topic Re: Suggestions on my next move!! in Credit Cards

Suggestions on my next move!!

salek10 — Sun, 01 Jun 2014 17:15:13 GMT

Hello Credit Gurus!! I wish to request some wisdom from you and please advise me on my next move.

Credit Profile:

5 credit cards (refer to signature)

AAoA: 21 months

Oldest Account: 7 years

Newest Account: 6 months

UTIL: 1% (PIF all the time)

Inq: EX 5 (2 will fall off next month) // EQ: 3 // TU 5 (2 will fall off next month)

No baddies, perfect payment history

No installment loans.

FICO (Discover) 768 // CK 764 // Credit.com 736

As you can see on my siggy, I have a Freedom Card with a relatively low CL, I wanted to increase it at least to $5000 (I know it will take an HP)

And I would like to add one more Credit Card.

I plan to app in July since some of my inq will fall off by then. I need advice on which to do first! Should I go for the CLI with Chase first? or App for the Card?

Also which Card would better fit my profile? I was eyeing a Fidelity Amex for the 2% not covered by my IT or Freedom.

Any suggestions and advice are greatly appreaciated in advance!!

Re: Suggestions on my next move!!

fot1 — Sun, 01 Jun 2014 18:17:53 GMT

Hard to say what card fits best for you.. %2 fidelity is nice if you use it at places that take AMEX, if not maybe a qs at %1.5 is a better option.. Sallie Mae's %5 gas grocery and amazon is a nice card..

Re: Suggestions on my next move!!

salek10 — Sun, 01 Jun 2014 21:04:40 GMT

@fot1 wrote:
Hard to say what card fits best for you.. %2 fidelity is nice if you use it at places that take AMEX, if not maybe a qs at %1.5 is a better option.. Sallie Mae's %5 gas grocery and amazon is a nice card..

Is there like a requiste for the Sallie Mae Card??... Is it a hard to get card??..... I would go for the qs but I'm convinced with Cap1, my gf has it and they seem to be pretty stingy with their CL lol

thanks for your response

Re: Suggestions on my next move!!

B335is — Sun, 01 Jun 2014 21:08:59 GMT

Are you looking for rewards or low APR? If rewards, what do you like? Judging strictly by your cards now, if it were me I woud ask BoA and Chase for increases, then apply for Fidelity Amex and Sallie Mae. Barclays backs Sallie Mae and I would imagine you should have no problem getting approved.

Re: Suggestions on my next move!!

salek10 — Sun, 01 Jun 2014 21:18:45 GMT

@B335is wrote:
Are you looking for rewards or low APR? If rewards, what do you like? Judging strictly by your cards now, if it were me I woud ask BoA and Chase for increases, then apply for Fidelity Amex and Sallie Mae. Barclays backs Sallie Mae and I would imagine you should have no problem getting approved.

B335is:

Rewards!!! Most Definitely! hehe I don't really carry balances on my card, and if I were to have an emergency my BofACash Rewards has a 9% APR...

I really like your thinking there!! The only reason I don't want a CLI from BofA is cuz I know Fidelity AMEX is back by FIA (BofA) and much rather chance it and get a higher CL if I get the Amex.... My BBR is only there for netflix anyway lol

But I def like your reasoning on the other cards... Thanks again for the input!

Re: Suggestions on my next move!!

ztnjpv — Sun, 01 Jun 2014 21:44:02 GMT

How long have you had you Amex Costco? I only ask because a $5000+ limit card with some history of good standing is really helpful to getting approvals with some of the stricter cards out there. Example: When I got my USBank Cash+ I had no real history of any cards with a $5000 limit or higher and they wanted to deny me the Cash+ ON THOSE GROUNDS and approve me for a lower card instead and I fought for a recon and got it. My biz cards don't show up on my file except the Spark and that card was only 2 months old at the time while the PenFed ($14000 CL) was applied for the same day and didn't show yet....obviously. I was an AU on my wife's long standing card account and they dismissed it because it wasn't really mine! Manual reviews catch that kind of stuff...

The point being that history of a prime card with at least $5000 is a real boost.

Re: Suggestions on my next move!!

salek10 — Sun, 01 Jun 2014 21:44:36 GMT

@ztnjpv wrote:
How long have you had you Amex Costco? I only ask because a $5000+ limit card with some history of good standing is really helpful to getting approvals with some of the stricter cards out there. Example: When I got my USBank Cash+ I had no real history of any cards with a $5000 limit or higher and they wanted to deny me the Cash+ and approve me for a lower card instead and I fought for a recon and got it. My biz cards don't show up on my file except the Spark and that card was only 2 months old at the time while the PenFed ($14000 CL) was applied for the same day and didn't show yet....obviously.

