cancel
Showing results for 
Search instead for 
Did you mean: 

Need advice on next step(s) - First post!

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure

Need advice on next step(s) - First post!

First, this place is amazing. I've just recently joined, and have learned so much in the past week. I just want to thank everyone that contributes here. The things I've learned have helped me to have a more positive and optimistic look at credit, and my situation.

I'm hoping to get some advice on the next card(s) I should apply for. Until I found this site, I was taking a cautious and reserved approach to rebuilding my credit. I started at 538 a few years ago, have 4 accounts with 90+ days late (defaulted student loans), but have had a perfect payment history for 53 months. No other baddies.

 



Current scores (FICO 8):

EQ : 672 (4/1)
TU : 683 (3/31)
EX: 688 (3/24)

Cards:

CO QS : $4300 ($2000 CLI 3/24)
AE ED: $12000 ($8000 CLI 4/1 -- thanks Amex 3X thread!!!)

Inqs:

EQ : 1 (CO - 8/14)
TU : 1 (CO - 8/14)
EX: 1 (AE - 10/15)

Balances:

EQ : $1236 (CO - $719 - 3/11; AE - $512 - 4/1) 15%
TU : $1236 (CO - $719 - 3/11; AE - $517 - 3/31) 15%
EX : $1882 (CO - $719 - 3/11; AE - $1163 - 2/16) 30%

Actual : $884 (CO - $297; AE - $587) 5%

 



My goal is to get my scores to 750 by the end of the year, but right now, I'd like to open a new card. Outside of Christmas shopping, I've paid the full balances every month. The primary reason for the new credit is that I will soon be spending around $5k for a trip to Europe this August (friend's wedding). I'd like to take advantage of one of the introductory offers that I've seen, where you get 40k/50k/100k points/miles for speding $3k/$4k in the first 3 months. I'm also looking to buy an engagement ring by this summer, so I'm hoping to get advice on that front too.

 

The three main cards that I have my eye on are:

 

  • Chase Sapphire Preferred
  • Barclays Arrival Plus World Mastercard Elite
  • Capital One Venture Rewards

I did the prequal for Chase and it came up with the Freedom and Slate cards. Capital One showed me only a Platinum Mastercard and another Quicksilver. My main question is if anyone has insight into which card I'd have the best chances with my current situation. Secondary is whether it makes sense for me to wait until mid-April before applying, this way CO will have reported my CLI.

I've also gotten about 2 dozen mailers for Discover IT, including 3-point APR spreads and fancy plum envelopes. Citi has recently been mailing me prequals for Double Cash, but the APR is ridiculous. I think I will eventually go for the IT card, but want to take care of the travel situation first. I've also been thinking about the Amazon Store Card, or the Amazon Visa. The store card seems like a good way to build available credit, but I am hesitant because of the mixed reviews and myFICO calculator telling me that I'd take a hit for opening a store card. However, I do a ton of shopping on Amazon and Amazon Now, and may even be able to buy the ring from there.

Any and all advice is greatly appreciated. Thanks for reading, and thanks again for the outstanding community!

Capital One Quicksilver MC - $4.3K (+$2K 2016-03-24)
Amex EveryDay - $12K (+$8K 2016-04-01)
Capital One Venture - $18K (+$3K 2016-07-21)

2016-07-22 - EQ08 688 (+16)  |  TU08 687 (+4)  |  EX08 708 (+18)
      - Credit: $31.3K  |  Util: 6%  |  Inq: EQ 1 TU 1 EX 2

Message 1 of 7
6 REPLIES 6
Contributor

Re: Need advice on next step(s) - First post!

Definitely wait until mid-April and let the new balances report----your scores will go up further as well.  I'm a fan of the CSP, and it is the card I am shooting for as well...I think it is the best out of the ones you mentioned.  

Message 2 of 7
Super Contributor

Re: Need advice on next step(s) - First post!

congrats on the work you have done in your rebuild. if you wanted the easiest approval, id do the venture as capitalone could easily give you a 15-20k limit. the other 2 are in your reach, i just dont see them being as generous. 

Message 3 of 7

Re: Need advice on next step(s) - First post!


@laramsareback wrote:

Definitely wait until mid-April and let the new balances report----your scores will go up further as well.  I'm a fan of the CSP, and it is the card I am shooting for as well...I think it is the best out of the ones you mentioned.  


Thanks for the reply. That was my instinct, but i questioned if it was necessary, since only the $2K increase will be reported in April (Amex takes forever). I think I'm going to play it safe, either way.

Capital One Quicksilver MC - $4.3K (+$2K 2016-03-24)
Amex EveryDay - $12K (+$8K 2016-04-01)
Capital One Venture - $18K (+$3K 2016-07-21)

2016-07-22 - EQ08 688 (+16)  |  TU08 687 (+4)  |  EX08 708 (+18)
      - Credit: $31.3K  |  Util: 6%  |  Inq: EQ 1 TU 1 EX 2

Message 4 of 7

Re: Need advice on next step(s) - First post!


@ddemari wrote:

congrats on the work you have done in your rebuild. if you wanted the easiest approval, id do the venture as capitalone could easily give you a 15-20k limit. the other 2 are in your reach, i just dont see them being as generous. 


Thanks for the congratulations! It actually means a lot to me. Really appreciate your advice on the Venture card. That's the exact type of information I was hoping to get from this post.

 

If I may ask, what do you think the next best step, after the Venture would be: Amazon SC or Discover IT? Also, how long do you think I should wait before applying for that line, after the Venture?

Capital One Quicksilver MC - $4.3K (+$2K 2016-03-24)
Amex EveryDay - $12K (+$8K 2016-04-01)
Capital One Venture - $18K (+$3K 2016-07-21)

2016-07-22 - EQ08 688 (+16)  |  TU08 687 (+4)  |  EX08 708 (+18)
      - Credit: $31.3K  |  Util: 6%  |  Inq: EQ 1 TU 1 EX 2

Message 5 of 7

Re: Need advice on next step(s) - First post!


@ddemari wrote:

congrats on the work you have done in your rebuild. if you wanted the easiest approval, id do the venture as capitalone could easily give you a 15-20k limit. the other 2 are in your reach, i just dont see them being as generous. 


Applied for the Venture yesterday and was immediately approved for $15,000! Thanks again for the advice!!

Capital One Quicksilver MC - $4.3K (+$2K 2016-03-24)
Amex EveryDay - $12K (+$8K 2016-04-01)
Capital One Venture - $18K (+$3K 2016-07-21)

2016-07-22 - EQ08 688 (+16)  |  TU08 687 (+4)  |  EX08 708 (+18)
      - Credit: $31.3K  |  Util: 6%  |  Inq: EQ 1 TU 1 EX 2

Message 6 of 7
Valued Contributor

Re: Need advice on next step(s) - First post!


@creditcomeback wrote:
Applied for the Venture yesterday and was immediately approved for $15,000! Thanks again for the advice!!

Congrats!

Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.