Best CCs to get per my Credit Profile - Pls Help!

[Anonymous]

Hi-
New member here. I’ve worked pretty hard on my credit over the last 2yrs (apologies...don’t know all the acronyms yet) and would like to go for a few CCs. Not sure if App Spree is the best way to go. And tbh, not sure what cards are best.

1. I currently have a secured CC with BBVA ($14k backing it...and would like to release this cash! 🤕) - this card is 1yo
2. I have a WF Platinum CC with $1k limit and 3% utilization (never late in 4/5yrs, but they have previously told me I don’t have money with them...not sure why that matters)
3. Lastly, I have a Discover CC from 5/19 with a $5,400 limit and 2-3% utilization. I don’t want a HP, so haven’t asked them for an increase.

No mortgage. No auto loans. (1) Student loan $17k, (1) Self Lender (on 4 of 12mo) and one secured loan ($800/$4000) with PenFed.

Was thinking about going for BBVA CC to release funds (I bank with them and have 40k in Biz Acct), then Chase Sapphire (always wanted) and perhaps Apple CC (no particular reason).

As I’m relatively new to this, I’d like your advice on which cards, what order and why. App Spree or stagger out apps ever 6mo. What to avoid and why. It appears that you only get a few chances to get this right, so your expertise would be greatly appreciated. If there’s something you think I should be doing in the next 6-24mo, pls do advise. My long term goal is to have $250-500k in credit. Not sure how to get there, but appears that some of you have figured it out. Btw, will probably go for a mortgage in 3mo. I’m going 203k, so rare will be higher that’s why opting for cards now. By the time I cash out refi, I should have this set of inquiries scrubbed off and have the new cards seasoned about 1yr.

TU score 8 735 / 12% Utilization / 6yr6mo Avg
EQ score 8 775 / 12% Utilization / 4yr4mo Avg
Ex score 8 708 / 9% Utilization / 5yr11mo Avg

(3) New accounts in the last 12mo
- Self Lender - $900 Bal of $1,000
- Pen Fed Secured Loan - $800 Bal of $4,000
- Discover CC - $50 Bal of $5,400 limit

TU - 2 BBVA Bank inquiries over 12mo old
EQ - 0 inquiries
EX - 0 inquiries

TU - No Delinq
EQ - No Delinq
EX - 1 30D 5/19, 1 60D 6/18 (Paid Off Auto)

[I_Love_Cards]

I think I would look at what cards you want in terms of what rewards they offer and whether or not they fit your spend/lifestyle.

Will a new card with BBVA cause your other to unsecure or are you going to close the secured card?

And while overall, it looks like your profile is solid-that 30D is less than a year old and the 60D is less than 2 - and some banks are not keen on recent delinquencies.

[Anonymous]

Thanks.

I travel for work, so definitely need a card that maximizes travel rewards...but otherwise am only looking to secure credit for a LT business move, etc. I really don’t use credit at all and have been in the habit of paying things to near zero each month.

Regarding the secured card, where possible I wouldn’t close, but would ask BBVA to release 90% of the money and simply lower my available credit amount, so I can continue to build of the payment history.

I hear you on the 30D and 60D. My student loan is 18yrs aged and no Delq. Do you suggest specific lenders that aren’t as finicky/conservative as others? Anyone have a PenFed card? I’ve got $20k with them in savings and the secured loan is down around 85% in less than 6mo...thinking that BBVA and PenFed know my history, so perhaps those are two of the cards I should opt for.

Lastly, I’m trying to scrape those two Delqs off my credit now. Takes time...smh.

[I_Love_Cards]

I don't have any experience with PenFed and it seems a bit hit or miss based on what I read here.  But I believe they also pull EQ-which it sounds like doesn't show the lates?  

BBVA often shows pre-approvals?  Does anything show there?  They pull EX so they would see the lates.  I don't know how sensitive they are for that.  


Bank of America seems sensitive to lates under 2 years old.  

Have you tried pre-quals at Chase or AMEX/Citi?  I think all might be sensitive to the recent late, but not sure how much.  

Lastly-should you be looking at business credit?  Using personal credit for business expenses isn't always a great idea. 

[Anonymous]

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@Anonymous wrote:
...don’t know all the acronyms 
... I have a Discover CC from 5/19 with a $5,400 limit and 2-3% utilization. I don’t want a HP, so haven’t asked them for an increase.

---

As to these two items:

Use this to learn forum abbreviiations -- they are part of the language.

Discover CLI requests are SP. Hit the luv button early & often. I expect they will like your profile quite a lot once you give them some decent spend.

In your shoes, I would try the Boa & AMEX prequal pages. Both offer good utility and excellent growth potental.

Also, maybe Chase, maybe Citi. 

Good luck.

[spiritcraft1]

Looks like you need a TU or EQ puller...  Eligible for NFCU?  US Bank for biz and personal?

https://ficoforums.myfico.com/t5/General-Credit-Topics/The-quot-Which-Banks-Pull-Which-Report-For-Ap...

[KLEXH25]

OP, if you’re going for a mortgage in 3 months (or any time in the next 12 months), don’t apply for any cards. Wait until you get that out of the way and then go for a CC.

[AverageJoesCredit]

Discover is not a hp for cli requests unless they tell you. Worse you get is a denial letter in the mail. Scary, i know