Credit Journey - AMEX BCE Prequal - Denied - Cap1 Prequal SaverOne - Denied - want a 3rd card.

[Anonymous]

Now a question... I know that after a year a HP becomes unscorable and two years it's gone fully. Do lender still factor in HPs even after the year period and possibly use it as a reason for denial? To me seems like yes if it's really excessive. 

[Anonymous]

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@Anonymous wrote:

Now a question... I know that after a year a HP becomes unscorable and two years it's gone fully. Do lender still factor in HPs even after the year period and possibly use it as a reason for denial? To me seems like yes if it's really excessive. 

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As long as something is on your report, lenders can and will consider it, especially in manual reviews. Most algorithms probably discard inquiries over a year old though. 

[Anonymous]

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@Anonymous wrote:

As for REDcard, I wasn't suggesting carrying a balance, just letting the statement generate. TD doesn't seem to take into account usage that ends up being $0 when the statement cuts so your card can be stuck indefinitely if you don't let it report that you are using it. 

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I was thinking about this today. After being denied a CLI I'm wondering which banks have this policy. I only let two cards report a balance to avoid the FICO "more than half of cards will balance" penalty. I'm wondering if I have to rotate the cards to stop getting the "usage" or "experience" with limit denial reason. Which if my cards is not registering the usage because I don't let balances report. I'm wondering about Synchrony and Cap1 and maybe Discover too.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

As for REDcard, I wasn't suggesting carrying a balance, just letting the statement generate. TD doesn't seem to take into account usage that ends up being $0 when the statement cuts so your card can be stuck indefinitely if you don't let it report that you are using it. 

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I was thinking about this today. After being denied a CLI I'm wondering which banks have this policy. I only let two cards report a balance to avoid the FICO "more than half of cards will balance" penalty. I'm wondering if I have to rotate the cards to stop getting the "usage" or "experience" with limit denial reason. Which if my cards is not registering the usage because I don't let balances report. I'm wondering about Synchrony and Cap1 and maybe Discover too.

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Honestly just let things report. If you're not actively seeking credit, it's much less stressful and showing your lenders how much you actually use credit will work in your favor as long as you aren't maxing your cards. 

Seriously, it's just not worth trying to optimize if you're not applying for something in the next 60 days. 

To answer your question though - Synchrony doesn't seem to care if there is a lot of usage or not IME. I have gotten my increases like clockwork on my store cards -- the major cards are a different story. My PayPal gets denied because of too much credit seeking but it also has an $8K limit anyway. 

Capital One wants to see you using the heck out of their cards. Organic spending behaviors. Use and pay. 

Disco... nobody knows. 🤷‍♂️ 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Now a question... I know that after a year a HP becomes unscorable and two years it's gone fully. Do lender still factor in HPs even after the year period and possibly use it as a reason for denial? To me seems like yes if it's really excessive. 

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As long as something is on your report, lenders can and will consider it, especially in manual reviews. Most algorithms probably discard inquiries over a year old though. 

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Hum curious if there would be any benefits of me waiting 2 years before applying for any more credit or is this too extreme?. Would be alot more history and when applying to something there would be no HPs. My idea would be there would be absolutely nothing negative to stand a better chance. 

2 Years tho is a long wait but I can do it. During those 2 years I would ask WF every 6 months for a CLI tho and hope for REDcard CLI as well. Right now a firm one year before doing anything that requires a HP. 

[Anonymous]

2 years is a bit extreme unless you have something specific in mind that requires waiting things out. 

Now if you were aiming for getting in w/ USB / Chase and potentially some others with a thick profile already and tons of activity then it would be prudent to wait that long as well for some flagship cards that have tight restrictions for approval like BOA PR / Cap1 Savor / Barclay's (some of them).

I would probably just wait until your current cards are at least a year old and then take things slowly from there.  Most banks will take a chance after you show them you can handle things for 12 cycles.  Some of the more premier cards will want to see 3-5 years of experience before they'll let you in the door.  

Just keep reading up and keep tabs on cards you're interested in and you should be able to come up with an appropriate plan of attack to get them as time passes.

[Anonymous]

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@Anonymous wrote:

2 years is a bit extreme unless you have something specific in mind that requires waiting things out. 

Now if you were aiming for getting in w/ USB / Chase and potentially some others with a thick profile already and tons of activity then it would be prudent to wait that long as well for some flagship cards that have tight restrictions for approval like BOA PR / Cap1 Savor / Barclay's (some of them).

