CSP,BCP and IT - What are my Chances?

[Anonymous]

Firstly let me commend the wonderful work you all have been doing helping others rebuild their credits. I have been following these forums since a long time and have made very good progress following the suggestions posted here.

My Profile is as below:

Current scores are TU FICO (Walmart) : 722 and EX FICO (ScoreWatch) : 721. 

Credit Card 1 : 10K limit, Utilization 60%.

Credit Card 2 : 5K Limit, Utilization 10% ( This is a BOA Visa Signature so reports as a FSA )

Auto Loan.

AAoA : 2.5 years

Oldest Account: 7 years

No of Enquiries: 4

No Baddies of any sort.

Income : 60K

Cards Desired: Chase Sapphire Preferred , Amex Blue Cash Preferred, Discover IT and Slate.

My Main goal is to get the Slate to pay off the balances by using the 0% BT offer, and get the Chase Sapphire Preferred , Amex Blue Cash Preferred and Discover IT and then back to the garden till 01/15.  Is it achievable?

1. Keeping the utilization as same, what are my chances that I would be approved for each of them? The only reason I am applying for the slate is to take advantage of the 0% BT offer to pay off the existing debt on the cards. 

2. As of now, I can pay a large amount to get the Utilization to less than 10%. But I'd prefer to get a Slate and use the BT. Should i pay that amount and apply for Chase Sapphire Preferred , Amex Blue Cash Preferred and Discover IT ? Simulators estimate that my score will be in the range of 731-771 if i pay that amount to reduce the utilizations.

Thanks.

[randeman]

Your file is actually pretty thin, but I am not sure what kind of impact that will have on your endeavors, especially since one of your desired cards is a signature card.  One real positive for you is that you have both revolving and installment credit in your file which is what a lot of potential creditors want to see.  With a thin file, I think I would focus on getting that 60% utilization down to 10% and you would probably have a better chance.  Although I was approved for two Chase signature cards when I was around 50% utilization, but YMMV.  Speaking based on my personal experience, Chase is much more helpful with recon than Amex is if you need it.  But, again, YMMV.

Also, I hear Chase and Amex can both be very inquiry sensitive, so keep that in mind when you apply.  Inquiries have less impact once they are a year old.

[myjourney]

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@Anonymous wrote:

Firstly let me commend the wonderful work you all have been doing helping others rebuild their credits. I have been following these forums since a long time and have made very good progress following the suggestions posted here.

My Profile is as below:

Current scores are TU FICO (Walmart) : 722 and EX FICO (ScoreWatch) : 721. 

Credit Card 1 : 10K limit, Utilization 60%.

Credit Card 2 : 5K Limit, Utilization 10% ( This is a BOA Visa Signature so reports as a FSA )

Auto Loan.

AAoA : 2.5 years

Oldest Account: 7 years

No of Enquiries: 4

No Baddies of any sort.

Income : 60K

Cards Desired: Chase Sapphire Preferred , Amex Blue Cash Preferred, Discover IT and Slate.

My Main goal is to get the Slate to pay off the balances by using the 0% BT offer, and get the Chase Sapphire Preferred , Amex Blue Cash Preferred and Discover IT and then back to the garden till 01/15.  Is it achievable?

1. Keeping the utilization as same, what are my chances that I would be approved for each of them? The only reason I am applying for the slate is to take advantage of the 0% BT offer to pay off the existing debt on the cards. 

2. As of now, I can pay a large amount to get the Utilization to less than 10%. But I'd prefer to get a Slate and use the BT. Should i pay that amount and apply for Chase Sapphire Preferred , Amex Blue Cash Preferred and Discover IT ? Simulators estimate that my score will be in the range of 731-771 if i pay that amount to reduce the utilizations.

Thanks.

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Welcome to the forum

I think its possible if you pay down CC1 UTL to 30% to increase your chances to get enough from slate to cover a BT

Scores look good 

INQ's are good

I would app in this order

CSP

Slate 

Amex
Discover

[JonStur]

+1

[takeshi74]

I'd strongly suggest getting your utilization down.  With high utilization (I forget exactly how high) Chase would only offer me a Slate with a $2K limit and the maximum interest rate.  Several months later, after getting my utilization down to under 10% (no other changes) they approved me for the CSP for $25K and the best available rate (and that was just after getting approved for the BCP and MileagePlus Explorer as well).  While I'm not saying that your credit is going to support the same limits and rates I am saying that utilization plays a significant role.  If you want to use the Slate to pay down balances then I'd suggest deferring your other apps until you get your utilization down.

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@Anonymous wrote:

But I'd prefer to get a Slate and use the BT.

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Why?  Even if you do get approved for the cards you want to app you'll get much less favorable limits and rates if your utilization is high.

[Anonymous]

Thanks guys. I guess I'd better reduce the util to 10% and then apply.

@ takeshi74 : Although i have the cash to pay off the cards, I wanted to get the Slate and use the 0% BT offer they have. That way i could use the cash I have, on something else. I am confident i can pay off the slate  before the 15 months promo period ends. After that i doubt if i use the slate ever. 

[improvingmycredit]

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@Anonymous wrote:

Thanks guys. I guess I'd better reduce the util to 10% and then apply.

@ takeshi74 : Although i have the cash to pay off the cards, I wanted to get the Slate and use the 0% BT offer they have. That way i could use the cash I have, on something else. I am confident i can pay off the slate  before the 15 months promo period ends. After that i doubt if i use the slate ever. 

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hello unlucky!

You will have a better chance at it this way:

Go for the CSP, Amex and Discover first.  I think you have a great shot at all of them with your current profile.  

Let the cards age for about 3-4 months- float the current balances- then app the BT card of choice.  Because of the added availible credit, your utility will go down and your FICO should be about the same or even a little better then now.

My recommendation:

App:

CSP first

Amex

Discover

3 Months down the road, app any of these:

Citi Diamond Prefer  -  0% for 18 months

Simplicity - 0% for 18 months

Slate - 0% for 15 months

You might even get lucky with app and get the Discover with a high enough limit to transfer now for the 0% at 14 months.

Best of luck.  

[improvingmycredit]

One more thought.. you'd have a much better chance at the highest limits available and best terms if you get your utlilization down to at least 30%.  Right now you are sitting at 43%.  

You said you have 4 inqs.  When were they and what for?  Thanks for the info.

[Anonymous]

@ improvingmycredit - Below are my inquiries. 

1. Auto Loan - 10/11  - approved for 29K 3.49% APR. 

2. CC1 CLi (From 5K to 10K) - 06/12

3. BOA Signature Visa  - 06/12

4. Apartment Rental Office - 12/12

Thank you.

[myjourney]

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@Anonymous wrote:

@ improvingmycredit - Below are my inquiries. 

1. Auto Loan - 10/11  - approved for 29K 3.49% APR. 

2. CC1 CLi (From 5K to 10K) - 06/12

3. BOA Signature Visa  - 06/12

4. Apartment Rental Office - 12/12

Thank you.

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None of those INQ's are affecting you except the 12/12

INQ's have a scoring ding for the first 6 months 

they have no scoring factor after 1 year but remain on your CR for 2 years