ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

“Regions Bank $30K home equity line on my rental property - OPENED MAY 2001 - PAID OFF IN FULL JUL 2001”

Before I say anything else, is that home equity line open with a zero balance or closed with a zero balance?

If closed when was it closed?

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I apologize that was a typo. The Home Equity Line is closed. I still own that rental home but the Regions Home Equity Line was opened May 2001 and closed on July 2011 with a zero balance.

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That makes more sense and impacts my guidance.

I should have asked for clarification on that sooner.

If you do nothing, your credit file is going to become thinner over the next several years as accounts that are either closed or you are no longer an authorized user on fall off your file.

You should leverage the home equity line’s value to your credit profile before it falls off your file.

If you like the BCP apply for that now.

The BCP can be downgraded to a card with no annual fee.

You want one or more cards that either have no annual fee or can be downgraded to a card with no annual fee.

That way if in the future the card is no longer worth the fee to you, you can downgrade it to keep the history.

You are to keep these new cards open... forever.

If from major credit card issuers, the cards will have sign up bonuses.

Space out the applications so you have time to meet the sign up bonuses without buying things you would not otherwise buy.

You are in very good shape.

Just make sure you get a few credit lines reporting before accounts start falling off your profile.

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Thank you so much. That is the biggest concern, that I will have nothing reporting. I have real estate taxes due in May/Nov. Taxes this year are $9868. a year $4934 due by May 10 and $4934 by Nov 10 I usually pay by check. I could pay the May installment using both cards and that would cover the $3000 for AMEX  and $1000 for Discover. do you think I would be denied if I applied for both cards at once? Same day?

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I would say the heck with it and apply for both!  

[Anonymous]

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Thank you so much. That is the biggest concern, that I will have nothing reporting. I have real estate taxes due in May/Nov. Taxes this year are $9868. a year $4934 due by May 10 and $4934 by Nov 10 I usually pay by check. I could pay the May installment using both cards and that would cover the $3000 for AMEX  and $1000 for Discover. do you think I would be denied if I applied for both cards at once? Same day?

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I would be very surprised if you were not approved for a card from both these issuers even if applying in the same day. However, this morning I was driving to an errand and I saw a BMW use a turn signal, so anything is possible.

I was more concerned before I got clarification on the date the home equity line was no longer open.

Are Amex and Discover accepted to pay the property taxes?

Can the payment be split across more than one form of payment?

If so, is there a fee for doing so?

To meet sign up bonus spending I ideally want you to line up things you would normally buy that do not charge a fee for using a credit card.

I was pushing more for the Discover when I thought the equity line were no longer reporting. I still like Discover since they seem less prone to adverse action than some other credit issuers but the vendors that accept Discover is not as high as Visa/Mastercard.

Edit: In the thread we have clarified that your credit report still shows a $30,000 home equity line paid off.

During the period you had that loan open the nation had an economic crisis regarding people not paying the mortgages on their primary homes and you paid off a rental property. That makes the thread less about your profile being thin and more about preventing it from becoming thin. You are absolutely fine.

[Anonymous]

I managed to somehow get my last post deleted.

You are absolutely fine.

New information over the course of the thread: home equity line account is recent enough to still report.

Thread is less about your having a thin file and more about preventing your file from becoming thin.

You paid off a rental property during a time when people defaulted on their primary residences.

Check whether you can pay taxes with cards you want to apply for and whether there is a fee for doing so.

[UncleB]

This thead is locked and closed to new messages.

The new thread can be found here:  https://ficoforums.myfico.com/t5/Credit-Card-Approvals/BCP-and-Discover-Approved/m-p/5483345