Application Suggestions

[Anonymous]

Good Evening Everyone!

1st just want to throw out a major thank you to everyone who posts on here. It is quite informative and helpful for everyone from credit novice's to expert's and everyone in between. 

I need some advice as I am probably one of those in the middle here. I woud like 2 new credit cards and do not want to submit more than 3 apps as I feel I can justify 2 HP'S right now. I would like to boost credit lines and thus lower my utilization so higher starting limits is of utmost importance rather than rewards etc.(I know who doesn't right?) haha... But I do already have some good rewards cards. I know there is no "sure thing" and have done my reaserch but would love some advice and/or just comments on this and any recent experience from 2016 would be amazing! THANK you everyone!

My credit profile is as follows:

AAOA 5-6 years depending on the report you pull.

Real FICO 8 SCORES Equifax 637 9 INQ (frozen, taking their time to remove incorrect info (and add some good info!!) so could be an issue for some banks) Experian 685 9 INQ, TU 688 6 INQ. (Obviosuly I would like to stay away from companies who, for the most part, do EQ Pulls for residents of New York. 

One baddie, 30 day late payment. 

35% Util / $34,000 Total credit line/ 120K a year

I aleady have: NFCU CashRewards $13,200 / Discover IT $12,500 / B OF A Cash Rewards $5,000 / Cap 1 QS $2,000 / CAP 1 QS $750 / CAP1 Platinum $300 / AMEX BCP $1,000 ....  

[Anonymous]

Depends on what your goals are. Are you trying to gain travel rewards or straight cash back? Do you want a no annual fee card? 

[Anonymous]

Apologies if I was not clear. I do not want, or really need cash back rewards (have plenty of those). I woud like cards that have better starting limits to boost over all credit line immediatey. Travel rewards would be nice. Balance transfer card also would be of interest.

In a perfect world an additional 7-10 k between two cards would be ideal. I don't know if that is possible as I am right below that 700 mark that I feel lenders look for and I already have one NFCU.  

I should add I keep anywhere from 10k-15k in B OF A accounts. Was thinkinkg of trying for a 2nd card from them...

[creditguy]

If I were you before I did any applying I would work on getting that utilization down below 10%, that will open a lot more doors. I know you want cards to help you lower your utilization but I'm afraid you may hold yourself back from getting the best limits available because of the utilization.

Also maybe work on consolidation of your cap one accounts, there seems to be redundancy there. A cap one venture may be what your missing and they start with nice CL's, but your current cap one limits are small compared to your other cards. While we're on redundancy you have a lot of cash rewards cards, so what exactly are you looking for that you don't already have? You've got great cards already so what's missing?

[Anonymous]

I agree with creditguy, try to lower your credit utilization before applying. I think a card thats quite easy to get and also a great overall card to have in your wallet is the Chase Freedom. I was approved for 13k on the spot at a branch. 

[Sexyblue]

Getting approved with high utilization may lead to low starting limits. Therefore, this approach may derail your strategy from inception. Utilization management most often works in the short run, but is not an optimal solution for you in the long run. If your debt increases, are you going to get more cards to manage your utilization?  

[jbsea]

I agree with what has been said.  You need to get your utilization down.  While your doing that combine those Cap 1 cards.  There is no need for all of those.  How old are all of your accounts?  How long ago was your 30 day late?

[CreditDunce]

1) Reduce util.  This will boost your score

2) Check to see if Discover and Cap1 will give SP CLI's

3) Combine Cap1 accounts (will need to have zero balance on some cards)

4) Think about a CLI request on NFCU.  It may be a EQ HP.  Skip if you have recently received a NFCU CLI

5) Think about a BoA CLI.  It will be a TU HP  Ask for 20k?  They should counter.  BoA gives good CLIs if you are willing to take the HP

See if you still want a new card once you have exhausted CLI attempts.

[SouthJamaica]

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@Anonymous wrote:

Good Evening Everyone!

1st just want to throw out a major thank you to everyone who posts on here. It is quite informative and helpful for everyone from credit novice's to expert's and everyone in between. 

I need some advice as I am probably one of those in the middle here. I woud like 2 new credit cards and do not want to submit more than 3 apps as I feel I can justify 2 HP'S right now. I would like to boost credit lines and thus lower my utilization so higher starting limits is of utmost importance rather than rewards etc.(I know who doesn't right?) haha... But I do already have some good rewards cards. I know there is no "sure thing" and have done my reaserch but would love some advice and/or just comments on this and any recent experience from 2016 would be amazing! THANK you everyone!

My credit profile is as follows:

AAOA 5-6 years depending on the report you pull.

Real FICO 8 SCORES Equifax 637 9 INQ (frozen, taking their time to remove incorrect info (and add some good info!!) so could be an issue for some banks) Experian 685 9 INQ, TU 688 6 INQ. (Obviosuly I would like to stay away from companies who, for the most part, do EQ Pulls for residents of New York. 

One baddie, 30 day late payment. 

35% Util / $34,000 Total credit line/ 120K a year

I aleady have: NFCU CashRewards $13,200 / Discover IT $12,500 / B OF A Cash Rewards $5,000 / Cap 1 QS $2,000 / CAP 1 QS $750 / CAP1 Platinum $300 / AMEX BCP $1,000 ....  

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I guess your best bet would be a Barclays Arrival Plus, or a Barclays NFL Extra Points card, as Barclays almost always does a single TU pull, and those cards seem a little generous on starting limit. Of course the most generous starting limit is Capital One Venture, but they usually do a triple pull.

[Anonymous]

Thank you everyone for your replies! That is exactly why this forum is so wonderful. I profusely apologize for the delayed response but if I want to make the big bucks and get to an 800 score with my dream cards and limits I have to work 70 hours a week!! 

Just to go over what a few of you wrote about CAP 1. Please do not even get me started. When up the chain on that one and I am still abit upset. Those 3  cards ar 13, 11, and 8 years old respectively to the $2,000, $750, and $300 limit. I can not combine them and have heard that from a few departments and have even talked to the EO. Which I am still corresponding with as I write this.. IMHO those accounts are too old to close.  have seen accounts drop significantly I would LOVE to apply for the Venture but can not because of the Equifax debacle. I do not want to waste hard pulls on EXP and TU if Cap 1 is just going to deny it b/c they can not view m Eq.  

As far as utilization I completely understand how important that is. I should have mentioned that about 75% of outstanding debt is from a balance transfer I did therefore I am paying 0% for another 12 months so although I am chipping away at it I am not paying it off right away. I just finished my Master's so had a bit higher utilization during that time and I I have been getting it down the past couple months as my income has increased.

@Creditdunce I love that you brought up B of A and doing that as I have been working on them already for the past couple weeks for that CLI. They initially denied me but I RECONed but only after I got my score up as there was outdated info holding me down on my CR'S. Got denied again. HUH I said? Interestingly enough they DID NOT do a HP for this denial??!!! So I wrote aN EMAIL to EO. A wonderful credit analyst called me back within 2 hours. Had a long conversation though and we went over EVERYTHING  as people warn you to be ready for. THIS one was in fact a HP. She said she had to send it off to another analyst. I asked her what that meant she said well I am not denying you and I have that ability but I just need someoone else to look it over and we will accept it or counter!! Woo hoo I said! She said I would hear tomorrow. She literally called me less than an hour but I missed it as work work work! An hour later I got approved for 10k from initial 5k!!!! I did ask for 15k and told them they should match NFCU or at least Discover whom I do not keep the kind of money I keep with B OF A. Perhaps 3 months from now... ;-)