topic CRAZY Approval..and Help in Rebuilding Your Credit

CRAZY Approval..and Help

Anonymous — Tue, 05 Apr 2016 04:02:03 GMT

Today, I got a letter in the mail from Citi about their Double Cash Back card. It said, "You're Approved to Apply". I was skeptical because Discover and Barclay gave me denials this week but I did it anyways. I was instantly approved for $1500. I was stunned. My scores are 630-640 across the board, so I didn't even begin to think about applying.

Secondly,
I have reduced some of my CCs on my credit report and in my wallet. I now have my Cap1 QS1 ($2,200), Credit One ($450), Victoria Secret ($250), Cap 1 Secured ($500) AND soon the new Citi Double Cash Back .

I need advice as to which card I should shoot for now. Discover and Barclay only denied me due to one old collection for $104. I plan to pay it this week.. Since I was able to get the Citi Card, could I possibly be approved for a Chase or AMEX? If I'm going to do multiple inquiries, I want to do them now so that they will all fall off at the same time in 2 years. Thank for the Help guys!!

Re: CRAZY Approval..and Help

Superman85 — Tue, 05 Apr 2016 12:49:53 GMT

Given your current scores, and the CCs you currently have, I would go into the garden and increase your AAoA. Then, apply for a card like AMEX. From my experience they are very picky about AAoA and inquireies. The AMEX cards are more of a status symbol, their rewards arent that great in comparison to some of the other cards out there.

You will probably qualify for a chase card, but the CL would probably be low given your current situation. If you absoultly insist on applying, I would first go to their site and do a pre-qualification screening. That will give you a good idea of whether or not you'd be approved.

Re: CRAZY Approval..and Help

Anonymous — Tue, 05 Apr 2016 15:09:05 GMT

@Anonymous wrote:
Today, I got a letter in the mail from Citi about their Double Cash Back card. It said, "You're Approved to Apply". I was skeptical because Discover and Barclay gave me denials this week but I did it anyways. I was instantly approved for $1500. I was stunned. My scores are 630-640 across the board, so I didn't even begin to think about applying.

Secondly,
I have reduced some of my CCs on my credit report and in my wallet. I now have my Cap1 QS1 ($2,200), Credit One ($450), Victoria Secret ($250), Cap 1 Secured ($500) AND soon the new Citi Double Cash Back .

I need advice as to which card I should shoot for now. Discover and Barclay only denied me due to one old collection for $104. I plan to pay it this week.. Since I was able to get the Citi Card, could I possibly be approved for a Chase or AMEX? If I'm going to do multiple inquiries, I want to do them now so that they will all fall off at the same time in 2 years. Thank for the Help guys!!

I would close the Credit one, now that you have out-grown them, and also the Cap One Secured, then open a second Cap One Platinum unsecured. Then get into the garden and grow those lines for the next 12 months as suggested above

Re: CRAZY Approval..and Help

Anonymous — Tue, 05 Apr 2016 15:19:58 GMT

I was instantly approved for 2 AMEXs, BCE and EDC, and I believe I will get the Chase card as well, just awaiting the email confirmation. I'm in awe about these cards!

Re: CRAZY Approval..and Help

Anonymous — Tue, 05 Apr 2016 20:24:52 GMT

Keep in mind that Chase has the 5/24 rule, if you have opened 5 cards in the last 24months they will decline you.

Re: CRAZY Approval..and Help

Anonymous — Tue, 05 Apr 2016 20:50:50 GMT

Don't close the creditone until it's been a year.. And even then call them and ask to get the annual fee waived.. If they don't then you can close it.

Re: CRAZY Approval..and Help

Pway — Tue, 05 Apr 2016 21:29:39 GMT

Close credit one immediately. You have out grown them with all the new approvals you have gotten. The history will remain on your reports for the next 10 years.

Re: CRAZY Approval..and Help

Anonymous — Wed, 06 Apr 2016 14:37:03 GMT

Congrats, super excited for you...Im working on bringing my utilization down so that my scores can go up and I can possibly get the AMEX BCE and Venture card in the next 4 months