How long to garden before next application? Which Card?

[coldfusion]

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@Anonymous wrote:

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@jcooks wrote:

I don't think average age of accounts is the issue.  I think it would be the amount of recent requests for credit would be the most determining factor.  Being added as a UA would most likely increase your score, I don't think it would help you get the CSP any sooner.

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Not the answer I wanted but the answer I expected!

Not sure if it is worth it to be added? This would take a new account spot, no? I am already at 3/24.

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AU takes up an account slot.  An underwriter at their sole discretion may or may not choose to overlook it upon a reconsideration of a denial, it's a YMMV. 

Another consideration is to remember that approvals are based upon your credit profile and not your credit score.  Being added as an AU may boost your score but while Chase counts them by default when establishing 5/24 status it ignores AU accounts when determining your creditworthiness. 

[Anonymous]

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@coldfusion wrote:

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@Anonymous wrote:

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@jcooks wrote:

I don't think average age of accounts is the issue.  I think it would be the amount of recent requests for credit would be the most determining factor.  Being added as a UA would most likely increase your score, I don't think it would help you get the CSP any sooner.

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Not the answer I wanted but the answer I expected!

Not sure if it is worth it to be added? This would take a new account spot, no? I am already at 3/24.

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AU takes up an account slot.  An underwriter at their sole discretion may or may not choose to overlook it upon a reconsideration of a denial, it's a YMMV. 

Another consideration is to remember that approvals are based upon your credit profile and not your credit score.  Being added as an AU may boost your score but while Chase counts them by default when establishing 5/24 status it ignores AU accounts when determining your creditworthiness. 

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I appreciate the clarification. In my head I assumed Credit Score = Credit Profile more or less. I won't worry about the AU and keep building my profile over time.

[Remedios]

Well, your assumption  "Credit Score = Credit Profile" is correct, but AU account isn't yours, payment history isn't yours, so it's more like "Your accounts = Your Credit Scores" 

In the past, that was sure way to artificially inflate age, but lenders now have tech that allowes them to "strip" AU accounts and asses your profile on its own merits.

Looks to me like you're looking for a loophole, you'll have in eventually, so just go ahead and apply.

If approved, great.

If denied, you will know exactly where you stand. 

[Anonymous]

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@Remedios wrote:

Well, your assumption  "Credit Score = Credit Profile" is correct, but AU account isn't yours, payment history isn't yours, so it's more like "Your accounts = Your Credit Scores" 

In the past, that was sure way to artificially inflate age, but lenders now have tech that allowes them to "strip" AU accounts and asses your profile on its own merits.

Looks to me like you're looking for a loophole, you'll have in eventually, so just go ahead and apply.

If approved, great.

If denied, you will know exactly where you stand. 

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I kind of had an assumption that it wouldn't help me as much as I would like. I admit patience isn't best attribute and this is a slow game. I was just speaking with a relative about my current rebuilding process and they offered to put me as an AU on an account with 10yr history. 

With my "Factors that adversely affected my score from CFU stating:" Length of time since oldest Card Established...  I don't I would get approved at this time and only take another HP. 

[Remedios]

You can do this on your own. As far as negative reason codes "Short account history" and "Short revolving history", those stay for a decade, sometimes longer (especially Short account history, since applications inevitably lower AAoA).

If triceratops had a credit card, and it was open 450 million years later, scoring algorithm would still have something to say about it. 

I don't think patience is a virtue for most of us around here, but if we aren't patient, lenders make us be patient by denying. 

[Anonymous]

Figured I would resurect my old thread vs starting a new one...

Still in the garden but admittedly like to check prequalifications every once in a while.. I did a prequalification on Chase in incognito today and had an offer for CSP and CSR with a fixed APR. I do not see this under my offers under my Chase account offer however.

Does the fixed APR indicate a higher approval chance? Has anyone had this type of prequalification while not seeing anything in your offers before?

[SouthJamaica]

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@Anonymous wrote:

Been lurking for some time and recently started to really take my credit seriously. Here are my current cards, age and limits

1 - CapitolOne QS (Previously Secured Plat $200 -> $500 -> $600 - $700) - CL 700 - Opened 12/18

2 - Apple Card - CL $3300 (Previously $1300) - Opened 9/20 

3 - Discover IT Miles - CL $3500 - Opend 3/21

4 - Chase Freedom Unlimited - CL $1800 - Opened 3/21

Annual Income - ~$89,000

From Experian AAoA - 1.8yrs

From Experian OAoA - 3.5yrs

Auto Loan - State Farm - ~$5500 left. This was refinanced 6/19 from a very high interest rate loan. Both loans have perfect payment history.

Small personal loan - ~$250 I'll be paying this off next month. Unsure if the loss of this account would ding my score from an account type perspective?

Last report was total of 15% utilization. Going to be adjust to AZEO and see where my scores fall. The Chase account still has not shown up on any Reports as well as my recent CL Increase from Apple and CapitalOne. I received a decent limit on my Discover which I am happy about but I certainly didn't look into the Travel as much as I should have. I really like the CSP Promo and Perk with my work travel starting again soon. (1 Rental/1 week Hotel every 2-3 months). 

Curent: FICO 8 - 741  Transuntion - 750 - Equifax 747

Main question is how long should I garden before I look to add another Card to my lineup? CSP or AMEX Gold are looking the most appealing for my purposed. Most of my regular expenses are Groceries and Dining. 

EDIT: Punctuation and Annual Income

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I think it would be good to wait until October... i.e. when a clean 6 months has passed.

Then if you're thinking of adding another Chase card, apply for that first.

[Anonymous]

That is my current plan! When I recieved a fixed APR on the Prequalification my lack of patience starts to get the better of me.

[Sandman771]

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@Anonymous wrote:

That is my current plan! When I recieved a fixed APR on the Prequalification my lack of patience starts to get the better of me.

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lol yeah I get that...I tell myself often to breathe normally and sit down in my corner of the garden. 

[Anonymous]

I'm glad I'm not the only one! I spend more time on the forum than I should and seeing the approvals on a regular basis starts to make me feel left out