topic What CC to Apply? FICO - EX 721, EQ 707, TU 714 (INQ 12MO: EX 0; EQ 1; TU 1) in General Credit Topics

What CC to Apply? FICO - EX 721, EQ 707, TU 714 (INQ 12MO: EX 0; EQ 1; TU 1)

Anonymous — Sat, 24 Nov 2018 03:08:29 GMT

So my DW is looking to establish some additional credit. We obviously beleive the grocery and rewards would be huge and would like to add something with low interest. Something that will grow with us. What are you thoughts based on these stats? I was think Amex BCE, 1 from Navy and 1 Chase. Maybe do 2 now and 1 later? Thoughts? 
 
Revolving - 
Cap 1 Journey - $8500 SL; 24% Utilzation hasn't posted yet. She was carrying 76% until I found out about this. Her score should go up any day now. It reported on the 18th(will be 0% next month) 2 years 3 months
 
Installment -
Auto Loan - perfect payment history; 1 year 4 months
Student Loan - perfect payment history; 3 years 8 months
No baddies  
 
AOOA 3.7 yrs
AAOA 2.4 yrs

Re: What CC to Apply? FICO - EX 721, EQ 707, TU 714 (INQ 12MO: EX 0; EQ 1; TU 1)

Medic981 — Sat, 24 Nov 2018 00:58:42 GMT

My best advice is to research the cards that are out there and find the ones that you think you can benefit from the most. There is no end all be all cards that I am aware of. Each CC has its pros and cons and only you and your DW can decide which one is right for you.

Re: What CC to Apply? FICO - EX 721, EQ 707, TU 714 (INQ 12MO: EX 0; EQ 1; TU 1)

Anonymous — Sat, 24 Nov 2018 01:09:47 GMT

Thanks Medic - I know what you mean. My concern is that I guide her to the wrong card and she receives a denial. I feel like she's already nervous about it. I think Navy is our safest best to start since my terrible score got approved. Then maybe milk that for 6 months and go after another.

Also I want her utilization to report the 24% first. I think after I get it to 0% we go for Chase and then Amex.

Re: What CC to Apply? FICO - EX 721, EQ 707, TU 714 (INQ 12MO: EX 0; EQ 1; TU 1)

Anonymous — Sat, 24 Nov 2018 01:12:25 GMT

Also what kind of point increase do you think we can expect getting her Utilization down to 24%??? That what has my interst peaked. Maybe to the 750's?

Re: What CC to Apply? FICO - EX 721, EQ 707, TU 714 (INQ 12MO: EX 0; EQ 1; TU 1)

Anonymous — Sat, 24 Nov 2018 01:31:05 GMT

So she's got exactly 1 revolver that will be moving from 76% utilization to 24% utilization?

If that's the case, 3 thresholds would be crossed at 68.9%, 48.9% and 28.9% on both aggregate and individual card utilization. My guess would be about 15 points per threshold for aggregate (45 points) and another 8-10 for highest individual utilization card. Basically, a 53-55 point gain is what I would ballpark here... which easily takes her into the range of being able to get approved for just about anything.

Re: What CC to Apply? FICO - EX 721, EQ 707, TU 714 (INQ 12MO: EX 0; EQ 1; TU 1)

Anonymous — Sat, 24 Nov 2018 01:41:49 GMT

That is correct BBS and thank you for your feedback. I guess 50 points - so I was close! 😂Which lender do you think gives us the best shot at a high starting SL? I’m thinking Navy from my research.

Re: What CC to Apply? FICO - EX 721, EQ 707, TU 714 (INQ 12MO: EX 0; EQ 1; TU 1)

Anonymous — Sat, 24 Nov 2018 01:46:00 GMT

@Anonymous wrote:
That is correct BBS and thank you for your feedback. I guess 50 points - so I was close! 😂Which lender do you think gives us the best shot at a high starting SL? I’m thinking Navy from my research.

Well, definitely not Chase, Citi or Discover. I don't know much about Navy, but have heard good things. BoA could be an option and they can grow quickly. Your original mention of Amex isn't a bad idea. They'd likely throw a SL of $10k (give or take) which of course at 61+ days could be ~$30k with their 3X CLI potential. I think it would be next to impossible of not impossible all together to have a $30k or so limit with any other lender within 3 months of now.

Re: What CC to Apply? FICO - EX 721, EQ 707, TU 714 (INQ 12MO: EX 0; EQ 1; TU 1)

Anonymous — Sat, 24 Nov 2018 02:59:40 GMT

You mention (a) wanting "low" annual fees and (b) planning to bring her utilization to 0%.

