topic Re: Final strategy check... in Credit Cards

Final strategy check...

Anonymous — Sun, 24 Mar 2013 22:15:49 GMT

Okay so as the last of my balance pay downs hit my credit reports at the bureaus, I thought I would check in for a final check of my planned strategy:
My current cards are in my siggy and I want to try to enter the true realm of the primes, so I thought I would do the following based upon my situation and previous advice obtained from this forum:

In app order: (I am estimating scores will be 710-725 across the board). Tu is currently 709, Eq is currently 694 with last two balances reporting now and EX Fako from them is 721
1. Amex PRG - to establish my own foot (Iam an AU on a green) with amex and the gold PRG specifically for my volume of travel outside the U.S.
2. Discover IT - already an AU on a Disc More card for two years and I like that card for the cash back categories.
3. Chase Freedom - It's where I've banked for almost a decade now without any NSF or defaults ever. ( I would love to try for the CSP but I don't know if I will be able to pull it off based on aaoa. Mine is eith 2yr 6 mo or 1 yr depending on which bureau they pull. I'd love the sign on bonus and the spend is no problem at all for me)

At the end of the apps I am also planning on taking a hp to join Penfed. Somewhere down the road a year or so I will pursue a credit product from them. For now, I just want membership to start with
My income is 85k per year
Inq are in my sig
Util = 3%
I was thinking I would circle back around if I get the amex PRG and try for a BCP after six month to a year in the garden following the above, unless folks think its worth it to try now. If I were to try now, when would you recommend in the order?

Thanks and I know I have had a previous thread on this but I just want to be sure of my final plan.

Re: Final strategy check...

SnackTrader — Sun, 24 Mar 2013 22:22:41 GMT

The only thing with PenFed is that they apparently use the same HP for membership and credit products within 90 days. So if it were me, I wouldn't apply for membership until I was ready for a credit product with them just to save myself the inquiries.

Everything else looks good as long as you are prepared to put significant sums of money on the PRG to cover AF, or to cancel the card after the first year.

Re: Final strategy check...

Anonymous — Sun, 24 Mar 2013 22:26:34 GMT

Thanks Snack,
Yea I will be using the PRG as my primary airplane fuel card.

As far as Penfed goes maybe I should just garden for the 6 months or year depending on my aaoa, then go for membership, wait 88 days and go for a credit card through them? Does that make sense to you?

Re: Final strategy check...

boomhower — Sun, 24 Mar 2013 22:33:00 GMT

I'd flip Discover and Chase, Chase is going to be pickier than Discover. Especially if you go for CSP instead of Freedom. I'd say you have a shot at the BCE, and a darn good one at that. I'd be surprised you aren't approved assuming they don't pull the 1 year AAoA one, that makes it a bit more borderline.

I'd wait at least a year to do PenFed. If you apply any earlier than that you are almost promised to be declined as being an Egyptian.

Re: Final strategy check...

Anonymous — Sun, 24 Mar 2013 22:41:11 GMT

@boomhower wrote:
I'd flip Discover and Chase, Chase is going to be pickier than Discover. Especially if you go for CSP instead of Freedom. I'd say you have a shot at the BCE, and a darn good one at that. I'd be surprised you aren't approved assuming they don't pull the 1 year AAoA one, that makes it a bit more borderline.

I'd wait at least a year to do PenFed. If you apply any earlier than that you are almost promised to be declined as being an Egyptian.

Otherwise, looks like a good plan! Seems like you'll definitely be getting your money's worth out of the PRG.

Re: Final strategy check...

Anonymous — Sun, 24 Mar 2013 22:51:08 GMT

@boomhower wrote:
I'd flip Discover and Chase, Chase is going to be pickier than Discover. Especially if you go for CSP instead of Freedom. I'd say you have a shot at the BCE, and a darn good one at that. I'd be surprised you aren't approved assuming they don't pull the 1 year AAoA one, that makes it a bit more borderline.

I'd wait at least a year to do PenFed. If you apply any earlier than that you are almost promised to be declined as being an Egyptian.

Thanks Boomhower,

Would you think I stand much of a chance at the CSP? I am more than happy to trade Freedom for CSP (I wish I could just do one app for both grr).

Maybe I should either go straight into the branch or call and try to see which they will pull?

I had placed Chase last based upon their reputation for recons and my banking relationship, but I know they are HP sensitive too, so I think I will bump them to the number 2 slot behind amex.

Let me ask you, when in this order, if I were to go for the BCE would you suggest I try?

I have no problem waiting a year for Penfed. I know they are ultra conservative so I shall give your advice a lot of thought. (More than likely I will wait the year) I really really do not want to waste a HP on Penfed and come away with nada.

Sengpatt,

Yea...airplane fuel will give me a LOT of points! Its a reimbursable expense for me. hehe

Additionally, I don't want too many eggs in my omlet either.

Re: Final strategy check...

