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Need One More Card

james3332
Regular Contributor

Need One More Card

I think I've asked this before but can't find the post so maybe I didn't Smiley Happy

Anyway, I've got two revolvers, Cap1 QS1 and Cap1 Venture1.  My FICO scores are in the 680-690 range and I have a few baddies from the past few years, most recent about 18 months ago.  Oldest card is my QS1 at 18 mos. and I also have an Amex Gold and Amex BBP.  Depending on where you look my AAoA ranges from 1.4 years to 11.1 years (have lots of closed old accounts).  I've also recently been declined for CSP because of score and baddies as well as thin file.  I want to get my 3rd revolver to get that score boost that should come with it.  Any recommendations?  Nothing on any prequal sites besides Discover, which I understand means nothing.

I have a NFCU account that I just opened but don't use but they are an option for a card (would a NFCU Amex be a soft pull given my current relationship with Amex?).  Where should I turn for what might be an easy approval of a revolver for me?  I prefer travel rewards but happy with cash back or even nothing as long as I can get that magical 3rd revolver on my CR.

 

Message 1 of 8
7 REPLIES 7
FinStar
Moderator

Re: Need One More Card

The NFCU AmEx is not issued by American Express National Bank, so that would not work as far as a SP. NFCU issues the card pursuant to an agreement with AmEx - it simply uses the network.

On the immediate horizon, what are your goals rewards-wise, cashback or travel? NFCU has the GoRewards CC and More Rewards CC as well. Discover is another option.

I would agree that the CSP was a long shot, but you can only learn from those experiences.
Message 2 of 8
james3332
Regular Contributor

Re: Need One More Card

My main goal with this is to get a third revolver opened.  Rewards are a secondary priority.  If it is a rewards card I'd prefer travel rewards over cash but happy with either.

Basically, want to get that 3rd opened and see what it does to my FICO.  My main cards that I use are my Amex Gold and BBP for almost everything (except for hotels, which I use my Venture1 and it's 10x points on) and will continue to do so after opening a third card, almost no matter what that card is.  Unless it's something that will give me rewards on cell phone and/or cable/internet.  Or if an airline card, which I have little hope of qualifying for yet anyway, would put my air on that.  I want to build my file and score to get to the point where I can enter the UR ecosystem, although I know that is a bit off in the distance.

Message 3 of 8
HeavenOhio
Community Leader
Senior Contributor

Re: Need One More Card

This would need confirmation from someone who'd know better than I, but I think it's possible that charge cards might fulfill FICO's urge for three cards. Either way, definitely plan on a score decrease before you see an increase, and be pleasantly surprised if it doesn't happen.

Message 4 of 8
james3332
Regular Contributor

Re: Need One More Card


@HeavenOhio wrote:

This would need confirmation from someone who'd know better than I, but I think it's possible that charge cards might fulfill FICO's urge for three cards. Either way, definitely plan on a score decrease before you see an increase, and be pleasantly surprised if it doesn't happen.


I will make a post on another topic to see about that charge card vs. revolver for third card situation.  If you are right then this is a moot point for me.

Curious, why would my score go down, besides the 2-4 point hit for the HP, before I see it go up?  I'm relatively new to all this so there is plenty I'm clueless about.

Thanks!

Message 5 of 8
HeavenOhio
Community Leader
Senior Contributor

Re: Need One More Card

Besides the inquiry, scores can decrease because of:

  • A decrease in AoYA (age of youngest account)
  • A decrease in AAoA (average age of accounts)
  • Percentage/number of accounts that are "new"

These decreases don't all occur with every new account. For instance, if your youngest account is less than a year old, there isn't much AoYA to lose. AAoA would need to cross a threshold for a decrease to occur. I don't think a lot is known about the third bullet point except that it exists in the reason codes.

 

What happens is that with one's first card or two, the mere presence of the card is likely to offset anything that might cause a decrease and result in an immediate gain. That often misleads people into applying for several cards… and surprising them when scores take a dive.

 

One new card is likely to cause a ding rather than a dive, though. If your current AoYA is over a year, expect to lose about 20 points, which is somewhere between a ding and a dive. Smiley Happy

 

Scores do recover, though. And they often improve in the long run. The point is that improving one's score usually isn't a great reason to add a card. Finding the card to be useful would be.

Message 6 of 8
james3332
Regular Contributor

Re: Need One More Card


@HeavenOhio wrote:

Besides the inquiry, scores can decrease because of:

  • A decrease in AoYA (age of youngest account)
  • A decrease in AAoA (average age of accounts)
  • Percentage/number of accounts that are "new"

These decreases don't all occur with every new account. For instance, if your youngest account is less than a year old, there isn't much AoYA to lose. AAoA would need to cross a threshold for a decrease to occur. I don't think a lot is known about the third bullet point except that it exists in the reason codes.

 

What happens is that with one's first card or two, the mere presence of the card is likely to offset anything that might cause a decrease and result in an immediate gain. That often misleads people into applying for several cards… and surprising them when scores take a dive.

 

One new card is likely to cause a ding rather than a dive, though. If your current AoYA is over a year, expect to lose about 20 points, which is somewhere between a ding and a dive. Smiley Happy

 

Scores do recover, though. And they often improve in the long run. The point is that improving one's score usually isn't a great reason to add a card. Finding the card to be useful would be.


 

Thanks.  All makes perfect sense and food for thought about right card for right reasons at right time vs. anything right this second to hlep my score to do what...eventually get the right card for the right reasons!

Message 7 of 8
Kforce
Valued Contributor

Re: Need One More Card


@james3332 wrote:

I think I've asked this before but can't find the post so maybe I didn't Smiley Happy

Anyway, I've got two revolvers, Cap1 QS1 and Cap1 Venture1.  My FICO scores are in the 680-690 range and I have a few baddies from the past few years, most recent about 18 months ago.  Oldest card is my QS1 at 18 mos. and I also have an Amex Gold and Amex BBP.  Depending on where you look my AAoA ranges from 1.4 years to 11.1 years (have lots of closed old accounts).  I've also recently been declined for CSP because of score and baddies as well as thin file.  I want to get my 3rd revolver to get that score boost that should come with it.  Any recommendations?  Nothing on any prequal sites besides Discover, which I understand means nothing.

Why, doesn't it report as a revolver to credit bureaus just like other cards ?

I have a NFCU account that I just opened but don't use but they are an option for a card (would a NFCU Amex be a soft pull given my current relationship with Amex?).  Where should I turn for what might be an easy approval of a revolver for me?  I prefer travel rewards but happy with cash back or even nothing as long as I can get that magical 3rd revolver on my CR.

 


 

FNBO 2% Cashback Visa (20k) / Bank of the West Cashback MC (20k) / US-Bank Cash+ (15k)
FNBO Travel Elite (15k) / Citi Double Cash (20k) / US Alliance 3% (20k)
Ficos : 830 / AAoA : 9 yrs / AoOA : 24 Yrs / AoYA : 0
Message 8 of 8
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