Should I app for/Would I get approved for threads...

[Anonymous]

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@Anonymous wrote:
I know I agree that there are a lot of them, enough to notice. at the same time for example shutting the door on their face on here telling them to look up the credit pulls database is not the only answer.

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I never suggested shutting the door on their face.  Nor did I ever suggest that there aren't exceptions to starting these types of threads as others have referenced valid situations of when they do make sense.  What I did suggest, and I believe 99 times out of 100 it is true, is that the CPDB will provide far more real, useful data points than shooting from the hip opinions of people that may not even possess that card.  The majority of the time that I reply to one of those threads, the OP doesn't even know the CPDB exists, so naturally they haven't looked at it yet.  I agree that there may be that perfect person on this forum that possesses a nearly identical profile, scores and recently obtained the card in question and of course it would be a very solid and welcomed data point to hear from them. 

[Anonymous]

I know this is an old thread, but I've seen a lot of threads of the nature described in my original post here lately and felt getting some fresh eyes on it could be beneficial.

[Anonymous]

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@Anonymous wrote:
I see nothing wrong with someone trying to gauge their approval odds by gathering data points here. That's the point of this forum. Whether someone is borderline for an approval or not doesn't really matter.

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This forum is great.  It is not only the original poster that is helped by the thread but people like me who come behind and read them are helped as well. So even if the poster doesn't choose to listen to the advice there are still a benefit to answering it.  

[Anonymous]

I just happen to take a more conservative approach to apping, so naturally in any of these "on the cusp" type threads I'm the type of person that's going to recommend holding off a bit longer to increase the odds of a favorable result.  Those that are naturally bigger risk takers with this type of stuff will of course chime and with, "You should be good, go for it and app!" type responses.  It doesn't make them "wrong" it's just a different perspective.

Last summer I went on a mini-spree and applied for 4 credit cards on the same day.  I first considered the spree when my scores finally got to about 700.  I held off though another 4 or 5 months until my scores reached around 730 on average.  Then I apped.  I'm fairly confident that I would have been able to be approved for all 4 cards still with my scores closer to 700, but I'm certain that me holding off for a 730 average score made a difference.  Getting approved for an Amex BCE with a $10k limit and Discover with a $12.5k limit to me were favorable results from that spree that would have been less favorable had I pulled the trigger 5 months earlier.

[Anonymous]

I don't say "you're good to go" very often. I'm 40 years old with a 21 year old jcpenny card. Have a few other lines over 18 years. That's why I have a tad bit of synchrony retail swagger. Sure.
People just starting out need to take in consideration they are green… 6 additional months past what anecdotes state is "enough" with many lenders can make a huge difference.

[Anonymous]

Exactly.  When looking at the big picture, it simply makes more sense generally speaking to wait 6 months to get a card that's going to be of more use out of the gate as well as be able to grow nicely for years to come.  Squeaking in with a $500-$1000 approval doesn't do much for the present and could also mean a tough future for that card. 

Take Amex for example.  If you squeak in with a $1000 limit, best case scenario is that a year after you're approved you're at $9000.  If you wait 6 months and strengthen your profile perhaps you get approved with a $3000 limit.  While this doesn't seem like a lot more, a year after being approved it could potentially be as high as $27,000.

Capital One is another great example.  If they let you in with a low limit when you're in the low-mid 600's, your account will be forever viewed by them as a "starter" account and they'll cap you out at a super low limit; maybe they'll let you grow it from $1000 to $2500 or $3000 over a year or two but that's where it will plateau and stay forever.  If you take your scores up toward 700 though, people are able to grow their CO cards from their $3000 or so SLs to a 5-figure limit.

I get there are times where people "need" a card right away.  The majority of the time, however, most of the "should I app for..." threads are not because people need a card at that moment, it's just that they want to add such and such card to their wallet and are just looking to get "in" rather than seeing the bigger picture.

[MrsCHX]

It can be tough to wait but worth it.

I'm sitting on my hands when I can technically ask for 3x CLI on AMEX BCE. But I'll wait until my account is closer to 90-120 days old. I've only paid my second statement in full, my EX is 25 points higher than their last SP...I'm at 2k on BCE ($10k on Delta). I want to see BCE hit $18k ($2k to $6k to $18k hopefully...even $15k would be nice). 

[Anonymous]

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@MrsCHX wrote:

It can be tough to wait but worth it.

I'm sitting on my hands when I can technically ask for 3x CLI on AMEX BCE. But I'll wait until my account is closer to 90-120 days old. I've only paid my second statement in full, my EX is 25 points higher than their last SP...I'm at 2k on BCE ($10k on Delta). I want to see BCE hit $18k ($2k to $6k to $18k hopefully...even $15k would be nice). 

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What's your story on those two cards? 

Did you have the Delta first, then the BCE? What was your SL on the Delta? 

I just got the BCE and am contemplating adding the Delta. 

[MrsCHX]

I apped BCE when my EX hit around 690 and got $2,000. That was on 2/20.  10 days later I apped Delta. SL was $10,000. I don't know why the discrepancy! 

But, my APR on Delta is 23.49%. On BCE it is 17.74%. BCE came with a $250 bonus after $1,000 spend (which I've already hit and redeemed), and 0% APR on purchases until June 2018. Plus the 3/2/1 cash back rewards. So it is clearly the more valuable card of the 2 right now and I want it to grow!

I got $100 with the Delta as a statement credit on my first Delta purchase and 30,000 miles. I've checked a flights to a few places I'd like to visit this year and many were at the 25,000 to 30,000 miles. I live in a Delta hub city.

[Anonymous]

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@Anonymous wrote:

Exactly.  When looking at the big picture, it simply makes more sense generally speaking to wait 6 months to get a card that's going to be of more use out of the gate as well as be able to grow nicely for years to come.  Squeaking in with a $500-$1000 approval doesn't do much for the present and could also mean a tough future for that card. 

Take Amex for example.  If you squeak in with a $1000 limit, best case scenario is that a year after you're approved you're at $9000.  If you wait 6 months and strengthen your profile perhaps you get approved with a $3000 limit.  While this doesn't seem like a lot more, a year after being approved it could potentially be as high as $27,000.

Capital One is another great example.  If they let you in with a low limit when you're in the low-mid 600's, your account will be forever viewed by them as a "starter" account and they'll cap you out at a super low limit; maybe they'll let you grow it from $1000 to $2500 or $3000 over a year or two but that's where it will plateau and stay forever.  If you take your scores up toward 700 though, people are able to grow their CO cards from their $3000 or so SLs to a 5-figure limit.

I get there are times where people "need" a card right away.  The majority of the time, however, most of the "should I app for..." threads are not because people need a card at that moment, it's just that they want to add such and such card to their wallet and are just looking to get "in" rather than seeing the bigger picture.

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.  Capital One Platinum is a starter card for new to credit or bad credit.  You can get it when you are in the low 500s.  It is high interest and no rewards.  Once your credit improves then you can apply for better Capital One Products.  For example last month I went to Capital One Prequalify (When my FICO was in the 640's) site and it showed me 2 of their lower quality cards.  When I entered my wifes information (810 FICO) to see what she would pre-qualify for it was 3 totally different cards all with either low interest or rewards. .  American Express has mutliple cards as well.  If you have a starter card once your scores improve get the better product and either close or sock drawer the inferior card.  

There are so many credit card products out there there that t your limit on one product being low when starting out doesn't seem to me to be something worth worrying about.