A few questions after recent app spree

[arkane]

I've spent way too much time on here after my recent app spree in November, so thought I'd get these out of my system before I start yanking my hair out.

Prior to app spree:

- 5 years perfect history with BofA Cash Rewards; 5K limit to 15K after 2 years, util always <10%
- 802 TU, 780+ EQ, 771+ EX

Finally decided to take advantage of my credit score and applied for:

1. Chase Amazon Prime on Nov 11, 9K SL

2. Discover It on Nov 22, 2K SL rasied to 2.5K (lol) after calling backdoor number

3. Barclays Uber Visa on Nov 30, auto-denial to 5K SL on manual review

(if it matters, both Discover and Barclays dinged me for having only 1 open account despite perfect history, hence the (relatively) low SL)

Now onto the questions:
1. The 2.5K on the Discover It card is driving me nuts and I'd like to see it grow as fast as reasonably possible. Did a lot of reading around here and it seems heavy usage + keeping util between 10% and 30% might be the best way forward? I know it's YMMV but if anybody has either a similar profile or experience please do share.

2. Been reading up quite a bit on Barclays AA horror stories, and the more I read, the more worried I get. Especially since I was initiallly auto-denied by the computer, and they only pulled TU so obviously didn't see any of the other inquiries or accounts reporting. What's the best course of action to minimize any chance of AA? I plan on keeping util <10% at all times, even if it means paying multiple times throughout the month. Or should I go even further and just PIF before statement cuts so it reports a 0 balance at least for the first couple months? (but I don't want some stupid automated system pulling my file and thinking I'm not using the card at all...)

3. I would obviously like to cushion the blow to my score as much as possible, and am already in the process of starting an Alliant SSL (which will further cut my AAoA to only around 12 months, but at least it passes the 1 year mark). I'm also aware of the AZEO method to squeeze every last possible point, but I feel it might be incompatible with my desire to increase my limit with Discover, if it keeps reporting a 0 balance every month (or every other month). Or does showing a 0 balance even matter for CLIs with Discover? I'm assuming they keep track and see all your activities during the month?

Thanks so much

[Anonymous]

Regarding Barclaycard, my history with them is admittedly short. I opened an Arrival + in July. I heavily utilized it for the bonus, putting $3,000 through it in three weeks. Since the bonus, I’ve maintained between $300-$500 of spend monthly. I let less than $100 report once by accident.

In October, I applied for an Aviator Red card. It was initially auto-declined. I called for a reconsideration and was told it auto-declined because it had been less than six months since my arrival plus approval. I’m not sure how valid that was. The CSR literally counted my newly open accounts and referenced each one. I gave him my explanation and he came back with an approval for the card.

I’m not sure what insight this provides but I had 6 new credit card accounts in six months at the time of the recon approval. It’s possible AA or CLD happen as a result of computer generated auto-reviews. But I think it’s also possible we never quite get the full picture when these things occur to people. We only know what information were given.

I’d say, YMMV.

[arkane]

I'm going to assume you have the chance for recon if any AA or CLD is to be taken? I guess I'd at least want the opportunity to speak with a human instead of being stonewalled by a mindless computer.

I think I gave a pretty full picture but for completeness sake I'll report the damage:

- 2 inquries on EQ (technically 3, but one was for setting up Comcast internet), 1 each on TU and EX (Chase pulled both EQ and EX )

- TU already dropped 35 points from 802 to 767 with 1 inq and 2 accounts reporting (Barclays is fast!)

- EX at 771 according to Discover Scorecard, but also with only 2 accounts reporting

- EQ unknown, but CreditKarma shows FAKO of 724 with 3 inq and 3 accounts reporting; real FICO likely 20-30 points higher based on past experience

And let's just say income is high five-figures.

I'm expecting probably another 20 point drop when all accounts start reporting. Hmmm now I'm wondering if I should hold back on the Alliant SSL, but if I pay it down to <8.9% balance before it reports it shouldn't be viewed too negatively??? Or would this be seen as "aggressive credit seeking behavior"?

