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Hi,
My goal is helping my fico score (want to look pretty in May 2013 in case I want to look for a morgage) an getting an AMEX BCP.
I have a few things I could be doing, but I don't know which order/time line would be best...
My background:
Equifax FICO: 713 (from this site),
AaoA: 1y, oldest account 14 months,
Income: 125k+ a year.
Accounts:
14 month old joint car loan: $2800/$5000 (got it to start having a credit history)
14 month old secured VISA from local CU: $0/$500 (been using it to pay $18 netflix/hulu in the past)
7 month old Citi Forward Authorized user: $800/$7000 (I can keep this at 5% in the future)
So... I got a short history and no useful CC of my own.
Things I'm considering doing:
What do you think would be my best moves (when, which order)?
@Moleman_H wrote:Hi,
My goal is helping my fico score (want to look pretty in May 2013 in case I want to look for a morgage) an getting an AMEX BCP.
I have a few things I could be doing, but I don't know which order/time line would be best...
My background:
Equifax FICO: 713 (from this site),
AaoA: 1y, oldest account 14 months,
Income: 125k+ a year.
Accounts:
14 month old joint car loan: $2800/$5000 (got it to start having a credit history)
14 month old secured VISA from local CU: $0/$500 (been using it to pay $18 netflix/hulu in the past)
7 month old Citi Forward Authorized user: $800/$7000 (I can keep this at 5% in the future)
So... I got a short history and no useful CC of my own.
Things I'm considering doing:
- Unsecure Visa and ask for a more reasonable limit.
Positive: Lower utilization and new lenders might be more willing to give me a higher limit, too?
Negative: Not sure if they would hard-pull or if this would end up being a new account lowering my average age of accounts.- Apply for Zync.
Positive: Foot in door with Amex. If I get it this year, it would allow me to backdate the BCP to January 2011?
Negative: Pull by Amex; lowers my average age of accounts; I don't want the card.- Apply for BCP:
Positive: The card I want.
Negative: Risk of rejection due to thin file/score?What do you think would be my best moves (when, which order)?
Do #1 first. As for #2, if you really have no plans for the Zync, it is really up to you. It will get your foot in thethe door and secure your member date before the year is up. I personally think you should hold off on app'ing for the BCP until you have a bit more experience with some higher end cards or history with an amex charge card. I think they will see the negatives that you alraedy mentioned with having a thin file. I do not think your score is too low to be approved (I was approved with a 687 ex fico), but your profile is definitely thin. Have you considered getting another CC that isn't secured if your CU won't let you unsecure it?
I think you have a decent chance at getting approved for the BCP since you have no baddies and you have a good income. You could also try for a Visa like the Chase Freedom.
Just a follow up.
I decided to skip the Zync as I don't really want it.
I paid down the secured card to 0 and the Citi Forward AU to about 5% util 2 weeks ago. Applied for the BCP today and got the "we will notify you of the decision by mail within 14 days" message. Checked the card application status page a few minutes later and it says "09/29/12 BLUE CASH PREFERRED(SM) Approved" Hope that means I'm in.
I will probably go to my CU next and ask them to unsecure the Visa/give me a meaningful CL.
way to go! Congrats on the approval
$2000 it is. I can work with that for 61 days
Congrats!!!
And the CU unsecured the VISA at a lowish $1500 CL. Good enough for the sock drawer for now.
They pulled Experian and got something in the 770ies? Probably not FICO then, I guess.
Besides trying CLIs in a while, it's gardening time for me now.