Credit Application Advice, Please!

[Anonymous]

Hello, everyone!

I have been lurking (and learning) on your myfico forums for a while now, attempting to absorb all of the wisdom that I could from you guys as I attempted to get back into the game and rebuild my credit, after 7 years of being patient and waiting for my mistakes to drop off of my credit reports. So, I would like to first say thank you to you all for your many posts relating your experiences and giving advice to others, as it has helped me tremendously in my credit journey over the past year.

A little information about my credit situation:

• After all of the baddies (collections & lates) had dropped off of my credit in 2017, I was left at first with absolutely NO credit score at all.
• However, I had an old Tribute Mastercard from 2007 that was still showing as being in good standing, as when the company closed in 2010, although I had a balance left on my card, they posted that I had been paying as agreed with no lates, and that my balance had been completely paid off to 0 (from a $1100 credit line). I couldn’t believe it but I was grateful!!!
• So, shortly after the baddies dropped off, Transunion suddenly posted a credit score for me in the 660s to 680s (can’t remember the exact score now),  but unfortunately at first Experian and Equifax could not generate any scores for me. Extremely Thin File!
• After a while, I used Capital One’s prequalifying tool and was prequalified for an unsecured Platinum which I apped for, and was approved for on November 30, 2017. The balance was $300, and it was a rebuilding card, but I was grateful.(P.S. I learned about the prequalifying from you all. Thanks!!)
• Equifax gave me a score several months later, (it was fairly high for someone with a thin file). But no Experian score until about May 2018.
• I had learned from the forums not to apply for too much credit at one time so I decided to wait for a bit and be sure that I used the card properly by not only paying my balance every month, but by paying it in full, as I tried to establish a strong credit profile.
• I did well with managing my credit, as my TransUnion, Equifax and Experian scores crept up to more than 700 over the past year.
• I ended up pre-qualifying online for a Discover IT card, on May 30 2018 (myfico forums had said that Discover likes thin credit files. Thanks!!!). I apped for it, and was almost beside myself when I saw a $2,000 SL! It might not seem like much but with a thin file, and not having good credit or a credit score for so long, and a low income in the mid $30,000s, I was more than satisfied!! (I saw my prequalification letter in the mail for Discover after the fact). Meanwhile my credit score kept climbing (although there were several fluctuations).
• Then on September 2, 2018, I had a prequal online for Amex and a prequal in the mail as well, so I said “What the heck” and applied and got a $4000 SL. I almost screamed, lol.

Currently, my Fico 08 scores as of 12/5/2108 are:

Experian – 728

Equifax – 749

TransUnion – 828.

I have 3 accounts open with a total limit of $18, 500, although no credit report shows that total amount yet due to 2 recent CLIs.

• Capital One Quicksilver: Current CL - $2500 (Opened November 30, 2017). (Began at $300, then to $500 (after Credit Steps. PC’d from Platinum (due to a tip from myfico forums!) and now with a CLI in September to $2500

• Discover It: Current CL - $4,000 (Opened May 30, 2018). (Began at $2000, went to $2300 with CLI in August, and after immediate recon to backdoor number (learned from myfico forums) it was further increased to $2700. Another CLI in November to $3200, and then another recon to backdoor # to $4,000 CL).

• Amex Everyday Card: Current CL - $12,000 (Opened September 3, 2018). (Began at $4,000, and was eligible for a 3xCLI on the 61st day, but due to having a balance on the card, waited until November 30, 2018 and was instantly approved for the 3xCLI to $12,000 (I could not believe it!!! Thank you, myfico forums!!! and people such as @mustangsaluki, @UncleBob, @CreditGuyinDixie, @AverageJoesCredit, and the rest of you frequent contributors, whose names fail me right now!!!)

