topic Re: App Strategy in Credit Cards

App Strategy

goal_digger — Mon, 18 Nov 2013 01:30:43 GMT

Howdy, folks!

After rebuilding for the past 2-3 years, I recently apped and was denied for the Discover IT. This was a blessing in disguise, because I found out what was impacting me negatively on my EX report and had it fixed since it wan't reporting accurately. Fast forward and I was approved for the Amex Delta (1k - hard pull on TU only) and BCP (5k - hard pull on EX only) in the past week and a half. The only cards I'm after are the CSP, Freedom, Discover IT, and BOA Travel Rewards (in that order) . This is along the lines of what I was thinking in terms of my app strategy through August 2014:

1. App Freedom in April 2014

2. App CSP, BOA Travel Rewards, and Discover IT in August/September 2014

Do you think this is a solid strategy? Or, should I app for one of the Chase cards now to increase my internal scoring with Chase for August?

Currently, I have a BOA Cash Rewards card (5k) in addition to the two mentioned above. AAOA is close to 8 years, a few baddies (all old and paid), max 3 inqs on each report in the last 12 mos, no lates in the past 3-4 years. Fico Scores: TU98 708 (AmEx and BOA report 653 - not sure which TU version they use), EQ 684, and EX ??? (before updates it was a 646 but will receive score when I get my BCP in the mail).

Apping in August/September because a lot of my inquiries will fall off around that time, a well as two baddies. Thanks in advance!!!

Re: App Strategy

yudeology101 — Mon, 18 Nov 2013 01:54:37 GMT

IMO your file looks good. You've mentioned that want to apply for the CSP, Freedom...etc. in that order in your first paragraph but mentioned that you're going to app for Freedom in April in the second paragraph...I would say app for the card you want first (either CSP or the Freedom?).

Re: App Strategy

myjourney — Mon, 18 Nov 2013 01:54:55 GMT

@goal_digger wrote:
Howdy, folks!

After rebuilding for the past 2-3 years, I recently apped and was denied for the Discover IT. This was a blessing in disguise, because I found out what was impacting me negatively on my EX report and had it fixed since it wan't reporting accurately. Fast forward and I was approved for the Amex Delta (1k - hard pull on TU only) and BCP (5k - hard pull on EX only) in the past week and a half. The only cards I'm after are the CSP, Freedom, Discover IT, and BOA Travel Rewards (in that order) . This is along the lines of what I was thinking in terms of my app strategy through August 2014:

1. App Freedom in April 2014 Good time to app
2. App CSP, BOA Travel Rewards, and Discover IT in August/September 2014 Do you have any other 5K lines now before applying for CSP as it may help?
The other 2 cards a good possiblity of approval

Do you think this is a solid strategy? Or, should I app for one of the Chase cards now to increase my internal scoring with Chase for August?

Currently, I have a BOA Cash Rewards card (5k) in addition to the two mentioned above. AAOA is close to 8 years, a few baddies (all old and paid), max 3 inqs on each report in the last 12 mos, no lates in the past 3-4 years. Fico Scores: TU98 708 (AmEx and BOA report 653 - not sure which TU version they use), EQ 684, and EX ??? (before updates it was a 646 but will receive score when I get my BCP in the mail).

Apping in August/September because a lot of my inquiries will fall off around that time, a well as two baddies. Thanks in advance!!!

Re: App Strategy

goal_digger — Mon, 18 Nov 2013 02:14:25 GMT

@yudeology101 .. good catch! The only reason I mentioned apping the Freedom first is for the 0% offer since I'd like to use it to pay off my good friend, the IRS. However, my first preference is the CSP.

@myjourney .. the only other 5k line I have is the BCP which hasn't reported yet

I guess my biggest question is around timing of apps. I was thinking if I waited, my scores would improve a bit more before apping.. plus, I need to meet spend for bonuses right now and don't want to overdo it since I'm trying to thicken my file and not spend recklessly for the sake of gaining bonuses, miles, etc.

Re: App Strategy

Revelate — Mon, 18 Nov 2013 02:20:48 GMT

If it were me in your position, I'd simply apply for Freedom now. I wouldn't think a denial is in the cards and I suspect most lenders including Chase might view only 4 months history with them as somewhat wierd when opening a second tradeline: plus it sounds like the Freedom has a more immediate use, and speaking from experience, better to resolve IRS issues sooner than later unless you can stick your head in the sand for longer than the SOL. Not really smart to do that unless it just falls out that way anyway for whatever reason.

Re: App Strategy

goal_digger — Mon, 18 Nov 2013 02:32:49 GMT

Thanks for your feedback, @Revelate! So are you suggesting apping the Freedom now and then the CSP in August/September? TBH, I agree that it's better to resolve IRS issues sooner than later (ie, now), but I was actually doing it in April morseo to help my mom AND myself. Would pref not to pay it off with my AmEx. Also, are you suggesting 4 mos history isn't long enough for Chase? If so, what's a good timeframe to app for a second card with them? Just want to be clear since I want to make the most informed decision.

Re: App Strategy

Revelate — Mon, 18 Nov 2013 04:02:32 GMT

@goal_digger wrote:
@Anonymous for your feedback, @Revelate! So are you suggesting apping the Freedom now and then the CSP in August/September? TBH, I agree that it's better to resolve IRS issues sooner than later (ie, now), but I was actually doing it in April morseo to help my mom AND myself. Would pref not to pay it off with my AmEx. Also, are you suggesting 4 mos history isn't long enough for Chase? If so, what's a good timeframe to app for a second card with them? Just want to be clear since I want to make the most informed decision.

That's how I'd go about it personally; better to get any negatives (inquiry, new tradeline) done and out of the way so they can start aging immediately.

I likely was too rushed on my 4 months commentary: what I was trying to get at is if you pickup a card, the lender may want to see more than 4 months history on it before they consider offering you another. Not always and there's plenty of counter examples but in this case of getting a Freedom, using it for an IRS debt (you mention 0% so I'm assuming you can't write a check for it) they'll want to see history paying it down pre CSP was my theory.