In need of financial advice.....

[Anonymous]

I've been working on my credit scores for about 6 months, and they have grown nicely. I have no BK, all my student loans are paid, my house is paid for(not in my name currently but will be, as I will inherit the house and the 1 acre of land it sits upon). I'm 47 years old, self-employed, making $32000 a year. My TU is 689 according to Credit Wise per Discover, Experian 720, and Equifax 743. A month ago I received a pre-approval from Mercury, thus I pulled the trigger and got a $1500 SL. I had been eyeing a Discover It Cash Back card(which I was preapproved for on their website along with a solid APR at 20.99%. I applied and received a $7500 SL. So I have 2 new cards to go along with my Oportun Visa(who just gave me a CLI, unsolicited, of $800, bringing my CL with them to $1800(I am in the middle of transferring the Oportun debt of $500 to the Disco at 0% APR). I also own a Belk Store card at $1200 CL. My overall UTI is 9%, although I have been implementing my Disco card to the tune of $1600 including BT. My question is: I would like to expand my file(AMEX prequalified me for the Delta SkyMiles Reserve, the Delta Skymiles Platinum, and The Platinum Card). Capital One preapproved me for the Venture One, Quicksilver, and Savor One, all "for good credit" whatever that means. I don't want another HP, especially a denial. Any advice? Thanks in advance!

[dragontears]

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@Anonymous wrote:

I've been working on my credit scores for about 6 months, and they have grown nicely. I have no BK, all my student loans are paid, my house is paid for(not in my name currently but will be, as I will inherit the house and the 1 acre of land it sits upon). I'm 47 years old, self-employed, making $32000 a year. My TU is 689 according to Credit Wise per Discover, Experian 720, and Equifax 743. A month ago I received a pre-approval from Mercury, thus I pulled the trigger and got a $1500 SL. I had been eyeing a Discover It Cash Back card(which I was preapproved for on their website along with a solid APR at 20.99%. I applied and received a $7500 SL. So I have 2 new cards to go along with my Oportun Visa(who just gave me a CLI, unsolicited, of $800, bringing my CL with them to $1800(I am in the middle of transferring the Oportun debt of $500 to the Disco at 0% APR). I also own a Belk Store card at $1200 CL. My overall UTI is 9%, although I have been implementing my Disco card to the tune of $1600 including BT. My question is: I would like to expand my file(AMEX prequalified me for the Delta SkyMiles Reserve, the Delta Skymiles Platinum, and The Platinum Card). Capital One preapproved me for the Venture One, Quicksilver, and Savor One, all "for good credit" whatever that means. I don't want another HP, especially a denial. Any advice? Thanks in advance!

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Other than just to obtain more cards do you have any goals?

[coldfusion]

If you don't want another HP then you don't want to be applying for an AMEX (Experian pull) or Capital One (3 pulls, 1 each from Experian, Transunion, and Equifax).     IMO the 3 AMEX cards you listed may not be a good fit, a card like the Blue Cash Everyday might be a better option to try for as your 1st AMEX card.

The Capital One "for good credit" cards are versions of their cards that target near-prime applicants and a) have a higher APR than the standard version, b) do not have an introductory promotional 0% APR purchase or balance transfer offer, or c) have a sign-up bonus.

[Anonymous]

I do have goals.....my parents are 79 years old, my dad in poor health,my mom will likely outlive God, but I want to fortify my finances as to become FULLY autonomous from them. Strengthening my credit rating would be a step in that direction. 

[Anonymous]

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@coldfusion wrote:

If you don't want another HP then you don't want to be applying for an AMEX (Experian pull) or Capital One (3 pulls, 1 each from Experian, Transunion, and Equifax).     IMO the 3 AMEX cards you listed may not be a good fit, a card like the Blue Cash Everyday might be a better option to try for as your 1st AMEX card.

The Capital One "for good credit" cards are versions of their cards that target near-prime applicants and a) have a higher APR than the standard version, b) do not have an introductory promotional 0% APR purchase or balance transfer offer, or c) have a sign-up bonus.

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**bleep**......before I got these last 2 CC(and my credit wasn't quite as good as it is now) I was prequalified for the AMEX Blue Cash Everyday along with the Hilton Honors AMEX. Strange. If I prequalified for the AMEX blue I would apply immediately!

[FinStar]

Since your current cards have no annual fees, have you done the math (or research) to determine whether the AmEx Delta Platinum, Reserve and/or Platinum's Card make financial sense?  Do you travel frequently to optimize things or offset/come out ahead even with the annual fees?

Any tradeline that you add to your overall profile will strengthen things over time. And, while seeing pre-approved offers is a plus, one has to determine whether the offers or products align with you lifestyle or spending habits.

[dragontears]

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@Anonymous wrote:

I do have goals.....my parents are 79 years old, my dad in poor health,my mom will likely outlive God, but I want to fortify my finances as to become FULLY autonomous from them. Strengthening my credit rating would be a step in that direction. 

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@Anonymous 

Excellent goals, for good long-term credit health you should pick cards that you think will benefit you long-term not just cards you can prequal for. Where do you spend the biggest amounts in your budget that accepts credit cards? 

And just a FYI on Amex cards, I didn't get a prequal before I applied for my first card with them and was instantly approved, YMMV.

[bigseegar]

Also remember or know if you didn't that the AmEx Platinum card is a Charge Card without a hard CL and is Not a per se credit card. It is really a monthly PIF card. In other words even though there is a way to carry a balance on it that is not what it is designed for or really what AmEx wants/expects. Also it will help your credit but not as much as a regular credit card since it reports differently being a charge card and not reporting a limit. In addition it is really designed for folks that travel a lot and I mean a lot and who put a lot of spend on it (way more than you reported even making a year). Nearly all the perks of the card are based around that. It also comes with a yearly $695.00 AF. 

Given that it seems you are simply trying to build your credit further at 47 years old and sounds like maybe even still living with your parents but trying to get from out of their shadow financially I don't think the Platinum or either of the Delta cards are the way for you to go. If you are detemined to get an Amex card I'd look at one of the Everyday cash credit cards or the BCP card. Even then a Capital regular credit card might be your best way to go. But in any case either will be a Hard Pull and the Cap1 with be a triple HP.

[SUPERSQUID]

I am rebuilding so any of my advise my not be as good as some of the senior members but i will add something because i have some knowledge of that particular card.

The Mercury card is high interest and the 1 pct rewards can only be redeemed as a statement credit.

Cap 1 also tends to charge premium interest and as stated upstream they cost 3 hard pulls. the best of the 3 cap 1 cards they offered is the savor one which has the best rewards of the 3.

in my case i am gardening awaiting an app spree to nfcu at 91/3 for a 2nd card and cli on the first so i dont want to rock the boat right now score wise and im just sitting tight til april.

If i were in your shoes i would avoid cap 1 , high int and 3 hp's.

get rid of the mercury high interest and replace it with an amex card with a reasonable int rate

[firefox100]

Take it from one who has lot of credit cards and fico scores over 800, you don't need any more credit with your income. My advice for what it is worth you need to increase your income some how. Amex's card are just going to make you spend lot compar to your income. good luck.