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Application advice for a (super) Thin File n00b?

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Application advice for a (super) Thin File n00b?

I'm looking to add a new card to my file at the beginning of June or so and I'm just trying to figure out which route to go...

 

Basic info on me:

  • Started rebuild in May 2018 after a long time with zero accounts.
  • Current accounts are CapOne Secured ($500 CL), AmEx Cash Magnet ($2000 CL, increased from $1000 at the beginning of May), and a Self Lender credit building loan.
  • AAoA by June: 8.333 months (I know...)
  • FICO 8 (as of 05/02/2019): Ex 711, TU 715, Eq 726
  • Inquiries: Ex 3, TU 5, Eq 2
  • Total utilization (as of 05/02/2019): 3%; might be higher by the time I apply but will be under 30%
  • No late payments; no baddies

 

Cards I'm looking at:

  • Chase Ink Business Cash
  • AmEx Blue Cash Preferred
  • AmEx SimplyCash Plus Business
  • FNBO Ducks Unlimited Visa (I know they don't like short credit histories, though)
  • Sam's Club MC
  • US Bank Cash+ Visa Signature

 

Some thoughts...

  • I'm currently at 2/24 and I'd like to add a Chase card to my file to start building UR, ideally something from the Ink line. I don't know how they are with business card applications from individuals, though. (I'm registered w/ the IRS as a sole proprietorship for side hustles, independent consulting, etc.) If one of the personal Freedom cards works better for me for now, though, then so be it.
  • I'm leaning toward cards that have higher cashback rates on certain categories (gas, office supplies, dining, groceries) since I already have a 1.5% flat rate card.
  • I've learned a lot but I still have a lot to learn, as I'm sure you can all tell.

 

SO... any ideas?

Message 1 of 16
15 REPLIES 15
Community Leader
Senior Contributor

Re: Application advice for a (super) Thin File n00b?

Hi OP and welcome

 

Since you already have an AmX and your file is thin, the DiscoverIT may be a

card that would fit your requirements. 

 

GL2U

 

 

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 2 of 16
Senior Contributor

Re: Application advice for a (super) Thin File n00b?

 


@CreditInspired wrote:

Hi OP and welcome

 

Since you already have an AmX and your file is thin, the DiscoverIT may be a

card that would fit your requirements. 

 

GL2U

 

 


+1

Message 3 of 16
Regular Contributor

Re: Application advice for a (super) Thin File n00b?

Chase will be a pretty hard application with your length of credit history and available credit. But if income is high, you might be able to squeeze by. I would check for prequalified offers. I have struggled with a breakthrough from Chase for those reasons.

I would focus on getting a DiscoverIT to help buffer your available credit as suggested by Inspired. They will probably give you a sizable SL for your situation. I had 1K available and they gave me 7K. Plus, Discover is a great card. If you haven’t noticed, just about everyone here has one for good reason. I should have went Disco before apping Chase. My chances would have been a lot better.

And welcome to the forums!



Message 4 of 16
Frequent Contributor

Re: Application advice for a (super) Thin File n00b?

I would say that I'd look to Amex for preapprovals first. Discover is also an avenue I would go.
Bourbon and bow ties.
Current Cards:



Immediate Goals:
7/19: 3x CLI for Hilton Aspire (SUCCESS!)
8/19: App for Chase Ink Cash (APPROVED!)
12/19: One bureau FICO 8 at 750 (currently 726 EXP; 714 TU)
Message 5 of 16
Valued Contributor

Re: Application advice for a (super) Thin File n00b?

I would sit tight until you hit 1 year so the hit to your scores is lessened when you add 1 or 2 cards.

 

At a year you should be unsecuring with Cap1 and hitting your 2nd CLI W/ Amex as well.  If you wanted to you can PC the CM to the BCP after it's a year old and replace the 1.5% with the CFU from Chase as your starter card with them.

 

Sam's MC is good if you need a generic easy to grow CL with 5% gas as long as you're already a member and get enough savings out of membership already since the MC has no in store benefits above 1%.

