Need Advice: First App Spree in 7 years

[JellyBellyGirl]

OKay all my baddies are finally gone, I have a couple of secured cards and one old JC Penny that is almost 20 years old still reporting showing never late. I also have an amazon store card. My scores are: Exp 705, TU 689 and Ex 685

I have only one inquiry showing.

My goal is to get the highest credit limits I can. I would like to shoot for 5 new accounts and then let them marinate for a couple years. I wish I could qualify for the Navy card but I just cant.

I cant do Cap One because they were one of my older baddies and I think Im probably still in the system. 

I had an Amex charge off 25 years ago and I heard Amex NEVER forgets either.

So any advice based on this criteria?

Thanks!

[CreditDunce]

Cap1 is very forgiving.  Check their pre-qual site.  For people who want a high limit, they are one of the best CCC's.  In particular the Venture + QS combo is very popular right now.

Amex may never forget, but it is also worth checking to see if they have forgiven you.  If you are black listed, Amex will typically not HP you.  It is, of course, YMMV.  I would start with their pre-qual site, too.

One favorite of mine for thin and clean credit files is Discover.  They will probably not give you the highest SL, but I still like them.  It will probably take a good many SP CLIs to get a very decent limit, but the card will grow over time.

I can't think of any other cards to recommend right now.  I am not looking for high limits, so I am not following what the flavor of the month is.  I am sure others can chime in.

[Anonymous]

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@JellyBellyGirl wrote:

OKay all my baddies are finally gone, I have a couple of secured cards and one old JC Penny that is almost 20 years old still reporting showing never late. I also have an amazon store card. My scores are: Exp 705, TU 689 and Ex 685

I have only one inquiry showing.

My goal is to get the highest credit limits I can. I would like to shoot for 5 new accounts and then let them marinate for a couple years. I wish I could qualify for the Navy card but I just cant.

I cant do Cap One because they were one of my older baddies and I think Im probably still in the system. 

I had an Amex charge off 25 years ago and I heard Amex NEVER forgets either.

So any advice based on this criteria?

Thanks!

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Amex never forgets, but they do forgive. A 25 year old chargeoff would not be the determining factor in their credit decision. And, as already noted, Cap One is very forgiving. Plenty of peeps who've burned them in the past are getting approvals, some with very high limits.

[JellyBellyGirl]

The thing with Cap One is, the charge off JUST fell off my file 2 months ago (its 7 years old). 

[Anonymous]

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@JellyBellyGirl wrote:

The thing with Cap One is, the charge off JUST fell off my file 2 months ago (its 7 years old). 

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Doesnt matter.  That's long enough ago that it won't matter.  People get back with CapOne all the time after burning them even a few years prior.

[CreditDunce]

I haven't spent much time reading in the rebuilding forums, but it is common to hear about people including Cap1 in BK, then using Cap1 as one of their rebuilding cards.  In your case, I would be shocked if Cap1 wouldn't approve you for a prime card with a high SL.  Also, note Cap1 has started combining limits recently.  If you get two cards, you can combine them into one card with a higher limit (assuming they don't stop combining in 6 months).

Two other thoughts:

1) Assuming you didn't burn Amex for a heck of lot 25 years ago, they will probably let you back in.  However, I have read some post where Amex declines CLIs due to prior relationship mistakes.  Amex may not grow as quickly as it would normally do.

2) If your EQ is clean, Penfed may be a good option.  They have some decent cards and they normally offer reasonable limits.

[Anonymous]

Congrats on your progress to financial soundness. It's a journey worth taking. Before starting to apply for cards, and I know it is so tempting and hard to resist. Resist. you have waited this long, you can wait some more. When you do it, make sure it is worth it by getting the cards you want and the CL you want. 

Wait for all your scores to cross the 700 mark. ALL. It just puts you in a different league. It will be worth it. 

Take the time to study this site and then think about what type of cards you want to add to your profile. Be strategic in your thinking by adding cards you will use and benefit from. If you've waited this long, you can wait a bit longer to really get what you wait. Patience is hard, but the joy and satisfaction when you actually get what you want versus settling for second or third best is far more enjoyable. 

Congrats on your success and continue your journey to 700+. 

[Anonymous]

Go for discover it. Barclay rewards, and freedom.

[Anonymous]

My order if I were you:
1. Check Chase Pre-qual. If you are pre-approved, app with them first. They are stricter about recent apps so if you are doing a spree you should start with them. If I remember correctly, I think their British Airways card tends to give very high limits, but I would also do the CSP/Freedom combo.
2. Amex: It's been a long time. Check out their cards and if you like one of them, go for it. I would imagine you get a decent SL on a card like BCE
3. Cap One: I would pretty much guarantee that you are pre-approved for the Venture and QS. Apply for the Venture and then the QS right away. Combine them in six months.

This is of course if you are simply looking for the highest limits possible. You probably won't need all of these cards, so I would generally advise you to apply for just 2 or 3 good cards that you could see yourself having a purpose for.

[SouthJamaica]

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@JellyBellyGirl wrote:

OKay all my baddies are finally gone, I have a couple of secured cards and one old JC Penny that is almost 20 years old still reporting showing never late. I also have an amazon store card. My scores are: Exp 705, TU 689 and Ex 685

I have only one inquiry showing.

My goal is to get the highest credit limits I can. I would like to shoot for 5 new accounts and then let them marinate for a couple years. I wish I could qualify for the Navy card but I just cant.

I cant do Cap One because they were one of my older baddies and I think Im probably still in the system. 

I had an Amex charge off 25 years ago and I heard Amex NEVER forgets either.

So any advice based on this criteria?

Thanks!

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You're wrong about both Cap One and Amex, but I wouldn't apply for Amex for other reasons.... basically I'm unhappy with their customer service, lack of credit limit increases, etc

Your best bet for a large credit limit is the Cap One Venture, but your scores are possibly marginal for it.