Credit Newbee Needs Help Planning Spree

[Anonymous]

I've been lurking around the board for over a year now.  Got lots of tips (thank you) but haven't really pulled the trigger on an app spree yet. So need some advice please for my upcoming September Spree 2015

Here is my credit outlook:

• Oldest Account 2yr
• AAoA 1yr 4mo
• 3% Util
• No Baddies
• Scores =  Amex FICO(08) 749, Cap1 TU 739, CK TU 754, CK EQ 759
• Total INQ = TU 7, EX 4, EQ 2
• INQ within 6mo = TU 2 (T-Mobile + NFCU membership), EX 1 (Amex), EQ 0
• Income = $72K/yr

Current Trades:

• QS1 = 2yr old, $2800 CL (due for a CLI in a week or two)
• Freedom = 1yr 6mo, $3500 CL
• Sportsman = 1yr 6mo, $3200 CL
• jCrew =1yr 6mo, $4800 CL
• VS = 1yr 6mo, $1400 CL
• BCE = 5mo, $15000 CL (3x approved before card arrived)

Here are the cards I'm looking to spree in order:

1. NASA FCU CashLine (High CLI with SP?)
2. NASA FCU Platinum Advantage Rewards (High CLI with SP?)
3. NFCU NavCheck (High CLI?)
4. NFCU Platinum Visa (High CLI?)
5. Chase Ink Cash Business (Really need the 5% on phone/cable/internet for business)
6. AMEX SimplyCash
7. Discover.it (12.99-15.99% pre-approval on website)
8. BofA Visa (pre-approval on website)
9. Chase Sapphire Preferred (High CLI?)
10. Capital One Venture Rewards (High CLI? with 3 pulls)

My goals are to increase my available as I might use $10-35K credit for a new business. Right now I have spare cash and keeping my util super low in preps for the spree, then within a couple months then I'll be carrying a manageable balance.  My BCE and #5, #6, #7, #8 all have 0% offers and I should be able to PIF within a year. 

A couple questions:

• Q1 = Can I qualify for the NASA within only a single 2yr aged? I've read that you need 3 accounts of 2yrs after a BK, but not sure if that applies if you have a 100% clean report.

• Q2 = Would it help my chances of approval/better CL with any of the credit unions (or even the banks) if I open up a new checking account with $10,000 just before I apply for their card/LOC?

• Q3 = Would splitting up some of the spree to be half now and the second half 1-2 months later help?  Like if the NASA and NFCU reported higher limits it'll help with higher CLs on the other cards?  Or would be better to do them all at once so they don't see lots of new lines opened up within 1-2 months?

• Q4 = Should I apply for multiple cards at a bank at the same time in hope they'll reuse the same pulls?  Like a 2nd Chase/Discover/BofA?

• Q5 = Would I have a better chance of approval and/or higher CL with any of the following cards instead of the cards above?  (these were my other wishlist cards)

Barclay Ring

Citi Diamond Preferred

Citi Double Cash

PenFed Premium Travel Rewards

PenFed Signature Points

US Bank Cash+ Signature

Sallie Mae

Thanks in advance guys and girls.

[Anonymous]

7 and 8 arent real preapprovals. They are very unreliable. But I am sure with your scores you would get a decent APR, just saying.

You should nix the Citi DP as it has no rewards, waste of a card.

Also, skip capital one. You already have one card with them, you have high inquiries, and you should not be incurring another 3 just to add more capital one products to your wallet.

#4, absolutely combine pulls when possible. However I would not use chase as an examply, I would ALWAYS apply for 2 chase products at the same time because chase can pull a 2nd bureau.

Amex, BOA, Barclays, Capital One, Chase, theres a ton of them that combine.  If you are at all wanting the barclay ring you should move that up on your list of TO DOs and pick another rewards card with them to double app.

I see you need the available credit for a business. To each their own. If thats your primary goal then thats your choice but at the end of all that, you would be better off sitting down, looking at exactly how you spend your money, and selecting the best cards to make you the most money back. Then also see how much money you have that you spend monthly that can be ran through a CC and use that for sign on bonuses later on.

[Anonymous]

Thank you for the feedback jfriend.

I understand what you mean on the Cap1.  Not worth the 3 pulls when I can get a similar SL/ARP from someone else with 1 pull.

