HELP - Time to Graduate to better cards. I Need solid advice on the selection of new card

[Anonymous]

I have been reading & lurking for awhile so I figure it's time to join in on the community. I am looking to get into better cards after I have repaired my credit over the last 6 years. I started over with a 484 fico score from a 2013 dismissed BK. It is removed from all 3 reports now. Thank goodness. Now I am at Experian 734 TransUnion 730 Equifax 728. MyFICO.com scores not Fako scores

I currently have the following credit cards:

* Amex EDP $8000 LIMIT 4/29/2020

* discover it chrome $3800 6/2017

*capital one quicksilver $1701 6/2017

* open sky $1100. 12/2016

*total utilization always under 5%

*total personal debt on credit reports is $1200 (school loan)

$124k income

1 inquiry on Experian from Amex 4/29/2020 no other inquiries at all.

I have not been late on any payments on any of these credit cards ever. Lesson learned The hard way, from way back. 

Here is where my self induced timidity kicks in. I have 9 late payments reporting from Navient school loans dated back to 2015-2016. Roughly 5+ years ago. 3 of which are 120 days. All payments have been in good standing since then. I have 2 more years until the late(s) fall off of my reports. I read on here, people with way worse situations than mine but have had success with approvals from really good cards. 

I recently applied for the AMEX platinum card but was denied (soft pull)

reason: your consumer credit report indicates your payment history has been unsatisfactory (school loans lates)

              The length of time you have been an American Express customer is too short (1 year 1 month at time of application)

              proportion of loan balance to loan amount is too high (I Only owe $1237 on my 2 student loans combined from 1999)

I do not want to waste any hard pulls. I'm not confident about applying for cards but if I don't take a chance nothing changes. I Almost jumped through the roof last year when I received instant approval from Amex EDP for 8k. I would like to get into the Chase family ,with a Sapphire card preferably the sapphire reserve. No prior relationship with them.  Any ideas where to start next? 

[Anonymous]

I would check some of the soft-pull prequalification sites and see what responses you get from those. It isn't a guarantee that you will get the card if you do apply, but prequalifications can be a nice confidence booster before you apply. 

[KLEXH25]

Welcome to the forums! Great job on recovering your scores. I totally get your view on "not wasting a HP." I'm the same way lol. As AJ above mentioned, try all the SP prequals and see what you get. Even if it's not a card you necessarily want, it can give you an idea of what you can get approved for. Credit unions are also a great place to look, especially if you might need an auto loan or mortgage down the road.

Have you tried the Chase prequals? Are there any other cards you have your eye on? We might be able to tell you your chances with particular lenders. At the end of the day, an inquiry is just that. It sucks if it doesn't go your way, but it's not the end of the world. You miss 100% of the shots you don't take. 

[Anonymous]

Nice job on taking control and wanting to graduate. However I would recommend sock drawering the older cards you plan to graduate from as those will show the history. If you get new cards and cancel old, you're really setting back your AAoA. 

i was recently approved through the preapproval in the app for the chase sapphire preferred sl $17300 so I'm looking forward to getting this promo for 100k points. So far I like it, customer service is good!

[sourpuss29]

I have no advice to give...just passing through to say that I 💜 your screen name!

[Anonymous]

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@Anonymous wrote:

Nice job on taking control and wanting to graduate. However I would recommend sock drawering the older cards you plan to graduate from as those will show the history. If you get new cards and cancel old, you're really setting back your AAoA. 

i was recently approved through the preapproval in the app for the chase sapphire preferred sl $17300 so I'm looking forward to getting this promo for 100k points. So far I like it, customer service is good!

---

Regarding the bold and italicized portion of your post above, the AAoA setback will only have to do with the opening of the new account(s). Closing the old cards won't affect it in any way until those old accounts finally fall off of OP's reports, as much as (and usually) ten years from the date of closure.

[SouthJamaica]

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@Anonymous wrote:

I have been reading & lurking for awhile so I figure it's time to join in on the community. I am looking to get into better cards after I have repaired my credit over the last 6 years. I started over with a 484 fico score from a 2013 dismissed BK. It is removed from all 3 reports now. Thank goodness. Now I am at Experian 734 TransUnion 730 Equifax 728. MyFICO.com scores not Fako scores

I currently have the following credit cards:

* Amex EDP $8000 LIMIT 4/29/2020

* discover it chrome $3800 6/2017

*capital one quicksilver $1701 6/2017

* open sky $1100. 12/2016

*total utilization always under 5%

*total personal debt on credit reports is $1200 (school loan)

$124k income

1 inquiry on Experian from Amex 4/29/2020 no other inquiries at all.

I have not been late on any payments on any of these credit cards ever. Lesson learned The hard way, from way back. 

Here is where my self induced timidity kicks in. I have 9 late payments reporting from Navient school loans dated back to 2015-2016. Roughly 5+ years ago. 3 of which are 120 days. All payments have been in good standing since then. I have 2 more years until the late(s) fall off of my reports. I read on here, people with way worse situations than mine but have had success with approvals from really good cards. 

I recently applied for the AMEX platinum card but was denied (soft pull)

reason: your consumer credit report indicates your payment history has been unsatisfactory (school loans lates)

              The length of time you have been an American Express customer is too short (1 year 1 month at time of application)

              proportion of loan balance to loan amount is too high (I Only owe $1237 on my 2 student loans combined from 1999)

I do not want to waste any hard pulls. I'm not confident about applying for cards but if I don't take a chance nothing changes. I Almost jumped through the roof last year when I received instant approval from Amex EDP for 8k. I would like to get into the Chase family ,with a Sapphire card preferably the sapphire reserve. No prior relationship with them.  Any ideas where to start next? 

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I would start with the Freedom Unlimited or the Freedom Flex.

[MmmarkAz]

@Anonymous 

Congrats on Your Rebuild! Good Job! Can You Pay Off the $1237.

Student Loans? Might Be what's Holding You Back, Old Lates on an Open Account, But Old Lates on a Paid in Full Account Will be Better! Then Like Others Said, Check All Prequalify Soft Pull Sites, BBVA, Chase, FNBO, Disc. & BofA, Citi Etc.. Credit Unions Have Been Really Great to Me!

Good Luck!😃

[FinStar]

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@MmmarkAz wrote:

@Anonymous 

Congrats on Your Rebuild! Good Job! Can You Pay Off the $1237.

Student Loans? Might Be what's Holding You Back, Old Lates on an Open Account, But Old Lates on a Paid in Full Account Will be Better! Then Like Others Said, Check All Prequalify Soft Pull Sites, BBVA, Chase, FNBO, Disc. & BofA, Citi Etc.. Credit Unions Have Been Really Great to Me!

Good Luck!😃

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Just a quick correction on the above @MmmarkAz - BBVA has discontinued their pre-qualification portal as they integrate their merger with PNC.  BoA doesn't have a pre-qualification portal and Citi's has been disabled for quite some time.

[MmmarkAz]

@FinStar Ok, It was June 7th when I Ran BBVA, It Happened Pretty Quick, My Friend Just Worked On All the Az. BBVA's Computers Last Week, I Wonder If PNC will Keep Their Products for a While? & Prequalify Site? A Lot Of People Like Their Clearpoints & Rewards Cards, I Guess the BofA & Citi Offers are Just That! Offers.. Thanks for the Clarification!