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Getting approvals, but how aggressive should i be?

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Super Contributor

Re: Getting approvals, but how aggressive should i be?


@jonfive wrote:


EXCELLENT! 

 

I have one ancient medical collection (that I unknowingly woke up 2 years after). It will be gone in February this year.

 

No more apps Smiley Happy

 

End goal - I bought a foreclosure cash 3 years ago and I'm nearing getting it 'mortgageable' and I'd like to get a good rate in the next few years to pay myself back and further improve it.


Sounds like in February your scores will take a nice upward jump!  Some people report a 30-40 point increase in scores when their final baddie falls off.  If that's the case, in February you could be creeping up on 700 already. 

 

I personally recommend around 720 scores when you app.  Most people say 680-700 but I like to see them a bit stronger.  Usually it's only a matter of months to strengthen your profile a bit more but the reward is well worth it as you can obtain an overall better product (SL higher, APR lower, etc).

 

The post above recommends a home improvement store card such as Lowe's.  I don't think that's a bad idea so long as you shop there and since you are looking at a mortgage down the road it could be beneficial.  Again, I'd recommend a 720+ TU score when you apply.  That's another thing.  Make sure you know the bureau that will more than likely get pulled when you app.  If you search for credit pulls database in a search engine you can type in the card you are considering and see what bureau was pulled for that card and deduce which one is most likely to get pulled if you app.  With a 720+ score at the time of approval for Lowe's, you can almost pick your limit in the $25k - $35k range.  I was approved with about a 730 score last summer for a $3k line, called up their Credit Solutions line and got it bumped to $30k in about 2 minutes.

Message 11 of 32
Valued Contributor

Re: Getting approvals, but how aggressive should i be?

@BrutalBodyShots that's why I said it may be a good choice. I do know our Lowe's cards have come in handy from time to time. I'm glad hubby will ask before using his because it'd be so easy to spend a lot of money there especially since we are slowly remodeling our house.
Message 12 of 32
Valued Contributor

Re: Getting approvals, but how aggressive should i be?

I agree with those that say to use your existing cards and not to apply for another one for the time being. The only other thing that I would consider would be to close the secured card, it has served it's purpose.
CSR | Amex Platinum | EDP | QS (2)
Amex Blue Business Plus
Message 13 of 32
Established Member

Re: Getting approvals, but how aggressive should i be?


@rmduhon wrote:
@BrutalBodyShots that's why I said it may be a good choice. I do know our Lowe's cards have come in handy from time to time. I'm glad hubby will ask before using his because it'd be so easy to spend a lot of money there especially since we are slowly remodeling our house.

My father has a home depot card - said it's 6 months no interest when you spend 300 or more. Sometimes they have specials for larger amounts where it's 2 years no interest.

 

Currently I'm just buying with their "pro card". Basically just a prepaid card, but you can dump all of your itemized purchases from it when the job is done for taxes. Pretty convenient rather than keeping receipts for everything over a long period of time. Especially when you live in the 'construction zone' Smiley Tongue

 

I usually just buy a few sheets of drywall on the weekend, nothing huge. Most of the big stuff is already spent in cash.

 

@I'll give it a few months til i'm up over 700 like @BrutalBodyShots said, then buy some new appliances on special financing Smiley Happy

Message 14 of 32
Established Contributor

Re: Getting approvals, but how aggressive should i be?


@jonfive wrote:

As stated in the title, I'm finally at a place where i'm getting approvals. But how aggressive should I be on applying?

 

Alternatively:

 

Should I do one then wait for a while? Or stick with my best current approval and hang out until i can get even better rates/lines? (Year or two?)

 

I've said in earlier posts, I wasn't given the 'credit talk' as a teenager and made some mistakes. I'm finally clearing it up and things are looking better. 

Really, I'd like to optimize my current situation. Whether that would be more or less open credit - whatever is better Smiley Happy

 

EX: 653 TU: 623 EQ: 631

CapitalOne secured for 500  23% -7yrs (late one month 6 years ago, everything else on time)

Credit One unsecured 1750, 24% with a kinda bad annual fee- been advised to drop them, will do so next billing cycle -5yrs

CapitalOne unsecured 1000 23% - new

Citi Doublecash 1000 23% - new

↑ organized by credit age

 

Thanks again guys,

Your incompetent man-child of credit-

Jonfive


How about some account maintenance on what you currently have?

 

Cap1 secured- it is still secured after 7 years??? I would try a few more times to get them to unsecure that card. If they refuse to budge, consider closing it once your profile is stronger. It will stay on your report for 10 more years once you close it, and in 10 years you will have a stronger profile that can support the loss of the oldest account. If you are never going to get it to unsecure, it isn't worth letting them keep your $500 IMO. Others may disagree.

 

Credit1- You already said you are closing this one, just wanted to let you know be prepared for a fight. Everyone reports a hard time getting them to close this account. When you call, just keep telling them you want to close the account no matter what they say. They will eventually give up. Then watch your reports or account to make sure they do actually close the account.

 

Cap1 unsecured- What type of card is this? If it is another platinum, request that it be product changed to a QS so you earn some rewards. If it is brand new, it may take a few months before you have an offer on your account, but keep checking. Eventually there will be an offer. Also, don't forget you can request a CLI every 6 months from them and it is always a SP so no hits to your score.

 

I don't know much about Citi.