I will look more into the other banks and plan out a second card to double up.  That might mean too many new accounts at one time =)  I know my AAoA is going to tank with multiple new lines, but is there a max quantity where I can still stay above 680?

I guess my primary goal is to open up a couple new lines with a good SL so I can keep my util % low.  4 the above cards have 0% intro APR so that is a close second.  The rewards don't matter as much (except for the Chase Ink) because most of my business spend will either be in the Chase Ink 5% categories or don't fit any of the higher rebate categories.  That's probably why the Venture was on my list for 2X as well as the Citi DC and Barclay Arrival+.

Thanks again for your feedback.

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jfriend33 wrote:#4, absolutely combine pulls when possible. However I would not use chase as an examply, I would ALWAYS apply for 2 chase products at the same time because chase can pull a 2nd bureau.

Amex, BOA, Barclays, Capital One, Chase, theres a ton of them that combine.  If you are at all wanting the barclay ring you should move that up on your list of TO DOs and pick another rewards card with them to double app.

I see you need the available credit for a business. To each their own. If thats your primary goal then thats your choice but at the end of all that, you would be better off sitting down, looking at exactly how you spend your money, and selecting the best cards to make you the most money back. Then also see how much money you have that you spend monthly that can be ran through a CC and use that for sign on bonuses later on.

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[SouthJamaica]

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@Anonymous wrote:

I've been lurking around the board for over a year now.  Got lots of tips (thank you) but haven't really pulled the trigger on an app spree yet. So need some advice please for my upcoming September Spree 2015

Here is my credit outlook:

• Oldest Account 2yr
• AAoA 1yr 4mo
• 3% Util
• No Baddies
• Scores =  Amex FICO(08) 749, Cap1 TU 739, CK TU 754, CK EQ 759
• Total INQ = TU 7, EX 4, EQ 2
• INQ within 6mo = TU 2 (T-Mobile + NFCU membership), EX 1 (Amex), EQ 0
• Income = $72K/yr

Current Trades:

• QS1 = 2yr old, $2800 CL (due for a CLI in a week or two)
• Freedom = 1yr 6mo, $3500 CL
• Sportsman = 1yr 6mo, $3200 CL
• jCrew =1yr 6mo, $4800 CL
• VS = 1yr 6mo, $1400 CL
• BCE = 5mo, $15000 CL (3x approved before card arrived)

Here are the cards I'm looking to spree in order:

1. NASA FCU CashLine (High CLI with SP?)
2. NASA FCU Platinum Advantage Rewards (High CLI with SP?)
3. NFCU NavCheck (High CLI?)
4. NFCU Platinum Visa (High CLI?)
5. Chase Ink Cash Business (Really need the 5% on phone/cable/internet for business)
6. AMEX SimplyCash
7. Discover.it (12.99-15.99% pre-approval on website)
8. BofA Visa (pre-approval on website)
9. Chase Sapphire Preferred (High CLI?)
10. Capital One Venture Rewards (High CLI? with 3 pulls)

My goals are to increase my available as I might use $10-35K credit for a new business. Right now I have spare cash and keeping my util super low in preps for the spree, then within a couple months then I'll be carrying a manageable balance.  My BCE and #5, #6, #7, #8 all have 0% offers and I should be able to PIF within a year. 

A couple questions:

• Q1 = Can I qualify for the NASA within only a single 2yr aged? I've read that you need 3 accounts of 2yrs after a BK, but not sure if that applies if you have a 100% clean report.

• Q2 = Would it help my chances of approval/better CL with any of the credit unions (or even the banks) if I open up a new checking account with $10,000 just before I apply for their card/LOC?

• Q3 = Would splitting up some of the spree to be half now and the second half 1-2 months later help?  Like if the NASA and NFCU reported higher limits it'll help with higher CLs on the other cards?  Or would be better to do them all at once so they don't see lots of new lines opened up within 1-2 months?

• Q4 = Should I apply for multiple cards at a bank at the same time in hope they'll reuse the same pulls?  Like a 2nd Chase/Discover/BofA?

• Q5 = Would I have a better chance of approval and/or higher CL with any of the following cards instead of the cards above?  (these were my other wishlist cards)

Barclay Ring

Citi Diamond Preferred

Citi Double Cash

PenFed Premium Travel Rewards

PenFed Signature Points

US Bank Cash+ Signature

Sallie Mae

Thanks in advance guys and girls.

