Restarting to apply for CC

Anonymous · ‎02-11-2021

Good Day,

I came across this site recently and decided to start the journey of acquiring credit cards. My story,

I have always paid my card in full. Other than holding an Amex (blue card) in 2006 till Sep 2019 (closed by Amex), I closed all my cards such as Bank of America.

However, I opened shopping credit cards (Gap, Ann Taylors, Khols etc) that was used to get the discounts at the stores. However, all the Store cards were paid in full and unused, so the credit provider closed it after some time due to inactivity. Is this is a bad thing in the eyes of the credit providers?

Recently I got approved for the Amex green card Nov 2020 and the Amex Bonvoy business Jan 2021.

My vantage scores are: Experian - 746, Trans - 752, Equifax - 764.

FICO 8 - Experian - 703 (dropped by 16 points), The other 2 dont know as I keep getting errors to apply for the free annual free credit report after authentication.

I recently applied for Chase Hyatt Card (Globalist with Hyatt) (Dec -20) and Citi Premier (Jan 21) and got declined. However, only the Citi had a Hard enquiry showing up on my credit report and the Amex Business and Chase did not show up as a Hard enquiry.

Income 150k+ and I have a checking A/c with Citibank and HSBC (+saving).

Question:

Whats the best strategy to get the below cards in preference

1) Chase Hyatt

2 and 3) Chase Saphire, Citi Premier (sequencing does not matter unless the 5/24 rule comes into play)

4) capital One Venture card

Based on reading on the net, I did not get a definite answer. If I cant apply for the above 4 cards I can apply for the Amex Hilton Surpass this month and go gardening for 3 months.

I did the pre-approval on chase website, no cards came up. Did the capitalone preapproval notice that came in my email box, and the Capital QuickSilverOne cash rewards (basic) , platinum and secure card came up as pre-approved. Keeping in mind the Chase 5/24, I am in two minds to apply for the Quiksilverone or not. I might burn one of the chase 5/24. The other option is the chase flexi card.

FinStar · ‎02-11-2021

Hi @Anonymous and welcome to the forums.

You should have received correspondence on the two denials (Chase Hyatt + Citi Premier). What reasons did they provide on their letters for not getting approved? Chase can pull other CRAs so it's possible you may not see the HP on whichever report you're looking at.

The AmEx business account is not going to display on consumer reports so you won't see it there (and if approved via SP the inquiry won't be there either).

Anonymous · ‎02-11-2021

Thanks Mod for your response

Chase - got a letter to "Call us to check your identity".

I called the recon line and they said it was declined without giving a reason. Was told to try again in another 30 days which I did not.

Citibank letter

a) Lack of recent installment loan information on your credit report

b) lack of recent bank/national revolving information on your credit report.

The letter also said, my Jan Score 699 (2 months from opening my amex). The credit score was impacted by

1 ) and 2 above

3) lack of recent revolving account Info on ur credit report

4) Your credit report shows too few accounts rated current

5) your credit report shows too many inquiried in the last 12 months.

I was surprised with point 5, cause in Nov 2020 there was one with Amex and One with Chase in Dec 2020. The other accounts were opened in Aug/Sep 2018 and closed.

FinStar · ‎02-11-2021

Thanks for sharing some of the background on those.

The Chase Hyatt denial is perplexing at best, because it sounds like that application would've been approved if your identity was able to be verified. So, not sure what might've gone sideways on that one.

With Citi Premier, it sounds like there wasn't sufficient bank card and/or relevant installment loan history for them to make the determination on approving the card. The last reason (inquiries) was just an arbitrary ad-hoc reason, almost like sprinkles on ice cream or a donut - extra topping. So, (b), (3) and (4) were more of the primary factors.

Anonymous · ‎02-11-2021

I was thinking of applying for the Hilton Surpass card and waiting for another 3 months. This will add 2 cards in my profile, increase my credit limit. Hopefully my credit rating will increase.

Do I need to apply for another card to increase my chances with the chase/Citi such as the CaptialOne SilverOne that I got preapproved by email.

How long do you think I wait before re-applying? Wait for another year from my first card (Nov 2021) or 6 months ( May 2021).

FinStar · ‎02-11-2021

Setting the business piece aside, is the AmEx Green the only personal card that you have? Any other open/active revolving accounts?

The other thing I would suggest is checking the data from your credit reports, whether it's the major 3 or the others like LexisNexis, for example. The reason I mention this is because you experienced authentication issues with 2 of them and the Chase Hyatt was declined due to not being able to verify ID. This way, you can check them for inaccuracies and submit for any corrections as necessary. You definitely don't want to run into these pesky issues with some potential lenders.

As far as AmEx Hilton, I'd suggest waiting until you receive a pre-approved offer online. The only time I would entertain Capital One (at this point) is if it provides any benefit or rewards that fit your spending patterns. Capital One tends to pull all 3 CRAs so most people tend to avoid that altogether.

Anonymous · ‎02-11-2021

Yes the Amex Green is my only personal CC. I also have the Amex Bonvoy Business card.

Bizzarely,

I can log into Equifax website and access my credit report with a Vantage score.

I can log into the Experian website and access my FICO score. Both are free.

Whereas the Transunion is a paid site but I can access the report (Vantage Transunion) using my Amex login.

Thanks for the Tip on CapitalOne

The Amex Hilton Surpass (and many Amex cards) can be seen in the pre-qualified section after I log into my Amex

FinStar · ‎02-11-2021

@Anonymous wrote:
Yes the Amex Green is my only personal CC. I also have the Amex Bonvoy Business card.

Bizzarely,
I can log into Equifax website and access my credit report with a Vantage score.
I can log into the Experian website and access my FICO score. Both are free.
Whereas the Transunion is a paid site but I can access the report (Vantage Transunion) using my Amex login.

Thanks for the Tip on CapitalOne
The Amex Hilton Surpass (and many Amex cards) can be seen in the pre-qualified section after I log into my Amex

Ok, so perhaps consider Hilton Surpass as an option to build some revolving history. Just keep in mind it takes about 2 months for AmEx new accounts to report on CRs.

I would also check the [soft pull] pre-qualification sites, this way you can shop around while not incurring any HPs as your profile ages (includes Chase, Discover + others). Below is a link for your reference:

https://ficoforums.myfico.com/t5/General-Credit-Topics/List-of-Soft-pull-PREAPPROVALs-Updated-11-29-20/td-p/5938753

Anonymous · ‎02-16-2021

Update:

Joined the 30days Experian site and seen my FICO scores and Credit history. Its in my signature below.

I have a clean paid on time record. My new Amex green card does not shows as revolving card. Experian updated today and shows paid for 2 months whereas TU and EQ still shows 1 month paid. Will wait for another 2 days. Based on the updated news, do you still suggest me holding off applying for chase and sticking to the Amex pre-approval

Bizzare (may be 90days not completed between the Personal Green and Bonvoy Business) - Applied for the AMex Hilton Surpass, went through well but it warned me I am not eligible for the SUB (no reason given). I really want to try the Hyatt Chase.