topic Re: Need advice on CSP/Freedeom/Amex Plat/PayPal - RE: CL/Inquiries in Credit Cards

Need advice on CSP/Freedeom/Amex Plat/PayPal - RE: CL/Inquiries

vpae — Fri, 12 Jul 2013 20:39:39 GMT

Hi everyone,

Thanks to all of you i have added $25K in CLI since 4/26/13 via SPs/EO and increased my score exponentially; I greatly appreciate it! I am now on to my next adventure and have a few questions. I'm trying to expand my card portfolio, grow my rewards and travel cards, and reward myself for repairing my credit by accquiring cards that I would like to have. Sorry for the long post. Here are my questions.

Would having certain cards with smaller CL lower my chances with getting larger CL on my new apps? Shoud I closer smaller limit cards?
I'm looking to get a Visa Signature, World/Elite MC and a Charge Card as I don't have one. I have a card with a 5K CLI that isn't reporting yet, should I wait? Would it help?
Here are the cards I am planning to App. Which of the following Lenders are more Utilization/Inquiries sensitive and in which order should I App in? Same day? Wait for it to report on my CR?

Chase Freedom
Chase Sapphire Preferred
American Express Platinum
Pay Pal Extras
GE Store Card (Jewelry)

Finally, Wells Fargo currently has a prequalifed offer for me for a Wells Fargo Visa Siganature card. The rewards aren't that great, 3 reward points for 6 months and then it's down to 1 reward point per $1. I'm only tempted to get this because it's a Visa Signature card. Should I go for it?

I just refied my house. My overall utilization is 6%. I have a few cards that are on 0% APR right now with balances between 10%-28% Utilization. Should I pay these off before I app? Here are the cards I currently have. The FNBO has a $10K CL reporting only, just got the increase a week ago and has not reported to any CRA

Credit Card	Credit Limit	Balance	Utilization
Amex BCE	$6,000.00	$0.00	0.00%
BofA Cash Rewards Visa	$3,100.00	$769.80	24.83%
Best Buy Store Card	$7,900.00	$2,277.00	28.82%
Best Buy Reward Zone MC	$4,805.00	$0.00	0.00%
Cap1 Cash Rewards MC	$3,000.00	$0	0.00%
Cap1 Platinum Visa	$6,000.00	$0	0.00%
Citi Platinum Select MC	$4,800.00	$660.12	13.75%
Discover It	$3,000.00	$0.00	0.00%
Express Store Card	$1,300.00	$0.00	0.00%
FNBO Visa	$15,000.00	$1,495.00	9.97%
GE Money Imporvement Store Card	$15,000.00	$0.00	0.00%
GE Money Online Financing Store Card	$5,000.00	$0.00	0.00%
Lowes Store Card	$12,000.00	$0.00	0.00%

Here are my scores. My Utilization has gone down since then.

myFICO:

EX: 815 - 06/13/13

EQ: 802 - 07/12/13

TU: 765 - 06/11/13

Refi Credit Pull:

EX FICO-II : 770 - 06/11/13

EQ BEACON 5: 788 - 06/11/13

TU FICO Classic 04: 783 - 06/11/13

Inquiries: The 1 from the last 6 months is from the refi.

	0m - 6m	0yr - 1yr	0yr - 2yr
Experian	1	2	6
Equifax	1	1	4
TransUnion	1	2	6

Re: Need advice on CSP/Freedeom/Amex Plat/PayPal - RE: CL/Inquiries

Anonymous — Fri, 12 Jul 2013 20:47:43 GMT

you have an 800+ EX score, you will be fine app'ing for anything Chase or AMEX. Especially the Platinum card has it has low underwriting standards.

I would app for all of the cards on the same day that way they don't see the new tradelines.

The only question I have is why are you wanting another GE card? the Chase Freedom comes with 15 months no interest, just use that for your jewelrey purchase and don't get another HP + Tradeline if you really don't need it.

In reference to # 4: the CSP is a Signature card, if you really want one just get that one... I wouldn't add a TL that you don't really want.

Also I would probably app for the Freedom first to get the higher credit line on that card, that way it will be a signature card as well, then if necessary Chase will allow you to move credit line from the Freeom to the CSP for approval but the Freedom will remain a Signature product.

I know this because I was talking to Chase last night about a payment and the rep let me know that if I want I could move credit line from my CSP to my Freedom (I almost have it maxed out with the 0% offer). I stated that I thought it couldn't go below 5k because it was a signature and he said the rules were different if it was a CL consolidation.

Re: Need advice on CSP/Freedeom/Amex Plat/PayPal - RE: CL/Inquiries

Anonymous — Fri, 12 Jul 2013 21:12:11 GMT

I agree with ryanbush. The GE card, IMO would not be necessary if approved for the Freedom- just think of the points! Your CS is high enough to obtain approvals. Chase is more inq/acct sensitive - so I'd start with them.

Oh, and you don't need to close your smaller CLs unless there are fees involved.