(a) I would aim for no annual fees, rather than low.

(b) You do not want her utilization to be 0%, which would be a $0 balance. Make sure she has one card reporting at least a $5 every month. A 0% utilization will cause her to take a 20 point penalty.

You mention a special interest in groceries and in broadening the number of cards she has. A nice option would be to the Chase Freedom now (5% groceries Jan-Mar) the Discover in March (5% groceries April-June) and the Amex BCE in June (3% groceries July-Dec). The Freedom and Discover would also give her 5% on gas in other quarters.

Re: What CC to Apply? FICO - EX 721, EQ 707, TU 714 (INQ 12MO: EX 0; EQ 1; TU 1)

Anonymous — Sat, 24 Nov 2018 03:09:52 GMT

Ha! Sorry about that meant low interest. Thank you for the reply. So many options out there that it can be overwhelming. We will look into those cards! Sounds like you’ve got it down! 😃

Re: What CC to Apply? FICO - EX 721, EQ 707, TU 714 (INQ 12MO: EX 0; EQ 1; TU 1)

Gmood1 — Sat, 24 Nov 2018 03:20:22 GMT

Navy Fed is a pretty safe bet. Amex is another great issuer! Penfed would be another great option. That's one pull per CB.

All three have become rock solid for me over the last 3 years.

BOfA Cash rewards is a grower. The high redemption rate is what I don't like about their cards. Other than that, not much to complain about.

Re: What CC to Apply? FICO - EX 721, EQ 707, TU 714 (INQ 12MO: EX 0; EQ 1; TU 1)

Anonymous — Sat, 24 Nov 2018 03:21:44 GMT

Yeah she prequalified for the Amex Platnium and the Cash Magnet. That annual fee on the platinum sucks.

Re: What CC to Apply? FICO - EX 721, EQ 707, TU 714 (INQ 12MO: EX 0; EQ 1; TU 1)

Gmood1 — Sat, 24 Nov 2018 03:32:36 GMT

@Anonymous wrote:
Yeah she prequalified for the Amex Platnium and the Cash Magnet. That annual fee on the platinum sucks.

If she is prequalified for any of them. Then she is most likely good to apply for the other options Amex offers as well.

Did she do the prequal for Discover?

Re: What CC to Apply? FICO - EX 721, EQ 707, TU 714 (INQ 12MO: EX 0; EQ 1; TU 1)

Anonymous — Sat, 24 Nov 2018 03:40:35 GMT

She gets Discover in the mail all the time. Which one to go for? We’d prefer something at or close to a 5 figure starting approval.

Re: What CC to Apply? FICO - EX 721, EQ 707, TU 714 (INQ 12MO: EX 0; EQ 1; TU 1)

Gmood1 — Sat, 24 Nov 2018 04:08:19 GMT

Here's the link https://www.discovercard.com/application/prequal# .

The last time I got a card through this link. It was only a SP for the approval. They never did a HP. No guarantee on the limit.

Depending on income. I'd say 4 figures starting out. Probably $5K to $8K going in.

Re: What CC to Apply? FICO - EX 721, EQ 707, TU 714 (INQ 12MO: EX 0; EQ 1; TU 1)

HeavenOhio — Sat, 24 Nov 2018 13:10:59 GMT

I love profiles like this. Once Mrs. OP's untilization is brought down, I think she'll be in great shape for just about any card she wants. Lenders are going to love that 27-month history with the 8.5k limit. They're going to see her a prime candidate for new credit.

She should zero in on cards that really appeal to her. Then she can narrow her choices down and apply for what she wants. Of course, @Anonymous should be checking in with us just in case there's anything they've missed.

I'm a big fan of acquiring one card every six months, i.e. one card at month 1, month 7, month 13, month 19, and month 25. That'll avoid denials for too many new accounts and/or inquiries, and it'll always keep one under 5/24. (Of course, she can stop at any point, or she can work more slowly.)

If she would like to apply for two cards right now, I'd suggest getting back on schedule by gardening until month 13. If she applies for two cards, keep sign-up bonuses in mind. She'll want to be able to achieve those with normal spending and charging nothing she wouldn't have paid for otherwise.

Mrs. OP should keep in mind that at some point, her Journey card is going to need to report zero to reset the grace period. That could result in an "all cards at zero" scoring penalty. She should apply after her Journey utilization is at 28.9% or below but before paying it off completely. (If she's paying interest on the card, aim for 27% to keep the next interest charge from bumping her back over the threshold.)

