topic Re: Too Much too Fast? in Credit Cards

Too Much too Fast?

goodscores — Wed, 14 Aug 2013 02:43:41 GMT

Greetings All,

First and foremost, Thank You All for contributing to myFICO. I have come a long way in my credit rebuilding journey because of these forums. I obtained a Bank of America Secured credit card in Jan/2013, for $300. I increased the limit to $1000 in June with a hard pull on TU. I applied for the Discover it a few weeks ago and was instantly approved for $3000. The card has not reported to either of the 3 bureaus yet. My Equifax fico is 772 per my Discover approval. My TU Fico according to myfico is 784. I beleive my Experian is around the same. Both Experian and Equifax are reporting identical accounts, including 2 paid/closed/never late Sallie Mae student loans from 1993, a furniture rental lease which is Paid/Closed in 2008/Never Late, and my BOFA Secured which I pay multiple times monthly to keep the utilization down.

I am looking to refinance my home, in about a year, which has been "deeded" to me by my Father, and am thinking another open account will help. Would it be wise to app for something BEFORE my Discover begins reporting? Which card would someone in my shoes apply for. Thanks again all.

Re: Too Much too Fast?

myjourney — Wed, 14 Aug 2013 02:57:06 GMT

@goodscores wrote:
Greetings All,

First and foremost, Thank You All for contributing to myFICO. I have come a long way in my credit rebuilding journey because of these forums. I obtained a Bank of America Secured credit card in Jan/2013, for $300. I increased the limit to $1000 in June with a hard pull on TU. I applied for the Discover it a few weeks ago and was instantly approved for $3000. The card has not reported to either of the 3 bureaus yet. My Equifax fico is 772 per my Discover approval. My TU Fico according to myfico is 784. I beleive my Experian is around the same. Both Experian and Equifax are reporting identical accounts, including 2 paid/closed/never late Sallie Mae student loans from 1993, a furniture rental lease which is Paid/Closed in 2008/Never Late, and my BOFA Secured which I pay multiple times monthly to keep the utilization down.

I am looking to refinance my home, in about a year, which has been "deeded" to me by my Father, and am thinking another open account will help. Would it be wise to app for something BEFORE my Discover begins reporting? Which card would someone in my shoes apply for. Thanks again all.

Welcome to the forum

IMHO you don't need any more TL's at the current moment unless there's a specfic card your looking to aquire.

Scores are good even w/o Discover reporting and if you want to app then yes do it before Discover reports

If it's alright with you I will ask that your thread be moved to CC forum for better results?

Re: Too Much too Fast?

goodscores — Wed, 14 Aug 2013 03:02:34 GMT

MyJourney,

Thank you for your prompt reply; and by all means, move away.

Re: Too Much too Fast?

myjourney — Wed, 14 Aug 2013 03:13:21 GMT

@goodscores wrote:
MyJourney,

Thank you for your prompt reply; and by all means, move away.

Move requested ....to CC forum for more answers to OP questions

Thanks

What card are looking to app?

Re: Too Much too Fast?

myjourney — Wed, 14 Aug 2013 03:48:14 GMT

@myjourney wrote:
@goodscores wrote:
MyJourney,

Thank you for your prompt reply; and by all means, move away.
Move requested ....to CC forum for more answers to OP questions
Thanks
What card are looking to app?

Welcome to the CC forum

What type of card are you looking for cash back...miles or do you have something already picked out?

How many INQ's in the last year?

Re: Too Much too Fast?

goodscores — Wed, 14 Aug 2013 13:44:35 GMT

myjourney,

I have 2 hard inquiries per bureau. I made the mistake of apping for a Barclaycard without any open accounts, and they double-pulled Eq and TU. As far as which card I am considering applying for; Im stuck.. Right now im happy with the Discover for its 5% cash back on gas (which ends this quarter) and I use my BOA for its 2% on groceries. I have a roth IRA with Fidelity, and would Love to have the Fidelity American Express investment rewards card, but am not sure I would qualify with my short recent history; what do you think?

Re: Too Much too Fast?

Anonymous — Wed, 14 Aug 2013 13:47:26 GMT

Whats your AAoA?

Another revolving account or two would help FICO in medium term. Also, you need lenders who will grow with you.

Re: Too Much too Fast?

goodscores — Wed, 14 Aug 2013 14:18:57 GMT

My AAOA according to TU myFico is 10 years. it is 10.2 on both Equifax and Experian. However, I only have 1 open account currently reporting, and the Discover which has not began reporting yet. I agree I need at least 1 more revolving account but am having a hell of a time deciding who. Scared to death of pulling the trigger

Re: Too Much too Fast?

Anonymous — Wed, 14 Aug 2013 14:27:19 GMT

@goodscores wrote:
My AAOA according to TU myFico is 10 years. it is 10.2 on both Equifax and Experian. However, I only have 1 open account currently reporting, and the Discover which has not began reporting yet. I agree I need at least 1 more revolving account but am having a hell of a time deciding who. Scared to death of pulling the trigger

Your AAoA is good. You will get the length of history rejection from some issuers. Is the BofA reporting 1k limit? As for rejection, think of it this way. One of the reasons why app sprees work is that inquiries bunched together don't really hurt you that much. They basically age off together. The real cost of too many inquiries is don't expect to app for anything from 6 months to 1 year. With 2 inquiries per bureau, the immediate harm to credit score from another inquiry or 2 is pretty minor. You are going to get new account hit anyway from Discover so really no more harm to credit report to app away.

