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Advice for next card. Thin file. 3/24

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Member

Advice for next card. Thin file. 3/24

Hi Everyone,

I have been working on building my credit from scratch over the past year. With the help of studying these boards, (Thank you myFICO community!) my scores are in good shape, but I have a thin file. I am currently at 3/24. (Disc; Cap1 Plat Sec; Amex Gold)

If possible, I could use some advice for what my next moves should be. 

My Initial plan ...

Option 1: Apply for Chase Freedom (or)CFU as my 4th card this coming month  to get in the door. (Check in branch if I pre-aprov.) ...after 4-5 mo's apply for Chase Ink P; and round out with the CSP after 6 mo's.  

Would I have any chance with going directly to CIP next? and CFU later? or just skip the Freedom for now and concentrate on CIP and CSP next two cards? 

Option 2: Would it help my file to get a NFCU Card in the 4 spot and let the CL grow a bit to help raise my SL with Chase?  Does Chase take Credit Union Card Limits into account when they decide SL's? 

Option 3: Would putting an Amex revolver in the 4 spot and 3x CLI to help my Chase SL's be a better option? (Although, I would much rather just have a 2% BBP  card instead of a personal.)

Edited - Additional Info:

I have had my business checking account with Chase for the past 8 years.  Being a freelancer, this account has seen it's ups and downs throughout the years. In 2/19 I unfortunately was overdrawn for 30days. ...Other than that, I mantain 15 - 35k in this account. 

Would having a Chase Business account relationship help with getting a personal card? I do not have any pre qual offers online. 

 

Any thoughts on any of this is really greatly appreciated.  

Thanks so much in advance!

 

*Side note, 2 of any 5/24slots will open up 11/20. 

Cards interested in:

Chase: CFU (for the 3% first year upgrade) (or)CF; CSP (or CSR)  

Chase Biz: CIP (No foreign transaction fee)  (Currently have NO pre qualify offers with Chase or Chase Biz)

Amex Biz: BBP  (for the 2%) ; Amazon Prime (5%)

 

My info below: 

46yrs old; Income: $60,000. Self employed, freelance.

Fico8 scores (as of 1/7/20): Experian - 769; Equifax - 790; TransUnion - 775

Age of oldest account:  1 yr 2 mo. 

AAOA: 11 mo 

Utiliz: 2%

Discover it: $3100. (Opened 11/18, secured - graduated 7/19)

Capital One Plat Secured: $1300. (Opened 11/18)

NFCU SSL: Paid down to 8%  (Opened 3/19)(Joined NFCU 1/19)

Amex Gold: (Opened 6/19; average spend $7-9,000 per mo.)

Business Checking: Chase (8yrs - Average 25k  in '19) (30 day Overdrawn 2/19)

Personal Ch/Sav: NFCU (1/19, 7k+)

No Bads; No lates; PIF ea. mo.; HP's only for above accounts; No other debt.

 

Message 1 of 27
26 REPLIES 26
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Super Contributor

Re: Advice for next card. Thin file. 3/24

Option two or option three. Chase doesn’t want to see a file as young as yours, normally. Now, if you had an established banking relationship, maybe.

Wait until your oldest account is definitely over two years before you try Chase.
-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Nov 2020, Clean/Thick/Mature/No New Account Scorecard (EX9 not updated yet. Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.


RIP:
(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 2 of 27
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Super Contributor

Re: Advice for next card. Thin file. 3/24

As a matter of fact you could probably swipe the NFCU and the AmEx.
-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Nov 2020, Clean/Thick/Mature/No New Account Scorecard (EX9 not updated yet. Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.


RIP:
(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 3 of 27
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Regular Contributor

Re: Advice for next card. Thin file. 3/24

Just in case if this is helpful, I was approved for CFU as my second card with scores around 720 at the time and 8 month history. Check my signature for more details.

Moved to the US in August 2018.
Applied for Citi Costco in November 2018 - Denied due to lack of history (no history).
Started building credit in January 2019. Please hover over each card:

Goal Cards:




Message 4 of 27
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Member

Re: Advice for next card. Thin file. 3/24


@Birdman7 wrote:
Option two or option three. Chase doesn’t want to see a file as young as yours, normally. Now, if you had an established banking relationship, maybe.

