Best Next Card App for that 850 Goal

[Gratitude]

I’ve read here in the threads that having a minimum of '5' cards is a part of the algo to reach a 850 FICO8.

Got 4 cards so far:

• all in good standing, been gardening since app spree in December;
• recall reading that it is better to apply earlier for that 5th card, to help your AAoA in the future; 
• my scores (avg 786 FICO8) have stalled out past 2 months.

Note: 6 months after AMEX BCE approval (Dec 2017),  a Platinum AMEX card offer came by snail mail; 8 months after, a Gold card offer -  I ignored both as I was blissfully gardening.   ..That's about to be over.

I need to move my AZEO to my highest limit card (now AMEX BCE after 3x CLI to $18,000)

And I’ve been needing to purchase some camera equipment... so…

Is this the best strategy:

1. AppSpree > Platinum Amex card + <? card> + CLI (HP) on Citi BBV
2. Upon approval: make the equipment purchase on the BCE (or Platinum, or whichever has a higher limit)
3. leaving a balance no higher than 28.9% & using no more than 8.9% on 2 cards max (for the first month only)
4. reduce balance monthly on single AZEO card up until 24month AAoA is reached or purchase paid off.

Is there a better strategy?

What card(s) should I apply for? 

      Top of the line Amex?  Top of the line Discover? Top of the line Citi card? Other..?

      Not 100% sure on my Needs/Wants but roughly:

•       Definitely looking for high CL & CLI’s via SP
•       0% interest first 12 - 18 months 
•       Decent-to-great cash back rewards (will trade great rewards for a pricy annual fee that I can compensate for)
•       Flying points <?> - Not sure (yet) how often I will be flying within the upcoming year but I definitely have some trips planned.
•       A card easy to use abroad with NO Fee

      Note: got zero TU inquiries currently

      Note: I don’t think it would be wise to app for any Chase cards* at this time

         (*had a 11yr old  Chase CO; got approved for toy card after recon; they’ve auto CLI  me since! - don’t want push it this year).     

     Note: I realize that one of the factors of getting to or close to 850 is time (oldest account is still under 3 years)

Here’s the data:

5 Tradelines -

4  bankcards -

  $2000 - Merrick Bank (Secured) Visa (oldest account)

  $5300 - Citi BBV (due for HP CLI)

  $2000  - Chase Freedom (was approved for $500 - auto CLI in 5 or 6 months {{ I bank with Chase}} )

  $18,000 -Amex BCE (2nd approved 3x CLI  Sept)

$82 Total balance (Citi BBV)

$27.3K Total Bankcard Limit

1 SSL - Alliant -  $500

Generally spend under 20% at any time / any card.

AZEO Citi BBV  - 1.55%

CC Revolving UTL = 0.3%

AoOA: 2yrs, 8 months

AAoA: Sep 2018 = 15.5 months

EQ - 785 - Inq’s   2*

TU - 788 - Inq’s   0

EX -  786 - Inq’s  4* (1 needs dispute)

    *All inquiries turn 1 year in December 2018

0 Late (never late)

0 Negative

0 Public Records

0 Collectons

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I couldn't be in here for a while now - Hope everyone has been well! 

[Brian_Earl_Spilner]

You can technically get 850 with 1 card. The other cards and installment loan are just to optimize scoring until then. And when you get near the end, account ages are what is going to get you there so applying for a new card is counterproductive.

[SouthJamaica]

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@Gratitude wrote:

I’ve read here in the threads that having a minimum of '5' cards is a part of the algo to reach a 850 FICO8.

Got 4 cards so far:

• all in good standing, been gardening since app spree in December;
• recall reading that it is better to apply earlier for that 5th card, to help your AAoA in the future; 
• my scores (avg 786 FICO8) have stalled out past 2 months.

Note: 6 months after AMEX BCE approval (Dec 2017),  a Platinum AMEX card offer came by snail mail; 8 months after, a Gold card offer -  I ignored both as I was blissfully gardening.   ..That's about to be over.

I need to move my AZEO to my highest limit card (now AMEX BCE after 3x CLI to $18,000)

And I’ve been needing to purchase some camera equipment... so…

Is this the best strategy:

1. AppSpree > Platinum Amex card + <? card> + CLI (HP) on Citi BBV
2. Upon approval: make the equipment purchase on the BCE (or Platinum, or whichever has a higher limit)
3. leaving a balance no higher than 28.9% & using no more than 8.9% on 2 cards max (for the first month only)
4. reduce balance monthly on single AZEO card up until 24month AAoA is reached or purchase paid off.

Is there a better strategy?

What card(s) should I apply for? 

      Top of the line Amex?  Top of the line Discover? Top of the line Citi card? Other..?

      Not 100% sure on my Needs/Wants but roughly:

•       Definitely looking for high CL & CLI’s via SP
•       0% interest first 12 - 18 months 
•       Decent-to-great cash back rewards (will trade great rewards for a pricy annual fee that I can compensate for)
•       Flying points <?> - Not sure (yet) how often I will be flying within the upcoming year but I definitely have some trips planned.
•       A card easy to use abroad with NO Fee

      Note: got zero TU inquiries currently

      Note: I don’t think it would be wise to app for any Chase cards* at this time

         (*had a 11yr old  Chase CO; got approved for toy card after recon; they’ve auto CLI  me since! - don’t want push it this year).     

