Help planning my App Spree?

[Anonymous]

I began my credit rebuilding journey back in September 2013.  At the time, I had not had any open lines of credit in years, and the only previous card I had (Cap1 Platinum) was defaulted on and in collections from 2008-2009.  In 2013 I applied for cards with Cap1 (denied) and Barclays (approved with $500 CL).

Currently, I have:

Barclays Platinum Rewards - $500 CL (opened Sept 2013)

Cap1 Platinum - $3,000 CL (opened April 2015)

Cap1 QS1 - $3,500 CL (opened May 2015)

Overstock - $1,050 (opened May 2015) (Soft-Pull)

Victoria's Secret - $650 (opened May 2015) (Soft-Pull)

Express - $650 (opened May 2015) (Soft-Pull)

Buckle - $300 (opened Feb 2016) (Soft-Pull)

Motorola - $1,000 (opened Feb 2016) (Soft-Pull)

Since the first of these accounts was opened in Sept 2013, I have never missed a payment, gone over a limit, carried a balance, etc on any of these cards.  Every card I use has been paid in full every month, and my current utilization is 12-13%.  Recently, I contacted Cap1 and they are upgrading my Platinum card to a QS (no AF), and once that gets here I am going to combine the QS1 into the QS card for no AF & $6,500 CL.  Barclays has refused to give me a CLI 3 times (2 hard-pulls, 1 soft), so as far as I'm concerned, they can kick rocks.  

Since I get my actual TU score from Barclay, I know that it is at 664.  My FAKO scores seem to be ranging from 630's-690's, and my AAoA is pretty short (less than 2 years) since my baddies have fallen off.  I only have 2 HP's on my CR's (both from Cap1 from April & May last year), but I think I need to get some more major cards to really help improve my score.  I know I'll apply for another Cap1 card since they've been great about approving me thus far, but who else should I app with? What cards do you guys recommend going for to help wiht a thin file?  I'm not against secured cards, if it helps to get my foot in the foor somewhere, although I'm not sure if it's necessary with the point im at. The other thing I was considering was trying to get in with other banks that provide free EQ and EX Fico8 scores so that way I can monitor all 3 for free monthly. Thoughts?

CLIFFS:  Which cards would be a good idea to app for?

[Anonymous]

I'm still not an expert on this, but from studying these forums for the last 8 months or so it seems like CapitalOne is one of the better starter banks to work with.

If they let you upgrade your QS1 to a normal QS you might want to check their prequal site for any other cards you could realistically use. Barclays can sometimes be helpful to mid to low 600's depending on your overall profile (they were the only other bank that I got an auto-approval from besides CapitalOne when I started working on my credit last summer).

The question I would have for you is: What are your goals as far as credit cards go? I notice you opened a bunch of store cards, which the general consensus around here seems that you want to get away from store cards once your profile is on the up and up. In my case, my main goals are basically build up great history with a handful of prime lenders, all the while reaping good rewards from using their cards. This has led me to a plan which will basically end up with 5-6 cards max to cover all my spending needs.

You may want to think about this and figure out what your goals are, and then we can help point you in helpful directions.

[Anonymous]

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@Anonymous wrote:

I'm still not an expert on this, but from studying these forums for the last 8 months or so it seems like CapitalOne is one of the better starter banks to work with.

If they let you upgrade your QS1 to a normal QS you might want to check their prequal site for any other cards you could realistically use. Barclays can sometimes be helpful to mid to low 600's depending on your overall profile (they were the only other bank that I got an auto-approval from besides CapitalOne when I started working on my credit last summer).

The question I would have for you is: What are your goals as far as credit cards go? I notice you opened a bunch of store cards, which the general consensus around here seems that you want to get away from store cards once your profile is on the up and up. In my case, my main goals are basically build up great history with a handful of prime lenders, all the while reaping good rewards from using their cards. This has led me to a plan which will basically end up with 5-6 cards max to cover all my spending needs.

You may want to think about this and figure out what your goals are, and then we can help point you in helpful directions.

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Capital One has been amazing to me, and I'm very greatful for it.  Ideally, I'd like to get to a point where my scores are high enough so that I can run all my bills and regular spending through whatever cards provide me with the best rewards.  IE. I want to use the credit cards to my own benefit, rather than in the traditional sense of buying things I can't afford at the time.  At this point, I have never carried a balance on any card that has incurred interest. 

