Advice for next app(s)

[Anonymous]

So, I've been doing fairly well with credit since I started rebuilding last August with a secured Visa. Here's a quick rundown of my approvals so far:

August 2014 - BofA secured Visa

January 2015 - AMEX Everyday (SL $2k, now at $6k and has me in with AMEX)

January 2015 - BofA auto loan

February 2015 - Eddie Bauer (which has me in with Comenity)

Couple of days ago - PenFed Visa Signature (my first Signature, ever. Has me in with a great CU)

Tonight - CareCredit (has me in with Synchrony)

I'm very happy with my progress so far. I have a few cards that I'm looking at but I haven't made up my mind yet. I'd like to go for them before my new accounts start reporting and drop my scores.

I've gotten several pre-approvals for Slate and Freedom in the mail and when I check Chase's online pre-approval tool. I've also been pre-approved for Quicksilver and Venture on Cap1's online tool. I've also been pre-approved for Home Depot as well.

I'm not interested in Slate at the moment and Freedom would be ok but not really at the top of my list. I'm more interested in the Ritz Visa but I don't know how much harder it is to get approved. I'll be doing some traveling later this year and more next year and I do like Marriott properties so it would be a nice card to have (aside from the coolness factor). It would be nice to get in with Chase.

I'd love a Venture but I'm not too thrilled about getting a triple pull. It hurt enough this week just getting my first EQ and TU inquiries. But it would be nice for any traveling that I'll be doing soon.

I was considering Home Depot but I keep hearing that Lowes is much more generous and I do plan on some major appliance purchases in the next few months so I'm siding more with Lowes. Unfortunately, I'm not pre-approved with Lowes so I'm not as confident that I'll be approved with them. And, really, I could use one of my other cards to purchase from these stores so I can do without them.

I'm tempted to try NASA now that I've had good luck with PenFed but I don't know if I should press my luck with another CU. Getting their card with a SP would be fantastic. Of course, with my luck, I'd be one of the poor souls to get a HP with them, lol.

Now that I'm in with Comenity and my EQ is my highest score, I do want PayPal Credit. It would be nice to have a hidden account that won't affect my utilization.

Discover also pre-approved me recently but Ritz, NASA, Lowes, and Venture are much higher on my priority list. I don't want to apply for something JUST because I know I'll get approved. I want each application to have more of a reason than that, whether it be establishing a banking relationship, generous SLs, travel rewards, hidden TL, or home improvement financing.

What do you guys and girls think about my chances with Ritz or NASA? What would be my best plan of attack? Should I app asap or let my new accounts report and age a bit?

[takeshi74]

Never rely on prequals.

Determine your needs/wants and use that to select cards that suit you instead of trying to pick a card/creditor and justifying it.

[kdm31091]

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@takeshi74 wrote:

Never rely on prequals.

Determine your needs/wants and use that to select cards that suit you instead of trying to pick a card/creditor and justifying it.

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What he said.

Regarding Home Depot and Lowe's I wouldn't waste my time. You can typically get better rewards from other cards. Some love the Lowe's card because it's easy to get a large limit compared to other cards, but a large limit on a card you will not use frequently is useless IMO. If you shop heavily there it could be worth it but I'd personally say you should get a more broadly useful card.

I can't get into everything onto your list because you have listed many potential cards. I don't really like the whole "app spree" thing (opionions vary) so if you are going to add something, especially since you're new to building credit, add one at a time. Space them out. Let them age and grow.

Now as far as choosing a card, like takeshi said, don't make a list of popular cards and try to justify them. You'll simply drive yourself crazy. Determine YOUR wants, your needs, your spend. Ignore what is popular on a forum or what someone on a forum tells you to apply for. Once you have determined what would suit you, then you can narrow it down easily and make an informed decision. By searching around here, you can often figure out how strict underwriting is with approving a certain card, though there's of course never a guarantee. Prequals are mere marketing, and I would not rely on them, either.

[Anonymous]

Thanks guys. I'll think it over this weekend and narrow it down to what I really want/need and how soon.

So far, I'm really considering going for the Ritz I do really want it and I do think it'll be helpful. I just hope it's not too hard to get.

And I'll probably pass on NASA. I shouldn't be greedy since I really don't need it and I already have PenFed.

A big Lowes CL would be nice for utilization when I buy some expensive items in a few months. But you're right that I could get better rewards with other cards.