Just another "Should I apply" thread, Amex, Disco, Chase questions :)

[Damikester892]

Hey guys! 

Pretty excited this week, I had one baddie on my reports and today it fell off the last one, TU!

I'm currently waiting on Myfico 3b ultimate to alert me and give me my new FICO scores but my CCT is showing my Experian went to 716 and EQ went to 698, just waiting on TU's update here on Fico instead of Credit karma (Which is how I know it dropped off today).

Anywho, heres the profile:

Credit cards: 5

Cap one Secured (2/2015) $550 limit

Credit One (Closing it soon, but 6/2015) $600 limit

Wells Fargo rewards card (10/2015) $700 Limit

Capital One QS1 (10/2015) $1500 limit

BarclayCard Rewards (10/2015) $500 limit

Total Limit: $3850

UIltilzation: 29%

AAoA: 7 months

Baddies: 0

EQ Score: 698

EX Score: 716

TU Score: Waiting on update alert after baddie fell off today.

I want to get atleast 2 cards (Closing the credit one card in May, closing the secured card soon)

My "dream" I guess you could say was always Amex and Disco, I'd really like to have those if you guys think the profile supports it.

I was also thinking about getting a foot in the door with Chase however I noticed the 5/24 rule (thank god for this forum) and all the controversary around "First time chase members might have a chance".

I'm at 5/24 exactly so I was wondering if it were a smart move to try for it?

After this little app spree I'm going to garden the accounts for 2 years because theres no other cards that even catch my interest right now so I was wondering if I should just app the Amex and Disco first then just throw an app at the Freedom last to avoid it harming my chances at amex and disco and see if they give me the 5/24 reason? The HP will fall off by the time I apply for new cards anyway.

Thanks a lot for the feedback in advance guys!

P.S I know app sprees are never good, however just try to understand that my scores recently jumped 80+ points this week and I'm obviously excited, So I would love to get better cards and close my subprimes, better to fit my improved profile.

My last goal after these is to PC my QS1 to a QS but that can't be done until April (6 month mark) so I'll wait.

[OmarGB9]

AAoA seems a little short, although the good news is Amex and Disco both like thin files, so you might have a pretty good chance. I'd app for Disco first then Amex (since Amex isn't really inquiry sensitive, while Disco might be). As for Freedom, if you're at 5/24 already, I wouldn't risk the HP, because the rule is 5 or more new accounts in 24 months, so you already reached the 5 account threshold.

[Damikester892]

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@OmarGB9 wrote:
AAoA seems a little short, although the good news is Amex and Disco both like thin files, so you might have a pretty good chance. I'd app for Disco first then Amex (since Amex isn't really inquiry sensitive, while Disco might be). As for Freedom, if you're at 5/24 already, I wouldn't risk the HP, because the rule is 5 or more new accounts in 24 months, so you already reached the 5 account threshold.

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Thanks OmarGB9!

I'd like to highlight the part of my post shoved at the bottom incase you overlooked it in my mess of a blabber post haha,

"After this little app spree I'm going to garden the accounts for 2 years because theres no other cards that even catch my interest right now so I was wondering if I should just app the Amex and Disco first then just throw an app at the Freedom last to avoid it harming my chances at amex and disco and see if they give me the 5/24 reason? The HP will fall off by the time I apply for new cards anyway."

Still wouldn't risk the HP considering I don't see it effecting me?

[jbsea]

I agree with Omargb, I would not app for the chase card.... But I think you would be fine with Discover and Amex.  Both great cards and will grow with you.

[OmarGB9]

No, I saw it, lol. I was just trying to avoid you potential disappointment. But if you're willing to take the risk, I'd say go for it.

[Damikester892]

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@OmarGB9 wrote:
No, I saw it, lol. I was just trying to avoid you potential disappointment. But if you're willing to take the risk, I'd say go for it.

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Haha after having my points jump this recently I'd probably just chuckle if they gave me the 5/24 reason, more of an experiment ;P

Lastly before I apply I notice a lot of "This card compliments this, this goes good with that, etc" and when I got my QS1, I found out later I should have gotten the Platinum as well and PC'd it to QS after 2 months then combined them in 6 months for one larger credit limit QS.

Is there any thing else I should go for to compliment my cards right now? Don't want to make the mistake of finding out down the road like I did with my QS1.

[Damikester892]

Holy crap, theres something I didn't expect lol

App'd for the Discover IT, approved instantly for $6,500

Now for the AMEX....

[OmarGB9]

Well, the cards complimenting each other thing is based on your needs and spend. For example, some people say Freedom paired with CSP is a good combo, but that may not work out for everyone.

That being said, if you want to, you could app for an Amex revolver first, and then if approved for that, go for one of their credit cards. But again, only do that if it makes sense for you. Which reminds me, which Amex were you looking at, exactly?

[OmarGB9]

Dang nice SL! Congrats!

[Anonymous]

I'd say your chances are decent for both Amex and Discover. 

For Amex, I would recommend going for the SPG as the card will eventually go away, so it's good to take advantage of the 35k signup bonus (highest ever) right now. The fee is waived the first year, $95 thereafter, but retention offers seem frequent. Its nominal earnings potential is low at 1 Starpoint per dollar for all purchases, but Starpoints are extremely valuable if you can make use of their hotel awards and transferrable transfer partners. You gotta spend $3k in 3 months to get the bonus, which may be difficult (I'll have to resort to paying my rent via Plastiq to meet the bonus). 

The PRG is also a great card with the 3/2/1 structure, and MR points are also a good currency. Make sure you get the 50k signup bonus via incognito ($1k spend w/in 3 months). Fee also waived the first year, $95 thereafter. For a no-fee card, I would suggest BCE or ED, but there have been higher sign-up bonuses in the past so I would hold off.

DIscover double cash back promo makes it my go-to card at the moment. Great categories this year as well. I would wait until the TU baddie falls off, since I believe they pull TU quite frequently for applications. Of course, try to use a referral link for all these offers to pass on the earnings!