I need an approval game plan!

[flawesome]

I have 11 months to get aroved for 2 credit cards. At the end of that 11 months I'll be closing my previosly secured card before the next anual fee kicks in. This is my oldest credit line and I'm sure my credit will suffer from closing it which is why I'm striving to get approved for my desired cards before that point.

The two card I want are the Sallie Mae mastercard (Barclaycard) and the Fidelity AMEX.

I have 4 hard pulls on my credit report from last month(3 were made in the same day). One of those was for the Sallie Mae card which I was denied for. I called the back door number but didn't have any luck. I was told that I was primarily denied because I have a short credit history and because I did not demonstrate an ability to pay down a large balance.

I pay in full every month in between the closing date and the payment due date and make additional payments to keep my utilization between %10-%15. One of the reprisentitives suggested that I max out and pay off my highest limit card. I can do that, but will it hurt more than help? I also want that Fidelity AMEX so I don't nessisarily want to shoot myself in the foot for the Sallie Mae card.

My current cards are:

BankAmericard- $2,000 (little over a year old)
^^^This is the card that was previosly secured and still carries it's anual fee.

BoA 3-2-1 cash rewards- $1,400 (2 months)

Discover it: $1,000 (still in first month)

Chase freedom: $2,200 (still in first month)

My credit score is in the low 700s with TransUnion and Experion as reported on my recent inquires. Not sure about Equifax.

My current plan is to keep utilization on all cards around %10-%15 and apply for both the AMEX and the SallieMae in three months and then apply three months after that if I'm denied for either/both. Have any other suggestions?

[coldnmn]

Welcome to the forum. In my opinion with the new cards and the denial from Barclay last month. Your wasting an inquiry by applying for their card for at least 6 months probably longer. Most likely  the same with Fidelity. Credit is a journey not a race.

[flawesome]

Thanks for the welcome and advice. I'll try to wait at least a full 6 months then. Should avoid applyinf for both at the same time?

[coldnmn]

Just remember Barclay is very inquiry and new trade line sensitive. That would be the one I would apply for first if you do both. Inquiries stay on your credit report for two years so use them sparingly. 

[Creditaddict]

I would say you are fine for Barclay once you are over 12 months total history and 6 months history with your new accounts.

Fidelity Amex - you could probably actually get now if you want since it's backed by BofA but be prepared to recon the denial and move CL from 1 or both of your other 2 BofA accounts to open the fidelity.

[flawesome]

I went ahead and applied for the Fidelity AMEX last night and I wasn't instantly approved, but when I called in this morning, they approved me for $1,500 with no questions asked. Woo! We'll see if they pull from my other BoA cards. Wouldn't mind to terribly if they did.

Now when the amex hits 6 months I think I'll apply for the Sallie Mae.

[Creditaddict]

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@flawesome wrote:

I went ahead and applied for the Fidelity AMEX last night and I wasn't instantly approved, but when I called in this morning, they approved me for $1,500 with no questions asked. Woo! We'll see if they pull from my other BoA cards. Wouldn't mind to terribly if they did.

Now when the amex hits 6 months I think I'll apply for the Sallie Mae.

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Congrats.

Maybe worth the TU pull just to try for Sallie Mae now and if no go, go back at 6 months.

[flawesome]

Thanks for the encoragment to apply for the AMEX 

I just applied to Sallie Mae a couple weeks ago and I'm still reeling from the THREE rejection letters they sent me so I'll hold off at least three months. I'm going to try to make it to 6 months, but I think I know me better than that.

[Creditaddict]

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@flawesome wrote:

Thanks for the encoragment to apply for the AMEX 

I just applied to Sallie Mae a couple weeks ago and I'm still reeling from the THREE rejection letters they sent me so I'll hold off at least three months. I'm going to try to make it to 6 months, but I think I know me better than that.

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oh you just applied for sallie mae couple weeks ago and you recon'd and still declined?

then for sure wait 6 months

[Anonymous]

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@flawesome wrote:

I went ahead and applied for the Fidelity AMEX last night and I wasn't instantly approved, but when I called in this morning, they approved me for $1,500 with no questions asked. Woo! We'll see if they pull from my other BoA cards. Wouldn't mind to terribly if they did.

Now when the amex hits 6 months I think I'll apply for the Sallie Mae.

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That's great!  Re your OP, when you close your oldest card, it still reports for about 10 years, so the only hit is in utilization (as your overall CL goes down).  Make sure it has 0 balance before closing.