First app spree... I'm scratching my head!

[Anonymous]

Hi all,

Long time lurker, first time poster, so please be gentle! And please feel free to move this post if it is in the wrong place. And sorry if this is a little long...

So, over the last few days, I've been on my first app spree. I'm fairly new to credit in the US (new immigrant), and I'm really surprised by how I went.

But first, let me fill you in on my background...

I only got a SSN in October 2013, after getting my residency here. My husband and I thought "lets try out your new social", so we applied for credit at a few stores (Best Buy and Target). Obviously, I was denied because I had no history (thin file).

Did some more research, and as I had an AmEx from Australia, I was able to take advantage of their "Global Card Transfer" program. Basically, based on my history with them in Australia, they were able to approve me in November 2013 for a Blue Cash Everyday card with a $1,000 limit. Better than nothing, and I was very happy that I could get this card despite having no US credit history. Also, glad I didn't have to get a secured card.

So I "gardened" with that card for a while, spending no more that 30% of my limit. Earlier this month, they mailed me an invitation to increase my limit to $2,000.

In July this year, we started to have major problems with our car, so my husband and I ended up getting a new car. Both of our names are on the loan and it was financed through the dealer. I was also grateful that the car dealership were able to approve us, and I'm hoping the loan will help both of our scores too.

So anyways.... About a week ago, I received a pre-approved offer for a Capital One Platinum card in the mail. After much hesitation, I though "what the heck" and went online to go through the app process. Approved, again with a $1,000 limit. Great... And grateful another company was willing to offer me credit, despite my thin file.

Then, I got "itchy" and applied for a few more things online. First, I tried again for the Target credit card. Got the usual wait "7-10 days" response. Felt a little deflated. Then, I tried for the Discover It card (mainly because the rewards seem decent, it'll give me my real FICO, and the card just looks so pretty!). It asked me to upload scanned copies showing proof of address and SSN... So I uploaded a utility bill and a scan of my social security card.. I would then have to wait to hear from them. Again, a little deflated.

Anyways, so the next night, I decided to call Discover to see what the deal was with my application. After asking me a few questions to verify my identity, they approved my application with a CL of $1,000. Again, happy I'm now in their club!

Then the "itch" came back! This time, I tried for the Chase Freedom card. I used the pre-approval checker on their web site, and they had me pre-approved for the Freedom and Slate. I honestly thought I'd have no hope with this one. So I applied online, it gave me a reference number and a phone number to call. So I gave them a call, verified my identity and was approved for $3,500!! Very happy!!

So now, I'm left pondering "how did I pull this off?".. My income is around $50K, but I thought I would never get any of these cards with such limited history and such a thin file... I mean, for 9 months, I only had one card (AmEx BCE with a 1K limit) reporting. And we've only had the car loan reporting for a few weeks!

I have noticed that on my credit reports, it says that my AmEx BCE was opened on 11/1/2010, which obviously isn't correct... I think this date is when I actually opened my Australian AmEx card. So it seems to me that when I opened the BCE using the global card transfer, AmEx "carried over" my credit histoy from Australia to the US. Do you think this could be a reason why I'm getting approved for cards? Could this "history since 2010" on my credit report be effecting my FICO score? (At this stage, I'm not really sure what my true FICO is... The car dealership used an auto-enhanced score, my Credit Karma and Credit Sesame scores have varied between 660 and 760, so I'm taking these with a grain of salt).

Also, I've noticed no hard pulls from Target yet, so I'm wondering if the letter I receive from them will be more of a "we need to verify your identity" letter rather than a denial. We'll see, at this stage, I'm not too phased about the Target card... I'm just so pleased with "my haul" this week, will definitely be "in the garden" after this... But I'm very interested in hearing everyone's take on these approvals.

Thanks!

[sponge_gto]

Always refreshing to hear about a fellow youngling in the credit world. Lucky for you, your Amex history from Australia started you off with a decent boost to your length of history (yes I think the US credit bureaus consider that BCE as having been opened in 2010, as long as that's what Amex is telling them). I too received my SSN last October but had to start from ground zero and it hasn't been all smiles and handshakes! I'm a little surprised that Amex did a global version of their famous "backdating". Of course this can only be a good thing for people that relocate between countries with Amex presence.

BTW good luck with that Discover card. I got it from a mail-offer when my credit was less than 2 months old. I think your chances are better than mine were!

[Closingracer99]

Congrats

Your AAoA of around 4 years would of helped with Chases decision probably

[CreditDunce]

Congratulations on your app spree.    America has easy credit once you get a foothold.

You have plenty of cards now.   Once you get a couple of years of good payment history, you will be able to get almost any credit card you want and the best terms on any autoloan/mortgage.  But if you get an American Express ED (or fill in the card name) in January.  It would show on your credit report with a begin date of 1/2010.  Adding a few more months to your oldest credit line and helping your AAoA.    It may not be practical Jan 2015.  But you would certainly qualify Jan 2016.

[newhis]

You can read about the 3X limit increase with Amex. I bet you can make your card grow.

[Anonymous]

Thanks so much for your feedback and insights everyone! Seems that when it comes to American Express, membership certainly does have its privileges! Husband and I are also considering moving all our banking over to Chase to make managing the Freedom easier, and as a little "thank you" (used them briefly in the past and found their customer service exceptional).

Newhis- about the AmEx 3x CLI. I'd just read up on this yesterday. As I just accepted an invite from AmEx to increase my limit earlier this month (from 1K to 2K), do I now have to wait for 6 months to request the 3x CLI?

[newhis]

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@Anonymous wrote:

Thanks so much for your feedback and insights everyone! Seems that when it comes to American Express, membership certainly does have its privileges! Husband and I are also considering moving all our banking over to Chase to make managing the Freedom easier, and as a little "thank you" (used them briefly in the past and found their customer service exceptional).

Newhis- about the AmEx 3x CLI. I'd just read up on this yesterday. As I just accepted an invite from AmEx to increase my limit earlier this month (from 1K to 2K), do I now have to wait for 6 months to request the 3x CLI?

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I'm no expert, and this is the first time I read about an invite. Maybe someone else can give you some tips.

[CreditDunce]

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@Anonymous wrote:

Newhis- about the AmEx 3x CLI. I'd just read up on this yesterday. As I just accepted an invite from AmEx to increase my limit earlier this month (from 1K to 2K), do I now have to wait for 6 months to request the 3x CLI?

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I would say you need to wait 6 months.  However, you can always give it a try.   If you are declined due to the recent CLI, it will just be denied.  There will not be a HP.

[Anonymous]

Thanks CreditDunce! I ended up trying the AmEx CLI, but no luck, so I'll wait for 6 months. Good to know about them backdating even further and increasing my AAoA!! Will keep that in mind, probably for 2016.

Anyway, as we all know, app sprees are never really over until that itch well and truly dies... I apped for a Travelocity AmEx last night and was approved lol... Silly $500 limit, but I guess its one more credit line reporting and will bring my overall util down. My husband got in on it too, and he got a Capital One Quicksilver... He was very happy with that. Applying for cards is like a drug, such a rush!! Ok, I think I'm well and truly done now... I think.. am I? I need an app spree rehab!!

[CreditDunce]

Congratulations on all of your new credit lines.  It is incredibly difficult to stop app'g.   If you are able to stop, you will see an 800+ score from Discover before you know it.  I just wish I had the will power...