• My AAoA is 8 months for Experian and Equifax and 3yrs 5 months for TransUnion (TransUnion has the old Tribute account which is 11 yrs 10 mos old).
• Experian is currently showing my Amex current CL of $12,000 and the other 2 are still showing $4000, and all 3 bureaus are showing a $2500 CL for Capital One and a $2700 CL for Discover as they have not all been updated yet (**The most recent CLIs were only done last week on 11/30/18/30**)
• My total utilization for Experian is listed at 1% for a current $170 CapOne balance (others at zero) from last month, and Equifax and TransUnion are showing a 4% utilization for a combined $170 from CapOne (current) and $167 from Amex (from November which hasn’t been updated yet as December Amex closed at zero on 12/2/18).
• I have 2 inquiries for Experian, 1 for Equifax and 1 for TransUnion.

1) So....after all of that, I was thinking of applying for a new account since it has been 3 months since my I got my Amex ED card, and I have recently received additional CLIs on all 3 of my accounts.

I currently have prequalifications for:

• All of the Amex accounts;
• Citi Double Cash and Citi Simplicity and another Citi Premier (Citi DC is at the top, the other 2 are side by side at the bottom of the screen) (These suddenly showed up 2-3 weeks ago);
• CapOne Quicksilver Rewards Visa, Venture Rewards, Savor and SavorOne;
• US Bank Cash+ Visa Signature Card, US Bank Cash 365 Amex Card and US Bank FlexPerks Travel Rewards Visa Signature Card.

2) Also I have read about the Chase 5/24 rule, and I was wondering if I should take a shot at Chase? I am 3/24, but presently I have no pre-qualifications for any of their cards. Would I even have a chance? Or should I just leave Chase alone?

3) I would like a good card with a decent SL so I am wondering which one to choose. I don’t want to waste any hard pulls, nor do I want to apply for too many cards and look desperate.

4) I was also thinking of the possibility of apping for 2 cards at once, but I know that some credit card companies so not like to see other inquiries around the same time as theirs, for eg. Chase and perhaps Citi.

5) I think that Amex will be a soft pull, but again should I attempt Chase and/or Citi or even CapOne (although the CapOne 3 hard pulls is annoying).

 6) Which cards will give me the best SL? And which do you think that I would be best qualified for? And what about apping for 2 cards at once?

I really don’t want to mess up my credit at this stage.

*Keep in mind that the new Amex $12000 CL is only showing on Experian, but NOT Equifax and TransUnion, and the new Discover $4000 CL is only showing up on Equifax and TransUnion, but NOT Experian. My total CL should be $18, 500: $2500 + $4000 + $12000.

Sorry for the length of the message!! I have been reading up to find an answer for days now, but I couldn't find a definitive, or close to definitive one, so I decided to ask you guys myself. (Also, I can be longwinded sometimes (to say the least, lol).)

I would appreciate any input and advice!!! Thank you!!!

[Anonymous]

Welcome to myFICO!

It sounds like you have a lot of options.

You already have a 1.5% card, a rotating 5% card, and an Amex rewards card so what exactly are you looking for?

High SLs tend to be more common with credit unions like NFCU and PenFed, they also offer some of the lowest interest cards around as well if you forego rewards, the PayPal MasterCard is a 2% rewards card without gimmicks. 

US Bank has great credit products but they tend to be conservative and if you don’t bank with them, they’re well known for kicking $500 limits at you. 

It would help to know what exactly you’re interested in with a credit card - but high SLs seem to be incredibly common with the two CUs I mentioned. 

[Pikaboo-icu]

Welome to My Fico, I'm glad you're out of the shadows. lol 

What a fantastic journey you've had! Congrats!!

Honestly; with where you are right now, you can probably get just about any card on your list.

It's going to come down to what you're looking for- 

I have US Bank Cash+  and they may be known as conservative but they gave me an $8000 SL with no prior relationship.

Amex WILL be SP's for you- 

Citi is a good bet, I have the Costco Citi card & I'm happy with it. 

If you have a way into NFCU, I highly recommend them- they have great cards & are truly a wonderful CU..

I'm not chasing Chase so IDK much about them. 

I'm sure others will offer up some thoughts but it's up to you to decide what you want out of your next card.

CHEERS  

[CreditInspired]

Welcome OP and thanks for sharing your story.

Honestly, this should be a poster board for how patience, lessons learned, and accepting advice can culminate into an extraordinary credit card journey.

I just wanted to take my hat off to you and congratulate you on creating a great credit profile.

Keep up the good work.

