Citi + Chase Sapphire Denial; Amex Delta Sky Miles + Platinum Card Approval

[jjohnson]

Hello.

I am in the process of rebuilding my credit.

I filed Ch. 7 BK and was discharged May of 2017.

Immediately after discharge, I was approved for two personal loans; one with Rocket Loans ($12K), one with Citizens Bank ($8K).

I also secured a Capital One Quick Silver card ($1K), Discover IT card ($2K).  Over the next 2 years I was approved for two more Capital Ones with very low limits.  I'm talking $300 on one and $400 on the other. I also got an Upgrade card that's now been paid off for about 6 months.  I have two NFCU, one Platinum card ($1K) and a CashRewards ($2.5K). I recently opened a CapitalOne Venture Card.  They gave me a $500 limit.

All was going well until I fell behind on payments last year on 3 of the cards.  Nothing more than 30 days.  It truly was irresponsibility rather than financial hardship. I got myself organized and have had on time payments for the last 7 months.

I'm also an authorized user on a Chase Freedom card ($25K).

I paid down the credit cards to 15% utlization in December and applied for CLI on all of the cards.  I received increases on both NFCU of $1K each. Capital One gave me $100 CLI on one card and $200 CLI on another.  Within the next 4 weeks, I applied for Chase Sapphire (denied) CitiCard (denied), AMEX Delta SkyMiles (approved $5,000) and AMEX Platinum (approved; "unlimited").

I don't know that I need any more cards.  I'd really like to work on increasing the limits. With NFCU, I'd been with them 2.5 years with no lates and they only gave me an increase of $1K each card.

I know many of you are well-versed in the arena and wondering if you had any advice as to timing of when to request increases again.

The goal of increasing the score is to get better pricing on interest rates for my home loan and get reasonable insurance ratings for homeowners.

Current Cards In Wallet

• Capital One QS $2,200 Limit
• Capital One Platinum $400
• Capital One Venture $500
• NFCU Platinum $2,000
• NFCU Cash Rewards $3,500
• Discover $3,900
• Upgrade $900
• AMEX Delta SkyMiles $5,000
• AMEX Platinum $--

Any insight that you can offer is appreciated.

Thank you.

[youngandcreditwrthy]

@jjohnson 

is the platinum card the best idea if you have any current balances accuring interest (considering the AF);

how'd you justify the Platinum card? I know it's pretty, buuut....

[jjohnson]

Hello.

I'm gut renovating a 110 year old home that will come with some pretty high costs for materials.

This card allows me the larger purchases with 30 days to pay off. My family also lives around the world and I travel ALOT.

I am carrying a balance at the advisement of my mortgage loan officer to ensure I get the maximum amount of points so I can successfully close on my home loan.

I make about $260K a year, so the $695 fee is the price I have to pay to build the relationship with AMEX.

[Shooting-For-800]

You don't have to pay anything to build a relationship with Amex.

Amex Plat is a great card for people who travel.

You either misunderstood your mortgage person or they are ignorant.

Your cards report balances when statement is cut, play them off after statements are cut.

Quit opening accounts for at least a year.

Inquiries matter.

Assume your Cap One cards will not grow.

You can grow Cap One cards, but the usually have to start with at least $3k limit.

GL!

[Shooting-For-800]

Out of curiosity...

How did you qualify for Ch7 making $260k per year?

[jjohnson]

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@Shooting-For-800 wrote:

You don't have to pay anything to build a relationship with Amex.

Amex Plat is a great card for people who travel.

You either misunderstood your mortgage person or they are ignorant.

Your cards report balances when statement is cut, play them off after statements are cut.

Quit opening accounts for at least a year.

Inquiries matter.

Assume your Cap One cards will not grow.

You can grow Cap One cards, but the usually have to start with at least $3k limit.

GL!

---

Hello.

Thanks.

I don't think I misunderstood. Having been a licensed Mortgage Loan Officer myself for 7 years, I get where he was coming from and what he was looking to accomplish.

Having no activity on a card is not beneficial in scoring -- for a mortgage. I've seen 5 to 20 point increases in rescores -- which ultimately results in better pricing on interest rates.

[jjohnson]

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@Shooting-For-800 wrote:

Out of curiosity...

How did you qualify for Ch7 making $260k per year?

---

Didn't make $260k in 2017.

[youngandcreditwrthy]

@jjohnson  AHHHHH Okay this makes sense. in that case, i think amex will report your highest balance based on the NPSL (feature) so that could also assist in increase credit lines down the road.

just keep an eye on amex and their shady practices like triple cycle billing in some cases! Carry on ! and good luck buddy!:-D