@Anonymous wrote:
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!
To the best of my recollection; when I got my US Bank Cash+ I was lower 700's, very low uti under 3% as I PIF all my cards, usually.
My income is 68,000 and I had a couple inq on all my CBs. My oldest acct was 3-4 years at time of app.
So TBH your profile is stronger than mine when I got the card.
I got the Citi Costco card early in my rebuild, SL 2200, after realizing I needed to ask for a cli (dope) it went to $5000. and just today another cli to $8000. That was a SP increase, could've got more with a HP.
I believe Citi gives decent SL but I was a bit of a credit newbie when I app'd so you would probably do a lot better than that.
I think you're golden to go for 2 new cards- if that fits your needs.
Keep us updated on your progress!!
Good Luck
@Anonymous wrote:
@SouthJamaica wrote:
@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.
Thank you, SouthJamaica!
You were one of the names that I would see often when I checked the forums, too! Your advice helped tremendously, as well. I am just horrible at remembering names, usually.
I want to get another card, for a couple of reasons: 1) to increase my utilization as I know that I will be helping my sister and her kids cover her bills for a bit until she gets sorted out, and although I usually pay to zero, or try to keep a max of 6% utilization, I wanted an extra buffer just in case I needed to leave more on my card; and 2) I wanted to get over that threshhold of seeing the message that I have too few cards,
That is not a meaningful message; you have enough cards to get an 850 score, so forget that as a reason.
and to be able to continue to build a thicker profile, too.
I had read about Chase cards, but if I waited a month or two to apply for the CSP or CSR, would I need to forgo any apps right now?
Yes, Chase wants you to be committed to their card.
As I read that they are sensitive to inquiries or newly opened accounts.
They have a strict rule that you can't get a card if you have 5 new cards within the past 24 months.
If you want a Chase card, apply for that before you apply for any other cards.
Although, I suppose if I apped for another Amex card, it would be a SP and it wouldn't show up for at least a couple of month,
Whether it's a a SP or not has nothing to do with whether it will show up as a new account. It will show up. And it could show up as soon as within a couple of days.
but then again, I heard that Chase will close accounts if you open up another too soon after theirs?
Sometimes they do but I don't think you need to worry about that unless you go hog wild.
I've read that Chase's cards are good, but are they really worth it?
I don't know because I don't have either the Sapphire or the Reserve and I'm not great at maximizing rewards points. But I think there's pretty much a consensus among the knowledgeable folks that the CSP & CSR are great travel cards, especially if you use Chase's travel partners. But the afficionados will tell you that if you are more likely to use Amex travel partners, you might be better off with an Amex MR card than a Chase UR card.
As for the credit unions, I hadn't really looked too much into them because they always seemed to have so many restrictions to membership.
Some do and some don't. Some that are open to all: PenFed, DCU, Langley, Andigo, Unify, UFCU, Summit, Northwest, Lake Michigan, Evansville Teachers, Hanscom, Alliant, Affinity.
I was really considering the Citi Double Cash, as my friend has it and loves it, although she says they start out low. Do they always do that?
Not always, but they did start me low, and they are reputed to do that a lot.
And if the Citi Premier was listed below the Double Cash, is that still a solid pre-approval?
I don't know why it would matter where it was listed. Either it's a preapproval or it's not.
My biggest thing right now, I guess, is trying to get a high SL, to ensure that my utilization stays low as I mentioned above. I am somewhat open to the type of card that I get, once it is a good company.
I used to think that way, but eventually stopped thinking that way because it got me into cards that I really had little use for over the long run.
If you have any relatives who have been in the military you could get into NFCU, which is good at giving healthy starting limits. It's also a great credit union in general.
@Pikaboo-icu wrote:
@Anonymous wrote:
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!
To the best of my recollection; when I got my US Bank Cash+ I was lower 700's, very low uti under 3% as I PIF all my cards, usually.
My income is 68,000 and I had a couple inq on all my CBs. My oldest acct was 3-4 years at time of app.
So TBH your profile is stronger than mine when I got the card.
I got the Citi Costco card early in my rebuild, SL 2200, after realizing I needed to ask for a cli (dope) it went to $5000. and just today another cli to $8000. That was a SP increase, could've got more with a HP.
I believe Citi gives decent SL but I was a bit of a credit newbie when I app'd so you would probably do a lot better than that.
I think you're golden to go for 2 new cards- if that fits your needs.
Keep us updated on your progress!!
Good Luck
Thanks for replying so quickly!
So, even though my income is much lower than yours was at the time you apped, $37,000 as compared to $68,000, and my oldest account is only 1 year, as opposed to 3-4 years (unless they pull TransUnion which shows a closed account in good standing at 11yrs 10mths), you still think that I would have as good a chance as you did with US Bank?
As for Citi, the same question above applies as my income and oldest accounts are lower than yours. And, when did you do that first CLI? Was it shortly after you apped?
