@Anonymous wrote:
Hi, i am looking to thicken my file and increase my limits. Fico all around 710-720 but only have 14 months history.
11-07 1k usbank visa(cosigned so no cli)
3-08 1k Orchard secured(closed 12-08 by me)
4-08 Macy's 2.4k (was 300 to start)
8-08 credit union 500
03 amex AU 6k (not reporting yet)
94 citi AU 12k (not reporting yet
I was looking on who gave me credit and with my scores it looks okay but since my file is so thin
Balances are all very low(40 on credit union and 200 on amex) No lates or bad marks
I was looking at the following card(apr irrelevant to me since i always pay cards off
citi premier pass
chase freedom
us bank cash reward
bofa amex
schwab 2%
amex gold(in hopes of getting the open date to match the AU of 2003 if they still do that)
Obviously i wasn't thinking of getting all of them but would like to get a few since i charge about 5k a month or so and i literally am paying my cards daily which is rather annoying. Does anyone with a thin file gotten approved for these cards or should i wait longer with the ones i have?
I would let the files age a little bit. Have you asked for a CLI from the CU yet? Once those AUs report for a few months, you will be getting pre-approvals in the mail. You will probably get offers from at least Bank of America, Chase, and Citi.
The reason I wouldn't apply right now is that I would hold out for higher initial credit limits. Once you have $6K & $12K limits reporting, you will get higher limits when you apply in 3 to 6 months. If you apply now and receive new cards you will probably get lower limits since the AU cards don't report a usage history yet.
Lenders who pull Experian will see the detailed two year monthly usage on the AU cards. If there is high monthly usage, other banks will jump at the chance to give you high limits on cards of your own.
Sit tight hang around these boards for a while and you will be solid gold by your two year anniversary.
In the meantime would the owner of the AU cards be willing to obtain a new credit card from Bank of America and make you AU on it?
If the answer is yes I would ask for a 5K card and use it responsibly for six months then have your status changed to co applicant. That would be a joint responsibility. A year later you can ask to become the sole owner and have your benefactor's responsibility removed from the card.
I would only recommend the BoA AU plan if you have a good close relationship with your AU benefactor.
The purpose of AU/Joint on a new card would be to get your credit limits up as fast as possible.
If you just sit tight and do nothing but watch your mail box for a few months you will still do very well.
I started with a single $5K BoA AU card 8 1/2 years ago. I finally reached 800 Fico a few months ago.
You have no idea how much those AU limits are going to help you in the future.
Don't apply for any more low limit cards. They will only hold you back in the future.
