Credit Score for New Cards

Anonymous · ‎03-12-2019

Currently working on paying down/off my current cards. Looking for some advice.

The cards I'd eventually like to have are:

Bank of America Cash Rewards
CapitalOne SavorOne
Capital One Quicksilver Rewards
CapitalOne Venture One Rewards
Credit Union Credit Card – PenFed or NFCU

I am currently 1 year post Ch 7 BK - so I know I may have to wait a bit -

Current scores (myFico)

Ex: 599

Eq: 622

TU: 608

What score should I wait to hit before applying for these cards? I know it takes into account other factors too, but just looking for a ballpark number.

Also, there are 2 or 3 cards I have now that I will end up closing (high interest, annual fee) - would it be better to close PRIOR to obtaining these cards, or after?

Anonymous · ‎03-12-2019

To get into Cap1 territory, you may have to get a starter card with them (Plat or QS1). @Saeren probably has a good recommendation for that though.

Anonymous · ‎03-12-2019

You have quite a bit of work to do before I would go for any of those except the NFCU card.

What cards and limits do you currently have?

Capital One has tightened up their criteria lately, best not to go for their majors like the Savor and Venture with less than 700 unless you’re prequalified on their site. Always check for prequals because throwing away three hard pulls would be very painful.

BoA seems to be a tricky one too but I’ll let someone else charm in there.

NFCU has approved lower scores provided the income and rest of the profile supported it.

Anonymous · ‎03-12-2019

Currently have: currrently working on paying off the Surge cards.

Card Name	Limit	Max Spend	New Limit	Current Balance	APR	New APR	Annual Fee	New Annual Fee	Opened Date
Piercing Pagoda	$350	$105		$0	29.99%	-	n/a	n/a	11/13/2018
Kohls	$300	$90		$186	26.99%	-	n/a	n/a	6/21/2018
Ulta	$250	$75		$76	27.99%	-	n/a	n/a	11/13/2018
J Surge ©	$800	$240		$495	30.99%		$96	n/a	3/29/2018
K Surge ©	$800	$240		$499	30.99%		$96	n/a	3/29/2018
First Premier	$700	$210		$609	36%	-	$45	n/a	10/12/2018
Credit One	$500	$150		$121	26.15%		Not Clear – up to $99?	n/a	3/30/2018
Lend Up	$500	$150		$387	30.24%	-	$59	n/a	Around 1/21/19
Merrick ©	$500	$150		$379	31.95%		None after 1st year	n/a	1/30/2019
Victoria’s Secret	$250	$75		$24.40	27.24%	-	n/a	n/a	1/22/2019

Anonymous · ‎03-12-2019

Yeah definitely pay off those balances and apply for a Platinum card with Cap1 to get started with them.

NFCU would probably give you an unsecured card once the other cards are paid off provided you have low DTI otherwise.

Anonymous · ‎03-12-2019

I would definitely get a bunch of those paid off, and potentially close some of them except your oldest possibly (although if they are 0AF, SD them to help uti) maybe see if you can PC any with AFs to zero AF cards to help save a little. With how recent most of them seem to be you have a lot of HPs, you'll have to monitor them as they drop off before apping. Also a lot of major cards don't like to see a lot of newish accounts.

Anonymous · ‎03-12-2019

Yeah, definitely working on paying these off.

I heard NFCU recently started being non-BK friendly though - at least until like 3 years post?

Anonymous · ‎03-12-2019

@Anonymous wrote:
Currently have: currrently working on paying off the Surge cards.
Card Name
Limit
Max Spend
New Limit
Current Balance
APR
New APR
Annual Fee
New
Annual Fee
Opened Date
Piercing Pagoda
$350
$105

$0
29.99%
-
n/a
n/a
11/13/2018
Kohls
$300
$90

$186
26.99%
-
n/a
n/a
6/21/2018
Ulta
$250
$75

$76
27.99%
-
n/a
n/a
11/13/2018
J Surge ©
$800
$240

$495
30.99%

$96
n/a
3/29/2018
K Surge ©
$800
$240

$499
30.99%

$96
n/a
3/29/2018
First Premier
$700
$210

$609
36%
-
$45
n/a
10/12/2018
Credit One
$500
$150

$121
26.15%

Not Clear – up to $99?
n/a
3/30/2018
Lend Up
$500
$150

$387
30.24%
-
$59
n/a
Around 1/21/19
Merrick
©
$500
$150

$379
31.95%

None after 1st year
n/a
1/30/2019
Victoria’s Secret
$250
$75

$24.40
27.24%
-
n/a
n/a
1/22/2019

Those interest rates got me in my feels...

You have some work to do. You need to pay all of those down before you try to app to any higher-tier card. I'd even recommend closing the AF cards, especially the predatory lenders. Maybe keep Kohl's and VS...but I'm not sure. To be honest, I've never had to deal with a rebuild so I'm inexperienced with this.

I do see alot of apps in a short amount of time...you may have to wait about a year (mid-2020) to get some inquiries off...maybe even later.

Anonymous · ‎03-12-2019

Masterlink,

Oh yeah, definitely. I knew it wouldn't happen right away - just trying to prepare myself, keep some valuable tips etc. I've definitely been monitoring those inquiries. About a month ago also disputed a bunch of stuff with the bureaus but that hasn't come back yet. We shall see!

Anonymous · ‎03-12-2019

StrykingSquirrell,

Thanks for the tips!