topic Re: Fixed My Score In 11 Months / Not Sure What Card Is Next... in Credit Cards

Fixed My Score In 11 Months / Not Sure What Card Is Next...

Sagnew — Tue, 22 Oct 2013 02:49:18 GMT

Hello -
Managed a 130 point increase in 11 months (upto 788 equifax fico). Couldn't be happier. But quite confused as to what to do next.

Prior to last year, I did not have much credit. Never had a credit card and had two accounts in collections (cell phone bills). Before heading out an extended trip w/ my my girlfriend - she added me as a joint user on her Amex Blue (we had no idea at the time that it would help with my cedit). She is/was typically carrying a zero balance on an 8k limit.

In November of 2012 I applied and recieved a Capitol One Secured Master Card with a 2k balance (hence 2k placed in a deposit) and have been making payments on time ever since.

This month I finally managed to get both the two accounts in collections removed (they were incorrectly reporting). All three things have helped my score greatly.

Now that my FICO score is prettu much "fixed" - I would like to :

a) apply for my own amex (one that is not connected with gf's account)

b) move on from the secured mastercard and get my $2k deposit back

in regards to the amex : I dont want a hard inquiry to appear on my credit report (especially after all that work). Am I likely to be able to get my own Amex now? That is a softpull correct? Any special advice as I still appear as a joint/cupplementary card member? Any reason why I should remove myself from the joint account?

in regards to the secured Master Card (Capitol One) - Will it "look bad" if I close that account? Is there a way to transition that to a normal credit card / keep that account going and get some or all of my deposit back?

Any help is greatly appreciated. Thanks!

Re: Fixed My Score In 11 Months / Not Sure What Card Is Next...

09Lexie — Tue, 22 Oct 2013 02:55:55 GMT

Unfortunately, you cannot receive an Amex without a hard pull. I believe you were referring to SP if declined and HP if approved- that benefit is only reserved for primary cardmembers.

I would suggest you go to card match.com and see if you get an offer for Amex. If you remove yourself, it will only hurt your util because the $8k CL. I would suggest keeping it until you've added the cc's you want including choosing a replacement for Cap 1. I'm unaware if Cap 1 unsecured the cc's.

What type of cc's are you looking for? Cashback, rewards? Do you travel?

Re: Fixed My Score In 11 Months / Not Sure What Card Is Next...

FinStar — Tue, 22 Oct 2013 03:02:22 GMT

Concur with Lexie's comments. Unfortunately, Capital One does not PC secured cards into unsecured.

Re: Fixed My Score In 11 Months / Not Sure What Card Is Next...

Anonymous — Tue, 22 Oct 2013 03:14:54 GMT

OP,

I think you are pretty golden. Couple of questions and I can give you some suggestions as to plan.

1) What are you looking for in cards? Rewards and what kind? High limits? etc.

2) Are you sure you are joint user on AMEX vs. ACM on AMEX. Can you doublecheck this and let me know? Also, can you create user id on AMEX website (if you haven't) and let me know your member since date?

Re: Fixed My Score In 11 Months / Not Sure What Card Is Next...

Sagnew — Tue, 22 Oct 2013 03:17:01 GMT

Thanks for the advice 09Lexie (and FinStar)

Travel a great deal so travel rewards would be ideal. I was looking at a Blue Sky Preferred amex.

As far as the hard pulls - I guess I'll live with it for now..It will be a year since I applied for the secured card in November (my last hard pull) - so maybe wait till then?

Does it make any sense to apply for the amex now (hopefully get it), then work to 3X CLI on the new card and THEN close the joint card when it gets close to that 8k imit that I currently have with my joint card

Re: Fixed My Score In 11 Months / Not Sure What Card Is Next...

09Lexie — Tue, 22 Oct 2013 03:21:52 GMT

You keep saying, joint. Are you sure it reports joint or AU. Amex stopped with joint applications awhile back.

Re: Fixed My Score In 11 Months / Not Sure What Card Is Next...

Sagnew — Tue, 22 Oct 2013 03:25:10 GMT

Crashem -

Rewards ideal. No need for High limits yet..Dont want to risk a "no" this early in the game and have to apply for another card

Any idea on how I could check if I am an ACM (account manager?). I can and have created my own userid on the amex site. I have been a member since May 2012. However I do get messages such as "This feature is available to the Basic Cardmember only" when I try to look at PAST statements (i can review current activity)

Re: Fixed My Score In 11 Months / Not Sure What Card Is Next...

09Lexie — Tue, 22 Oct 2013 03:53:36 GMT

I'm going to assume that you are an ACM with Amex. Do you participate in any loyalty programs? Favorite airline? Hotel? Do you travel frequently for work or pleasure?

Re: Fixed My Score In 11 Months / Not Sure What Card Is Next...

