Looking for some advice.

[Anonymous]

So, I occasionually check the pre-qualify sites to see if I could get a better card. Got a couple cards that need to be shredded/replaced.  Well, recently Discover says I can get a new card and here is my options.   The question is I just got my AMEX card 2 months on the 15th of this month and I don't think since AMEX uses Experian, Discover uses Transunion that when my 3x CLI request is available (10.15) getting the new Discover would affect my chances of getting the 3x limit increase.  It comes down to do I wait, let the AMEX report and hopefully report the new limit (if I get approved for it) and then apply for the Discover to see if I may get a higher limit?   Or do I go ahead, get the Discover now and start building a history with them?  I didn't see anywhere on the pre-qualify site what my limit may be with Discover.

[Medic981]

Discover and Amex both are thin file friendly. Your 61 day  x3 CLI is not automatically guaranteed. You have not included enough information for the forum to give you informed advice. We need a little more information about your current credit situation for the forum to give you an educated guess.

With that said. From what you have stated. I would wait to apply for a Discover card until you have made your CLI request with Amex.

[Anonymous]

Yeah, that's why I added IF they decide to give it to me   Currently between my 4 cards I'm sitting at 1% utilization with 1 auto loan that I got earlier this year.  Inquiries 7 EX, 8 for EQ, 3 for TU.   My scores 739 EX, 695 EQ, 702 TU.  Total credit (as of now) says $1300 current cards are Credit One, Indigo, OpenSky and AMEX but they haven't reported the new card yet.   Hope that's the info you're looking for. 

[K-in-Boston]

I would actually suggest applying prior to the American Express card reporting.  With the exception of the Experian score, if those are all FICO 08 you're already a bit borderline; once the new account reports reducing your AAoA and resetting AoYA, you will likely see a score dip.  If you do end up getting the Discover, it may be worth considering whether the subprime cards are worth keeping, particularly if they're charging annual and/or monthly fees.

[Medic981]

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@Anonymous wrote:

Yeah, that's why I added IF they decide to give it to me   Currently between my 4 cards I'm sitting at 1% utilization with 1 auto loan that I got earlier this year.  Inquiries 7 EP, 8 for EQ, 3 for TU.   My scores 739 EP, 695 EQ, 702 TU.  Total credit (as of now) says $1300 current cards are Credit One, Indigo, OpenSky and AMEX but they haven't reported the new card yet.   Hope that's the info you're looking for. 

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I would wait for your Amex to report with the CLI if you are able to obtain it at day 61. High credit begets high credit. Once I started getting CLI and higher SL, it has been a snowball effect for me. Each new CC app I make, the SL is higher than the last CC I had gotten. It is a matter of time. Credit building is a marathon, not a sprint. You have to pace yourself.

[Medic981]

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@K-in-Boston wrote:

I would actually suggest applying prior to the American Express card reporting.  With the exception of the Experian score, if those are all FICO 08 you're already a bit borderline; once the new account reports reducing your AAoA and resetting AoYA, you will likely see a score dip.  If you do end up getting the Discover, it may be worth considering whether the subprime cards are worth keeping, particularly if they're charging annual and/or monthly fees.

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That is another way of looking at it. We don't know what the AAoA or AoNA is but, I advise opening accounts 6 months apart. In my case, I have done app sprees 6 months apart. OP, whatever you decide, let us know.

[Anonymous]

Yeah, that's why I want to go ahead and try and get better cards.  Considering at the first of the year I was sitting at high 500s low 600s across the board on scores I'm stoked at how far I've come.  And those Credit One cards they hit me with a fee every month.  

[Anonymous]

I did forget to add that, below is the numbers

AAoA EX - 2 yrs 9 mos EQ 6 yrs 9 mos TU 6yrs 9 mos

[Anonymous]

With that added extra information, would that till the scales to apply or just hold off?

[Anonymous]

Your scores are decent. You don't have an excessive amount of inquiries and your AAoA isn't exactly indicitive of someone seeking a lot of credit in a short span so I wouldn't worry an aweful lot there.

What is your reason for waiting? Are you concerned that AMEX will see a new account and deny your CLI? Are you maybe thinking that if Discover sees a certain amount on your AMEX that they will give you a higher limit?

A couple things to keep in mind:

You didn't mention what your SL is with AMEX but if it is one of the notoriously lower levels ($500/$1000) those seem to be "border line" approvals and not as likely to receive an increase after that 61 days. As always YMMV.

Also, AMEX isn't exactly quick to update credit limits. If I recall correctly by the time my BCE finally showed up on my report I had already hit the 3X CLI. It was some time after that before that increase was reflected on my reports. So be aware that if you wait for any increase to report it may take some time.