[Anonymous]

As long as you don’t plan on continuing to apply for things, I don’t think you have anything to worry about.

Are you reporting true FICO TU scores or Vantage 3.0 TU scores? Vantage score drops will be more dramatic than FICO score drops due to new inquires and new accounts being more heavily weighted.

With the new cards reporting, your overall utility should improve which should result in a score increase though due to your already low utility it won’t be much.

If you don’t have an installment loan reporting, getting one will improve your overall credit mix and should improve your score. Paying it down to that 8.9% threshold should give you more points as the proportions of balance to loan amount owed will be lower.

[Np1791]

Question. Why did you apply for the chase Amazon Prime card? I have it too but I’ve been thinking of closing it since it doesn’t really offer any special finance options on purchases. What was your reason for getting it?

[arkane]

@Anonymous wrote:
As long as you don’t plan on continuing to apply for things, I don’t think you have anything to worry about.

Are you reporting true FICO TU scores or Vantage 3.0 TU scores? Vantage score drops will be more dramatic than FICO score drops due to new inquires and new accounts being more heavily weighted.

With the new cards reporting, your overall utility should improve which should result in a score increase though due to your already low utility it won’t be much.

If you don’t have an installment loan reporting, getting one will improve your overall credit mix and should improve your score. Paying it down to that 8.9% threshold should give you more points as the proportions of balance to loan amount owed will be lower.

True TU FICO provided by Barclays; BofA hasn't updated and is still showing 802 lol.

Oh believe me when I say I'm good for at least the next 6-12 months if not longer. For me this particular mix of 4 is as good as it gets for no AF cash back cards. The only other card I'd even remotely consider at this point would be the Wells Fargo Visa Signature Card, but that's a long ways out, and if I'm solely focused on cash back, getting a second Discover It might be the better choice.

Yeah it seems getting a new installment loan for people who have otherwise none in that area really helps with the score. I guess my concern is whether Barclays (or any other lender for that matter) might balk at the idea of me going from 1 to 5 TL within a span of 2 months.

[Anonymous]

With your scores, despite your limited (number of accounts) revolving history, I think you can be assured that no AA will occur.

[arkane]

@Np1791 wrote:
Question. Why did you apply for the chase Amazon Prime card? I have it too but I’ve been thinking of closing it since it doesn’t really offer any special finance options on purchases. What was your reason for getting it?

I spend $1500-2500 on Amazon annually, so with 5% unlimited cash back it seemed like a good way to get free Prime membership every year. But this was before I entertained the idea of getting a 3rd (and eventually 4th) card, and then discovered (heh) that Discover was also offering 5% cash back on Amazon for this quarter and also Q4 of 2018. (technically 10% due to cash back match, which actually makes it superior to the Amazon card!) I know I know, I shoulda done my homework, oh well.

Also if I were 100% honest, the metal factor is pretty nice. I like shiny things what can I say LOL

[arkane]

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@Anonymous wrote:
With your scores, despite your limited (number of accounts) revolving history, I think you can be assured that no AA will occur.

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Ok thanks. I'll be on my best behavior for the next few months in any case just to be safe. I think spending too much time on here really messes with your perception sometimes.

Btw I see you also have a Discover It card, any comments regarding the questions about Discover CLIs and 0 statement balance?

[HeavenOhio]

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@Np1791 wrote:
Question. Why did you apply for the chase Amazon Prime card? I have it too but I’ve been thinking of closing it since it doesn’t really offer any special finance options on purchases. What was your reason for getting it?

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I like the Chase card because it's a Visa that can be used anywhere. Along with that, 2% cash back on restaurant and drug store spending beats what I get on any of my other cards. And 2% on gas ties my BCE for my best gas reward. The lack of a foreign transaction fee is a nice perk too. With no FTF, even the 1% cash back on general spending becomes useful.

Also, I'd much rather deal with Chase than Synchrony. My experience with Chase has been good. I had CareCredit for a while, and my experience with Synchrony left something to be desired. I've since learned here that Chase is much more predictable than Sync. And I learned with CareCredit that I really have no desire to finance anything. I'd much rather pay in full.