Anonymous — Tue, 22 Oct 2013 04:00:45 GMT

OP,

From what you are saying, my guess is that you are a ACM/AU on your GF's Amex vs. a true joint account holder. So as for steps, I recommend the following:

Nov 2013

1) App for GEMB card

2) App for one other card of choice. How about Fidelity VISA or Quicksilver from Capital One to give you decent all around rewards card at 1.5% cash back.

Jan 2014

1) App for AMEX of choice which sounds like BCE

May 2014

1) One other card after 3X CLI on AMEX and maxing out CLI on GEMB card.

Re: Fixed My Score In 11 Months / Not Sure What Card Is Next...

Sagnew — Tue, 22 Oct 2013 04:17:41 GMT

Hey 09Lexie -

Sorry for the back and forth and thanks for sticking with me. Checked my last report (Oct '12) and the amex is listed as AU (not joint). I currently participate in loyalty programs outside of the states (Emirates airlines / Sirius hotel) for both work and pleasure

Re: Fixed My Score In 11 Months / Not Sure What Card Is Next...

09Lexie — Tue, 22 Oct 2013 05:04:24 GMT

Do you need a cc with no FTF?

Re: Fixed My Score In 11 Months / Not Sure What Card Is Next...

Sagnew — Tue, 22 Oct 2013 05:11:41 GMT

That would be ideal.....

Re: Fixed My Score In 11 Months / Not Sure What Card Is Next...

Sagnew — Tue, 22 Oct 2013 05:55:04 GMT

The more I read up on the Amex benefits - I believe the Platinum card would be the most beneficial in terms of travel. The hotel chain I stay at the most often has a pay for one night / get another night free offer to Platnium card holders as well as complimentary upgrades etc.

But I'm scared to apply for a Platinum first, even with the 788 fico, 10k in available credit and a clean report. Mostly because I am an AU already with Amex and I assume they would figure out that 8k of my 10k in available credit is from my gf's card.

Re: Fixed My Score In 11 Months / Not Sure What Card Is Next...

09Lexie — Tue, 22 Oct 2013 06:23:59 GMT

The UW for charge cards is the same. Besides the Amex Platinum, you might try the following:

Barclays Arrival- primarily pulls TU good for no FTF, and 2%
Discover IT- Pulls EQ/TU - 0% APR and cash back
Fidelity Amex -Ex/EQ -2% cash back
QS- pulls all 3- cash back 1.5%

Re: Fixed My Score In 11 Months / Not Sure What Card Is Next...

hot4u — Tue, 22 Oct 2013 16:40:00 GMT

@09Lexie wrote:
The UW for charge cards is the same. Besides the Amex Platinum, you might try the following:

Barclays Arrival- primarily pulls TU good for no FTF, and 2%
Discover IT- Pulls EQ/TU - 0% APR and cash back
Fidelity Amex -Ex/EQ -2% cash back
QS- pulls all 3- cash back 1.5%

Agree Barclays arrival

I have QS just not sure it was worth Hp on all three

Re: Fixed My Score In 11 Months / Not Sure What Card Is Next...

W0MACK — Tue, 22 Oct 2013 17:05:39 GMT

Apply for Platinum, 788 fico you shouldn't have any issues getting approved for platinum. If you go for the Mercedes Benz platinum I think the signup bonus is 50,000 vs 25,000 on the regular platinum and the AF is only $25/year higher: worth it IMO, even if you aren't a Mercedes fan.

I wouldn't worry about the inquiries, they are a necessary evil. Go for it.

Re: Fixed My Score In 11 Months / Not Sure What Card Is Next...

Sagnew — Tue, 22 Oct 2013 18:27:36 GMT

Got the Platinum. Thanks all!

Took a year's worth of work - excited to get finally get there.

Next question :

Is it worth it to apply for the Barclays Arrival card today to use as my primary card (the amex platinum will mostly be used for the benefits)

As an early user pointed out Barclays Arrival primarily pulls TU (and I am assuming Amex pulled EX)

Re: Fixed My Score In 11 Months / Not Sure What Card Is Next...

09Lexie — Tue, 22 Oct 2013 18:31:06 GMT

I suggested Barclays Arrival for additional sign up bonus and Amex isn't as widely accepted. It's nice to have a Visa/MC too

Re: Fixed My Score In 11 Months / Not Sure What Card Is Next...

09Lexie — Tue, 22 Oct 2013 18:31:49 GMT

Congratulations on the Amex!

Re: Fixed My Score In 11 Months / Not Sure What Card Is Next...

Sagnew — Tue, 22 Oct 2013 18:52:56 GMT

Thanks Lexie!

I applied and recieved the Barclays Arrival card as well - $7500 limit.

Your help with all of this has been super helpful as I wasnt sure what to do. Thank You!