then just app with those.

Any scores you got from the EQ and TU sites are NOT FICO scores. You can get your true FICOs from this site.

+1. Get your true FICO scores from here. FAKOS can be all over the place and are not reliable. I suspect though with your listed profile, your FICO should be pretty healthy. Most CUs pull EQ for their credit products so I think if would be advantageous to you to go ahead and get that CLI and let it report. As Simply827 stated, app the cards you really want, don't plan a PC later and lose the sign on bonuses when you are probably good to go already. I'd still wait till after a CLI reports to get the highest possible starting limits.

Re: Advice for first app spree/portfolio

winner88 — Wed, 27 Feb 2013 17:52:06 GMT

You portfolio looks solid.. Its safe to assume that your fico score would be very similar to those fakos.

You should go for the BCP and PRG .. No need waiting 13months.

Re: Advice for first app spree/portfolio

Anonymous — Wed, 27 Feb 2013 18:20:57 GMT

@improvingmycredit wrote:
@Simply827 wrote:
It would be more advantageous to apply for the "prefered" cards so that you will get the sign on bonus. A product change likely won't allow you to take advantage of the bonuses. If the preferred cards are what you want then just app with those.

Any scores you got from the EQ and TU sites are NOT FICO scores. You can get your true FICOs from this site.
+1. Get your true FICO scores from here. FAKOS can be all over the place and are not reliable. I suspect though with your listed profile, your FICO should be pretty healthy. Most CUs pull EQ for their credit products so I think if would be advantageous to you to go ahead and get that CLI and let it report. As Simply827 stated, app the cards you really want, don't plan a PC later and lose the sign on bonuses when you are probably good to go already. I'd still wait till after a CLI reports to get the highest possible starting limits.

If the CLI is a HP, should I still do it? I was thinking the inquiry would hurt my approval chances more than help, even if it's at $10k?

Re: Advice for first app spree/portfolio

dddewdrop — Wed, 27 Feb 2013 18:28:28 GMT

I would recommend going straight to the prime cards not trying to hop to a subprime first. Assuming yours scores have some resemblance to a real FICO score then you should be in good shape. I wouldn't expect huge credit limits cause your income isn't super high but that doesn't matter. All of those cards are good and you can grow with them. Good luck. I think you have a great chance and that you should apply all at once for however many you settle on.

Re: Advice for first app spree/portfolio

improvingmycredit — Wed, 27 Feb 2013 19:22:26 GMT

@Anonymous wrote:
@improvingmycredit wrote:
@Simply827 wrote:
It would be more advantageous to apply for the "prefered" cards so that you will get the sign on bonus. A product change likely won't allow you to take advantage of the bonuses. If the preferred cards are what you want then just app with those.

Any scores you got from the EQ and TU sites are NOT FICO scores. You can get your true FICOs from this site.
+1. Get your true FICO scores from here. FAKOS can be all over the place and are not reliable. I suspect though with your listed profile, your FICO should be pretty healthy. Most CUs pull EQ for their credit products so I think if would be advantageous to you to go ahead and get that CLI and let it report. As Simply827 stated, app the cards you really want, don't plan a PC later and lose the sign on bonuses when you are probably good to go already. I'd still wait till after a CLI reports to get the highest possible starting limits.
If the CLI is a HP, should I still do it? I was thinking the inquiry would hurt my approval chances more than help, even if it's at $10k?

II would get the CLI. This will help with getting better starting limits. Yes, the inq will affect your score marginally but if it is a EQ pull, shouldn't matter... Amex almost never pulls EQ. So this is my assumption- Amex 2 inqs (maybe 1) on EX- Chase- more than likely EX also but maybe EQ. Discover IT either EQ or TU for a net of 2 EX possibly 3- 2 EQ possibly 3 and 1 TU inqs If you app all 4. That's including the CLI request. Either way- they all won't show on the same reports so I think you are good. You haven't been seeking credit actively lately so not too much worry with inqs. I'd be more worried about you AAoA if you get all the cards. As long as you aren't planning any big purchases in the near future, you should be good. Just my .02. :-)

Re: Advice for first app spree/portfolio

Anonymous — Wed, 27 Feb 2013 19:36:58 GMT

@improvingmycredit wrote:
@Anonymous wrote:
@improvingmycredit wrote:
@Simply827 wrote:
It would be more advantageous to apply for the "prefered" cards so that you will get the sign on bonus. A product change likely won't allow you to take advantage of the bonuses. If the preferred cards are what you want then just app with those.