 

Disco is a good contender as others have mentioned and USB is always a roll of the dice for an approval but, if you're bortderline denied a phone call to UW has a good chance of changing into an approval.

500K+ TCL / 800+ FCOs
Message 6 of 16
Established Contributor

Re: Application advice for a (super) Thin File n00b?

We have VERY similar profiles. I also started building my credit last May after not having any for a long time. Chase or the Uber Visa would be nice, but they don’t like thin files. They like to see at least a year of history but I’ll probably wait until I’m at 18-24 months. I would highly recommend Discover. They like thin files and you might get a decent SL, opening the door for larger limits with other cards. Since you’re already in with AMEX, you can always do a second card, but it sounds like the last one was fairly recent (AMEX will probably be my next card in June). If you’re looking for cash back, many people here have recommended PayPal Cash Back MC.

At this stage, it seems the best approach is to space out applications and then give each card time to grow.


October 2019:

Stats:
Message 7 of 16
Member

Re: Application advice for a (super) Thin File n00b?

Thanks for your help, everyone. I hadn't really thought much about Discover, even though I have a checking account through them. Lots to consider here. (I've still got eyes on that Amex SimplyCash Plus Business, I must admit...)

 


@Obscure-Expert wrote:

 

At a year you should be unsecuring with Cap1 and hitting your 2nd CLI W/ Amex as well.  If you wanted to you can PC the CM to the BCP after it's a year old and replace the 1.5% with the CFU from Chase as your starter card with them.

Thanks especially for this tidbit re: Cash Magnet/BCP. I'd been wondering since before I even got CM whether or not it could be product changed to the BCE/BCP and never found a solid answer either way.

Message 8 of 16
Regular Contributor

Re: Application advice for a (super) Thin File n00b?


@raekwon wrote:

 

Cards I'm looking at:

  • Chase Ink Business Cash
  • AmEx Blue Cash Preferred
  • AmEx SimplyCash Plus Business
  • FNBO Ducks Unlimited Visa (I know they don't like short credit histories, though)
  • Sam's Club MC
  • US Bank Cash+ Visa Signature

 

SO... any ideas?


What are you looking at the Sam's Club Mastercard??? If your main reason is bc of the 5% gas, I would really look at the PNC Rewards and a 1.5-2% cashback CC instead ... just in case you want to drop your Sam's Club Membership in the future and to ULT both the gas and in store.

Michigan Schools & Gov't Credit Union Classic Visa Card | $3kDiscover Student Cash Back | $2300Capital One Savor Card v1 | $11k AUAmex 1.5% CB | $2kBest Buy Store Card | $3k

July 2018
Ford Credit Loan $199.26/month (3 yrs)
January 2019
Discover Cash it Card $500
Michigan Schools and Gov't CU Card $1,000
February 2019
Self Lender Loan (Closed July 2019)
May 2019
Discover CLI $1.2k
July 2019
Discover System CLI $600
Amex $2,000
Best Buy Store Card $3,000
October 2019
MSGCU CLI $2k

Eyes on Credit Cards
BoA Cash Rewards (with or without Student Verison)Gas Card with 5% Cashback w/ no AF2% Cashback EverythingDining & Entertainment Category Card
Message 9 of 16
Member

Re: Application advice for a (super) Thin File n00b?


@ZackAttack wrote:


What are you looking at the Sam's Club Mastercard??? If your main reason is bc of the 5% gas, I would really look at the PNC Rewards and a 1.5-2% cashback CC instead ... just in case you want to drop your Sam's Club Membership in the future and to ULT both the gas and in store.


Yep, the 5% gas is why I'm looking at it (plus, I just joined Sam's a couple of months ago). My preference for 5% gas would be the Ducks Unlimited card, but my history is almost certainly too short for an approval from them. I've already got a flat 1.5% card in the Amex Cash Magnet, so I'm just trying to figure out what would be a good category card to look at next.

Message 10 of 16
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