P.S. Everyone you named helped me in my credit card journey too and kudos to them.

[SouthJamaica]

---

@Anonymous wrote:

Hello, everyone!

I have been lurking (and learning) on your myfico forums for a while now, attempting to absorb all of the wisdom that I could from you guys as I attempted to get back into the game and rebuild my credit, after 7 years of being patient and waiting for my mistakes to drop off of my credit reports. So, I would like to first say thank you to you all for your many posts relating your experiences and giving advice to others, as it has helped me tremendously in my credit journey over the past year.

A little information about my credit situation:

• After all of the baddies (collections & lates) had dropped off of my credit in 2017, I was left at first with absolutely NO credit score at all.
• However, I had an old Tribute Mastercard from 2007 that was still showing as being in good standing, as when the company closed in 2010, although I had a balance left on my card, they posted that I had been paying as agreed with no lates, and that my balance had been completely paid off to 0 (from a $1100 credit line). I couldn’t believe it but I was grateful!!!
• So, shortly after the baddies dropped off, Transunion suddenly posted a credit score for me in the 660s to 680s (can’t remember the exact score now),  but unfortunately at first Experian and Equifax could not generate any scores for me. Extremely Thin File!
• After a while, I used Capital One’s prequalifying tool and was prequalified for an unsecured Platinum which I apped for, and was approved for on November 30, 2017. The balance was $300, and it was a rebuilding card, but I was grateful.(P.S. I learned about the prequalifying from you all. Thanks!!)
• Equifax gave me a score several months later, (it was fairly high for someone with a thin file). But no Experian score until about May 2018.
• I had learned from the forums not to apply for too much credit at one time so I decided to wait for a bit and be sure that I used the card properly by not only paying my balance every month, but by paying it in full, as I tried to establish a strong credit profile.
• I did well with managing my credit, as my TransUnion, Equifax and Experian scores crept up to more than 700 over the past year.
• I ended up pre-qualifying online for a Discover IT card, on May 30 2018 (myfico forums had said that Discover likes thin credit files. Thanks!!!). I apped for it, and was almost beside myself when I saw a $2,000 SL! It might not seem like much but with a thin file, and not having good credit or a credit score for so long, and a low income in the mid $30,000s, I was more than satisfied!! (I saw my prequalification letter in the mail for Discover after the fact). Meanwhile my credit score kept climbing (although there were several fluctuations).
• Then on September 2, 2018, I had a prequal online for Amex and a prequal in the mail as well, so I said “What the heck” and applied and got a $4000 SL. I almost screamed, lol.

Currently, my Fico 08 scores as of 12/5/2108 are:

Experian – 728

Equifax – 749

TransUnion – 828.

I have 3 accounts open with a total limit of $18, 500, although no credit report shows that total amount yet due to 2 recent CLIs.

• Capital One Quicksilver: Current CL - $2500 (Opened November 30, 2017). (Began at $300, then to $500 (after Credit Steps. PC’d from Platinum (due to a tip from myfico forums!) and now with a CLI in September to $2500

• Discover It: Current CL - $4,000 (Opened May 30, 2018). (Began at $2000, went to $2300 with CLI in August, and after immediate recon to backdoor number (learned from myfico forums) it was further increased to $2700. Another CLI in November to $3200, and then another recon to backdoor # to $4,000 CL).

• Amex Everyday Card: Current CL - $12,000 (Opened September 3, 2018). (Began at $4,000, and was eligible for a 3xCLI on the 61st day, but due to having a balance on the card, waited until November 30, 2018 and was instantly approved for the 3xCLI to $12,000 @(I could not believe it!!! Thank you, myfico forums!!! and people such as @MustangSaluki, @UncleBob, @Anonymous, @AverageJoesCredit, and the rest of you frequent contributors, whose names fail me right now!!!)

