@MrFiah wrote:Just starting my credit journey, I have two secured cards (Discover and Cap1). Currently, I am unscorable (only marks are HP for the secured cards) but should have get my first score in about a month depending on if credit history starts when account first opens or after first payment is reported. Anyway, I received a pre-approved offered from Synchrony for the Premier World MC with 2% CB on everything, offer says CL would be minimum of 1K. Long term, I would like to get a couple cards with rotating categories that have higher rewards and then a 2% card for everything else but I was thinking it would be the WF active cash card. What do you guys think, should I wait and get the WF card after establishing some credit history? How long would it be before I realistically could get the WF card?
I personally would wait and build some history. At least 6 months and a year is even better. Credit Building/Rebuilding should be thought of as a marathon and not a sprint to do it right. Many of us received that same Pre-Approved Sync World MC mailer this week and my file is much thicker and with many cards. So I'm personally not interested in it but remember a "Pre-Approval" is just that. Sync is fairly strict and they will run your credit as a HP still even with that offer and when the see you have no history that Pre-approval could still be denied and I'd say there's a good chance of that even. But no one knows for sure until/if you apply. If it were me I'd work the cards I have by using and paying in full monthly and then down the road you'll have a much better shot at getting the card(s) you want.
I agree with the previous poster. Your best bet is to garden for six months, at least (a year would be better) before trying for another card. You said so yourself, you don't have a credit score yet. I think a WF application will be a waste of a HP for this reason, because you'll need some history first. The Synchrony 2% cashback MC is a little harder to get than their co-branded cards, IMO. Be patient (I know it's hard, btdt!) but your patience will pay off!
@MrFiah wrote:Just starting my credit journey, I have two secured cards (Discover and Cap1). Currently, I am unscorable (only marks are HP for the secured cards) but should have get my first score in about a month depending on if credit history starts when account first opens or after first payment is reported. Anyway, I received a pre-approved offered from Synchrony for the Premier World MC with 2% CB on everything, offer says CL would be minimum of 1K. Long term, I would like to get a couple cards with rotating categories that have higher rewards and then a 2% card for everything else but I was thinking it would be the WF active cash card. What do you guys think, should I wait and get the WF card after establishing some credit history? How long would it be before I realistically could get the WF card?
I'm surprised that Synchrony would issue a preapproval for someone who doesn't have a FICO score yet. Is it possible you do have a score but missed it?
While a preapproval for a 2% cashback card is nothing to sneeze at, I wouldn't want a Synchrony card in your situation, because Synchrony has a practice of reporting erratically. You never know when during a cycle, or how many times during a cycle, they will report your balance. Sometimes they do it when your balance is at its peak. Having a card like that could be problematic for someone with a 'thin' file like yours, who is trying to establish a good credit rating.
So despite the tempting nature of this offer, it might be wise to let it pass.
Once you know your scores out of the starting block, you will be in a better position to plan.
@SouthJamaica wrote:
I'm surprised that Synchrony would issue a preapproval for someone who doesn't have a FICO score yet. Is it possible you do have a score but missed it?
@SouthJamaica I was surprised too! I am absolutely sure I don't have a score. Both my Discover scorecard from Transunion and Experian.com show no score, just inquiries from getting my two cards. Actually, experian doesn't even show any inquiries.
While a preapproval for a 2% cashback card is nothing to sneeze at, I wouldn't want a Synchrony card in your situation, because Synchrony has a practice of reporting erratically. You never know when during a cycle, or how many times during a cycle, they will report your balance. Sometimes they do it when your balance is at its peak. Having a card like that could be problematic for someone with a 'thin' file like yours, who is trying to establish a good credit rating.
Good to know about their mid cycle/erratic reporting. That would definitely be frustrating to the point I wouldn't want to use it, so why have it.
So despite the tempting nature of this offer, it might be wise to let it pass.
Once you know your scores out of the starting block, you will be in a better position to plan.
Should only be about a month, month and a half until I get my first score. I am trying to patiently wait. Excited to see what my first score will be.
I too got a mailer for this card earlier this week and am considering adding it to my profile. You have two cards and need 3 to get your max Fico score so IMO it might be good to accept this offer and get the WF Active at a later time, WF is a conservative bank and will need a track record of good payment history before they approve.
As to South Jamaicas comment of getting this mailer without a Fico score, Synchrony has their own internal score that they use to open their cards and they use Vantage 4 to track.
@MrFiah wrote:
@gdale6 wrote:I too got a mailer for this card earlier this week and am considering adding it to my profile. You have two cards and need 3 to get your max Fico score so IMO it might be good to accept this offer and get the WF Active at a later time, WF is a conservative bank and will need a track record of good payment history before they approve.
As to South Jamaicas comment of getting this mailer without a Fico score, Synchrony has their own internal score that they use to open their cards and they use Vantage 4 to track.
@gdale6 Where does one find their Vantage 4 score and is this different than the VS scores on the free credit reporting sites? On the free credit reporting sites my VS range from 715 to 728, depending on the CRB.
Only place I know is an open account with Synchrony Bank.
