@Anonymous wrote:
@Brian_Earl_Spilner wrote:This is a bad idea. Even if you get an approval from Chase, they're gonna sp your reports in a few weeks and if they see the other apps, they'll shut down the card. Not to mention using personal cards to fund a business.
If possible: disregard the personal cards to fund a business part. That's not going to happen, I will try to get a business loan.
Also this is good info on Chase. This is why I'm here, so I know. I understand they are very strict, so I'll simply not apply to any of their cards right now.
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Just did prequalifaction for Discovert It Cash Back, Miles, Navy Fed flagship (and all their other cards). Pre-qualified for all and going to check more where I can.
Who knows, I might shock the world. Lol. I'll report back.
I've been researching this for over 4 months, so let's see. Nothing to lose for me. I don't want to credit score there to look pretty. I fought harder than you can imagine to get 3 derogs off, and going to see if I can cash in. If I can't, no issue, I learned something.
But we're going to see.
My TU9 bankcard score is 804. All my bankcard 8 and 9 scores are higher than my standard scores.
I think there's something about my profile where banks might like me.
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And let me say this one thing in my "defense":
I understand my credit history sucks... Is horrible....
But now think about the people who have had credit for 15 to 20 years: YES, they have the length and the history, but they also have an average debt of $80 to $130,000
So we have:
Them: 15 to 20 year credit history, $80 to $130,000 debt
Me: 1.5 year credit history, $0 debt
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For Fico Scores, credit length counts 15%, debt counts 30% .... *shrug*
In Fico's eyes, I'm kicking their *** (I think).... But we are going to see here soon.
---
Keep the input coming it's helping me. Thanks a lot
The Disco pre-qual is pretty reliable, but NFCU's doesn't really give you a better idea of your approval odds than if you just cold apped.
The 8/9 bankcard industry scores have a higher score range than their classic counterparts, so you can see higher scores on those versions. Whether higher or lower, bankcard scores don't indicate any more than any other FICO scores that there's something about a person's file that banks do or don't like. They're just another FICO version that some lenders use for cc lending and that many lenders do not.
With regards to having low debt on a young profile, credit age and balances/utilization are factors that both lenders and FICO scores look at independently, so having a strong profile in one area doesn't necessarily cancel out a weakness in another. Some lenders are very comfortable with clean, young, thin profiles, and others can be more conservative until you gain some age.
If you're not going to try to open personal cards for your business spend, is 125k TCL still your goal, or is there something else you'd be looking for from your cc lineup? You've gotten good advice upthread about how to build your TCL in today's lending environment, and I want to chime in to also say that measured, considered card acquisition spread out over years is what you're going to be looking at to get to where you want to be, whether that's high TCL, a good cashback card lineup, or optimized point redemption. I think the two best ways to approach it would either be to follow the one card every six months rule of thumb, or to open 2-4 cards now (assuming no other recent apps), garden on that for 2 years, and then look at expanding again. It's going to take time and some credit gardening to get from the relatively small limits you'll probably be offered now to the kind of CL's you would want for 125k TCL. If you app at too aggressive a pace, you'll likely run into toy limits, denials, and shutdowns pretty quickly. Even if you're only interested in increasing TCL, you're going to want to be selective in your apping, so I'd still suggest looking at your spend and what kind of rewards structures would work best for you so you can open the cards that will give you the most benefit when you do app. You can also look at different issuer's CLI policies and exposure tolerances so that you're opening cards with issuers that are more likely to offer easy growth, such as NFCU or Amex, versus those that might be harder to grow or more prone to CLD/shutdowns, such as Chase, Capital One, or Synchrony.
@Anonymous wrote:
@Brian_Earl_Spilner wrote:This is a bad idea. Even if you get an approval from Chase, they're gonna sp your reports in a few weeks and if they see the other apps, they'll shut down the card. Not to mention using personal cards to fund a business.
If possible: disregard the personal cards to fund a business part. That's not going to happen, I will try to get a business loan.
Also this is good info on Chase. This is why I'm here, so I know. I understand they are very strict, so I'll simply not apply to any of their cards right now.
---
Just did prequalifaction for Discovert It Cash Back, Miles, Navy Fed flagship (and all their other cards). Pre-qualified for all and going to check more where I can.
Who knows, I might shock the world. Lol. I'll report back.
I've been researching this for over 4 months, so let's see. Nothing to lose for me. I don't want to credit score there to look pretty. I fought harder than you can imagine to get 3 derogs off, and going to see if I can cash in. If I can't, no issue, I learned something.
But we're going to see.
My TU9 bankcard score is 804. All my bankcard 8 and 9 scores are higher than my standard scores.
I think there's something about my profile where banks might like me.
---
And let me say this one thing in my "defense":
I understand my credit history sucks... Is horrible....
But now think about the people who have had credit for 15 to 20 years: YES, they have the length and the history, but they also have an average debt of $80 to $130,000
So we have:
Them: 15 to 20 year credit history, $80 to $130,000 debt
Me: 1.5 year credit history, $0 debt
---
For Fico Scores, credit length counts 15%, debt counts 30% .... *shrug*
In Fico's eyes, I'm kicking their *** (I think).... But we are going to see here soon.
---
Keep the input coming it's helping me. Thanks a lot
Funny story, I was totally going to stay out of thsi one and 
Who are "15 to 20 year credit history, $80 to $130,000 debt"
You really dont have to worry about the answer because, well because you wont be able to answer it. You can try, though, as we say around these parts "can't hurt"
Lets digress to those with 15 to 20 year credit history...are they avoiding pulls on two CRAs because of collections and lates/COs?
I am not trying to be hard on you, but when you make judgemental statements like that, it's only fair we use all the facts at our disposal.
To be fair, there are people with significant debt burden. Our "job" isn't to chide them or use them as examples. We can try helping them when debt shuffle is needed so they can continue paying it down. Additionally, some of the people who still carry debt and/or have had in the past are some of the most helpful, understanding and compassionate members we have. Guess how we know? Because they didnt misrepresent theit situation, but instead are using their experiences to guide others.
That's something to keep in mind at all times.
Length of credit isn't a big piece of Fico pie, that's a fact. In lender's eyes, it's a huge piece of pie, probably one of the most important ones.
You said your credit history is only 1.5 years, so where did the negatives come from? If that's all you have and already managed to make missteps, then all the arguments are out the window.
If you have longer credit history that has fallen off (I'm kinda leaning that way), same applies.
You want to get some cards and max them for "business", okay. It's not the first time this was mentioned, though it almost always results in tragedy. Hopefully you will be an exception to the rule.
Our members are trying to help you since there seems to be profound misunderstanding on how credit works. They dont have to, but they do.
Be kind to them, do not make assumptions or judgements because you never know when someone will start laying down facts for you without wrapping it in pretty packaging.