ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

[Anonymous]

Discover does not have the acceptance of Visa/Mastercard but I still recommend it for people with thin profiles.

Citi has a larger portfolio of different card types but Citi also has a long, long history of boom and bust.

Citi grants credit towards top of the cycle then balance chases or outright closes accounts during recessions.

Maybe going forward that will stop but maybe not.

Discover can certainly balance chase and close individual cards but it does not seem as systemic as with Citi.

Citi has some nice cobranded cards if you are a regular buyer of the cobrands goods or services.

However, regardless of the issuer, for FICO score building and maintaining I would suggest getting a no annual fee card that is not cobranded.

If the relationship between the credit issuer and the cobrand becomes bad or outright hostile that is one more variable outside your control. I like this wording. I may plagiarize myself in the future.

[Anonymous]

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@Anonymous wrote:

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@SouthJamaica wrote:

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@Anonymous wrote:

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@Anonymous wrote:

You can always check the online prequalifiers.  They are only soft inquiries so you don't have to worry about them hurting your credit.  I would try Amex and Discover first to see if they have any recommendations for you.  Even if you aren't prequalified, that doesn't mean you won't be approved if you apply.

Is you Capital One still secured after all of these years?

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Thank you for responding,  yes, It is, not sure how to get it unsecured? I gave them 1100.00 when opening it in May 2011.  Does each site have an area for pre-approval?

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You should call Capital One and ask if there is an offer to upgrade your card.

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Or do it without a phonecall here 

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Thank you, for providing the link. Unfortunately, It says upgrade unavailable.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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Or do it without a phonecall here 

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Thank you, for providing the link. Unfortunately, It says upgrade unavailable.

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You're welcome.

My experience: it said "Upgrade unavailable" many times until one day it didn't say that. Now whenever I need to login to pay, or whatever, I use that link. You never know. 

[Anonymous]

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@Anonymous wrote:

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I just went to the Chase pre-qual site and received this response.

We are unable to locate any offers for you at this time.

This may be because you have opted out of "pre-screened" offers from Chase and other companies or you have recently responded to another offer from Chase.

However. we may still have products to meet your needs. Please continue tochase.com

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Following statement applies to all credit issuers to some degree but especially Chase of the nationwide majors.

Treat a Chase revolving credit application like asking out the captain of the cheerleading team. She may not be able to respect you unless you can demonstrate that others desire you, but you cannot appear so promiscuous that you will not be faithful if she says yes.

Try to unsecure and ideally grow the Capitol One, but it might possibly be bucketed even if you get it unsecured.

I would try to get one card up to a $5,000 credit limit before applying for Chase unless you have a critical immediate need for some Chase product.

Like  with the cheerleader you might get the yes you want out of the blue with thin file but my suggestion is about the percentage chances.

While Capitol One might outright bucket a card account, with a thin file it can still be a slow build for credit limits for other issuers even if not outright bucketed.

Discover does not have a large portfolio of cards but they are generally comfortable with thin files.

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I had to giggle, my daughter is a cheerleader at IU. I am going to share this scenario with her. 

There is no immediate need for credit with any provider.  The Capital One card is unavailable for an upgrade.   Discover and Amex both offer referral fee's, Amex 75, Discover 50- I would like to see my daughter get those. I would like to do the AMEX BCP,  6% Grocery & 3% Gas are nice benefits.  do you think I should apply for both now, or just one and wait 3-6 months, and apply for the other?

[Anonymous]

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@Anonymous wrote:

OP,

You have been given some outstandiing advice from the very smart MyFico Forum Members!

Great scores you have!, and "0 INQUIRES" ...OMG! ....Nice!!!!

check prequalifies, if your not 100% certain on Pre Qualified , ask the forum more. my 2 cents.

https://ficoforums.myfico.com/t5/Credit-Cards/What-s-the-next-move/m-p/5479997#M1618000

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Thank you, for providing the link for all of the pre-qual links.

I have received great advice from everyone that has responded.

I have not applied for credit because I have always paid cash/debit card. 

My daughter will purchase a home when she graduates next year, she will need a co-signer, lenders require you to be on the job for 2 years when applying for a loan. I wasn't sure with my thin credit file that I would qualify as a co-signer. Trying to be proactive.

[Anonymous]

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@Anonymous wrote:

Discover does not have the acceptance of Visa/Mastercard but I still recommend it for people with thin profiles.

Citi has a larger portfolio of different card types but Citi also has a long, long history of boom and bust.

Citi grants credit towards top of the cycle then balance chases or outright closes accounts during recessions.

Maybe going forward that will stop but maybe not.

Discover can certainly balance chase and close individual cards but it does not seem as systemic as with Citi.

Citi has some nice cobranded cards if you are a regular buyer of the cobrands goods or services.

However, regardless of the issuer, for FICO score building and maintaining I would suggest getting a no annual fee card that is not cobranded.

If the relationship between the credit issuer and the cobrand becomes bad or outright hostile that is one more variable outside your control. I like this wording. I may plagiarize myself in the future.

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Thank you for the advice. The Capital One card is unavailable for an upgrade.   Discover and Amex both offer referral fee's, Amex $75, Discover $50 - I would like to see my daughter receive the referral fees, is there a specific reason you suggest getting a card with no annual fee?  I would like to do the AMEX BCP,  6% Grocery & 3% Gas are nice benefits,  Any advice on if I should apply for both now, or just one ( if so, which one)  and wait 3-6 months, and apply for the other?  TIA

[Anonymous]

“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?

[Anonymous]

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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.

[Anonymous]

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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.

[Anonymous]

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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?