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Re: Thinking about apping for some new cards.
Yeah, it does. So if i PIF that one but not the venture one or my discover would I still have a shot of being approved?
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Re: Thinking about apping for some new cards.
@Thediamond wrote:Yeah, it does. So if i PIF that one but not the venture one or my discover would I still have a shot of being approved?
I can't really say. I was approved yesterday for a Chase Freedom Flex with a $5600 SL @ %23.74. My EX was 808 when they pulled it. I have 5 accounts showing balances, all at %48 or better UTIL. So IMO I barely squeeked past a Chase approval. FNBO Evergreen approved me for $15k SL @ %14.99 which I think is their best offer. They pulled EX as well.
Here's a thread I started with my high UTIL and score changes as they've been paid down.
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Re: Thinking about apping for some new cards.
**bleep**. It gives me some hope aha. I mean I want the cards, but I can't say if it's worth doing it now or waiting it out.
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Re: Thinking about apping for some new cards.
@Thediamond wrote:Hi everyone! Long time lurker first time poster in need of some advice.
cards I have currently:
1. BofA Cash Rewards: 5,700 limit. Opened in April 2012 with 700 limit. 20.99 current apr.
2. Citi forward, now double cash: 1,820 limit. Originally got it up to 4500 but with a job loss and pandemic they lowered it down to this. Have had the card since October of 2012. 10.99 APR.
3. Discover more: 6,400 limit. Opened this card the same day as citi forward/double cash. Started with 1500 and they have been nothing but kind to me and raised it when they can. 17.24 apr
4. chase freedom: opened in may of 2013 with a 2,400 limit. With Job loss and pandemic hit they've lowered it 1000 now. 18.99 apr
5. chase southwest rapid rewards plus. Opened in June of 2013, 3600 limit. 15.24 APR.
6. Amex BCE: December of 2013. 2000 limit. 23.99 APR.
7. Amex SPG, now Marriott bonvoy. December of 2013. Originally started with 4000 limit. Now at 5k.
8. capital one venture one: 10k limit. Opened in September of 2015. 21.90 APR.9. Citi Aadvantage Platinum Select: opened in September of 2015 with a 4K limit. With the pandemic again and job loss from before they brought the limit down to 2,380.
with all that being said, I had 70% utilization at the beginning of the year. With finding a new job and graduating and combining my unemployment checks I have brought my debts down from 28,500 to about 12,800. As on capital one I have a balance of 4023.46, on discover I have a balance of 3527.72 and my other Amex I have a balance of 4870.05. I do have enough money in my savings that I can use to pay off one other card I'm really interested in the CSP, Citi premier, and US Bank Cash plus as I haven't applied for a card in about 6 years and would like to increase my overall lines as well. I have a current income of 32,500 and I live at home. I do have some travel coming up and my parents are more then happy to reimburse me back for any charges if they need to. What do my chances look like? Any advice? Also current scores as of the 7th: EX: 712, TU: 704, and EQ: 686. AAOA: 8 years or so
Thanks everyone!-D
I think you'll get a decent score boost in your FICO 8's if you use your savings to bring the Capital One, Discover, and Amex cards down to 28% or less of their limits.
Then, once all 3 have reported, go for the CSP.
Total revolving limits 586020 (520820 reporting) FICO 8: EQ 694 TU 692 EX 692
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Re: Thinking about apping for some new cards.
@SouthJamaica would you suggest spreading the amounts or just paying off one card? At this point if I don't go for the CSP, do I even stand a chance for the other two cards I mentioned? I have no relationship with US bank. Citi I only am a credit card customer with them and chase I have a banking relationship with them as well, but only about 500$ in checking and savings with them. Would that make any difference?
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Re: Thinking about apping for some new cards.
@Thediamond wrote:@SouthJamaica would you suggest spreading the amounts or just paying off one card? At this point if I don't go for the CSP, do I even stand a chance for the other two cards I mentioned? I have no relationship with US bank. Citi I only am a credit card customer with them and chase I have a banking relationship with them as well, but only about 500$ in checking and savings with them. Would that make any difference?
I don't know for sure, someone else who might can chime in but from what I've read I think having all your accounts showing less than %28 will be better than having one show over %50. If you don't have immediate plans for the cards other than wanting them I would try and wait. I really wanted to wait to app for mine but I want to capitalize on the %0 APR balance transfer to save interest and help pay down my balances faster.
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Re: Thinking about apping for some new cards.
I honestly don't mind waiting. More or less I'm trying to figure out the best course of action to get them and to see if it makes sense to get them now or later. Last thing I want to do is to spook a lender or something.
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Re: Thinking about apping for some new cards.
@Thediamond wrote:@SouthJamaica would you suggest spreading the amounts or just paying off one card? At this point if I don't go for the CSP, do I even stand a chance for the other two cards I mentioned? I have no relationship with US bank. Citi I only am a credit card customer with them and chase I have a banking relationship with them as well, but only about 500$ in checking and savings with them. Would that make any difference?
I would recommend spreading them as I indicated. That will give you more of a boost in your FICO 8's and 9's, which are the most likely scores for credit card applications.
All 3 cards are about the same in degree of difficulty to obtain. You have an edge with Chase and Citi in that they both will like that you haven't added any accounts in many years.
I think you have a good shot at any one of the 3, but will have a much better shot once you've gotten rid of high utilization accounts (defined by me as 30% or more).
Since you have travel coming up, it seems to me that you should go for CSP or Premier.
I doubt that your Chase checking account will mean anything but it gives you the opportunity to check for prequalifications on the website.
Total revolving limits 586020 (520820 reporting) FICO 8: EQ 694 TU 692 EX 692
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Re: Thinking about apping for some new cards.
I think I should wait then as if I can cut it down even more in terms of overall debt, it'll increase my overall chances. However do you think the CLD's that citi and chase did on my accounts have any bearings on future approvals?
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Re: Thinking about apping for some new cards.
Hello everyone! A bit of an update. I managed to pay off the old SPG (Marriott Bonvoy card, only balance on there is 124.00, with 95.00 AF and 29$ in interest). Is it a better time to go for the cards or still wait it out?
Thanks y'all.