New credit cards from Ally Bank

[binaryhermit]

One question: does this card have FTF?

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No FTF

[Absolution16]

@binaryhermit 

FANTASTIC!  Thank you for that confirmation!

[JayTea7]

Hello everyone, I'm new to this forum but I do have a question. My wife is receiving the pre-approval letter for teachers, unlimited 2% card. Her score is 669 FICO. She has a credit card through discover with a $4,500 CL. We're looking into transfering the balance to a card with 0% apr intro on balance transfers. The Ally offer was 12 months 0% apr.  Utilization is around 85%. She has a car loan and one credit card. Do you think this would be a good card to apply for? We really don't want a $300 SL. I read others getting different amounts. Any tips would be greatly appreciated!

[Anonymalous]

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@JayTea7 wrote:

Hello everyone, I'm new to this forum but I do have a question. My wife is receiving the pre-approval letter for teachers, unlimited 2% card. Her score is 669 FICO. She has a credit card through discover with a $4,500 CL. We're looking into transfering the balance to a card with 0% apr intro on balance transfers. The Ally offer was 12 months 0% apr.  Utilization is around 85%. She has a car loan and one credit card. Do you think this would be a good card to apply for? We really don't want a $300 SL. I read others getting different amounts. Any tips would be greatly appreciated!

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Unfortunately, she might have to take a leap of faith because there simply aren't a lot of DPs about the new Ally cards yet. I think we've only see 3 approvals (@masscredit, @user979797 , and @newstart2022). But your DW's score (bureau? version?) seems to be in the same range as theirs, and they got SLs in the $2500 to $3500 range. I don't know if any of them had utilization that high, tho.

[binaryhermit]

I had a Discover with that limit, FICO scores between about 630 and 660, lower utilization, and got a $3500 limit.

[WildestDreams]

I was approved for the Ally Platinum Mastercard in Dec 2022 - about 3 weeks after Chapter 7 discharge. No annual fee, SL 1,000$. They pulled Experian and TU

Strangly i am now also pre approved through experian for the Ally Everyday Cash Back. Not interested in 2 HPs for a low limt card tho

*Edit* - Both Experian and TU FICO 8's were around 620 at approval

[JayTea7]

Thank you all for the responses! I wish discover updated the CR more than once a month lol. We are going to pay $1200 on it to bring the utilization down but that wouldn't take effect until June and discover reports on the 8th. The offer from Ally expires June 16th. Do you know if discover updated more than once a month?

[binaryhermit]

I've read you can contact Discover CS and ask them to update your account with the credit bureaus.

[JayTea7]

I'm disappointed. We only received a $300 SL which is crap. That was exactly what I was trying to avoid. Would you recommend keeping the card and letting it sit open to help utilization? Any suggestions on a way to get 0% APR(or something low) on balance transfers with a 669 credit score? 

[Anonymalous]

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@JayTea7 wrote:

I'm disappointed. We only received a $300 SL which is crap. That was exactly what I was trying to avoid. Would you recommend keeping the card and letting it sit open to help utilization? Any suggestions on a way to get 0% APR(or something low) on balance transfers with a 669 credit score? 

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That's a shame. It a sad trusim that the people who most need balance transfers are the least likely to get them. In any case, the new card will help overall utilization by a few points. While that's not a lot, with the $1200 you're paying off, she's going to be close to 50% overall utilization. And if you can get it below that, it could help, since that's one of the scoring thresholds (aim for 48.9%). Also we don't know how Ally is with CLIs. You could could ask in 3 or 6 months, and see if it's an option. Particularly if utilization is trending down, you might have a shot.

For the 0% APR offer, you might want to start a new thread. You'd get more eyes.