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I am excited, this is my first post. Looking forward to any and all of your advice, please. I will be traveling for work frequently and I hope to be able to get a premier travel card in the near future (preferably AMEX Platinum). Other cards I hope to have are the AMEX Gold and CSP. Could you please review my credit info below and advise what you think my next step should be? am I actually ready to apply for one of the aforementioned cards? I believe my achillis tendon is my short history of estabilished credit. Creditcards.com show pre-approval on Chase Sapphire PRF (they are also one of their clients though). Nothing on AMEX pre-qulaify site.
Discover IT - 2K-CL (1yr 1 month opened) - Never Late - maintain a 0%-7% utilization.
HELOC - 50K - CL (Open June 2019) - Never Late - 9k balance due to initial withdrawal requirement.
Home Loan/Mortgage - 198K (Open June 2019)
A $400 baddy from 4 years ago that I paid off and will be DELETED by end of September '19. Note: This is now indicating as 0 balance and CLOSED in all 3 bureaus but DELETION will be by the end of month (per collection agency letter). I expect my score(s) to increase then.
Current total Utilization: 19% (from HELOC)
Fico 8 Scores: EX: 640 - EQ: 649 - TU: 650
Bank Card Fico 9 Scores: EX: 723 - EQ: 729 - TU: 725 ( unfortunately, I dont think many lenders are using this scoring method yet).
If you reccomend applying for another card other than the ones mentioned, how long after would you say I can apply for one of the AMEX or Chase. Lastly, any tips to increase scores are also very welcome.
In adavance, thank you everyone for your advice. Very much appreciated!!!!
Ed
If you're not in a hurry, I would wait for next month and see what happens with your Fico 8 scores... Experian especially... then try Amex prequal again.
Chase has a prequal tool as well, but I'd still wait for that negative item to be removed.
Good luck!
Hello and welcome to myFICO
Is the Disco card your only CC? If yes, I think Chase is out of the question at this moment in time due to your very thin credit profile and history.
Just because there’s no AmX prequal doesn't necessarily mean you won’t be approved but because of your scores and thin file, the amount may be a toy limit. JMO
@CreditInspired wrote:Hello and welcome to myFICO
Is the Disco card your only CC? If yes, I think Chase is out of the question at this moment in time due to your very thin credit profile and history.
Just because there’s no AmX prequal doesn't necessarily mean you won’t be approved but because of your scores and thin file, the amount may be a toy limit. JMO
Totally agree. Might want to get one of their Freedom or Freedom Unlimited cards for 6 months to a year first as well.