Pulling the trigger

[LuckyB338]

Hello everyone,

I have a relatively new credit history about a year old. There are 2 credit accs; 1. gov. student loan in def. and 2. Discover It since Oct 2017. My Fico8 TU is 719 (Scorecard) and I'm thinking about pulling the trigger on Amex BCE, Cap1 Venture, and Chase Slate. Also, Scorecard updated on Feb. 10th and since then I've made a payment and there will be a 3% util reported up from 1%. I'm thinking I should wait till march update...Any thoughts? Should I stay in building mode or go through? 

[Anonymous]

Go for it! You have a very good chance with capital One and Amex (provided your EX score is comparable to your EQ score). I don’t know anything about Chase though.

[AFreshStart]

Ive noticed that the Discover scorecard has been consistently 22-30 points lower than my actual FICO8 3B scores. I dont know what scores you need for the cards you are planning for, but it's just some information to consider. Have you checked the prequalifiers for the cards you are wanting?

[LuckyB338]

No I'm too afraid to check pre quals lol. I figured I should just cold app... avoid being disappointed. But in reality I should probably check prequals. I've heard that scorecard is sometimes a few points behind 3bs I will certainly look into all of this prior to going forward with the apps. Thank you

[LuckyB338]

Update: I am pre qual for bce, ed and green

[SomewhereIn505]

Don’t risk cold apps and losing out on a HP. This is critical if you want to get in with Chase because of their 5/24 rule.

Great news on AmEx. One more thing to check, looking at your prequals, what is the APR? If it’s a solid number or a small percentage range (absolutely not like 12.99% to 26.99%) then you have a solid offer. 

What kind of reward card do you want? BCE gives money but increments of $25 can be redeemed. EDC gives points to be used for gift cards and other stuff. 

[LuckyB338]

Thank you for the response. Do you know if chase has a prequal site? Any idea what my odds are?

I dont recall the exact number but the apr was 14 and change. Im thinking its pretty good.

As for rewards, I use cashback as statement credit and probably would do the same with MR... so didnt really consider ED

[SomewhereIn505]

Chase does. Or used to. I just looked at it and didn’t see it right away. 🧐 I think I got in there because I have a Southwest rapid rewards account and had just flown when I apped them. 

Sounds like your golden for AmEx. I actually took EDC to get in with AmEx and a month later was approved for BCE. It did cost me another HP, but it’s a decent SL. If I could do it again, I would have stuck with BCE on my initial app. I’m waiting for a decent offer to get BCP because I will used this as my daily driver and will make up the AF quickly. 

[Anonymous]

Chase's check prequalified offers page is https://www.chase.com/prequalified

If your Amex BCE is 14.24% it's actually the lowest APR on that card. Note that for BCE, cash rewards need to be redeemed in $25 increments, and you will not get the accumulated Reward Dollar for spendings on your statement X until your account is in good standing when your statement X+1 closes. For Amex MR, the points can be transferred to airline and hotel partners to yield a better value.

[LuckyB338]

Thank you for the confidence boost. I will update the post tomorrow. Chase is harder... i know im not affected by the 5/24 rule, but I also know they need to see bigger history than 1 yr. I'll take my shot i guess then go into gardening for a year. Either way the post will be updated. Thanks everyone.