I have opened a number of store cards to help improve my scores over the past few years by having more total avilaable credit, as well as having a starting point so that they can all eventually age together.  When I started originally, my score was in the low 500's, and although I've come quite a long way, the low/mid 600's is not yet where I want to be. 

As of right now, my concern is doing everything I can to elevate my scores into the 720+ range, while helping to build a nice thick file of positive credit history with all accounts in good standing.  Then once I've gotten my scores to the point where I qualify for some of the best options available, I'll begin shopping for the long-term benefit and APR cards. Does that make sense?

EDIT: Long-term, I'd like to have a high rewards travel card, a great daily spend cashback card, and a really low apr card (in the event I ever do actually need to carry a balance).  An Amazon card would be great since I shop alot on amazon and the other rewards are pretty good too. 

[BallBounces]

One person's opinion:

I wouldn't apply for any new cards, and I certainly wouldn't spree. 

I would continue with the credit line increases you should be receiving from capital one. 

If forced to recommend, I would suggest perhaps a card from your current credit union?  Or (strange as it seems) a Synchrony Amazon Store card.  Or perhaps yet another Capital One card, but that has it's own negatives.  

EDIT: I forgot to clarify that I would also try to PC the CapitalOne cards to a no fee Quicksilver, and or combine them as part of your potential application for a nother Capital One card..

[dragontears]

Personally I don't think getting new cards are going to help your scores go up faster and will even make them drop due to inquiries and dropping your AAOA even more than it is now. You have opened 7 cards in the last year with 2 of those in the last month, be patent and wait for your scores to improve so you can get the cards you want and are not stuck with low limit cards.

[Anonymous]

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@BallBounces wrote:

One person's opinion:

I wouldn't apply for any new cards, and I certainly wouldn't spree. 

I would continue with the credit line increases you should be receiving from capital one. 

If forced to recommend, I would suggest perhaps a card from your current credit union?  Or (strange as it seems) a Synchrony Amazon Store card.  Or perhaps yet another Capital One card, but that has it's own negatives.  

EDIT: I forgot to clarify that I would also try to PC the CapitalOne cards to a no fee Quicksilver, and or combine them as part of your potential application for a nother Capital One card..

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Absolutely, my plan with capital one has been to combine the QS1 CL into the QS that's currently in the mail. I was thinking about apping for another card through them after the combination.

I've considered applying with my credit union, I just wasn't sure if having cards through credit unions is viewed differently than major banks.  I've never recived an offer from them either, so I guess I've just kinda been waiting to see if they send one.  I've done the math though, and an Amazon card could easily save me a couple hundred dollars a year for my household. But I thought the one I was looking into was through Citi not Synchrony. 

[dragontears]

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@Anonymous wrote:

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@BallBounces wrote:

One person's opinion:

I wouldn't apply for any new cards, and I certainly wouldn't spree. 

I would continue with the credit line increases you should be receiving from capital one. 

If forced to recommend, I would suggest perhaps a card from your current credit union?  Or (strange as it seems) a Synchrony Amazon Store card.  Or perhaps yet another Capital One card, but that has it's own negatives.  

EDIT: I forgot to clarify that I would also try to PC the CapitalOne cards to a no fee Quicksilver, and or combine them as part of your potential application for a nother Capital One card..

---

Absolutely, my plan with capital one has been to combine the QS1 CL into the QS that's currently in the mail. I was thinking about apping for another card through them after the combination.

I've considered applying with my credit union, I just wasn't sure if having cards through credit unions is viewed differently than major banks.  I've never recived an offer from them either, so I guess I've just kinda been waiting to see if they send one.  I've done the math though, and an Amazon card could easily save me a couple hundred dollars a year for my household. But I thought the one I was looking into was through Citi not Synchrony. 

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there are 2 different Amazon cards one is a VISA and is through Chase (not Citi), it gives 3% back on Amazon purchases.

the other is the store card through Synch and gives 5% back on amazon but ONLY if you have a prime membership.

[Anonymous]

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@dragontears wrote:

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@Anonymous wrote:

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@BallBounces wrote:

One person's opinion:

I wouldn't apply for any new cards, and I certainly wouldn't spree. 

I would continue with the credit line increases you should be receiving from capital one. 

If forced to recommend, I would suggest perhaps a card from your current credit union?  Or (strange as it seems) a Synchrony Amazon Store card.  Or perhaps yet another Capital One card, but that has it's own negatives.  

