topic Re: The Next Step in Credit Cards

The Next Step

Jungook — Fri, 31 Jan 2014 10:53:32 GMT

So I got an e-mail from AMEX saying that I was pre-qualified for their Delta Gold card. I know that pre-qualifiers are meaningless for approval but I am glad that I have find myself under the almighty AMEX radar. This got me thinking about what I wanted to do next in my credit journey.

My AAoA is about to hit 6 months soon and I was wondering what my next step should be. By the end of 2014 I'd like to have a BCE but at 6 months of AAoA I was wondering if I should attempt to get a CLI for my Discover IT and maybe also apply for the Freedom. I've been a Discover customer for nigh 5 months now and I have a mix of revolving credit history and student loans. I have also opened a banking relationship with Chase for means to better my chances of recon for future Chase cards.

So what is my next step? Apply for the Freedom and maybe a HP CLI for the Discover? Or shall I garden some more?

(I have also received a letter from Discover saying that I will begin receiving a TU FICO score from them at the end of February.)

Re: The Next Step

coldnmn — Fri, 31 Jan 2014 11:48:07 GMT

You should have at least 6 months of history a year much better in my opinion. The hp CLI from Discover may be denied with such a short credit history. Good Luck what ever you decide!

Re: The Next Step

Anonymous — Fri, 31 Jan 2014 22:22:26 GMT

About a week before I hit six months with Discover (my first credit card, opened in July 2013), I attempted a hard pull CLI. It was rejected, so I was still at my opening limit of $500. Just under three weeks later, I was granted an auto-CLI of $250, bringing me up to $750. I think that I probably would have received the automatic increase even if I hadn't asked for one with a hard pull, but I'm okay with asking for a hard pull on TransUnion.

My strategy for the Discover card is to ask for another CLI after my twelfth statement. That way my inquries are every six months, so only two will affect my score at any given time.

I think I'm going to follow that same strategy for my other card, the Citi Dividend. I opened that in November, so in May I will first attempt a CLI via soft pull, and if that doesn't work, I think I'll go ahead and take the inquiry. I only have two inquiries on TU (both from Discover) and one on EQ (from Citi), so I'm really not concerned about adding these single inquiries from time to time. I'm not looking to apply for anything major like a loan.

Anyway, I can't speak any advice about the Chase card other than that I've heard some people recommend having a year's worth of history before applying. The Freedom would be an excellent card for me, but I don't want to get stuck with another low limit -- but that's just me. I do, however, think it would be a good idea for you to find a Visa or MasterCard so you'll have something accepted in almost every store. This is why I went for the Dividend, because having a universally accepted card is most useful for online purchases, because if a site doesn't accept Discover, I can't exactly pay with cash.

I'd really like to hear about what you end up doing! Good luck with whatever you choose to do.

Re: The Next Step

Jungook — Fri, 31 Jan 2014 22:40:47 GMT

Thank you guys for the informative posts!

Any other suggestions?

Re: The Next Step

efranklin23 — Sat, 01 Feb 2014 00:30:02 GMT

@Jungook wrote:
So I got an e-mail from AMEX saying that I was pre-qualified for their Delta Gold card. I know that pre-qualifiers are meaningless for approval but I am glad that I have find myself under the almighty AMEX radar. This got me thinking about what I wanted to do next in my credit journey.

My AAoA is about to hit 6 months soon and I was wondering what my next step should be. By the end of 2014 I'd like to have a BCE but at 6 months of AAoA I was wondering if I should attempt to get a CLI for my Discover IT and maybe also apply for the Freedom. I've been a Discover customer for nigh 5 months now and I have a mix of revolving credit history and student loans. I have also opened a banking relationship with Chase for means to better my chances of recon for future Chase cards.

So what is my next step? Apply for the Freedom and maybe a HP CLI for the Discover? Or shall I garden some more?

(I have also received a letter from Discover saying that I will begin receiving a TU FICO score from them at the end of February.)

Need more info (CS, baddies, age of other history). Not enough to go on.

Re: The Next Step

DaylightSlaving — Sat, 01 Feb 2014 01:42:47 GMT

Shortly after reaching (and possibly passing) the six month credit history mark, I asked for a CLI with Discover. I went from $1k to $5k.

At face value, you and I have similar backgrounds. Without knowing more though, anything I say from here on out would be pure conjecture.

Re: The Next Step

Jungook — Sat, 01 Feb 2014 03:35:26 GMT

I do not have a credit score as my history is too young. No baddies. 5 months of revolving history and 4 months of student loans.