One other thing to do is to check for upgrade offers for the Journey card. That can be done anytime. I'd bet there's likely an offer to upgrade to a Quicksilver and higher rewards. If not, she should check in every month so see if an offer has appeared.

Re: What CC to Apply? FICO - EX 721, EQ 707, TU 714 (INQ 12MO: EX 0; EQ 1; TU 1)

Anonymous — Sat, 24 Nov 2018 13:30:37 GMT

I won't lie after my mediocre success on my first ever app spree - I pulled her FICO's last night and it fired me up! Especially given her utilization reported 24.74%, down from 76% on the 21st. I figured a 50 point bump from paying that thing down. I pay her student loan, auto and credit card so I was a little aggravated when I found out she was carrying that sort of balance. Guess I was too vested in my own build. But now that the dust has settled for me I'm in the garden.

So now my attention turns exclusively to her profile. We want to buy a house June of 2020. So I believe with my income ($122k) and her scores we should be ready by this time. Also my score should maybe hit the 700's by then. As my oldest late will be 4 years in April 2019. No other baddies. My account is just going to age.

Questions - I was going to pay her card down in December to $100 to get her well under the 9%. Let that report on the 21st. Do you think we should wait to apply until then for another score bump? Or just let 24% utilization report on top of her current scores I've listed and take that bump and go app? We want to shoot for highlimit cards first. So I'm thinking one of the NFCU's and she prequalified for the Cash Magnet. Then wait 6 months or just do 1 for now and let it age 6 months before we do another?

I want to be careful - I want to get our app's out of the way before app'ing for mortgages in Jan 2020.

Re: What CC to Apply? FICO - EX 721, EQ 707, TU 714 (INQ 12MO: EX 0; EQ 1; TU 1)

Anonymous — Sat, 24 Nov 2018 14:49:09 GMT

Note to all the people who are trying to help Brandon:

The thread went through 16 posts before we found out the single thing that everything should turn on: namely that he and his wife are preparing to buy a house. This happens all the time here on the forums. Thus it is a good idea to get in the habit of asking any OP very early on if he has any particular needs for credit (and call out a car or home purchase specifically) in the next two years. I forgot to do this myself. Newcomers often don't realize what is essential to tell us up front, so it is a good idea to guide them. Also saves us misguided effort going down the wrong rabbit hole.

Brandon, in my view the home purchase should drive everything. Therefore you should be striving for all accounts and inquiries on your wife's reports to be at least 12 months old at the time of pre-approval. Since you believe that pre-app will be Jan 2020, you need to apply for all cards that you might want before Christmas of this year.

My advice is:

* Pay your wife's balance down to a small number, like $20.

* Wait until that appears on all three reports. Use free tools to confirm this.

* Then immediately apply for two more cards. Choose cards that you are likely to get, rather than cards that seem cool or flashy or have the most awesome rewards packages ever or big credit limits. Remember the home purchase drives everything. It will help her to have three open cards, but it will not help any more if the card has a great rewards package or a big CL.

* Hopefully she will be approved for two more cards with a Date Opened prior to Dec 31. Remember that the Date Opened could easily be a few business days after you apply, thus the importance of applying immediately after the new $20 balance materializes on all three reports.

Re: What CC to Apply? FICO - EX 721, EQ 707, TU 714 (INQ 12MO: EX 0; EQ 1; TU 1)

Anonymous — Sat, 24 Nov 2018 14:54:29 GMT

Thanks CGD! Question - Our lease will be up in June 2020. We aren't tied to the Jan 2020 app date. What time allotment should I allocate between applying and closing? I figure we will start looking around November 2019. So that will give us at least 4 months to nail down what we are looking for and what we want?

Re: What CC to Apply? FICO - EX 721, EQ 707, TU 714 (INQ 12MO: EX 0; EQ 1; TU 1)

Anonymous — Sat, 24 Nov 2018 14:59:09 GMT

Also Amex prequalifications are pretty solid? She has prequalifiation for Cash Magnet and Platinum with current scores?

Re: What CC to Apply? FICO - EX 721, EQ 707, TU 714 (INQ 12MO: EX 0; EQ 1; TU 1)

Anonymous — Sat, 24 Nov 2018 15:16:35 GMT

She is much more likely to have an optimal mortgage score if all of her accounts and inquiries are 13 months old before pre-approval. There is a case for applying for two more cards given that she has exactly one open card now. But you should not get more than two.