     Note: I realize that one of the factors of getting to or close to 850 is time (oldest account is still under 3 years)

Here’s the data:

5 Tradelines -

4  bankcards -

  $2000 - Merrick Bank (Secured) Visa (oldest account)

  $5300 - Citi BBV (due for HP CLI)

  $2000  - Chase Freedom (was approved for $500 - auto CLI in 5 or 6 months {{ I bank with Chase}} )

  $18,000 -Amex BCE (2nd approved 3x CLI  Sept)

$82 Total balance (Citi BBV)

$27.3K Total Bankcard Limit

1 SSL - Alliant -  $500

Generally spend under 20% at any time / any card.

AZEO Citi BBV  - 1.55%

CC Revolving UTL = 0.3%

AoOA: 2yrs, 8 months

AAoA: Sep 2018 = 15.5 months

EQ - 785 - Inq’s   2*

TU - 788 - Inq’s   0

EX -  786 - Inq’s  4* (1 needs dispute)

    *All inquiries turn 1 year in December 2018

0 Late (never late)

0 Negative

0 Public Records

0 Collectons

---- 

I couldn't be in here for a while now - Hope everyone has been well! 

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You have been given misinformation, or have misinterpreted what you have read.

If your goal is to reach 850 the best thing you can do is NOT apply for any new credit for a long long time.

[redpat]

You are thinking too hard about reaching 850.  Get any credit card you want that has the reward program that best suits you.  There is no such thing as top line card if it doesn’t fit your send or reward needs.

Your 786 is more than enough for any card with getting the best rates.  786 - 850 really doesn’t matter to most lenders.

[Anonymous]

If you want a card because its rewards fits your spending habit and will help reduce the cost of living, then app. If your sole purpose is to get to, or get closer to 850, the quickest route is to not app at all. The biggest upcoming score bumps are individual inquiries become unscorable at 1year (3-5 points per) but most importantly, when your AoYA crosses over 12 months (about 20 points), this will put you at around 815-830 and the rest is up to the growth of AAoA and AoOA over time, adding more cards will just reset the AoYA to 0 months, add another scorable inquiry and drop your AAoA some more.

That said, like redpat already said, 786 (or 760) is no different than 850 when it comes to getting the best rates, I wouldn't even worry about AZEO and just put everything on autopilot, let all charges post naturally while keeping individual UTI under 28.9% and set your autopay to PIF the statement balance, until the cycle before an important application like an auto loan or mortgage.

[AverageJoesCredit]

Awesome advice imo. 850 is a great goal if all you are doing is chasing a number. If you want to maintain great credit, just keep using your cards and make on time payments. Score isnt actually everything regardless of what some may say, im living proof, you can still get rejected with high scores. Create a healthy balance of credit with your lifestyle, everything else will fall into place

[Anonymous]

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@AverageJoesCredit wrote:
Awesome advice imo. 850 is a great goal if all you are doing is chasing a number. If you want to maintain great credit, just keep using your cards and make on time payments. Score isnt actually everything regardless of what some may say, im living proof, you can still get rejected with high scores. Create a healthy balance of credit with your lifestyle, everything else will fall into place

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+1 

Many users have been denied credit with 850 Ficos. Lenders look at your entire history in credit-lending decsions.

[Anonymous]

There is a community of people that is devoted to attaining a perfect FICO on all models.  It's basically pointless from a practical standpoint, as typically a 760+ will yield you the best terms for any credit needs.  Here are the the ingredients of a perfect score:

You need to get to "excellent" status in all categories.

The obvious

100% perfect payment history reported

0 Derogs

0 inquiries

The rest

utilization: lower than 9%

non-mtg debt should be near 0

Good mix of credit (i.e. credit cards and an installment or mtg)

Need a long credit history, typically at least 20+ yrs.  Avg for perfect scorers is 30 yrs.

Average Age of Accs 9+ yrs

For bonus chasers or people who open up lots of credit cards, its near impossible to attain a perfect score, as opening new accounts takes a hit on the score.

[Anonymous]

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@Anonymous wrote:

There is a community of people that is devoted to attaining a perfect FICO on all models.  It's basically pointless from a practical standpoint, as typically a 760+ will yield you the best terms for any credit needs.  Here are the the ingredients of a perfect score:

You need to get to "excellent" status in all categories.

The obvious

100% perfect payment history reported

0 Derogs

0 inquiries

The rest

utilization: lower than 9%

non-mtg debt should be near 0

Good mix of credit (i.e. credit cards and an installment or mtg)

Need a long credit history, typically at least 20+ yrs.  Avg for perfect scorers is 30 yrs.

Average Age of Accs 9+ yrs

For bonus chasers or people who open up lots of credit cards, its near impossible to attain a perfect score, as opening new accounts takes a hit on the score.

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Currently my scores are EX 827 TU 825 EQ 817, AAoA 3 years 11 months, AoOA 15 years 2 months (30 year mortgage) and I still have $50k/$165k 30% left on my mortgage which I intend to pay down to below 10% this year, I suspect this alone will put me very close to 850 if I don't app for more cards until then. I think you might have over estimated the needed age related factors to reach 850.

[Anonymous]

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@Anonymous wrote:

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@AnonymousI think you might have over estimated the needed age related factors to reach 850.

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It's based on averages, not every case.  Getting a perfect score is not easy, many people in the 800's including myself.