Ready to App away -- Suggestions Most Welcome!

[Anonymous]

Hello Everyone,

I am ready to apply for a new credit card or two and would welcome suggestions! I have gone thru the forums and have an overall idea of cards to apply for but would like a few more suggestions/opinions.

Current info: 740 Experian (thru Experian)

                       690 Equfax Fico

                       696 Transunion Fico

-- Overall Credit Util a bit high at 55%

-- One Baddie, $450.00 medical collection from 5 yrs ago. Only shows up on EQ (Have tried to PFD with no luck)

-- One open credit card account (8 yrs old, $1500.00 credit limit/ $700.00 balance)

-- One recently closed credit card account (12 yrs old 2000.00 limit / $200.00 balance)

-- Zero inquiries

I would like to try for a Citi or Chase (Since Chase keeps sending me pre-approvals) or Discover. And a store card (thinking Nordstrom). Do you think I am in line for one of those??? And if so, which should I apply for first, second or third??? Last question, should I only apply for one at a time and wait a month or so to try for another. Does that matter???

I can probably get a Capital One card or the like but was wondering if people thought I was able to do better with the numbers above? Let me know what cards you think most appropriate to use my inquiries on!?!

Thanks to all for the help! Your comments from posts all over the forum site are most informative!

( --- and yes, I can easily wait a month or so to pay off more of my credit card balance if people think that should come first in order to add a few more points to Fico's)

[hedgeclipper2]

Chase won't like the utilization IMO.  I tried recon on my denial, and I have checking savings and mortgage with them.  No go.

[Anonymous]

I still have trouble getting Cap One to report to all three CRAs (EX specifically, and others have reported other issues with CapOne too).  Chase CLIs are hard INQs (unlike many other cards), so that's something to consider for the future.

[hedgeclipper2]

i have no problems with capone reporting both of my cards to all three CRAs.  

with the numbers above id think youd be good for at least a $2000 CL with capital one, although they are weird, so YMMV

[Anonymous]

I agree, my Util% is not a winner --- can easily knock that number down by next reporting period. Still wondering if my overall numbers are in line with getting a Citi card or the like?! And which card to apply for first. Such as a Citi, Nordstrom or whatever?

Thanks!!

[hedgeclipper2]

Citi DOES NOT LIKE inquiries, so you are good there.  I think if you get the Util down, with no inq's you should be good for the Platinum Select card.  

[Anonymous]

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@jthedges wrote:

Chase won't like the utilization IMO.  I tried recon on my denial, and I have checking savings and mortgage with them.  No go.

---

They definitely don't like high Util. I tried recon with a clean record but only had accounts open for 2 yrs with 52% util. I believe once I get that down to a respectable ammount they'll approve me

[Anonymous]

OK, looking like Citi will be my first App at the end of month (after I pay down my current balance and have it reported). I keep reading good things about the Discover card and bad things about Chase. Even though my mail box gets a Chase pre-approval every week I am somewhat reluctant to apply. Would my numbers fit for Chase or Discover??

And, would it be OK to apply for a Nordstrom store card in the middle of all this --- or is that too many apps at once??

One thing for sure, I will treat for lunch to all those that have tossed a suggestion! THANKS again!

[hedgeclipper2]

3 apps in the same time period will not look good.  You might face AA from other lenders.  So beware.  I would do whichever card you want the most as soon as your balances are low.  And maybe one other app in the same week, you can claim you were shopping for the best interest rate or BT fee or whatever IF someone asks or you face an AA.  Then I would wait another 3 months or so, 6 if you can for any other apps.

[jforsyth]

I've never liked the whole app spree mentality. It's not like when you're shopping rates for a loan and the inquiries only count as one in regard to your score if you do them all within 14 days.

Each individual application is going to hurt you when it comes to credit cards. Why do them all at once?

You could trigger AA from your current creditors, and scare off all of the other CCCs you're applying for after your first or second back-to-back application. There's really no need to do them all at once unless you absolutely NEED the new cards. 

If you simply just WANT these cards, do some research on the ONE you want the most. Make sure you're pretty much a shoe-in for approval (don't waste an inquiry on something you're borderline for), and then apply. Then wait at least 6 months and apply for the next one you want, assuming again that you pretty much know you're going to be approved based on your research.