Too Much too Fast?

[goodscores]

Good Morning,

So it appears that I only received 1 HP on Experian for both Amex apps, and my score from USAA didn't even budge, maybe since my last 2 were both back in January.  My limit on the BCE is $2000.  I was hoping for a bit higher, but considering the only open line on my report at the moment is my Bank of America Cash rewards Platinum Plus Visa Secured for $1000 i can understand.  Curious if my $3000 Discover, which hasn't reported yet had been on my report if my limit would have been higher.  

Cashem, I too am curious what kind of hit my scores will take after these 3 new trade-lines begin reporting.  My current scores are as follows:

Equifax:  from Discover app 772

Transunion:  from myFico Quarterly monitoring 784

Experian:  746 from USAA (all three scores are identical according to them)

Anyone have any predictions what will happen to my scores?

One more card is tempting, especially since I have only 2 HP’s on both Equifax and Transunion.  

I have pretty basic spending habits. I save 20% of my income and invest about 10%. Gas & Groceries, I do a lot of my shopping online throughout the year as well as holiday shopping.  I do a fair amount of shopping at Lowes since gardening and home improvement are a big part of my life.  I vacation a couple times a year and a wedding is in my future.  I planned to pay cash for her ring, but id be willing to bet theres a good way to earn some rewards by paying with plastic.  

[09Lexie]

The Fidelity Amex might be a contender. I think you need a Visa/MC just to round out the 'card acceptance' issues. Chase would be good to start building a history with-Freedom not CSP. In a few months after your first CLI on Amex reports go for the CSP.

If you are aiming for EQ/TU, Lowes would be a good choice. You can recon whatever limit they give you right after approval.

With 3 new TLs, I'd be surprised if your scores dip more than 10 points.

[goodscores]

Hi Lexie,

Thank you for your always valuble, and much appreciated contributions to these forums.  Would my Bank Americard fulfill the Visa/MC requirement for 'card acceptance' issues, even though its still secured?    

[Anonymous]

Goodscores,

Your AAoA is where you will take hit.  I assume util was already low given your scores.  Go ahead and do the AAoA calculations and let me know what it was before and after apps/new cards.  I'll take a stab at guessing.

As for cards, your goal is to use the AMEX lightly, PIF, and keep your scores up until 61 days hit.  Go for the 3X CLI to 6k on AMEX.  This will get you above the 5k hurdle.  As for other cards, I would hold off until AMEX gets CLI.  You need to show high CLs to get high CLs.  Stay away from Chase since they basically require HP based CLIs even though the cards are good.  If you apped for Chase now, you will likely get 1-3k.  Wait till AMEX reports 6k and you will see much higher CL and might be able to go for CSP then if you like.

[goodscores]

Thanks again Cashem,

So, my current AAOA with only the $1000 BOA secured reporting along with my 2 student loans and a furniture lease is as follows:

Experian:  11.2

Equifax:  11.2

My transunion has a couple other closed accounts reporting from 2004 including a paid auto loan, and a first premier closed paid as agreed card.  The AAOA is:

Transunion:  10.6

I have finished the calculations for AAOA once new cards begin reporting and have come up with:

Experian:  6.5

Equifax:  6.5

Transunion:  7.0

So no go on another card huh?  lol 

[09Lexie]

Yes, BoA would fulfill the a visa/MC requirement.

Edit: you might see if they will unsecure your BoA card now.

[goodscores]

Is a GE card out of the question right now. None of my new cards have reported yet.

[myjourney]

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@goodscores wrote:
Is a GE card out of the question right now. None of my new cards have reported yet.

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Hello,

No that's why I asked where you shopped I had a card in mind..lol Walmart

What card are you thinking?

[JonStur]

I would app for Walmart immediately.. I can't imagine them not approving you for their Discover version. Then off to the garden and let your AMEX increase, and get those 4 month GE increases. With that you should be in immaculate shape...

[goodscores]

I'm thinking maybe lowes? I really just want to establish a relationship with GECRB to increase my overall available credit. Is their no interest financing available for the life of the card? I like hearing what folks would do in my shoes, at this stage of my credit journey. Thanks all.