Open123 — Sun, 24 Mar 2013 23:13:07 GMT

@Anonymous wrote:
1. Amex PRG - to establish my own foot (Iam an AU on a green) with amex and the gold PRG specifically for my volume of travel outside the U.S.
2. Discover IT - already an AU on a Disc More card for two years and I like that card for the cash back categories.
3. Chase Freedom - It's where I've banked for almost a decade now without any NSF or defaults ever. ( I would love to try for the CSP but I don't know if I will be able to pull it off based on aaoa. Mine is eith 2yr 6 mo or 1 yr depending on which bureau they pull. I'd love the sign on bonus and the spend is no problem at all for me)

Good plan!

Should be smooth sailing on those 3 apps.

1. In my view, getting the Freedom before the CSP isn't a bad idea. After you've established a credit history with Chase, you can always app for the CSP (the 40K bonus isn't going away soon, and can only go up) with your reason being you need a travel card. Your CL will likely be higher if you app'ed for it first. All things being equal, you're much better off having a higher CL on the CSP than the Freedom.

2. By getting the Freedom first, you may be targetted for a CSP bonus offer which is higher than the one available to the general public. For instance, some have been recently targetted for a 70K CSP sign up offer through direct mailing.

3. PRG's sign up bonus MR points will be a nice compliment to your UR points. And, for your purposes, the charge card's dynamic limit will come in handy.

4. Discover is excellent for what it does. In it's niche, there is no issuer better than Discover for online purchases and "cash + gift card" redemptions.

Excellent plan! When you do apply for the CSP, Chase will start you with a very high limit based on your Freedom and Amex, assuming you use the cards.

Re: Final strategy check...

Anonymous — Sun, 24 Mar 2013 23:25:31 GMT

@Open123 wrote:
@Anonymous wrote:
1. Amex PRG - to establish my own foot (Iam an AU on a green) with amex and the gold PRG specifically for my volume of travel outside the U.S.
2. Discover IT - already an AU on a Disc More card for two years and I like that card for the cash back categories.
3. Chase Freedom - It's where I've banked for almost a decade now without any NSF or defaults ever. ( I would love to try for the CSP but I don't know if I will be able to pull it off based on aaoa. Mine is eith 2yr 6 mo or 1 yr depending on which bureau they pull. I'd love the sign on bonus and the spend is no problem at all for me)
Good plan!

Should be smooth sailing on those 3 apps.

1. In my view, getting the Freedom before the CSP isn't a bad idea. After you've established a credit history with Chase, you can always app for the CSP (the 40K bonus isn't going away soon, and can only go up) with your reason being you need a travel card. Your CL will likely be higher if you app'ed for it first. All things being equal, you're much better off having a higher CL on the CSP than the Freedom.

2. By getting the Freedom first, you may be targetted for a CSP bonus offer which is higher than the one available to the general public. For instance, some have been recently targetted for a 70K CSP sign up offer through direct mailing.

3. PRG's sign up bonus MR points will be a nice compliment to your UR points. And, for your purposes, the charge card's dynamic limit will come in handy.

4. Discover is excellent for what it does. In it's niche, there is no issuer better than Discover for online purchases and "cash + gift card" redemptions.

Excellent plan! When you do apply for the CSP, Chase will start you with a very high limit based on your Freedom and Amex, assuming you use the cards.

Thanks Open123.

Your number:

1. Is sort of exactly what I was thinking. I have time, so it just makes sense for me to start with Freedom first and then in time, once my chances are better, go for the CSP. Maybe its 6 month or maybe its a year or more. Either way, if I get the Freedom, imho, I come away with a great card.

2. If I receive a targetted CSP offer I can always app then and if approved, ask for the Freedom to be moved over, thereby getting a larger CL, yes?

3. I LOVE AMEX. The PRG fits nicely into my situation.

4. I also like Discover a LOT. I know its niche but they have never done us badly at all. Since I have a AU relationship, I thought I would try to capitalize on that with them a bit.

I also like the idea of going for the BCE but is it really wise to do it right after a PRG app? If I did, when in the order is also the question. My gut tells me that the BCE is pushing Amex too hard after a PRG and I dunno if subbing it out for the PRG and continuing to use the Green I am an AU on is the best solution or not. On that one, I am confuzzled.

Re: Final strategy check...

Open123 — Sun, 24 Mar 2013 23:28:45 GMT

@Anonymous wrote:

2. If I receive a targetted CSP offer I can always app then and if approved, ask for the Freedom to be moved over, thereby getting a larger CL, yes?

- Yes! Hopefully, you'll be targetted with a sign up that is greater than the current 40K! Currently, there's a 70K targetted one floating around out there. If you request it, they'll gladly move your Freedom's CL (less 500) to your new CSP. Great way to get a huge CL (since CLs are all HPs anyway, better to app for a bonus and consolidate) from Chase, which looks great in your CRs.

3. I LOVE AMEX. The PRG fits nicely into my situation.

- Love charge cards and the idea of NPSL. Purchasing power can rise very quickly, where static lines take much longer and considerably more effort. Good chance Chase will be more aggressive on your CSP CL when they notice your charging ability on the Amex cards.

4. I also like Discover a LOT. I know its niche but they have never done us badly at all. Since I have a AU relationship, I thought I would try to capitalize on that with them a bit.

