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How long to garden before next application? Which Card?

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Anonymous
Not applicable

How long to garden before next application? Which Card?

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

 

Message 1 of 36
35 REPLIES 35
Brian_Earl_Spilner
Credit Mentor

Re: How long to garden before next application? Which Card?

If you're thinking about going all in with chase, I would focus on them first and no more than 1 card every 6 months until you have whatever you want from them. 

    
Message 2 of 36
Remedios
Credit Mentor

Re: How long to garden before next application? Which Card?


@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

 

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. 

 


Hi and welcome to the forums

 

If you want CSP, you will need to wait.

CSP has minimum starting limit of $5000.00. 

Well it's not unheard of for Chase to issue you a higher limit than the other ones, the fact your CFU is your second lowest isn't exactly encouraging in that respect.

Try growing Discover/Apple card past the $5000.00, use your CFU to at least establish pattern of use/payment with Chase, then try in about six months.

Loss of personal loan shouldn't affect anything since you already have another loan with higher utilization, so there shouldn't be too many waves. 

You have young and thin file, time is your friend. 

Message 3 of 36
Anonymous
Not applicable

Re: How long to garden before next application? Which Card?

Thank you for the feedback! Going for the Trifecta does seems to make the most sense if I want to make the most out of my points.

Message 4 of 36
Anonymous
Not applicable

Re: How long to garden before next application? Which Card?

Thank you!

 

I think I'll be taking your advice. I maybe should have added that my CLI from Apple was after my CFU addition. At the time of application, I only had $1300 AppleCard and $600 C1. I honestly applied for the Discover and CFU the same day. I did have to do an income verification but was approved.

 

Annual income is ~$89,000

Message 5 of 36
Remedios
Credit Mentor

Re: How long to garden before next application? Which Card?

Income is fine,  you need time.

Chase would look at recency of your new accounts, it's not just 5/24, last 6 months are also important. 

Six months at minimum. If you were to apply now, you'd get denied, and I'm fairly suspicious that will be the outcome till your last two accounts are at least six months old. 

 

 

Message 6 of 36
Anonymous
Not applicable

Re: How long to garden before next application? Which Card?


@Remedios wrote:

Income is fine,  you need time.

Chase would look at recency of your new accounts, it's not just 5/24, last 6 months are also important. 

Six months at minimum. If you were to apply now, you'd get denied, and I'm fairly suspicious that will be the outcome till your last two accounts are at least six months old. 

 

 


Understood. I'll wait and see how the next 6 months shake out. I've been putting a decent amount of spending on these cards to show activity and paying in full in hopes of maybe an auto CLI. 

Opened a Chase checking for some regular deposits to help build an additional relationship with them.

 

Thanks again for the feedback!

Message 7 of 36
Anonymous
Not applicable

Re: How long to garden before next application? Which Card?


@Remedios wrote:

@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

 

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. 

 


Hi and welcome to the forums

 

If you want CSP, you will need to wait.

CSP has minimum starting limit of $5000.00. 

Well it's not unheard of for Chase to issue you a higher limit than the other ones, the fact your CFU is your second lowest isn't exactly encouraging in that respect.

Try growing Discover/Apple card past the $5000.00, use your CFU to at least establish pattern of use/payment with Chase, then try in about six months.

Loss of personal loan shouldn't affect anything since you already have another loan with higher utilization, so there shouldn't be too many waves. 

You have young and thin file, time is your friend. 


How do you think me being added as an Authorized user on a 5-6 year old account would effect my score/chances of getting approved sooner than later?

Message 8 of 36
jcooks
Established Contributor

Re: How long to garden before next application? Which Card?

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.

Message 9 of 36
Anonymous
Not applicable

Re: How long to garden before next application? Which Card?


@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.


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.

Message 10 of 36
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