So my plan in 2018 was to eventually get back in with American Express and to snag a Chase Sapphire Preferred if it ever comes to me as a preapproval in-branch or online. I'm over 5/24 and will be until 3/2019 for sure.
Those are the last two cards in my rebuild "hope list" -- I've built the spreadsheet, done the math backwards and forwards, and so far can't find any other useful cards for my style of spend (I'm a thrifty minimalist on the things most people focus on, but I spend a ton of personal travel oddities). Was planning to stay in the garden until April 2018 due to my high number of INQs on TU (9) and EX (7) and my lack of any offers from Chase or Amex.
Wanted a grocery card because it's a relatively hefty spend for me as a bachelor-type (I don't eat out, I prefer to cook) but reviewing credit pulls data points said a BCP was probably not going to happen this year.
Then my tax lien disappeared on EX and my oddball 2017 unpaid collection that I had invested over 16 hours negotiating just fell off completely (returned to OC which I PIF'd before they could reassign again) so my EX went up to 710 from the low 600s. Still no Amex prequalifications.
I did have a US Bank Cash+ prequalified offer so I figured 2% for groceries was better than nothing, but I also liked the 5% department stores category since one of my only clothing stores was listed and I upgrade my wardrobe VERY rarely but when I do, I buy higher end quality semi-tailored goods. Snagged that, TU went to 10 inquiries (ouch).
Then on Facebook yesterday on one of the smaller credit groups we were discussing spend and everyone asked why I didn't have BCP since my grocery spend is around $160/week for one person, closer to $220/week if I am hosting a date or a friend over the weekend. Mentioned my low EX with inquiries and tons of new accounts but 90% of the folks there said "approved" even without the prequal.
Decided to just cold app it ($250/$1000 SUB was nice). Entered my data identically to how I entered it for my failed Amex app back in June. Didn't even take 15 seconds for the wheel to stop spinning and I figured another decline, but it went to the "How many extra cards do you want screen?". Didn't say approval, though, weird.
Thing to note is that many many years ago I had an Amex Secured card. $1000 deposit, $1000 limit. This was in the 90s. I probably let it go late and "charged off" but I don't remember anymore -- I know they never sent any collections my way so I assume my security deposit went towards that balance. I figured I was blacklisted with Amex but my app in June of this year was an actual HP and denial so it wasn't a blacklist, just a poor credit score or report.
I said "none" and clicked next and approved: $2000 SL.
This is better than I had expected as there are a ton of data points on Amex's "new" rebuilder series for some cards giving $500. The $2000 SL card seems more likely to get the 61 day CLI so I put it into my credit website's alert and it told me it would alert me January 1, 2018 to go in for a 3X CLI. $2000 SL is awesome because I'll never spend that much on groceries in one week anyway, and this card will now give me $250 SUB + $360 CB - $95 AF the first year = $515 cashback the first year.
Downside is another new account, another inquiry so Chase 5/24 is pushed back more (I think 6/2019) but I am hoping that in the next 6-12 months I can get Discover to give me my first CLI and bring Amex up to $6000 and maybe, just maybe, Chase will give me a CSR instead of a CSP.
I reran the math and the CSP just doesn't work for me, I really need the CSR to get the benefits I want out of the oddity travel spend I do. Even at that, it isn't significant enough to make me worry.
Spent an hour this morning going over all the various reward cards out there that I may have forgotten about and just don't see the need for anything else. I really wish Mint or one of the budgeting apps had a better rewards calculator built-in to give us ideas on what kind of cashback or rewards we're missing out on.
App Details
- Inquiry from EX as expected.
- Total inquiries before approval: 7 (EX)
- Utilization reported: $79/$12,900 (<1%)
- Oldest account: 12 years (AU), 5.5 years (mine)
- AAoA: 2.2 years (with AU), 11 months (without AU)
- Collections/PRs: 0
- Recent accounts: SyncAmazon (May,) Discover (March), Comenity WS (April), Chase FU (May), Capital One Plat (May), Capital One QS (August), Boat Loan (May), Alliant SSL (May)
Income reported: I think I put in $120K, I usually lowball it and don't include my rental income and residuals from some of my oddball income sources over the years.
Accounts to let go of now
I can now officially retire the QS1 but will wait until the Spotify credit deal is over. Spotify is the only digital subscription I have -- I have no cable or broadband at home, no Netflix. Will eventually merge QS1 and my secured PC when it graduates into maybe a Savor card but since I don't dine out alot, not sure if it makes sense. Chase FU is now totally useless on my spend patterns so I have to hope for a future CLI so I can combine the limit into something else, unless I can get CSR and then the 1.5% becomes 2.25% which is competitive for the rare non-category spend. Chase Freedom preapproval might be useful since I don't have Discover 5% yet, but may consider Discover 5% in the future but really isn't necessary. Chase 5% becomes way more with CSR, though.
Oddity: I know it really likely doesn't matter at all, but all of my approvals this year had me put my T-Mobile cell phone number on my application, and all my denials had me put my Google Voice number on my application. I can't imagine it matters at all, but I am curious sometimes...
Thanks to everyone on these forums for keeping everyone so focused. Going from 550s with chargeoffs, lates, collections and liens in March 2017 to getting back in with Chase and Amex by November 2017 is really spectacular.
Now back to the garden -- where I look for some way to eek out another $5 or $10 a year that I'm still leaving on the table!
