topic Re: When should I apply? in Credit Cards

When should I apply?

Anonymous — Wed, 17 Jul 2013 01:14:31 GMT

Hello there, been reading up on different cards for a bit, and on different peoples experiences and I have a question of my own.

Currently my score is a 688, had my one credit account for 2 years. Currently my UTL is sky high on account of losing my job two months ago, but now that I started working again, it'll drop to around 20-30% where it should be. My CL is currently $700 on my BoA card, but I'm looking for something with around 2000-2500 limit.

I've never had a late payment, never had anything go into collections, have 1 student loan for 4500 dollars that I am paying off, and am current on. No negatives on my account from any of the reports I've seen, and only have 2 inquiries.

What are my chances of getting approved for a new card with the limit im looking for? What card(s) should I apply for? Really looking for something with like 0% apr for 12+ months.

Thanks in advance for the advice.

Re: When should I apply?

djc1puno — Wed, 17 Jul 2013 01:18:12 GMT

I say bring down ur util...then your cs should go up...then maybe discover, chase, and amex...im sure others w more exp will chime in

Re: When should I apply?

Anonymous — Wed, 17 Jul 2013 01:19:50 GMT

Get the util below 10% and let it report. You should be able to apply for cards with good history.

Re: When should I apply?

Anonymous — Wed, 17 Jul 2013 01:35:18 GMT

So would it be better for my score to pay it all off in one chunk, or pay it off over the course of 2-3 months? Which is all it should take me since I never make just the minimum payments.

Re: When should I apply?

myjourney — Wed, 17 Jul 2013 01:42:49 GMT

Before you plan to app

For Max scoring pay all cards off except 1

Let 1 report a balance between 1-9%

Let all CR's update

Proceed to computer or phone and execute operation New cards

Re: When should I apply?

Anonymous — Wed, 17 Jul 2013 01:46:27 GMT

One card is all I have lol, so getting it down to 9% will take me part of my next two checks hahaha.

Any specific cards I should go for? Not looking to get too many of them, good way to get into trouble quick ^_^

Re: When should I apply?

myjourney — Wed, 17 Jul 2013 01:50:22 GMT

@Anonymous wrote:
One card is all I have lol, so getting it down to 9% will take me part of my next two checks hahaha.

Any specific cards I should go for? Not looking to get too many of them, good way to get into trouble quick ^_^

What card do you have now?

Are you still a student?

Student cards have easier requirments

Re: When should I apply?

nicholasyud — Wed, 17 Jul 2013 01:52:55 GMT

@Anonymous wrote:
So would it be better for my score to pay it all off in one chunk, or pay it off over the course of 2-3 months? Which is all it should take me since I never make just the minimum payments.

Let paid all of your credit card and let 1 card report small balance ( less than 9% your total credit line)

Let them all report

Chase, Citi, Discover.....especial Discover....one of the good card with 0% APR for 15 months i think. Let me know if you interest then i can hook u with $50 refer link then we both can get $50.

Re: When should I apply?

Anonymous — Wed, 17 Jul 2013 01:54:47 GMT

If you income above 20k then I would recommend Amex due cli policy. If you are denied and you might consider CapOne newcomer card.

Re: When should I apply?

Anonymous — Wed, 17 Jul 2013 02:00:04 GMT

I just have a basic unsecured Bank of America CC with a $700 limit, started off as a secure card with $300 two years ago. I am still a student, going to school and working.

Would a Student CC have the limit I'm looking for?

I don't think I've even ever applied for a card, oh, but I did get approved for a $2000 account with HP last year that I'm just about done paying off the $1300 I used on it, balance is ~400 this month. Never been late on that one either, but I don't see myself using it again, nothing HP has interests me currently. Would it be ok to close that one? Does it even count since I cant use it anywhere but with HP?

Edit: I make just a little under 20k right now, but when I get out of training at work my base pay will rise, and I'll be getting attendance and performance bonuses that will push me up to around 21-22k.

Re: When should I apply?

myjourney — Wed, 17 Jul 2013 02:02:44 GMT

@Anonymous wrote:
I just have a basic unsecured Bank of America CC with a $700 limit, started off as a secure card with $300 two years ago. I am still a student, going to school and working.

Would a Student CC have the limit I'm looking for?

I don't think I've even ever applied for a card, oh, but I did get approved for a $2000 account with HP last year that I'm just about done paying off the $1300 I used on it, balance is ~400 this month. Never been late on that one either, but I don't see myself using it again, nothing HP has interests me currently. Would it be ok to close that one? Does it even count since I cant use it anywhere but with HP?

Edit: I make just a little under 20k right now, but when I get out of training at work my base pay will rise, and I'll be getting attendance and performance bonuses that will push me up to around 21-22k.

I think Discover and Citi forward would be a good fit for you although no one can say what limit you would get ...sorry

Re: When should I apply?

hot4u — Wed, 17 Jul 2013 02:04:21 GMT

I would go with Discover...

Re: When should I apply?

Anonymous — Wed, 17 Jul 2013 02:10:33 GMT

Thank you for the info guys/gals, have a plan of what to do now.

Being that I've never applied for cards before, if I were to apply for more than one, should I do it one at a time or a few at once?

Re: When should I apply?

myjourney — Wed, 17 Jul 2013 02:16:56 GMT

@Anonymous wrote:
Thank you for the info guys/gals, have a plan of what to do now.

Being that I've never applied for cards before, if I were to apply for more than one, should I do it one at a time or a few at once?

May as well get it all done on the same day so INQ's can all age together

Good Luck and best wishes

Re: When should I apply?

staifokuzed — Wed, 17 Jul 2013 02:41:50 GMT

I would app discover first. Lately they seem to love one or two low limit profiles. Next i do Amex prg then immediately app for the blue cash everyday or preferred if u can justify the annual fee.

It is very important that your utility is much lower though. And please make sure your credit reports reflect the lower utility before applying.

Another thing you could do is have someone add u as authorized user on a card with lots of age with little to no balance. But ur boa card balance will still have to drop some.

Re: When should I apply?

takeshi74 — Wed, 17 Jul 2013 03:11:04 GMT

@Anonymous wrote:
So would it be better for my score to pay it all off in one chunk, or pay it off over the course of 2-3 months?

Doesn't really matter. The look at current utilization. Just make sure that your lower utilization is reported before you start applying.

@Anonymous wrote:
Any specific cards I should go for?

What are your goals and priorities? What's the majority of your spend? Do you need a card for travel? Day to day use? Looking for cash back? Points? If you want recommendations you have to give people something to work with no matter what the topic.

Re: When should I apply?

Anonymous — Wed, 17 Jul 2013 03:25:16 GMT

I don't travel a whole lot, and cash back would be best. I wouldn't be using the card for every day purchases, mainly for computer hardware and/or car parts. I don't spend too much per month, only in emergencies.

But the new card would be used for expensive parts that I would pay off frequently, which is why I was looking for something with a low interest rate.

First few months the spending would be at a decent amount, then it would slowly ramp down between hardware releases and when I don't break parts on my car lol

My goals are to get a higher credit score for sure, north of 750 eventually, for when I move out. Not looking to open an excessive amount of accounts, learned from my parents not to do that.

Sorry for the lack of info, not used to this thing yet.