I am thinking hard about trying for two at the same time, to be honest. Have to figure out how I feel about Chase though. Citi and US Bank aren't sensitive to close inquiries are they? Although I could do Amex with a SP.
But, I will be sure to keep you guys updated though. I can't wait to be able to give some data points (DPs) like you guys, do! Lol.
Thanks, again!
@SouthJamaica wrote:
@Anonymous wrote:
@SouthJamaica wrote:
@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.
Thank you, SouthJamaica!
You were one of the names that I would see often when I checked the forums, too! Your advice helped tremendously, as well. I am just horrible at remembering names, usually.
I want to get another card, for a couple of reasons: 1) to increase my utilization as I know that I will be helping my sister and her kids cover her bills for a bit until she gets sorted out, and although I usually pay to zero, or try to keep a max of 6% utilization, I wanted an extra buffer just in case I needed to leave more on my card; and 2) I wanted to get over that threshhold of seeing the message that I have too few cards,
That is not a meaningful message; you have enough cards to get an 850 score, so forget that as a reason.
Okay, I will ignore that message from now on.
and to be able to continue to build a thicker profile, too.
I had read about Chase cards, but if I waited a month or two to apply for the CSP or CSR, would I need to forgo any apps right now?
Yes, Chase wants you to be committed to their card.
Okay, good to know. If I choose to go with Chase, I will wait a month or two as you suggested.
As I read that they are sensitive to inquiries or newly opened accounts.
They have a strict rule that you can't get a card if you have 5 new cards within the past 24 months.
If you want a Chase card, apply for that before you apply for any other cards.
Okay, I will remember, to go with Chase first if I decide to app with them.
Although, I suppose if I apped for another Amex card, it would be a SP and it wouldn't show up for at least a couple of month,
Whether it's a a SP or not has nothing to do with whether it will show up as a new account. It will show up. And it could show up as soon as within a couple of days.
Okay, noted. I was going onmy experience with my Amex ED card, as it didn't show up until after 2 statements, although that may have just been for the first card.
but then again, I heard that Chase will close accounts if you open up another too soon after theirs?
Sometimes they do but I don't think you need to worry about that unless you go hog wild.
Good to know. Guess I got a little concerned based on posts talking about how Chase had closed their accounts, and I think some of then had only opened one other account around the same time.
I've read that Chase's cards are good, but are they really worth it?
I don't know because I don't have either the Sapphire or the Reserve and I'm not great at maximizing rewards points. But I think there's pretty much a consensus among the knowledgeable folks that the CSP & CSR are great travel cards, especially if you use Chase's travel partners. But the afficionados will tell you that if you are more likely to use Amex travel partners, you might be better off with an Amex MR card than a Chase UR card.
I hadn't even considered CSP or CSR initially, to tell you the truth. I was thinking about CF and CFU, as I thought thatI wouldn't have been able to even qualify for the CSR or CSP anytime soon. But, you did say that in another month or two, so a month or two will probably make a big difference in how good my profile looks.
Also, what do you think about the CF and CFU? Are they comparable to CSP or CSR, or easier to qualify for? And do you think that even without a pre-approval I would have a chance on any of them, in a month or two?
As for the credit unions, I hadn't really looked too much into them because they always seemed to have so many restrictions to membership.
Some do and some don't. Some that are open to all: PenFed, DCU, Langley, Andigo, Unify, UFCU, Summit, Northwest, Lake Michigan, Evansville Teachers, Hanscom, Alliant, Affinity.
Thank you! I will check these ones out to see what they offer and what are the reviews.
I was really considering the Citi Double Cash, as my friend has it and loves it, although she says they start out low. Do they always do that?
Not always, but they did start me low, and they are reputed to do that a lot.
Yeah, that seems to be a definite possibility. But, Picaboo-icu said that she actually had a fairly high SL of $7000. So, I guess like everything else credit related, everyone is different and YMMV.
And if the Citi Premier was listed below the Double Cash, is that still a solid pre-approval?
I don't know why it would matter where it was listed. Either it's a preapproval or it's not.
Okay, noted.
My biggest thing right now, I guess, is trying to get a high SL, to ensure that my utilization stays low as I mentioned above. I am somewhat open to the type of card that I get, once it is a good company.
I used to think that way, but eventually stopped thinking that way because it got me into cards that I really had little use for over the long run.
I really need to sit down and figure out what I will actually need/use in the long run.
If you have any relatives who have been in the military you could get into NFCU, which is good at giving healthy starting limits. It's also a great credit union in general.
No, unfortunately I don't have any relatives in the military, but my best friend does, and this would probably work well for her.
Thank you for taking the time to answer all of those questions for me, SouthJamaica.
One last question though, would apping for more than one card at the same time be ill advised for my credit, considering my thin profile?
Thanks again!
Probably best to go slow and steady in applying for new cards.
I have never had the Chase Freedom and Freedom Unlimited, but yes they are supposed to be good cards, and yes they are probably less difficult for you to get.