• My AAoA is 8 months for Experian and Equifax and 3yrs 5 months for TransUnion (TransUnion has the old Tribute account which is 11 yrs 10 mos old).
• Experian is currently showing my Amex current CL of $12,000 and the other 2 are still showing $4000, and all 3 bureaus are showing a $2500 CL for Capital One and a $2700 CL for Discover as they have not all been updated yet (**The most recent CLIs were only done last week on 11/30/18/30**)
• My total utilization for Experian is listed at 1% for a current $170 CapOne balance (others at zero) from last month, and Equifax and TransUnion are showing a 4% utilization for a combined $170 from CapOne (current) and $167 from Amex (from November which hasn’t been updated yet as December Amex closed at zero on 12/2/18).
• I have 2 inquiries for Experian, 1 for Equifax and 1 for TransUnion.

1) So....after all of that, I was thinking of applying for a new account since it has been 3 months since my I got my Amex ED card, and I have recently received additional CLIs on all 3 of my accounts.

I currently have prequalifications for:

• All of the Amex accounts;
• Citi Double Cash and Citi Simplicity and another Citi Premier (Citi DC is at the top, the other 2 are side by side at the bottom of the screen) (These suddenly showed up 2-3 weeks ago);
• CapOne Quicksilver Rewards Visa, Venture Rewards, Savor and SavorOne;
• US Bank Cash+ Visa Signature Card, US Bank Cash 365 Amex Card and US Bank FlexPerks Travel Rewards Visa Signature Card.

2) Also I have read about the Chase 5/24 rule, and I was wondering if I should take a shot at Chase? I am 3/24, but presently I have no pre-qualifications for any of their cards. Would I even have a chance? Or should I just leave Chase alone?

3) I would like a good card with a decent SL so I am wondering which one to choose. I don’t want to waste any hard pulls, nor do I want to apply for too many cards and look desperate.

4) I was also thinking of the possibility of apping for 2 cards at once, but I know that some credit card companies so not like to see other inquiries around the same time as theirs, for eg. Chase and perhaps Citi.

5) I think that Amex will be a soft pull, but again should I attempt Chase and/or Citi or even CapOne (although the CapOne 3 hard pulls is annoying).

 6) Which cards will give me the best SL? And which do you think that I would be best qualified for? And what about apping for 2 cards at once?

I really don’t want to mess up my credit at this stage.

*Keep in mind that the new Amex $12000 CL is only showing on Experian, but NOT Equifax and TransUnion, and the new Discover $4000 CL is only showing up on Equifax and TransUnion, but NOT Experian. My total CL should be $18, 500: $2500 + $4000 + $12000.

Sorry for the length of the message!! I have been reading up to find an answer for days now, but I couldn't find a definitive, or close to definitive one, so I decided to ask you guys myself. (Also, I can be longwinded sometimes (to say the least, lol).)

I would appreciate any input and advice!!! Thank you!!!

---

Congratulations. Terrific job on turning things around.

As to your question, as others have already pointed out, you leave out one important factor: what do you want or need in a credit card? Maybe you don't need another card.

If you want a travel card, my advice would be to wait a month or two until it's indisputable that you have more than a year of history across the board, and then take a shot at the Chase Sapphire Preferred or Chase Sapphire Reserve, whichever is better suited to your needs. Another good travel card IMHO is the Citi Premier which you mentioned.

If you want a low-interest, low-fee, card your best bet would be a platinum card from a credit union.

If you want another cash back card, the Citi Double Cash, for which you're prequalified, is solid.

[Anonymous]

Thank you, CreditInspired! I have been trying my best. Plus, I figured that 7 years of waiting to get back into the credit game was long enough, lol. And if I had the patience to wait 7 years, then I should have the patience to do it RIGHT this go around. I don't think that I could go another 7 years if I were to completely mess up this time, lol.

But, when I first began looking for information regarding how to use credit responsibly, my Google searches kept on pulling up answers from myFicoForums, so you guys became my go to for information, and there was always so much of it! I would literally read these forums for hours on end! I have been telling my friends about you all too. My mantra now is "On myficoforums they say..." LOL!

Also one of my friends, was able to apply for and get a secured card, and put her fiance on as an authorized user (as he had no credit at all), and in about 9 months they were able to qualify for a mortgage for their first home! I was so proud of them! And another friend got her foot in the door with a Capital One Secured card, which has now been unsecured and has increased to $1250, but she did jump the gun and get a Credit One before checking with me, and it has been a mess to deal with. Now, I'm the credit guru to my friends, lol. They know I get my information from you guys, but the rest of them are not online as much as I am.