I would probably just wait until your current cards are at least a year old and then take things slowly from there.  Most banks will take a chance after you show them you can handle things for 12 cycles.  Some of the more premier cards will want to see 3-5 years of experience before they'll let you in the door.  

Just keep reading up and keep tabs on cards you're interested in and you should be able to come up with an appropriate plan of attack to get them as time passes.

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Travel reward credit cards are useless to me. BOA PR and Barclays cards seem out. CapOne Savor has a annual fee so it doesn't interest me. 

A CapOne SavorOne is what I'm still looking at but they told me no. Sucks as an approval with that would have been set for quite some time. Perhaps I can try again in a year with a SUB. 

If I get a CapOne SavorOne under my belt the next after that would be a Chase Freedom. If I somehow get both those i'd likely be set for years and have no reason for anything else. With that said a BHphoto PayBoo card would be nice but it's not needed. 

AMEX and Discover I currently have no interest in. 

[Anonymous]

i have an 8mo old credit history and only 2 cards showing up on my credit report. your profile is basically identical to mine. when my profile was 6mo old i had 2 cards just like you but now i have 4.

you should try to add 5 or 6 accounts within a timespan of 2 years, at a rate of about 2 new accounts per year. that's what fico expects you to do. if you want to add them faster it's possible, but i don't recommend adding them slower than that or you're just wasting time. 2yrs is considered a normal buildup of credit.

if you add an au account, it will pretty much fix your short history instantly and makes getting approvals easier. but as you can see, i was able to add 4 cards in 8mo without having any au account. you can do it too if that's your goal, just don't be discouraged. try to make strategic moves, go for cards you know will have good chances of approval.

the uber card is better than savor and savorOne, if you app for it in 3 months perhaps they'd accept you. i just got approved for it, and all that was on my report was 2 cards. this could be a good strategic move for you. they'll pull your TU report so make sure it looks good.

the chase freedom is a ripoff of the discover card, you would have much better chances to get approved for it than a freedom. plus it's a better card in my opinion.

tips: don't do 90% utilizations or you'll look irresponsible. make sure you get preapprovals directly on the credit card company website and not through 3rd party sites like credit karma. if you have a low income some card companies let you use household income.

[Anonymous]

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@Anonymous wrote:

i have an 8mo old credit history and only 2 cards showing up on my credit report. your profile is basically identical to mine. when my profile was 6mo old i had 2 cards just like you but now i have 4.

you should try to add 5 or 6 accounts within a timespan of 2 years, at a rate of about 2 new accounts per year. that's what fico expects you to do. if you want to add them faster it's possible, but i don't recommend adding them slower than that or you're just wasting time. 2yrs is considered a normal buildup of credit.

if you add an au account, it will pretty much fix your short history instantly and makes getting approvals easier. but as you can see, i was able to add 4 cards in 8mo without having any au account. you can do it too if that's your goal, just don't be discouraged. try to make strategic moves, go for cards you know will have good chances of approval.

the uber card is better than savor and savorOne, if you app for it in 3 months perhaps they'd accept you. i just got approved for it, and all that was on my report was 2 cards. this could be a good strategic move for you. they'll pull your TU report so make sure it looks good.

the chase freedom is a ripoff of the discover card, you would have much better chances to get approved for it than a freedom. plus it's a better card in my opinion.

tips: don't do 90% utilizations or you'll look irresponsible. make sure you get preapprovals directly on the credit card company website and not through 3rd party sites like credit karma. if you have a low income some card companies let you use household income.

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Uber Visa does pay 4% back on dining but would be useless for me otherwise. The SaverOne would give me 3% back on dining and 2% on groceries. Seems like the Uber Visa would be worse for me. Of course I could always go for it too but i don't think i'd use it enough to warrant a card just for that. People that eat out very often it likely would be a better pick.

I spend more on groceries then eating out so why I think the SaverOne is a better card for me. Right now it's just 1.5% back on everything which isn't exactly terrible.

Discover right now seems to be in AA mode and rather not deal with their 4506-T stuff right now. While I could comply it just seems like a hassle. 

FICO score wise I don't care right now to borrow money. The only reason I care about it is for cards I want for rewards and benefits i'll use. No plans in the forseeable future to apply for a mortgage, loan, or a car loan etc. but still building credit if I ever do.

[Anonymous]

uber is better because 4% w/ no AF. the savor is 4% w/ $95? AF

2% on grocery with savorOne is pointless if you already have a 1.5% everything card. half a percentage point.

it would make more sense to just get a grocery card if that's your favorite category.

you said you don't like amex but they have good grocery cards, bce and bcp.

bank of the west and golden1 also has one.