EDIT: I forgot to clarify that I would also try to PC the CapitalOne cards to a no fee Quicksilver, and or combine them as part of your potential application for a nother Capital One card..

---

Absolutely, my plan with capital one has been to combine the QS1 CL into the QS that's currently in the mail. I was thinking about apping for another card through them after the combination.

I've considered applying with my credit union, I just wasn't sure if having cards through credit unions is viewed differently than major banks.  I've never recived an offer from them either, so I guess I've just kinda been waiting to see if they send one.  I've done the math though, and an Amazon card could easily save me a couple hundred dollars a year for my household. But I thought the one I was looking into was through Citi not Synchrony. 

---

there are 2 different Amazon cards one is a VISA and is through Chase (not Citi), it gives 3% back on Amazon purchases.

the other is the store card through Synch and gives 5% back on amazon but ONLY if you have a prime membership.

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It was the Chase Visa I was looking at.  But no idea if I'd even qualify.  Maybe I would be better off just waiting and not going on an app spree.  I just figured it would be better to get my foot in the door with some of the banks offering some good cards CSP, etc. so that when my scores come up a bit and im ready to apply for it, I'll already have an established history with that bank. 

[BallBounces]

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@Anonymous wrote:

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@dragontears wrote:

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@Anonymous wrote:

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@BallBounces wrote:

One person's opinion:

I wouldn't apply for any new cards, and I certainly wouldn't spree. 

I would continue with the credit line increases you should be receiving from capital one. 

If forced to recommend, I would suggest perhaps a card from your current credit union?  Or (strange as it seems) a Synchrony Amazon Store card.  Or perhaps yet another Capital One card, but that has it's own negatives.  

EDIT: I forgot to clarify that I would also try to PC the CapitalOne cards to a no fee Quicksilver, and or combine them as part of your potential application for a nother Capital One card..

---

Absolutely, my plan with capital one has been to combine the QS1 CL into the QS that's currently in the mail. I was thinking about apping for another card through them after the combination.

I've considered applying with my credit union, I just wasn't sure if having cards through credit unions is viewed differently than major banks.  I've never recived an offer from them either, so I guess I've just kinda been waiting to see if they send one.  I've done the math though, and an Amazon card could easily save me a couple hundred dollars a year for my household. But I thought the one I was looking into was through Citi not Synchrony. 

---

there are 2 different Amazon cards one is a VISA and is through Chase (not Citi), it gives 3% back on Amazon purchases.

the other is the store card through Synch and gives 5% back on amazon but ONLY if you have a prime membership.

---

It was the Chase Visa I was looking at.  But no idea if I'd even qualify.  Maybe I would be better off just waiting and not going on an app spree.  I just figured it would be better to get my foot in the door with some of the banks offering some good cards CSP, etc. so that when my scores come up a bit and im ready to apply for it, I'll already have an established history with that bank. 

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To be clear, the Amazon card I very softly recommended for your case was the synch store card.  I do not think you would be approved for the Chase card and I would not apply for it.  The synch card has several advantages:  1) relatively easy approval.  2) relatively easy CLI  3) potential strong initial CL   4) 5% for prime members.  (I assume everyone that shops at Amazon is a prime member, and I assume everyone shops at Amazon  )

The amazon store card is just about the only store card that I would ever recommend to anyone.  I think it is fantastic.  I think most store cards are a waste and generally recommend weeding them out as soon as folks credit profile supports it.

[Anonymous]

BallBounces wrote:

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To be clear, the Amazon card I very softly recommended for your case was the synch store card.  I do not think you would be approved for the Chase card and I would not apply for it.  The synch card has several advantages:  1) relatively easy approval.  2) relatively easy CLI  3) potential strong initial CL   4) 5% for prime members.  (I assume everyone that shops at Amazon is a prime member, and I assume everyone shops at Amazon  )

The amazon store card is just about the only store card that I would ever recommend to anyone.  I think it is fantastic.  I think most store cards are a waste and generally recommend weeding them out as soon as folks credit profile supports it.

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Absolutely I carry Amazon Prime, and they just announced that Prime members recieve a 20% discount on videogame preorders, which means HUGE savings considering most preorders at this point (with season passes) are about $100.  5% back on top of that would be great.  

Why do you recommend weeding out the store cards instead of just letting them exist and increase AAoA?