Wait until your oldest account is definitely over two years before you try Chase.


Hi Birdman,

Thanks for the response and advice. I actually just edited my post to include my (8yr) Chase Biz Checking account stats.  Though, I have never recieved any offers through my account.  (I just got my first fico score last Feb.) 

Do you think this would help getting me aproved for the Freedom since that is considered thier starter card? I have heard of some CF sucess stories with similar files. But, idk. 

 

Message 5 of 27
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Member

Re: Advice for next card. Thin file. 3/24


@Birdman7 wrote:
As a matter of fact you could probably swipe the NFCU and the AmEx.


I see where you are going with this, If I wait until the end of the year, I will still have two 5/24 slots open anyway. So if I really wanted I could add 2 non chase cards and use the time working on raising my overall CL. Interesting thought.

Message 6 of 27
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Member

Re: Advice for next card. Thin file. 3/24


@MrPepperoni wrote:

Just in case if this is helpful, I was approved for CFU as my second card with scores around 720 at the time and 8 month history. Check my signature for more details.


Hi Mr,

Ok... This gives me a glimmer of hope actually. I have heard many stories similiar to your aproval & stats. Thanks for this! It is helpful.

Message 7 of 27
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Senior Contributor

Re: Advice for next card. Thin file. 3/24

I would go for Option 1. Your file should be prime for a Chase Freedom or CFU card while you are under 5/24. And then the CIP or CSP. After that, you can always go for NFCU and Amex, since they don't care about 5/24.




Message 8 of 27
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Established Contributor

Re: Advice for next card. Thin file. 3/24

The x3 for 20,000 spend/12 months on Chase Freedom Unlimited is nice.....I'm still under my bonus albeit by 1,000 dollars and I was approved for the card on 6/7/19. 

 

Since its been a full 12 months you could also upgrade that Capital One Platinum Reserve to a Quicksilver 1.5% cash back or maybe a Savor if you go in branch. The AF version of the Savor is 4% dine and the non-AF is 3% dine.

Official travel point totals as of 10/21/20 (Goal Free Travel)
Chase Ultimate Rewards 138,068
World of Hyatt 81,381
Southwest Rapid Rewards 61,000
AMEX Membership Rewards 54,694
AA Advantage 15,144
United MileagePlus 13,316
British Airways Avios 11,332
NASA Platinum Rewards 1883
Marriott Bonvoy 1,350
Expedia Points 740
Hilton Honors 481
Delta Sky Miles 123
Virgin Atlantic Virgin Points 100
Jet Blue TrueBlue 66
Hotels.com Rewards 6/10 ($135.99)
Message 9 of 27
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Established Contributor

Re: Advice for next card. Thin file. 3/24

Chase SL is mostly tied to income. Then certain cards have more SL like the CSP with a minimum of 5,000.

 

Then once you have the card and PIF for 120 days they should grant you an auto CLI so don't worry about the starting limit. Unless you don't think you can make the SUB with those limits. They could start you tiny with a Freedom so it might be better just pulling the trigger for the CSP.

 

CSR is a waste of time at a AF of $550 unless you plan to gorge yourself on the airport lounge benefit. CSP has the bigger SUB bonus as well with most of the same insurance protections.

Official travel point totals as of 10/21/20 (Goal Free Travel)
Chase Ultimate Rewards 138,068
World of Hyatt 81,381
Southwest Rapid Rewards 61,000
AMEX Membership Rewards 54,694
AA Advantage 15,144
United MileagePlus 13,316
British Airways Avios 11,332
NASA Platinum Rewards 1883
Marriott Bonvoy 1,350
Expedia Points 740
Hilton Honors 481
Delta Sky Miles 123
Virgin Atlantic Virgin Points 100
Jet Blue TrueBlue 66
Hotels.com Rewards 6/10 ($135.99)
Message 10 of 27
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