Assuming BofA reporting 1k. I would consider AMEX charge card. If that gets approved, go for revolver right away. Don't worry if you get two HPs. Both likely on Experian and you can probably call Experian to remove one as duplicate if you want to wait on phone with their customer service.

I would even consider one more card after that. Depending on what happened with AMEX, I can make recommendations.

Re: Too Much too Fast?

myjourney — Wed, 14 Aug 2013 17:25:38 GMT

@goodscores wrote:
myjourney,

I have 2 hard inquiries per bureau. I made the mistake of apping for a Barclaycard without any open accounts, and they double-pulled Eq and TU. As far as which card I am considering applying for; Im stuck.. Right now im happy with the Discover for its 5% cash back on gas (which ends this quarter) and I use my BOA for its 2% on groceries. I have a roth IRA with Fidelity, and would Love to have the Fidelity American Express investment rewards card, but am not sure I would qualify with my short recent history; what do you think?

The fidelity Amex may be hard to obtain with a short CC history. With 2 INQ's CB that's not bad at all.

Chase freedom may be worth a shot as well as Amex charge.

Re: Too Much too Fast?

goodscores — Wed, 14 Aug 2013 18:00:39 GMT

So...... I pulled the trigger on the amex green charge, and got the spinning blue wheel for 15 minutes. I finally reloaded the page, and the reloaded blank. I have checked the amex status page and no application on file. Now im wondering if the "credit gods" are trying to tell me something..... I'm heading off to work, and will ponder whether or not i will reapply. What would you all say my approval odds are? Thanks again in advance.

Re: Too Much too Fast?

myjourney — Wed, 14 Aug 2013 18:03:22 GMT

@goodscores wrote:
So...... I pulled the trigger on the amex green charge, and got the spinning blue wheel for 15 minutes. I finally reloaded the page, and the reloaded blank. I have checked the amex status page and no application on file. Now im wondering if the "credit gods" are trying to tell me something..... I'm heading off to work, and will ponder whether or not i will reapply. What would you all say my approval odds are? Thanks again in advance.

Call the backdoor number Good luck

AmEx: 800-567-1083 (App Status

Re: Too Much too Fast?

goodscores — Wed, 14 Aug 2013 18:13:55 GMT

myjourney,

So even though the online application status has no info, you think the app may have still gone through? I only got phase 1 of the app process, and the blue wheel just spun away for 15 mins. No income info, or employment info was asked. I'm thinking my app wasnt submitted. Anyone else ever had this prob?

Re: Too Much too Fast?

myjourney — Wed, 14 Aug 2013 18:17:21 GMT

@goodscores wrote:
myjourney,

So even though the online application status has no info, you think the app may have still gone through? I only got phase 1 of the app process, and the blue wheel just spun away for 15 mins. No income info, or employment info was asked. I'm thinking my app wasnt submitted. Anyone else ever had this prob?

It's possible I had one stuck in the system for a day before calling only to find out it was already approved and they didn't need any info or anything.

But if you didn't put income in could be the system went down.

Re: Too Much too Fast?

goodscores — Thu, 15 Aug 2013 23:28:23 GMT

Hey Cashem,

So, I was just approved for Amex Green, what is the benefit of applying for an Amex revolver right after?

Re: Too Much too Fast?

myjourney — Thu, 15 Aug 2013 23:29:16 GMT

Congrats

Re: Too Much too Fast?

goodscores — Thu, 15 Aug 2013 23:32:40 GMT

Thanks Myjourney,

Should i call it good, and be grateful my foots in the door with Amex, or app for their revolver right now.

Re: Too Much too Fast?

myjourney — Thu, 15 Aug 2013 23:33:48 GMT

@goodscores wrote:
Thanks Myjourney,

Should i call it good, and be grateful my foots in the door with Amex, or app for their revolver right now.

No apply for the revolver you want right now..good luck it will be the same HP..so go for it

Re: Too Much too Fast?

goodscores — Thu, 15 Aug 2013 23:45:01 GMT

message after trying to apply for revolver......"Currently, our systems are not responding. Please try again later or call/contact us as follows:

To apply by phone or for product information -- 1-800-223-2670.

We apologize for the inconvenience and look forward to serving you.

Re: Too Much too Fast?

myjourney — Thu, 15 Aug 2013 23:46:54 GMT

@goodscores wrote:
message after trying to apply for revolver......"Currently, our systems are not responding. Please try again later or call/contact us as follows:

To apply by phone or for product information -- 1-800-223-2670.

We apologize for the inconvenience and look forward to serving you.

If your comfortable talking to a live person call if not wait on the system to come back up.....the system is giving you a hard time 2 days in a row