Recommendations please !! Amex PRG

[Anonymous]

Hey everyone ! Long time lurker, thanks for the great info everyone, I finally decided to make an account and start chatting. I've learned more about credit just browsing these forums in the last few months, than I have my entire life before I found FICO forums. I need some advice from all you experts. Any and all recommendations are welcome. 

My first credit card was a Kohl's store card I have a limit of only $300. Opened the account about 18 months ago and due to my minimal knowledge on credit I have never paid the balance in full. I always carried a balance with around 80% utilization paying the minimum or slightly above every month with no late payments.

Within the last 2 months I was approved for $1,000 CL for Chase Freedom Unlimited and also approved for $500 CL for Capital One Quicksilver One.

My plan is to pay the entire balance off my Kohl's card, lowering my overall uitilization(although low CL so probably not much) and pay my Freedom and Cap One in full every month while keeping my utilization between all 3 cards between 10%-20%

My scores right now are in the 655-663 range between TU, EX, EQU. My AAoA obviously went way down from 18 months to about 6 months with my 2 new recent approvals. As for inquiries EQU and TU are showing 3 but EX is showing 9 with 5 in the last six months.

Ok if you've made it this far here is my question.... My goal is to obviously continue to raise my scores and I also need to get my overall available credit up. I'm only at $1,800 between the 3 cards. Once I pay off the balance on my Kohl's i will try for a CLI and then Cap One will raise my CL in a few more ontime payments through credit steps program which will both help me out. To raise my combined credit limits and lower my uitilization should I open some more accounts in the next couple of weeks or should I garden for a while and let my AAoA grow for say 6 months or so? I really want to start building some rewards points and eventually want to get Amex PRG as I travel a lot for work and a lot of my expenses are grocery, gas, restaurant and travel. Plus I would love to start my relationship with Amex. Is it too SOON ? with my credit profile do i have a chance for the charge card which i have heard is easier to get and I've heard people around here say that Amex likes thinner credit profiles sometimes. Or should I wait 5 or 6 more months ? Also if there's any other rewards cards recommendations that anyone has I would love to hear your feedback. Thanks everyone !

[Anonymous]

Also I should have added that while I know if I do get the Amex PRG or any other charge card for rewards, it will not increase my total CL between accounts so I was planning on going for the ol' Amex 2 in 1 day with a charge card and revolver

[Anonymous]

Hi Noble.

I started off with just a Kohl's card.  It's my oldest card.  Once you pay off Kohl's then request the increase.  Send them a secure message and ask for $1500.  I think with the Cap 1 card you can sometimes get an increase between the second and third statement .  The goal is to get UTI under 10%.  That can be a challenge sometimes.  Good luck...and your doing good so far. 

[Anonymous]

Great advice KayKay. Thank you for the info and the good luck !!

[Anonymous]

If you apply now, you might end up with a small limit that might not grow. Get your scores in the 680-690 range then apply. My scores were like yours, and I ended up with the ED card with a small limit that hasn't grown.

[Anonymous]

KayKay thank you for that advice. What do you think about me applying for the PRG in the next couple weeks when I pay my Kohl's balance and request a CLI ? Since it is a charge card the limit won't be helping/hurting my utilization. Then I could hold off for a while and get a revolver when my scores are up a little more. I know nothing is guaranteed but do you think my chances are at the PRG with my current credit profile ? Thanks. 

[Anonymous]

First I agree with kaykay65;but if it was me;Id do what you have planned;but do prequel first on AMEX .com;see what comes up;then debate a hard decision on applying for card;also how do you feel about secured cards? I've artificially bump my CC limit with great results your score gets a boost just the same secured or NOT;and it can be your way into a high limit Visa siggy or high limit amex/good revolver;if and I do mean if;you got spare cash lying around do;$2500.oo on secured then after 6mo. Add another $2500.oo;the way I look at it;the cash could earn you interest in a savings acc. Or earn you point s on your fico what is more important to you?and most people have there savings earning like .01% LoL😶 disagree/agree this is jus my opinion results may vary😃

[Anonymous]

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@Anonymous wrote:

KayKay thank you for that advice. What do you think about me applying for the PRG in the next couple weeks when I pay my Kohl's balance and request a CLI ? Since it is a charge card the limit won't be helping/hurting my utilization. Then I could hold off for a while and get a revolver when my scores are up a little more. I know nothing is guaranteed but do you think my chances are at the PRG with my current credit profile ? Thanks. 

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It's a good idea to check the prequal, but if nothing shows and you feel compelled to apply, then I would do just the PRG.  If you don't mind the possibility of a small limit, then apply for a revolver also.  Secured cards are good.  I had two originally, but only have the secured Discover card now which I will close in a couple of months whether it unsecures or not.  It has served its purpose.  If you do apply for both and get a small limit on the revolver, then six months down the road when your scores are better then you can apply for another revolver and at 13 months you can combine the two or move limits from one to the other.

[Anonymous]

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@Anonymous wrote:

It's a good idea to check the prequal, but if nothing shows and you feel compelled to apply, then I would do just the PRG.  If you don't mind the possibility of a small limit, then apply for a revolver also.  Secured cards are good.  I had two originally, but only have the secured Discover card now which I will close in a couple of months whether it unsecures or not.  It has served its purpose.  If you do apply for both and get a small limit on the revolver, then six months down the road when your scores are better then you can apply for another revolver and at 13 months you can combine the two or move limits from one to the other.

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Thank you ! Once I pay that balance and hopefully get the Kohl's CLI I'm going to do just that... check the prequal and if theres nothing im just going to go for the PRG and see what happens. Thanks for the info kaykay.

[RonM21]

I'd check the prequel, but I like KayKay's thought that it might not be a great limit, in comparison to waiting. I'd grow a bit, then pull the trigger on it.