 

As for when that baddie falls off and you are ready to app for another card, consider what makes sense for where you typically spend. Discover/Chase Freedom offer 5% back in categories that change every quarter. Look them up and see what the categories have been as they often repeat and see if you would be able to benefit from them. Marvel card is 3% on dining out. Amex BCE offers 3% on groceries and 2% on gas. BCP is 6% on groceries and 3% on gas, but with an AF. Many people like travel benefit cards. So get the cards that will work the hardest for you.



Giving up on the images for now

Stepped out of the garden 10/9/16

Message 15 of 32
New Member

Re: Getting approvals, but how aggressive should i be?

Close Credit One. Ask for unsecure on Cap One's or product change. Go for NFCU, it's the BEST thing I ever did in my repair. Also go for Lowes, then stop and nurture those and you'll be sitting pretty in a year. 

Message 16 of 32
Established Member

Re: Getting approvals, but how aggressive should i be?



How about some account maintenance on what you currently have?

 

Cap1 secured- it is still secured after 7 years??? I would try a few more times to get them to unsecure that card. If they refuse to budge, consider closing it once your profile is stronger. It will stay on your report for 10 more years once you close it, and in 10 years you will have a stronger profile that can support the loss of the oldest account. If you are never going to get it to unsecure, it isn't worth letting them keep your $500 IMO. Others may disagree.

 

Credit1- You already said you are closing this one, just wanted to let you know be prepared for a fight. Everyone reports a hard time getting them to close this account. When you call, just keep telling them you want to close the account no matter what they say. They will eventually give up. Then watch your reports or account to make sure they do actually close the account.

 

Cap1 unsecured- What type of card is this? If it is another platinum, request that it be product changed to a QS so you earn some rewards. If it is brand new, it may take a few months before you have an offer on your account, but keep checking. Eventually there will be an offer. Also, don't forget you can request a CLI every 6 months from them and it is always a SP so no hits to your score.

 

I don't know much about Citi.

 

As for when that baddie falls off and you are ready to app for another card, consider what makes sense for where you typically spend. Discover/Chase Freedom offer 5% back in categories that change every quarter. Look them up and see what the categories have been as they often repeat and see if you would be able to benefit from them. Marvel card is 3% on dining out. Amex BCE offers 3% on groceries and 2% on gas. BCP is 6% on groceries and 3% on gas, but with an AF. Many people like travel benefit cards. So get the cards that will work the hardest for you.


Wow! haha - I've learned more in these 2 days than I ever have! Thank you!

 

Cap1 secured: I put ~100 bucks on it and they gave it a 500 limit - I haven't done/tried anything with it since day 1 TBH. Used it a few times when i first got it and it's been sitting since. I'll wait til May and see what happens, It doesn't cost me monetarily to have it. But I dont know if it has a negative effect by having it either..

 

Cap1 Unsecured: Yes it's another platinum, I had an option for quicksilver, but it had an annual fee. For these "early" cards, I think I want something that doesn't incur fees so I can sock it away and pretty much forget about them. - I could be 100% wrong for thinking this way though Smiley Tongue

Good call on the 6mo SP CLI, didn't know about that!

 

CreditOne: I've heard horror stories from people trying to get out, but most of what i found were from people who didn't pay, were late a lot, still owed. I haven't missed a payment with them. I'm used to the retention tactics from directv, verizon, my cable company. all of 'em Smiley Tongue

Just have to calm them down, explain that you know their job is to keep you as a loyal paying customer and say you'll be saving them time by simply closing the account and moving on to the next customer. Usually works and keeps things positive.

 

I've heard nothing but good things about Discover IT and Chase Freedom - definitely one of my potential future choices once i'm over 700

Message 17 of 32
Established Contributor

Re: Getting approvals, but how aggressive should i be?


@jonfive wrote:

 

Cap1 Unsecured: Yes it's another platinum, I had an option for quicksilver, but it had an annual fee. For these "early" cards, I think I want something that doesn't incur fees so I can sock it away and pretty much forget about them. - I could be 100% wrong for thinking this way though Smiley Tongue

Good call on the 6mo SP CLI, didn't know about that!

 

 


Good call on the no AF cards. I did the same with Cap1. They kept sending offers but had AFs so I kept shredding them until they offered one without. That was before I found myfico and had that exponential learning curve that you are going through now. Then I learned about PCing the card. Since I had a no AF Plat, I was offered a no AF QS instead of the AF QS1. So when you are able to change, they should offer a no AF QS version.



Giving up on the images for now

Stepped out of the garden 10/9/16

Message 18 of 32
Established Member

Re: Getting approvals, but how aggressive should i be?


 


Good call on the no AF cards. I did the same with Cap1. They kept sending offers but had AFs so I kept shredding them until they offered one without. That was before I found myfico and had that exponential learning curve that you are going through now. Then I learned about PCing the card. Since I had a no AF Plat, I was offered a no AF QS instead of the AF QS1. So when you are able to change, they should offer a no AF QS version.


That's pretty much my story as well! 

I kept getting those $300+ AF offers for months, then I finally got a decent'ish Citi DC offer without an AF. 

 

I'll look into PCing the platinum into the QS, maybe take my secured and upgrade it to the platinum. Lots of time to think about it, i've got a ton to learn yet!

Message 19 of 32
Valued Contributor

Re: Getting approvals, but how aggressive should i be?

Currently a Cap1 secured card can't be PC'd. According to a post made here by a member, it appears Cap1 may be rolling out the option to unsecure the card but obviously I don't know what the time frame for that would be. As for the QS1, yes there's an annual fee, but depending on how you use the card you can get more than the fee back from the cash back. I've gotten roughly 100 cash back which more than offsets the annual fee
Message 20 of 32
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