Next Step after 1st Chase Card (23 yrs old)

[Anonymous]

Do I have much to lose by applying for another card with Wells Fargo?  Those first two card denials did not show up on my credit karma, but my approval for the FU did and lowered my score 15 points.  The score that chase showed me on my denial letter for the FU was 740 but they also noted my recent requests for credit.  I am curious as to why Chase sees them but I did not on credit karma.  

[Anonymous]

Your score was lowered likely to your average of account being lower, this is to be expected whenever a new account is added. My theory is to bite the bullet so to speak and add the accounts at once rather than over time. By doing this AAoA only goes up rather than averaging out every time you add a new account. May I suggest joining NFCU or Penfed if you are interested in getting extra points on Gas or Food spending? CUs will care more about keeping your money and business than a bank like Wells. 

[newhis]

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@Anonymous wrote:

Do I have much to lose by applying for another card with Wells Fargo?  Those first two card denials did not show up on my credit karma, but my approval for the FU did and lowered my score 15 points.  The score that chase showed me on my denial letter for the FU was 740 but they also noted my recent requests for credit.  I am curious as to why Chase sees them but I did not on credit karma.  

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Credit Karma only have TU and EQ not EX, maybe your HPs were on EX.

If you only have Chase FU and Amex AU. I will say go for BCE, the card will grow even if you get a low limit. You need other cards with good limits or use some HPs to bring your FU with larger limit, but most of the time if Chase doesn't see other cards with good limits, they will not give you good limits.

Wait until you have a Chase pre-qual online or in branch for the card you want.

If your AU is from 4 years ago, and only got the FU, then you are at 1/24 (1 card in last 24 months), so you can get up to 3 more to be under 5/24, if you get to 5/24 then it will be harder to get a Chase card (some people are able to get it anyway in branch and sometimes online).

Discover is a good card, they will match the cashback you made the first year. Discover also grows fast with SP CLIs.

Many people go over 5k in limits with Amex BCE and Discover in a few months, even when they start at 1-2k. Good luck.

[Anonymous]

Is it likely that discover will approve me? Are they more lenient about credit history/recent accounts than chase?

[newhis]

I have seen several Discover approvals with thin files.

I got my Discover with no credit history in the USA, they just saw a HP from Cap1 (denial), and they approved me with $1,000. 2.5 years later the card is 30K.

I think they will approve you, but not 100% sure. Good luck.

[Anonymous]

Haha! I applied for the discover it card and was instantly approved for 1k! Now I will either start gardening and working towards CLI's or apply for the AMEX BCE.  What are yall's thoughts, should I draw the line with 2 cards?

[iced]

I don't understand why the natural reaction to getting a Discover is to apply for another card. What's the goal here? If it's still a CSR, this isn't how you get it. Patience is. Enjoy the Discover for a bit and grow your AoA and CLs and in due time the CSR will be yours.

[SouthJamaica]

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@Anonymous wrote:

Haha! I applied for the discover it card and was instantly approved for 1k! Now I will either start gardening and working towards CLI's or apply for the AMEX BCE.  What are yall's thoughts, should I draw the line with 2 cards?

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2 cards is good for now. Chill out for a while.

[Anonymous]

Yeah that is what I was leaning toward.  I will start building my credit with these two with the added bonus of getting my FICO with the discover card. Thank you all for the help. I would have never known to get a better card for increasing my limits.  

[newhis]

I just visited Amex site in a private window. They have the following offer for BCE:

Special Offer for You
EARN UP TO $450 BACK

Up to $200 with Amazon 10% for 6 months

$250 if you purchase $1,000 in 3 months

If/when you app for this card, try to get this offer. Sometimes the $250 is only $100 or $150.

You mention that you got a 740 score with Chase (denial letter). Is that FICO from EX, TU or EQ?

Do you know your other FICO scores?

Now that you got Discover, you have:

- FU $1,000

- Discover $1,000

- AU on Amex Gold

That's it, right?

I personally go for the BCE with the up to $450 back bonus. Then garden for 9 months, growing your limits Discover/Amex with SP CLIs, before applying for anything else.

Do you have any open loan (auto, student, mortgage, personal)? If not, you may want to do the secured loan technique to get up to 30 points bump on your score.

EDIT: you could get a free EX FICO with Discover too.Just open an account on creditscorecard.com. TU FICO with your statement.