What should I do after Amex gold

[Anonymous]

Hi everybody,

very new to the credit thing, but I think I got the point.

I started a year ago with secured BOA platinum (the white one) as a tourist, than my wife added me to her credit card as an authorized user (Boa cash rewards) 

a month later I got my 300$ back (from the secured credit) than the same day 3200$ for travel rewards Boa.

I got my social and it’s the first month they updated my score and I have TU 726 and EX 720.

Few days ago I got CLI increase to my Boa platinum from 300$ to 1000$.  After that I applied for Capital one platinum something and got approved directly with CL 2000$. And today I got approved to AMEX Gold.

My question is if I should apply to more now (I have like 2 inquiries from Chase which didn’t go through) and I want to hit now and than let my score grow.

what’d you guys think? If I should so should I go for AMEX or something else ?

Total credit limit so far is 11200$

Thanks

[thornback]

Hi Newbieleo,  welcome to the forums! 

I suggest you let all of your new accounts age to at least 1 year -- no new apps.   Age is very important to your overall credit profile, so you need to take a time-out from adding new accounts.   

Also --were you already denied for Chase? If so, it may have been because of your short / thin credit history.  Chase also has a rule referred to as "5/24".   This means they will deny you if you have more than 5 new accounts in 24 months.  So if you want a shot at getting a Chase card, you need to stop applying for new credit now as it looks like you already have 4 new accounts (not including the AU account).    I suggest you wait until all of your accounts are at least 1 year old before trying for Chase again.

Congrats on your approvals and enjoy your new cards!! 

[Anonymous]

Thanks ! 

I was was thinking maybe to try another one in AMEX just because I was looking to increase my total credit limit, but yeah next month my oldest will have 1 yo, so maybe I should just wait? I don’t really care if Chase won’t approve me cuz I can apply through my wife.. so the question is due to my inquires so far isn’t it worth it to try to get as much as I can and than take some rest?

thanks for the quick response..

[thornback]

Well... if you don't mind not getting a Chase card right away... then yea, you can go for another Amex -- they're not really sensitive to inquiries.   BUT -- if you do add another Amex card you need to stop applying after that an let all of your accounts age.   Everytime you add a new account, you lower your Average Age of Accounts (AAoA) and this will reduce your FICO scores. 

So... you can go for a second Amex now, then sit tight for a whole year with no new accounts. 

[thornback]

Also --  Amex will usually pre-approve existing card holders for new cards and you can apply for that new card with no hard inquiry.  So... if you wait a few months after you activate your Amex Gold you can check your pre-approved offers for the additional card that you want and if you see you are pre-approved you can apply without adding a new inquiry... 

[Anonymous]

I went for a Disco recently after I was denied by chase for a thin file. Similar to you.

I talked to a chat rep about soft inquires after having a product already. Obviously, they said they can’t comment on specifics buuuuuuut the rep I had gave me a message along the lines of, “I am also a part of the Credit Bureau team and you can call them regarding wether it will be a hard or soft pull.” I haven’t tried this but he was kind enough to tell me. Ask for the number in the account services chat and maybe can go through it a bit.

[Anonymous]

So I took that risk (I'm too excited I got approved for the gold) and applied for Ascend Honor. Got Instantly approved but 1000$ limit, so unfortunatlly now I have to sit on my hands a little bit. But thank you all ! you guys really helped me.

[thornback]

Congrats! That $1K limit can grow quickly... 

When you have time, you should familiarize yourself with the amex 3x CLI process and data points in this thread:

https://ficoforums.myfico.com/t5/Credit-Card-Applications/The-Definitive-Amex-3X-CLI-Guide/m-p/18110...

Enjoy! 

[Anonymous]

If you want a chase card wait. I was told you can get a chase unlimited as a starter card. I was like you. 3 accounts with little credit history. I applied in a year twice for chase cards and was denied. If you wait a year you should be able to get a chase card. Congrats on your recent approvals.