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19 with one current CC, looking for more rewards

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Contributor

19 with one current CC, looking for more rewards

thanks for help, waiting game and gardening has begun!
Message 1 of 18
17 REPLIES 17
Valued Contributor

Re: 19 with one current CC, looking for more rewards

If you're pushing and paying 6K/mo there shouldn't be much of an issue raising your limit w/ Disco. 

 

Call them

Discover Lending Department (credit analysts)
1-800-347-4856
MON-FRI 7AM-12AM
SAT-SUN 8AM-12AM

 

As to adding other cards to the mix.... figure out what you want and then do the homework in approvals section to see what kind of chance you stand for an approval.

 

If you narrow it down to a couple of cards then start or add to this thread your picks and we can help evaluate if they're within reach or not.

 

BTW the biggest score pouints are on reported balances under 8.9% not 30%... even under 8.9 though even a couple of points under than can influence your scores upwards as long as it's not 0% being reported as then you lose points.

500K+ TCL / 800+ FCOs
Message 2 of 18
Contributor

Re: 19 with one current CC, looking for more rewards

thanks a ton for the advice, so you mean a util of 8.9%(currently $178 for me) and then following it with $0 the month succeeding correct? I only make sure $0 is reported the statement after a 15-20% util balance statement is reported

 

will definetly be calling discover soon, you think i should wait a bit cause the website "luv" button was denied? or call asap

 

i'm really only looking for amex cash magnet and chase freedom unlimited(which i was recently denied for) at this time, semi for the $400 back and .5% higher reward lol, not that there's any shade on Discover in fact i love em for not slapping me with a denial and trusting me at 18 with a 2K limit it's just a welcome bonuses thing, and ofcourse the main reason which is the establishment of relationships with more than one institution

 

thanks again for the replies

Message 3 of 18
Frequent Contributor

Re: 19 with one current CC, looking for more rewards

Try to leave a small balance on one card you want to report 8.9% or less. Letting them all report 0% will kick you in the teeth score wise. Vantage scores love it while Fico scores definitely do not and the majority of all lending institutions use Fico.

Starting Score: Jan 2011-600TU 598 EQ
Current Score: 795TU 800EQ 772EX
Goal Score: 800 and higher across the board


Take the FICO Fitness Challenge

Inquiries:
EX: 2 / 12 months 7 / 24 - 1 June 2019 CSP APP, 6 in 2018 3 are auto finance inquiries 1 is sync listed as sales finance company and 2 are credit card
EQ: 1/24 June 2019 CSP

APP
TU: 3 / 24 - May/June 2019 USB x 2 avant x 1

Currently 7/24 CC’s
23/24 INQ’s due to auto loan
Avant 750
US Bank plat 7k
US Bank Cash+ 14k
Chase Sapphire Preferred 20k
Chase FU 6k
BB&T Bright 6.5k
BB&T Spectrum 6.5k
Apple Card 7.5k
Amazon Store Card 6k
NFCU More Rewards 7.8k
Message 4 of 18
Highlighted
Contributor

Re: 19 with one current CC, looking for more rewards

im a little confused, only have one CC right now but the score thing i notice my FICO goes up quite a bit when lowering from 15-20% usages down to 0 the following mo. what exactly is hurting me with the current trend im following?

thanks for the replies everyone
Message 5 of 18
Frequent Contributor

Re: 19 with one current CC, looking for more rewards

When does your card report to the CB’s?