Any scores you got from the EQ and TU sites are NOT FICO scores. You can get your true FICOs from this site.
+1. Get your true FICO scores from here. FAKOS can be all over the place and are not reliable. I suspect though with your listed profile, your FICO should be pretty healthy. Most CUs pull EQ for their credit products so I think if would be advantageous to you to go ahead and get that CLI and let it report. As Simply827 stated, app the cards you really want, don't plan a PC later and lose the sign on bonuses when you are probably good to go already. I'd still wait till after a CLI reports to get the highest possible starting limits.
If the CLI is a HP, should I still do it? I was thinking the inquiry would hurt my approval chances more than help, even if it's at $10k?
II would get the CLI. This will help with getting better starting limits. Yes, the inq will affect your score marginally but if it is a EQ pull, shouldn't matter... Amex almost never pulls EQ. So this is my assumption- Amex 2 inqs (maybe 1) on EX- Chase- more than likely EX also but maybe EQ. Discover IT either EQ or TU for a net of 2 EX possibly 3- 2 EQ possibly 3 and 1 TU inqs If you app all 4. That's including the CLI request. Either way- they all won't show on the same reports so I think you are good. You haven't been seeking credit actively lately so not too much worry with inqs. I'd be more worried about you AAoA if you get all the cards. As long as you aren't planning any big purchases in the near future, you should be good. Just my .02. :-)

I'm not in a hurry to go on an app spree. With that said, would it benefit me to wait until August when all the inquiries clear (With the assumption that I'll get a CLI to $10k soon with my CU CC)?

Re: Advice for first app spree/portfolio

Simply827 — Wed, 27 Feb 2013 19:43:33 GMT

@Anonymous wrote:
@improvingmycredit wrote:
@Anonymous wrote:
@improvingmycredit wrote:
@Simply827 wrote:
It would be more advantageous to apply for the "prefered" cards so that you will get the sign on bonus. A product change likely won't allow you to take advantage of the bonuses. If the preferred cards are what you want then just app with those.

Any scores you got from the EQ and TU sites are NOT FICO scores. You can get your true FICOs from this site.
+1. Get your true FICO scores from here. FAKOS can be all over the place and are not reliable. I suspect though with your listed profile, your FICO should be pretty healthy. Most CUs pull EQ for their credit products so I think if would be advantageous to you to go ahead and get that CLI and let it report. As Simply827 stated, app the cards you really want, don't plan a PC later and lose the sign on bonuses when you are probably good to go already. I'd still wait till after a CLI reports to get the highest possible starting limits.
If the CLI is a HP, should I still do it? I was thinking the inquiry would hurt my approval chances more than help, even if it's at $10k?
II would get the CLI. This will help with getting better starting limits. Yes, the inq will affect your score marginally but if it is a EQ pull, shouldn't matter... Amex almost never pulls EQ. So this is my assumption- Amex 2 inqs (maybe 1) on EX- Chase- more than likely EX also but maybe EQ. Discover IT either EQ or TU for a net of 2 EX possibly 3- 2 EQ possibly 3 and 1 TU inqs If you app all 4. That's including the CLI request. Either way- they all won't show on the same reports so I think you are good. You haven't been seeking credit actively lately so not too much worry with inqs. I'd be more worried about you AAoA if you get all the cards. As long as you aren't planning any big purchases in the near future, you should be good. Just my .02. :-)
I'm not in a hurry to go on an app spree. With that said, would it benefit me to wait until August when all the inquiries clear (With the assumption that I'll get a CLI to $10k soon with my CU CC)?

You have so few inquiries on your reports so I don't think it matters. Feel free to go for it now.

Re: Advice for first app spree/portfolio

improvingmycredit — Wed, 27 Feb 2013 19:51:27 GMT

@Simply827 wrote:
@Anonymous wrote:
@improvingmycredit wrote:
@Anonymous wrote:
@improvingmycredit wrote:
@Simply827 wrote:
It would be more advantageous to apply for the "prefered" cards so that you will get the sign on bonus. A product change likely won't allow you to take advantage of the bonuses. If the preferred cards are what you want then just app with those.

