Is this a good portfolio strategy

CreditSage · ‎08-26-2019

Hi All,

You can see what I currently have in my signature. I'm thinking of going to Chase today to apply for a CFU and a CSP. I'm using the CFU for a balance transfer and will trasnfer the credit limit to CSP once it is paid of and maybe close that account. Aside from the CSP, I only desire some low interest cards such as NFCU Platinum or USAA Rate Advantage.

I am trying to pick the cards I want now and then leave it be for a few years. Let me know what you think about this strategy!

Thanks!

update: ended up going with Chase Freedom: https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Chase-Freedom-Approved-678-FICO-8/td-p/572401...

Current Open: NFCU AMEX $6,800 CL | Chase Freedom $3,800 CL | QS1 $1,300 CL | BankAmericard $24,000 CL (AU) | NFCU SSL $3,000 |
FICO 8 EXP, EQ, TU: 675-715 (depending on Utl.) | AAoA 3 Years 3 Months | AoYA 0 Months

Closed: American Honda Finance Installment $16,000 paid satisfactorily | Capital One Secured $700 paid satisfactorily | Wells Fargo credit card $3,000 paid charge off settled less than full amount (badie 2015) | Bank of America credit card $1,000 paid charge off settled less than full amount (badie 2015)

CreditInspired · ‎08-26-2019

@CreditSage wrote:
Hi All,

You can see what I currently have in my signature. I'm thinking of going to Chase today to apply for a CFU and a CSP. I'm using the CFU for a balance transfer and will trasnfer the credit limit to CSP once it is paid of and maybe close that account. Aside from the CSP, I only desire some low interest cards such as NFCU Platinum or USAA Rate Advantage.

I am trying to pick the cards I want now and then leave it be for a few years. Let me know what you think about this strategy!

Thanks!
Kevin

I think your file is pretty thin. Have you checked Chase prequal page?

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K

CreditSage · ‎08-26-2019

Yes - no offers. Figured if I went to branch I'd have a better chance. I have some backup cards if Chase is a no go (Citi DC, USAA Rate Advantage) for BT since that is my main focus.

Current Open: NFCU AMEX $6,800 CL | Chase Freedom $3,800 CL | QS1 $1,300 CL | BankAmericard $24,000 CL (AU) | NFCU SSL $3,000 |
FICO 8 EXP, EQ, TU: 675-715 (depending on Utl.) | AAoA 3 Years 3 Months | AoYA 0 Months

Closed: American Honda Finance Installment $16,000 paid satisfactorily | Capital One Secured $700 paid satisfactorily | Wells Fargo credit card $3,000 paid charge off settled less than full amount (badie 2015) | Bank of America credit card $1,000 paid charge off settled less than full amount (badie 2015)

CreditSage · ‎08-26-2019

Chase credit journey app is showing "pre-qualfied offers for you" and listing several cards. Not sure if this is a true pre-qualified offer. It says, "These offers have been selected for you based on your credit information and chance of approval." There is a little meter that shows "chance of approval" and I see "good" for all the chase cards.

Current Open: NFCU AMEX $6,800 CL | Chase Freedom $3,800 CL | QS1 $1,300 CL | BankAmericard $24,000 CL (AU) | NFCU SSL $3,000 |
FICO 8 EXP, EQ, TU: 675-715 (depending on Utl.) | AAoA 3 Years 3 Months | AoYA 0 Months

Closed: American Honda Finance Installment $16,000 paid satisfactorily | Capital One Secured $700 paid satisfactorily | Wells Fargo credit card $3,000 paid charge off settled less than full amount (badie 2015) | Bank of America credit card $1,000 paid charge off settled less than full amount (badie 2015)

CreditSage · ‎08-26-2019

went with Chase Freedom.. got approved

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Chase-Freedom-Approved-678-FICO-8/td-p/572401...

Current Open: NFCU AMEX $6,800 CL | Chase Freedom $3,800 CL | QS1 $1,300 CL | BankAmericard $24,000 CL (AU) | NFCU SSL $3,000 |
FICO 8 EXP, EQ, TU: 675-715 (depending on Utl.) | AAoA 3 Years 3 Months | AoYA 0 Months

Closed: American Honda Finance Installment $16,000 paid satisfactorily | Capital One Secured $700 paid satisfactorily | Wells Fargo credit card $3,000 paid charge off settled less than full amount (badie 2015) | Bank of America credit card $1,000 paid charge off settled less than full amount (badie 2015)