- Discover is far and away the best for what it does. Who else offers a 15% rebate on groupon? I will always have and use a Discover card.

Re: Final strategy check...

Anonymous — Sun, 24 Mar 2013 23:35:49 GMT

FYI an intangible that I am gonna do is call my rep back at the Cap One EO. Last month I told her my plan and asked for a 3500 limit increase with open to a counter of course.

They came back with an increase to 1500 and she point blank says; "I know its not what you wanted but the analyst told her to have me call back once all my util is down below 5% and reported so they can see it on their end and they will reconsider raising it the rest of the way.

I am thinking I shall begin the process right there...and maybe even ask for the magical 5K so when its CSP time, I will have the 5K limit they like...if Cap one plays along of course.

PS I have never missed or been late on any of these cards...ever ever ever.

Re: Final strategy check...

boomhower — Sun, 24 Mar 2013 23:39:14 GMT

@Anonymous wrote:
@boomhower wrote:
I'd flip Discover and Chase, Chase is going to be pickier than Discover. Especially if you go for CSP instead of Freedom. I'd say you have a shot at the BCE, and a darn good one at that. I'd be surprised you aren't approved assuming they don't pull the 1 year AAoA one, that makes it a bit more borderline.

I'd wait at least a year to do PenFed. If you apply any earlier than that you are almost promised to be declined as being an Egyptian.
??

Otherwise, looks like a good plan! Seems like you'll definitely be getting your money's worth out of the PRG.

One of Penfeds classic denials is: Pyramiding Debt. You could have a 785 FICO with 1% utility and they will deny due to recent accounts. For a good shot I wouldn't have any new accounts within the last year, they are ultra consertative. Once your in and approved they can be generous it's just getting in is the trick.

@Anonymous wrote:
@boomhower wrote:
I'd flip Discover and Chase, Chase is going to be pickier than Discover. Especially if you go for CSP instead of Freedom. I'd say you have a shot at the BCE, and a darn good one at that. I'd be surprised you aren't approved assuming they don't pull the 1 year AAoA one, that makes it a bit more borderline.

I'd wait at least a year to do PenFed. If you apply any earlier than that you are almost promised to be declined as being an Egyptian.
Thanks Boomhower,
Would you think I stand much of a chance at the CSP? I am more than happy to trade Freedom for CSP (I wish I could just do one app for both grr).
Maybe I should either go straight into the branch or call and try to see which they will pull?
I had placed Chase last based upon their reputation for recons and my banking relationship, but I know they are HP sensitive too, so I think I will bump them to the number 2 slot behind amex.

Let me ask you, when in this order, if I were to go for the BCE would you suggest I try?

I have no problem waiting a year for Penfed. I know they are ultra conservative so I shall give your advice a lot of thought. (More than likely I will wait the year) I really really do not want to waste a HP on Penfed and come away with nada.

Sengpatt,

Yea...airplane fuel will give me a LOT of points! Its a reimbursable expense for me. hehe

Additionally, I don't want too many eggs in my omlet either.

Typically with Amex if you app for two cards in the same day it's only one pull. I say typically as it isn't 100%. If your going to do it I'd do it immediately after PRG assuming an instant approval on it. I think you chances are good for the CSP assuming a couple of things. One they pull a CRA with greater than one year AAoA. Two you have other credit lines close to or greater than $5k. $5k is the minimum for CSP and if your current high is $2k then your pushing it getting that big of a jump. Your income certainly supports but an often reason for denial is not enough experience at that credit level. If you have large deposits with Chase that will certainly play into the equation. It won't in the online app but will upon recon.

It looks like you really want the PRG so I'd go:

PRG

BCE/BCP

Freedom/CSP

Discover

In a year PenFed.

Good Luck!

Re: Final strategy check...

Anonymous — Sun, 24 Mar 2013 23:53:00 GMT

Boomhower posted:

It looks like you really want the PRG so I'd go:

PRG

BCE/BCP

Freedom/CSP

Discover

In a year PenFed.

Good Luck!

_____________________________________________________________________________________________________________________________

Boomhower,

I agree with every single thing you just said, including the Penfed portion.

In a year, I will be ready for Penfed and it can wait til then.

I like the order of

1. PRG

1a. If PRG is instant approval...BCE/BCP (My groceries can support the BCP AF but I want to do the math on all AFs just to be certain. If its close, I will app BCE instead)

2.Freedom (CSP later after 6 months or a year or a targetted offer and some limits at or really close to 5K)

3. Discover IT

4. Garden 6 months

5. CSP

6. Garden another 6 months to a year.

7. Penfed.

Thats "feels" right.

Re: Final strategy check...

boomhower — Sun, 24 Mar 2013 23:56:51 GMT

That looks like an excellent plan. Make sure to let us know how it turns out.

Re: Final strategy check...

Anonymous — Sun, 24 Mar 2013 23:59:49 GMT

@boomhower wrote:
That looks like an excellent plan. Make sure to let us know how it turns out.

Count on it

Thanks again!!