Subprime question, please help!

[CreditRookie22]

So i only have 2 credit cards on my report. First premier (300 limit, opened 8-2013) and Vic. Seceret Comenity (500 limit, opened 11-2013). I have nothing else reporting, no derogs, no baddies, 100% payment on time history. Lowest Fico score is Eq. 680. I just started with credit in 8-2013. My plans are to apply for  Chase Freedom and Citi Simplicity in June 2014. Then i want to apply for a mortgage in june 2015 with FHA. My concern is that Chase and Citi will deny me due to my subprime accts on my report. I currently have 6% util, and 2 ex, 4 transunion, and 5 eq. inquiries. Ive heard that these banks will deny if you have subprime cc in your report. Is this true???

[myjourney]

With only 5 months of CC history I would wait until at least 7-8 before appying to be safe

[CreditRookie22]

Well i will have 10 months of history with First Premier and 7 with Comenity

[gdale6]

Predicting what a bank is going to do with FP on your reports is like trying to find a needle in a haystack, it is the overall picture that they look at. I might add a secured card in that mix ASAP to boost your chances.

[myjourney]

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@CreditRookie22 wrote:

Well i will have 10 months of history with First Premier and 7 with Comenity

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By June 2014 you should be fine if you wait until then 

[indiolatino61]

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@CreditRookie22 wrote:

So i only have 2 credit cards on my report. First premier (300 limit, opened 8-2013) and Vic. Seceret Comenity (500 limit, opened 11-2013). I have nothing else reporting, no derogs, no baddies, 100% payment on time history. Lowest Fico score is Eq. 680. I just started with credit in 8-2013. My plans are to apply for  Chase Freedom and Citi Simplicity in June 2014. Then i want to apply for a mortgage in june 2015 with FHA. My concern is that Chase and Citi will deny me due to my subprime accts on my report. I currently have 6% util, and 2 ex, 4 transunion, and 5 eq. inquiries. Ive heard that these banks will deny if you have subprime cc in your report. Is this true???

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I don't think having a FP account is a nail in the coffin, but your low AAoA and thin file may make it a bit precarious. Chase and Citi are prime lenders, so I would wait and age your accounts a bit before applying. The best of luck to you.

[efranklin23]

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@indiolatino61 wrote:

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@CreditRookie22 wrote:

So i only have 2 credit cards on my report. First premier (300 limit, opened 8-2013) and Vic. Seceret Comenity (500 limit, opened 11-2013). I have nothing else reporting, no derogs, no baddies, 100% payment on time history. Lowest Fico score is Eq. 680. I just started with credit in 8-2013. My plans are to apply for  Chase Freedom and Citi Simplicity in June 2014. Then i want to apply for a mortgage in june 2015 with FHA. My concern is that Chase and Citi will deny me due to my subprime accts on my report. I currently have 6% util, and 2 ex, 4 transunion, and 5 eq. inquiries. Ive heard that these banks will deny if you have subprime cc in your report. Is this true???

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I don't think having a FP account is a nail in the coffin, but your low AAoA and thin file may make it a bit precarious. Chase and Citi are prime lenders, so I would wait and age your accounts a bit before applying. The best of luck to you.

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+1 to this. Your AAoA is very low (regarding credit cards) which is very unattractive to CC lenders. Before you start applying for more credit, I recommend that you get atleast one credit card (not store cards) with atleast one year of credit history just to play it safe. More lenders will open to you and with your score, you can start with prime lenders and can build from there. And it really depends on what Chase or Citi you're applying for. And a couple of months, I'm sure you'll be able to get either card if you have no baddies or derogs with a CC on file. 

Note: Chase doesn't look at store cards

[Creditaddict]

I would rather apply now for chase and be denied then wait all the way to june and continue paying the fees on FP thinking rather you will be approved now or not.

Have you checked the pre-qual offers on both chase.com and citicards.com? Maybe you have offers already?

I would also look at Discovercard - they have a pre-qual.

barclay has one also

bank of america

and last but not least capital one has a pre-qual.... since you have a thin file and goal is next year to get a house I would go on app spree sooner (now) then later june and then you will have all accounds over 1 year, all inq's will be not counting and you will be set!

plus even if you start a little lower $1k-$2k CL's right now, they will more than likely grow over the next year.

[jamesdwi]

I would vote for applying with Chase, a report with no baddies may get approved, its when you have baddies they want a longer history, my son got his Chase Freedom with only 6 months of history and an AU on a Cap1 card.

If denied by Chase, I would AP fo Cap1 one of the builder cards, it will be a tripple pull and will suck and only give you one CLI after 6 months. But if approved you can close the First Premie card and get rid of there high AF. Afer 6 more months you should be good for a Chase freedom card or other prime lender, with 6 months of credit history on a non first primie card, and 1 year with a store card. 

[CreditRookie22]

If any offers pop up during the pre-qual offers, does that mean I will get approved considering I have less than 10% util, absolutely no baddies. Will I more than likely get approved??