Any scores you got from the EQ and TU sites are NOT FICO scores. You can get your true FICOs from this site.
+1. Get your true FICO scores from here. FAKOS can be all over the place and are not reliable. I suspect though with your listed profile, your FICO should be pretty healthy. Most CUs pull EQ for their credit products so I think if would be advantageous to you to go ahead and get that CLI and let it report. As Simply827 stated, app the cards you really want, don't plan a PC later and lose the sign on bonuses when you are probably good to go already. I'd still wait till after a CLI reports to get the highest possible starting limits.
If the CLI is a HP, should I still do it? I was thinking the inquiry would hurt my approval chances more than help, even if it's at $10k?
II would get the CLI. This will help with getting better starting limits. Yes, the inq will affect your score marginally but if it is a EQ pull, shouldn't matter... Amex almost never pulls EQ. So this is my assumption- Amex 2 inqs (maybe 1) on EX- Chase- more than likely EX also but maybe EQ. Discover IT either EQ or TU for a net of 2 EX possibly 3- 2 EQ possibly 3 and 1 TU inqs If you app all 4. That's including the CLI request. Either way- they all won't show on the same reports so I think you are good. You haven't been seeking credit actively lately so not too much worry with inqs. I'd be more worried about you AAoA if you get all the cards. As long as you aren't planning any big purchases in the near future, you should be good. Just my .02. :-)
I'm not in a hurry to go on an app spree. With that said, would it benefit me to wait until August when all the inquiries clear (With the assumption that I'll get a CLI to $10k soon with my CU CC)?
You have so few inquiries on your reports so I don't think it matters. Feel free to go for it now.

Hey- your inqs aren't even affecting your FICO any more and as far as most lenders go- the inqs are so old that they are a none issue. I think you are putting too much thought into the affect of your inqs have to play in your current CC desires. I think you would be approved for any of these cards or all assuming all you've stated is correct. The only reason I've suggest getting the cli is to gleen the prospect of getting higher starting limits taking you income into account. I still recommend getting your real FICO and getting the CLI. hope this helps

Re: Advice for first app spree/portfolio

dodfire — Wed, 27 Feb 2013 19:53:53 GMT

Re: Advice for first app spree/portfolio

SnackTrader — Wed, 27 Feb 2013 21:21:40 GMT

While I know I shouldn't say this, I am going to anyway.

This is getting pretty annoying. You have gotten the same advice from close to a dozen veteran posters in your threads, and keep bringing up the same questions. I understand that you are afraid, but asking more of the same questions isn't going to help you. Your credit profile is fine. Your inquiries won't hurt anything. Feel free to apply whenever.

If these threads keep going until August when you claim you are going to apply I am going to scream.

Ok - I feel better now. It's hot in my office and I think I need to take a walk.

Re: Advice for first app spree/portfolio

dodfire — Wed, 27 Feb 2013 21:26:42 GMT

^5 +100,000

Re: Advice for first app spree/portfolio

Anonymous — Wed, 27 Feb 2013 21:36:26 GMT

@SnackTrader wrote:
While I know I shouldn't say this, I am going to anyway.

This is getting pretty annoying. You have gotten the same advice from close to a dozen veteran posters in your threads, and keep bringing up the same questions. I understand that you are afraid, but asking more of the same questions isn't going to help you. Your credit profile is fine. Your inquiries won't hurt anything. Feel free to apply whenever.

If these threads keep going until August when you claim you are going to apply I am going to scream.

Ok - I feel better now. It's hot in my office and I think I need to take a walk.

Why shouldn't you say how you feel? It's a forum on the internet., you can say whatever you want, especially when you're in an office. While I understand where you're coming from, my only other thread was related to getting one Amex BC, BCE, or BCP, not 4-5 cards at the same time. Although I thought about assuming that it'd be the same result for applying for one card vs 4-5 at the same time, I decided not to assume that after reading through other dozens of threads with veteran posters. I decide to create another thread regarding my plans and/or complete wants and needs, and only got 4 "veterans" to chime in. My goal was 5, you only had to wait for 1 more to speak until I was going to stop being annoying. Coincidentally, you're the 5th.

Re: Advice for first app spree/portfolio

dodfire — Wed, 27 Feb 2013 21:44:55 GMT

Do not apply....please for heaven's sake whatever you do....do not apply!!!!

Re: Advice for first app spree/portfolio

Anonymous — Wed, 27 Feb 2013 21:49:09 GMT

+1 ^5 +100,000