Advice on what to do next

[Anonymous]

Lurker turned member. First post. I’ve been trying to build my credit scores over the past year and a half. Here’s where I stand:

FICO 8 TU (04-04-2019): 757

FICO 8 EXP (03-31-2019): 752

• Discover opened 11-01-2017 CL $3,000 (opened as secured changed to regular credit after five months)
• Dell Credit Card (DFS/WEBBANK) opened 02-16-2018 CL $2,000 (charge card)
• Amazon Store Card opened 07-16-2018 CL $3,600 (charge card)
• Chase Auto (Mazda Lease) opened 08-16-2018 balance $9,351 (joint, I needed a co-signer)
• AMX Cash Magnet opened 10-03-2018 CL $12,000 (opened at $4K, requested increase)
• Chase Freedom opened 11-17-2018 CL $3,400

Everything is paid as it’s posted or weekly, so balances are zero (other than the lease) or less than $100 if I mess up and use one too close to statement close. I have no collections, no public records, no late payments. But very new.

After considering my needs, I have two goals:

• Maximize cash back without becoming overly obsessive
• Get the best possible rate without a cosigner on my next car lease (July or August of 2021)

I’m interested in the Freedom Unlimited 3% for one year offer, but I’m concerned that 5/24 is an issue (I do have Chase checking and savings if it matters). I’m prequalified (according to their website) for the USBank Cash+ and that sounds interesting as well. Also, one of the AMX Blue Cash Everyday would complement my Discover and Freedom 5% cards maybe. I don’t travel, so those types of cards don’t interest me too much.

My question is, what should I do next? New card(s)? Wait? Close something (I doubt this)? I’m thinking that I should get as many HPs out of the way as I can so they drop off before lease time in 2021. Bad logic? More information required for better advice?

[Girlzilla88]

You definitely want to be 5/24 or lower I LOVE and I mean LOVE my Freedom Unlimited Card and my middle score was 755 when I got mine.      If you are wanting to do the vehicle CU's are great at giving low rates if you are wanting a middle/average priced vehicle 650 score is minimal I would say to be clear of free of cosigner some places are pickier but rule of thumb is 650 is best spot to be minimally if you are wanting something decent if you want a more expensive vehicle you definitely want to be 700 or ideally 740 plus drop those HP will help raise your score too so I would definitely recommend working on that and keeping your cards good and everything so your AAoA raises too!

[Anonymous]

If you're really interested in the Chase Freedom Unlimited card, my suggestion is to go to a branch and ask a personal banker if you have any current in-branch approvals.  The PB will be able to tell you which cards you're currently pre-approved for, and its likely the CFU is on that list given how heavily they are promoting it.

The advantage of an in-branch pre-approval is that its the only sure way to bypass the 5/24 rule.  You will need to present proof that you're a current Chase customer;  typically they will ask for one of your Chase credit cards as proof of your banking relationship.

[Anonymous]

I did as you suggested and went to a branch a couple days ago. The manager looked at my profile and there were no pre-approvals. She said thre was no difference in acceptance possibility applying online or in-branch. On the Chase website I have the green-checked offers for a CSP and Slate. I'm tempted to go back and just have them do the application there anyways. One HP won't kill me.

[Anonymous]

Thanks for the advice. Except now I REALLY want that Freedom Unlimited card lol.

[Anonymous]

---

@Anonymous wrote:

I did as you suggested and went to a branch a couple days ago. The manager looked at my profile and there were no pre-approvals. She said thre was no difference in acceptance possibility applying online or in-branch. On the Chase website I have the green-checked offers for a CSP and Slate. I'm tempted to go back and just have them do the application there anyways. One HP won't kill me.

---

That's simply not true, unless she was referring to a cold app done in-branch.  But if you have an in-branch pre-approval for specific cards; you are almost guaranteed to be approved regardless of your 5/24 status.  I was approved in-branch for a Sapphire Reserve card with a $35K starting limit despite being 15/24.  If I had applied online it would have been summarily rejected; there are countless datapoints in these forums that show in-branch pre-approvals have a significantly higher rate of approval and bypass the 5/24 rule.  Green checkmark offers are still subject to the 5/24 rule.

[Anonymous]

I trust your and this forum's experience on this more than the bank manager's. I'm not sure she actually looked for pre-approvals. I asked her about any "offers". I actually knew more about their card products than she did and she struggled a bit with her pc. She may have been new in the position or filling in. Your information and explanation has helped me. Thank you I'll wait and see what my scores are at at the beginning of next month and then make a decision on that card.

Also, the two "charge" or store cards I have (Amazon and Dell) count towards 5/24, right?

[Anonymous]

---

@Anonymous wrote:

I trust your and this forum's experience on this more than the bank manager's. I'm not sure she actually looked for pre-approvals. I asked her about any "offers". I actually knew more about their card products than she did and she struggled a bit with her pc. She may have been new in the position or filling in. Your information and explanation has helped me. Thank you I'll wait and see what my scores are at at the beginning of next month and then make a decision on that card.

Also, the two "charge" or store cards I have (Amazon and Dell) count towards 5/24, right?

---

Go to another branch and ask another personal banker; you're not limited to your "home" branch.  Even a teller should be able to tell you if you have any in-branch preapprovals if you ask during a counter transaction, although you will still need to speak with a personal banker to get the specifics.  Of course, some tellers are unwilling or unable to look up that information so your best bet is the PB.

Yes, the store cards count towards 5/24; all revolving credit accounts are counted.