The point being that history of a prime card with at least $5000 is a real boost.

Oh wow I see what you're saying... i've only had my AMEX for 6 months, it's my newest account. It started off with a $2000 CL and then I did the 3xCLI a few months ago...What do you think? is it old enough to crack let's say Cap1 and/or Barclays?

Re: Suggestions on my next move!!

ztnjpv — Sun, 01 Jun 2014 21:48:18 GMT

Salek10,

You're in no man's land at 6 months on the Amex. It may or may not be enough. But there's always recon lines in case you get a denial or a delayed response. Again, this may only matter for stricter cards. The Freedom is not a stricter card. However, asking for CLI is a different matter than getting approved in the first place. Personally, I would say the chances are good. How long have you had the Freedom? That's an important detail I forgot to ask before.

Re: Suggestions on my next move!!

salek10 — Sun, 01 Jun 2014 21:54:27 GMT

@ztnjpv wrote:
Salek10,

You're in no man's land at 6 months on the Amex. It may or may not be enough. But there's always recon lines in case you get a denial or a delayed response. Again, this may only matter for stricter cards. The Freedom is not a stricter card. However, asking for CLI is a different matter than getting approved in the first place. Personally, I would say the chances are good. How long have you had the Freedom? That's an important detail I forgot to ask before.

ztnjpv:

I see, I got my freedom a week before I got the Amex haha that's why i wanted to get the CLI i have read here before that 6 months is a good time to ask for a CLI... I have used my Freedom heavly hoping for a auto-CLI but none so far... I guess I could wait a litle longer

Re: Suggestions on my next move!!

ztnjpv — Sun, 01 Jun 2014 22:09:37 GMT

Yes, you could wait longer. We can ALWAYS wait longer. That being said, if you are using it a lot and paying in full every month, a manual review for a CLI with an analyst may get the nod even if the automated reponse says no. Again, 6 months is tight...you could always wait just a few more months but that isn't to say it won't work.

Either way, I wouldn't do it today. Analysts are usually not available on the weekend so don't torture yourself with a pending or denial when you can't speak to anyone today who can help you. Keep the "Backdoor Numbers" link handy when you do call:

http://ficoforums.myfico.com/t5/Credit-Cards/Backdoor-Numbers/td-p/408066

Still, you're doing great and moving in the right direction quickly. All these cards are great long term trade lines that will help you build a strong average account age over time.

So, it's your call n the end. You could try tomorrow and request a recon with a analyst if they say no or you get a pending. Stress your usage and that you would like more room to use it more. OTOH, you would surly be approved for another similar level card like Quicksilver. I think the Fidelity Amex would work as well. I have never known it to be an expecially strict card compared to others that we are discussing here.

Re: Suggestions on my next move!!

salek10 — Sun, 01 Jun 2014 22:42:18 GMT

@ztnjpv wrote:
Yes, you could wait longer. We can ALWAYS wait longer. That being said, if you are using it a lot and paying in full every month, a manual review for a CLI with an analyst may get the nod even if the automated reponse says no. Again, 6 months is tight...you could always wait just a few more months but that isn't to say it won't work.

Either way, I wouldn't do it today. Analysts are usually not available on the weekend so don't torture yourself with a pending or denial when you can't speak to anyone today who can help you. Keep the "Backdoor Numbers" link handy when you do call:

http://ficoforums.myfico.com/t5/Credit-Cards/Backdoor-Numbers/td-p/408066

Still, you're doing great and moving in the right direction quickly. All these cards are great long term trade lines that will help you build a strong average account age over time.

So, it's your call n the end. You could try tomorrow and request a recon with a analyst if they say no or you get a pending. Stress your usage and that you would like more room to use it more. OTOH, you would surly be approved for another similar level card like Quicksilver. I think the Fidelity Amex would work as well. I have never known it to be an expecially strict card compared to others that we are discussing here.

Well thank you so much for the valuable info and your insight on this... I think I'm gonna wait till July and let some of my last INQ fall off... I'll give it a try with both the Sallie Mae and Fidelity and hopefully I'll see some luv from Chase... if not I'll go for chase as well and talk to the analyst

THanks again for everything

Re: Suggestions on my next move!!

ztnjpv — Sun, 01 Jun 2014 23:17:05 GMT

One last thing salek10:

Be prepared for the inquiries to not necessarily fall off as fast you would hope. The timeliness can vary depending on the bureau and the creditor. Sometimes it can take one month after the 2 year mark.

Just don't think it will cleanly, beautifully and predictably fall off on the 2 year mark. '-)