Next Card Questions - Amex/Chase?

[Anonymous]

Hi all,

I'm coming to the end of my first year with my Discover card, which has been my daily driver to take as much advantage of the cashback match as possible. All in all, I'm relatively new to the credit game, but I'm looking at what my next steps should be to broaden my credit profile and try to get a more robust system together.

I made the mistake of rushing to Chase the second my first card (the Cap1 secured) hit a year old, as I was hoping to take advantage of the Freedom Flex's then-active grocery bonus. Unfortunately, they denied me after recon, citing low credit experience as the primary reason. I think trying to get into the Chase ecosystem is likely still my best next move, particularly as I'm currently at 3/24, but I'm open to other options.

My scores are a little lower than I'd like them to be at the moment, as I made the mistake of allowing my Discover statement to close with a relatively high balance this past month (34% of my total available credit). However, I expect them to pop back up a bit next month, both because I've paid the statement down to sub-10% and because I received an automatic $1000 CLI from Discover after paying my 12th month's statement.

At the moment, my plan is to wait at least a month so that my scores reflect the new CLI and reduced (or near-zero, if I can swing it) card balances, and then try applying for the next card. Top of my list is still the Freedom Flex, as I can use it as a foot in the door with the Chase ecosystem and take advantage of both the rotating categories and the 3% on dining/takeout. That said, considering my biggest spend at the moment is on groceries, I'm also wondering if one of the Amex cards would be a good fit - the BCP and Amex Gold both seem like great fits for the areas in which I spend, but I'm not sure my scores and credit history length are enough to tempt them at this point.

Does anyone have any advice? I am hopeful that Chase will look on me more kindly with slightly higher scores, higher existing available credit, and all my card accounts being at least a year old, but given pandemic tightening I'm not sure if that will be enough. I've heard in the past that Amex can be a little more lenient with their criteria for approval, but again, as I approach 5/24 with existing accounts I don't want to use many applications unless they really feel like a way to boost my general CC earning.

Thanks for any help you can provide - these forums are how I got started with my credit journey in the first place, and I really appreciate the advice I've already received!

Current cards:

- Capital One Platinum Secured ($500, opened Sept 2019)

- Discover It ($3750, opened Feb 2020)

- Capital One Quicksilver ($1000, opened March 2020)

Current FICO Scores (actual): EXP 705 / EQU 721 / TU 713

Annual income: $47,500

[dthaha]

I'd wait until 6 months plus a bit of time since the last app for the CFF. If you're approved (I was approved for the CFU with 6 months of my own history and 5 years AU history with less than half of your income) then you'd be at 4/24, so about in 6 more months apply for another Chase card if you want, preferably the Sapphire Preferred for UR. Then start looking into Amex because it might be a while before you fall under 5/24. 

[Anonymous]

@Anonymous , something you may not be aware of: Disco is one of the issuers who will do an off-cycle report upon request. You said that you've paid your card back to a better utilization. Call them up and ask for an off-cycle reporting. They grant them usually, and will submit the updated reporting to the bureaus while you're on the phone. It should reflect on your reports the next day or the day after at the latest. That'll have you looking better without having to wait until next month.

[SecretAzure]

Discover offers soft-pull CLI. You can request one now even though you just got one. A little extra boost to your CL can't hurt. Will probably be a low amount if approved but every little bit counts when factoring in utilization.

[Anonymous]

Thank you all for the advice!

@Anonymous I didn't know that, no! I think I may still hold off a bit longer just to make sure I feel comfortable with applying (after jumping the gun last time with Chase, I'd rather err on the side of waiting longer than necessary), but having Discover re-report right after I have an (almost) zero balance is definitrly something I'll take advantage of.

@SecretAzure I did try for another CLI right after finding out about the auto-increase, but unfortunately they went straight to "insufficient experience with current credit limit." I'll keep trying monthly from now on, though!

[JakeRogue]

Wait 6 months, make sure you're in the best position possible, then go for Chase ecosystem (Ultimate Rewards is great!) unless you're a big big spender, in which case AMEX ecosystem is better. I'm not a huge spender, so I'm all in on Chase. Start with Freedom Flex or Unlimted. Just my $0.02.