Re: Need advice on CSP/Freedeom/Amex Plat/PayPal - RE: CL/Inquiries

vpae — Sat, 13 Jul 2013 02:42:33 GMT

ryanbush, Lexie, thanks for the replies.

I was considering the GE TL because I just imagined (based on my experience) that they would be able to provide a larger initial CL than the Freedom or CSP would because it's for a specific purpose and wouldn't be able to use that TL anywhere else. Less risk? Or is this not factual at all?

So if I were to do these one one day, go in this order? Freedom, CSP, Amex Plat, Pay Pal Extras? Don't worry about paying the off the last 6% of my utilization?

Thanks for the help!

Re: Need advice on CSP/Freedeom/Amex Plat/PayPal - RE: CL/Inquiries

daybreakgonesXe — Sat, 13 Jul 2013 02:45:38 GMT

@vpae wrote:
ryanbush, Lexie, thanks for the replies.

I was considering the GE TL because I just imagined (based on my experience) that they would be able to provide a larger initial CL than the Freedom or CSP would because it's for a specific purpose and wouldn't be able to use that TL anywhere else. Less risk? Or is this not factual at all?

So if I were to do these one one day, go in this order? Freedom, CSP, Amex Plat, Pay Pal Extras? Don't worry about paying the off the last 6% of my utilization?

Thanks for the help!

Personally, I would bump the CSP before the Freedom. Otherwise, that would be the way to go! GL!

Re: Need advice on CSP/Freedeom/Amex Plat/PayPal - RE: CL/Inquiries

BearsAndTurtlesRtheBest — Sat, 13 Jul 2013 03:23:49 GMT

Your gonna get approved no doubt in that! I'd say 5/5 so that inquires fall off at the same time, and age at the same time as well.

Re: Need advice on CSP/Freedeom/Amex Plat/PayPal - RE: CL/Inquiries

vpae — Sat, 13 Jul 2013 05:24:05 GMT

Cool, thanks for the additional feedback.

Does anything think I should wait a month for my FNBO $5K CLI to report before apping? That would be my highest CL at $15K. Currently it's only at $10K. My other $15K and $12K is a GE card revolving line and a GE Lowes card.

Just trying to get the highest initial CL possible for best chances of a Signature or World MC card.

So some are suggesting Freedom before CSP, others CSP before Freedom. Anymore recommendations or experiences?

Re: Need advice on CSP/Freedeom/Amex Plat/PayPal - RE: CL/Inquiries

CarbonCard — Sat, 13 Jul 2013 05:33:52 GMT

If you could, get the Ink card as well.

It's a great card for paying cable and wireless

Re: Need advice on CSP/Freedeom/Amex Plat/PayPal - RE: CL/Inquiries

vpae — Sat, 13 Jul 2013 05:44:33 GMT

Oh and which CBA does Chase and Amex pull? I'm in northern Cal. Is it typically Ex?

And how does one go about explaining when reconing if the lender ask why I Apped for so many cards in such a short period of time?

Re: Need advice on CSP/Freedeom/Amex Plat/PayPal - RE: CL/Inquiries

Anonymous — Sat, 13 Jul 2013 05:53:27 GMT

With your scores, you should have no problem getting approved assuming your income is decent, which I assume is.

Best way to go around doing it is to ask for all the CLIs you possibly can (preferably SPs), wait for them to report, and then apply.

Best of luck!

Re: Need advice on CSP/Freedeom/Amex Plat/PayPal - RE: CL/Inquiries

zeusta20 — Sat, 13 Jul 2013 07:21:19 GMT

@vpae wrote:
Oh and which CBA does Chase and Amex pull? I'm in northern Cal. Is it typically Ex?

And how does one go about explaining when reconing if the lender ask why I Apped for so many cards in such a short period of time?

Which part of Nor Cal? I'm from Nor Cal too! lol. Cool to see other people around the same area...lol.

Re: Need advice on CSP/Freedeom/Amex Plat/PayPal - RE: CL/Inquiries

vpae — Sat, 13 Jul 2013 21:33:37 GMT

I'm from the bay area!

So I should be ok with 6 INQ on EXP/TU and 4on EQ if I were to app for all 4 cards and maybe the GE TL?

Depending on the CL I get from the Freedom, I may not need the GE TL. What are my chances of GE still approving me after Apping for the CSP/Freedom/Amex Plat and a GE PayPal?

Best response to a recon when apping so many cards in a short amount of time? Travel? Big Purchases? I know they say don't mention the sign up bonus.

Re: Need advice on CSP/Freedeom/Amex Plat/PayPal - RE: CL/Inquiries

vpae — Mon, 15 Jul 2013 01:20:04 GMT

Bump and also, does anyone think my individual utilization on a few cards are too high to app? Even though my overall utilization is less than 10%?

Credit Card Credit Limit Balance Utilization
BofA Cash $3,100.00 $769.80 24.83%
Best Buy crd $7,900.00 $2,277.00 28.82%