Starting Score: Jan 2011-600TU 598 EQ
Current Score: 795TU 800EQ 772EX
Goal Score: 800 and higher across the board


Take the FICO Fitness Challenge

Inquiries:
EX: 2 / 12 months 7 / 24 - 1 June 2019 CSP APP, 6 in 2018 3 are auto finance inquiries 1 is sync listed as sales finance company and 2 are credit card
EQ: 1/24 June 2019 CSP

APP
TU: 3 / 24 - May/June 2019 USB x 2 avant x 1

Currently 7/24 CC’s
23/24 INQ’s due to auto loan
Avant 750
US Bank plat 7k
US Bank Cash+ 14k
Chase Sapphire Preferred 20k
Chase FU 6k
BB&T Bright 6.5k
BB&T Spectrum 6.5k
Apple Card 7.5k
Amazon Store Card 6k
NFCU More Rewards 7.8k
Message 6 of 18
Valued Contributor

Re: 19 with one current CC, looking for more rewards

It's part of the scoring algorithm.

Remember these utilization thresholds: 8.9%, 28.9%, 48.9%, 68.9%, 88.9%

Once you cross a threshold your score will lose or gain around 10-15 points.

As mentioned up thread, you'll lose points if reporting zero. Also, you lose points if 50% or more of your cards are reporting a balance. Since you only have one card, best practice is report 8.9% or under for optimized scoring. Eg $10-$20 reporting.

Head on over to the Understanding Fico Scoring forum. Read the stickies to learn more.
Message 7 of 18
Contributor

Re: 19 with one current CC, looking for more rewards

reports every 7th
Message 8 of 18
Frequent Contributor

Re: 19 with one current CC, looking for more rewards

What are they reporting as far as your balance is concerned at that time?

Starting Score: Jan 2011-600TU 598 EQ
Current Score: 795TU 800EQ 772EX
Goal Score: 800 and higher across the board


Take the FICO Fitness Challenge

Inquiries:
EX: 2 / 12 months 7 / 24 - 1 June 2019 CSP APP, 6 in 2018 3 are auto finance inquiries 1 is sync listed as sales finance company and 2 are credit card
EQ: 1/24 June 2019 CSP

APP
TU: 3 / 24 - May/June 2019 USB x 2 avant x 1

Currently 7/24 CC’s
23/24 INQ’s due to auto loan
Avant 750
US Bank plat 7k
US Bank Cash+ 14k
Chase Sapphire Preferred 20k
Chase FU 6k
BB&T Bright 6.5k
BB&T Spectrum 6.5k
Apple Card 7.5k
Amazon Store Card 6k
NFCU More Rewards 7.8k
Message 9 of 18
Frequent Contributor

Re: 19 with one current CC, looking for more rewards

AllZero Frequent Contributor
‎09-20-2019 03:36 AM
Re: 19 with one current CC, looking for more rewards

It's part of the scoring algorithm.

Remember these utilization thresholds: 8.9%, 28.9%, 48.9%, 68.9%, 88.9%

Once you cross a threshold your score will lose or gain around 10-15 points.

As mentioned up thread, you'll lose points if reporting zero. Also, you lose points if 50% or more of your cards are reporting a balance. Since you only have one card, best practice is report 8.9% or under for optimized scoring. Eg $10-$20 reporting.

Head on over to the Understanding Fico Scoring forum. Read the stickies to learn more.


^^^^^^^^^^
+1

Starting Score: Jan 2011-600TU 598 EQ
Current Score: 795TU 800EQ 772EX
Goal Score: 800 and higher across the board


Take the FICO Fitness Challenge

Inquiries:
EX: 2 / 12 months 7 / 24 - 1 June 2019 CSP APP, 6 in 2018 3 are auto finance inquiries 1 is sync listed as sales finance company and 2 are credit card
EQ: 1/24 June 2019 CSP

APP
TU: 3 / 24 - May/June 2019 USB x 2 avant x 1

Currently 7/24 CC’s
23/24 INQ’s due to auto loan
Avant 750
US Bank plat 7k
US Bank Cash+ 14k
Chase Sapphire Preferred 20k
Chase FU 6k
BB&T Bright 6.5k
BB&T Spectrum 6.5k
Apple Card 7.5k
Amazon Store Card 6k
NFCU More Rewards 7.8k
Message 10 of 18
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