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Here's my advice:

1. Don't go on a spree, just apply for 3 or 4 cards at the same time, and then stop.

2. Stop getting store cards.

3. With your scores and your goals I would apply for just 3 or 4 of these and then chill for 6 months:

(a) Capital One Spark (bus)

(b) Chase Ink Cash (bus)

(c) Amex Simply Cash Business (bus)

(d) Barclay Ring (persl)

(e) Cap One Venture (persl)

[Anonymous]

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@SouthJamaica wrote:

 

1. Don't go on a spree, just apply for 3 or 4 cards at the same time, and then stop.

2. Stop getting store cards.

3. With your scores and your goals I would apply for just 3 or 4 of these and then chill for 6 months:

(a) Capital One Spark (bus)

(b) Chase Ink Cash (bus)

(c) Amex Simply Cash Business (bus)

(d) Barclay Ring (persl)

(e) Cap One Venture (persl)

---

Thanks for advice SouthJamaica.

Yeah I'm beginning to believe that the spree should be as light as possible so it doesn't tank my AAoA and drop me into the high 600 range.  But if I'm opening up business accounts (that are hidden) trade lines it wouldn't affect my AAoA on the personal CBRs so should I sort of count them separately and just do 2-3 personal apps?  Like 2 business hidden trades and 2 new personal ones?

Also is there any particular reason why you recommend the Ring or Venture instead of the NASA and NFCU?  I would assume NASA and NFCU are friendlier without the triple pull inquiries and are very generous with their CLIs.  Just wondering.

Thanks again.

[SouthJamaica]

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@Anonymous wrote:

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@SouthJamaica wrote:

 

1. Don't go on a spree, just apply for 3 or 4 cards at the same time, and then stop.

2. Stop getting store cards.

3. With your scores and your goals I would apply for just 3 or 4 of these and then chill for 6 months:

(a) Capital One Spark (bus)

(b) Chase Ink Cash (bus)

(c) Amex Simply Cash Business (bus)

(d) Barclay Ring (persl)

(e) Cap One Venture (persl)

---

Thanks for advice SouthJamaica.

Yeah I'm beginning to believe that the spree should be as light as possible so it doesn't tank my AAoA and drop me into the high 600 range.  But if I'm opening up business accounts (that are hidden) trade lines it wouldn't affect my AAoA on the personal CBRs so should I sort of count them separately and just do 2-3 personal apps?  Like 2 business hidden trades and 2 new personal ones?

Also is there any particular reason why you recommend the Ring or Venture instead of the NASA and NFCU?  I would assume NASA and NFCU are friendlier without the triple pull inquiries and are very generous with their CLIs.  Just wondering.

Thanks again.

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I picked the Ring because it's the best card if you need a cash advance or need to carry a balance. Very low fees and interest rates.

I picked the Venture because it's a nice Visa signature card, gives higher than average credit limits, gives double points which can be used for travel (and also for cash at half), and gives fee-free balance transfers on a regular basis.

I have my own business too. I don't consider trade creditors as credit, because if I didn't pay them within 30 days they wouldn't be too happy. When someone in the business of extending me credit extends credit, that's credit. When someone in another business extends credit, and expects and needs to be repaid promptly, that to me is not credit.

[Anonymous]

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@SouthJamaica wrote:

I picked the Ring because it's the best card if you need a cash advance or need to carry a balance. Very low fees and interest rates.

I picked the Venture because it's a nice Visa signature card, gives higher than average credit limits, gives double points which can be used for travel (and also for cash at half), and gives fee-free balance transfers on a regular basis.

I have my own business too. I don't consider trade creditors as credit, because if I didn't pay them within 30 days they wouldn't be too happy. When someone in the business of extending me credit extends credit, that's credit. When someone in another business extends credit, and expects and needs to be repaid promptly, that to me is not credit.

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Sorry I might have misstated what I meant by trade lines.  I did not mean terms from vendors.  I meant hidden trade lines as in business credit cards that don't show up on your personal credit reports like Chase Ink cards and AMEX SimplyCash.  So if I open up those first, they won't appear as new accounts to all the other banks and won't hurt my AAoA.

So yeah, 2-3 business card and 2-3 personal cards.

I also noticed your very nice CL with Venture and Spark and now I know why you recommended them even considering the triple pulls =)