But, the best part is that my husband is finally listening and learning how to use credit responsibly. His credit score was in the low 500s and maybe high 400s, but is now in the 600s and one is 700, all in the space of about 3 months. Although I did add him as an AU on my cards, though (after which his score went up like 83 points virtually over night), and he recently qualified for an unsecured Capital One Platinum, although he still is a bit impatient, but I tell him it's to safeguard our future. He even talks about utilization, now! Lol.  And freaks out when his credit score drops a few points. LOL. I tell him that it is kind of like a roller coaster, you have the highs and lows, but just keep doing the right thing and it will all even out, and work out in the end.

Thank you, again! 

[Anonymous]

Wow.  You're an inspiration to us all; a testament to how a disciplined approach to credit will yield excellent results.

BTW, do you currently have an open installment loan?

[Anonymous]

Thank you, Saeren!

I kind of like the cash back cards, and the rewards card from Amex is good, although I haven't had the chance to use any of it, yet. Saving up the rewards for now. Not traveling at the moment, probably not for at least another year or two, so travel is not that important to me. 

I had briefly looked at NFCU and PenFed, but I didn't think that I would be eligible for either of them, because no military (NFCU) and not enough history (PenFed).

Yeah, I did read that low $500 limit with US Bank on a few posts, too. But, I figured I would put it out there to see if anyone else had greater luck with them.

Part of the reason that I want a higher limit is because I know that I will be helping out my sister and her kids for a bit while she gets sorted out, and I just want to try and make sure that in the event I needed to leave a bit more than I do now (although I usually pay to zero, and when I don't I try to keep it at 4-6% or less utilization), that I am covered with the utilization. For me, getting another card is more of a practical move right now, although I would like to reach that 5 card threshhold so I don't get the message that I have too few cards. But, I am open when it comes to choices of rewards, cashback, miles, etc.

[Anonymous]

@Anonymous wrote:

Welcome to myFICO!

It sounds like you have a lot of options.

You already have a 1.5% card, a rotating 5% card, and an Amex rewards card so what exactly are you looking for?

High SLs tend to be more common with credit unions like NFCU and PenFed, they also offer some of the lowest interest cards around as well if you forego rewards, the PayPal MasterCard is a 2% rewards card without gimmicks. 

US Bank has great credit products but they tend to be conservative and if you don’t bank with them, they’re well known for kicking $500 limits at you. 

It would help to know what exactly you’re interested in with a credit card - but high SLs seem to be incredibly common with the two CUs I mentioned. 

---

 I missed the part about the PayPal Mastercard. I will have to look into that one. It honestly didn't cross my mind, probably because I have only heard about it a couple of times.

(I finally figured out how to quote! Lol! Didn't see the big button up there to the right for some reason, lol!)

[Anonymous]

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@Pikaboo-icu wrote:

Welome to My Fico, I'm glad you're out of the shadows. lol 

What a fantastic journey you've had! Congrats!!

Honestly; with where you are right now, you can probably get just about any card on your list.

It's going to come down to what you're looking for- 

I have US Bank Cash+  and they may be known as conservative but they gave me an $8000 SL with no prior relationship.

Amex WILL be SP's for you- 

Citi is a good bet, I have the Costco Citi card & I'm happy with it. 

If you have a way into NFCU, I highly recommend them- they have great cards & are truly a wonderful CU..

I'm not chasing Chase so IDK much about them. 

I'm sure others will offer up some thoughts but it's up to you to decide what you want out of your next card.

CHEERS  

---

Thank you, Pikaboo-icu!

Glad to finally be out of the shadows. Although, I do have to learn to type in short bursts like you guys, otherwise with my long-windedness I will be typing all day, lol!

Good to hear that US Bank sometimes gives higher SL. But, do you mind if I ask, what was your credit profile like when you apped them, in terms of length of history, # of cards, avg. income, scores, etc.? And what are Citi's SL like, especially for someone with my profile?

Also do you think that two cards at once is too much? Or should I just stick to one?

Thanks!