I was approved last week for a Costco Anywhere Visa (Citi) w/ a $9800 credit line, and an Amazon Prime store card (Synchrony) with a $1800 credit line. The Costco/Citi card was approved for a much higher credit limit than I expected. I applied for several other cards at about the same time, and they were all denied, except that Affinity FCU said that they may be willing to issue me a different card than I applied for, with a $1000 credit line, pending income verification and some other requested information. I buy a LOT of stuff from Amazon, so I really really wanted ot get a card with 5% rewards on Amazon purchases.
I started trying to build my credit in October 2020, after various bad things went away. The few good things I had had vanished also, so I had a nearly empty credit file. I started with a credit builder loan, several secured cards, and several secured loans. At the outset I only had a FICO score with TransUnion, and I don't know what it was. As of April 7, 2021, my FICO 8 scores were 725 Equifax, 730 TransUnion, and 725 Experian.
I applied for some store cards in December 2020 and January 2021, and they were denied, mostly on the basis of having too short a credit history. In April 2021 I applied for the Amazon Prime Rewards VIsa Signature (Chase) and a Wells Fargo business platinum (because WF constantly sending me promotional material for that), and both were denied, still for having too short a credit history.
In June my Disover secured card graduated, and they gave me a $200 CLI, raising it to $2700. About the same time, Capital One gave me a $100 CLI on my secured card, from $1000 to $1100 (still with $899 security).
As of August 2021, my FICO 8 scores had improved to 754 Equifax, 748 Transunion, and 743 Experian. They have since declined to 731, 741, and 728, due to new inquiries and slightly increased credit utilization (still under 10% totaly, but around 60% on the Capital One, because I timed a payment wrong, not late but after the statement date).
I waited until last week (September 2021), and applied for the Amazon Prime Rewards Visa (Chase) again, the Wells Fargo Active Cash, and the other cards I mentioned in the first paragraph. I was denied again by Chase, this time for their 5/24 rule, and by Wells Fargo, claimed to be for four reasons, including not keeping a high enough balance in my checking account.
I won't be able to get any Chase cards for quite a while. I still would like to get cards from two other credit unions I belong to, DCU and NFCU. Thus far I have always paid off my cards in full every month; with the Disover, multiple times per month. I'd like to get one or two relatively high-limit low-APR cards, in case at some point I do need to make purchases that I need to finance, and the credit union cards look the most promising for that. It looks like NFCU has rates as low as 5.99%, but I'm sure I don't yet qualify for that good a rate.
I'm amused at how awful most of the "preapproved" offers I get in the mail are. The worst so far was for a "Milestone" card, with 35.99% APR and $175 annual fee (slightly less for the first year), for a low-limit card. It would more appropriately be named "Millstone". The only card I have with an annual fee is the Self Visa, $25/year, and I don't plan to apply for any other card that has an annual fee.
That’s terrific! Congratulations on both your approvals!! 👏🏼🎉🍾
Congratulations on your approvals!
I know the feeling of building your credit. I started building mine in Late 2019 after a collection fell off. Started off with a secured card that I used for a full year to build some history before getting 2 more secured cards and on and on. All you can do is wait and let your credit age before you apply for the cards you really want.
Congratas on your Citi Costco Anywhere & Amazon Prime Store Card approvals