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Advice to Improve My Credit Profile

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Anonymous
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Advice to Improve My Credit Profile

Hey all. New user to these forums. Came here to seek guidance from expert credit wizards on how to quickly improve my wallet.

Ill try to be specific about my credit history. So here goes.

October 2017: Browsed my credit score for the first time ever. 650 then. Until this point, I had NEVER owned any credit card in my entire life (btw I'm 29 as of June 1, 2018) I frequently made purchases on Amazon and simply paid with my debit card. I ended up biting on the Visa Signature Amazon Prime CC. This was my first official Credit Card. $2,500 Limit

December 2017: With Christmas around the corner, I was desperate to make it a fascinating one for my family (wife and daughter) Ended up getting the American Express Blue Cash Everyday card. $1,500 Limit.

January 2018: Wanted to buy my bro a new computer. Years ago, I bought myself one on Newegg. So this time, I decided to apply for and pay with the Newegg Store Credit Card. Not exactly a home run hit by any means. Its not as good a card as the promotional offers imply. Not gonna be a card I keep in the late future. $2,500 Limit.

May 2018: My credit score at this point was sitting at 720. I had been paying off all my CC balances within a month. So my score must have skyrocketted pretty quickly. I had my eyes set on the Chase Freedom Unlimited for a while. Decided to apply for it. Unfortunately, I was rejected immediately. FORTUNATELY, I had the rejection overturned by calling the reconsideration line. It was approved and they set me up with a $3,600 limit.

So here we are now. In June. Credit Score currently at 740. Primarily using my Freedom Unlimited. Amex has no balance on it at the moment. But my Chase F.U. is sitting at about $2K. I went crazy when i first got it a couple weeks back. But I will have it paid off within a couple months (I have 15 months 0% intro APR anyways) .

So yeah. Sorry for long post. But what should my next move be? I was looking for a good travel card. Does anyone have the Chase Sapphire Preffered and if so, is it a great card?

Message 1 of 11
10 REPLIES 10
Anonymous
Not applicable

Re: Advice to Improve My Credit Profile


@Anonymous wrote:

Came here to seek guidance from expert credit wizards on how to quickly improve my wallet.

Not sure what you mean.  What does "improve my wallet" mean for you?

Message 2 of 11
Anonymous
Not applicable

Re: Advice to Improve My Credit Profile

Oh sorry. Basically I meant which credit cards should I be eyeing next??
Message 3 of 11
sarge12
Senior Contributor

Re: Advice to Improve My Credit Profile


@Anonymous wrote:
Oh sorry. Basically I meant which credit cards should I be eyeing next??

If you are going to carry a balance, I'd say none...but that is just my opinion PIF every month. My personal favorite cards are Chase Amazon Prime, Amex BCE, Citi DC, and Cap1 Quicksilver. Also like the Discover It when catagories apply.

TU fico08=824 06/16/24
EX fico08=815 06/16/24
EQ fico09=809 06/16/24
EX fico09=799 06/16/24
EQ fico bankcard08=838 06/16/24
TU Fico Bankcard 08=847 06/16/24
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 4 of 11
HeavenOhio
Senior Contributor

Re: Advice to Improve My Credit Profile

Great job so far. You have some nice cards for someone who's just getting started, and it's highly unusual that one's first card is a Chase card. You've also learned that carrying a balance is no fun, even at 0% interest. But it sounds like you'll recover from that in short order. Smiley Happy

 

I think your next move should be to look into a credit limit increase (CLI) on the AMEX card. Ask for $4,500 (three times your current limit). If you're approved, which would seem likely, ask for 3X again after another 181 days. Check out the first few pages and the last few pages of this topic:

 

The Definitive Amex 3X CLI Guide

 

Keep a few things in mind about Chase. First, they usually want to see that your oldest card is at least a year old. As mentioned, it was unusual that you got the Amazon card off the bat, and your young card history probably why you had to go to recon (reconsideration) on your Freedom Unlimited.

 

Second, they have their infamous 5/24 rule. If one has opened five new cards within the past 24 months, an instant denial is likely. Also, they're sensitive to new accounts. It's a good idea to garden (not apply for anything) for a few months (three to six) before applying for a Chase card.

 

If the Chase Sapphire Preferred (CSP) interests you, move slowly. Don't add any more cards right now as you're already at 4/24. Wait until at least December or January to apply. At that point, your two oldest cards will be a year old, and your newest card will be six months old. And they'll likely see a nice limit on your AMEX card. That will show them that you can likely "handle" the $5,000 minimum starting limit that comes with the CSP.

Message 5 of 11
Anonymous
Not applicable

Re: Advice to Improve My Credit Profile

Thanks for the advice. I will definitely attempt to ask Amex for the 3x CLI. Smiley Happy

Also I hope I can get my hands on the Chase Sapphire Pref sooner than Dec/Jan. I have a huge trip planned for February. Would love to take advantage of their 50,000 point bonus and use it to redeem some travel perks.
Message 6 of 11
Anonymous
Not applicable

Re: Advice to Improve My Credit Profile


@Anonymous wrote:
Thanks for the advice. I will definitely attempt to ask Amex for the 3x CLI. Smiley Happy

Also I hope I can get my hands on the Chase Sapphire Pref sooner than Dec/Jan. I have a huge trip planned for February. Would love to take advantage of their 50,000 point bonus and use it to redeem some travel perks.

This is what I was trying to get you to talk to us about.  The question What card should I open next? has no answer without knowing a lot more about your situation.

 

For some people the right answer is "no more cards."  There's a lot of reasons why a person would stop at four cards.  More cards than four will not help your credit score, for example.  And if a person was planning to buy a house in the near future a fifth card would be a bad move. 

 

For others a fifth card might make sense, but which card and when would depend on a lot of other stuff.

Message 7 of 11
Anonymous
Not applicable

Re: Advice to Improve My Credit Profile

Oh shoot. Yeah I should have mentioned that. Well ill just stick to what I have for now. Ill see where I'm at once I pay of my Freedom Unlimited account.
Message 8 of 11
HeavenOhio
Senior Contributor

Re: Advice to Improve My Credit Profile

If you feel that you want to apply for the CSP a bit sooner, I'd at least wait until your oldest card is a year old. Another thing to keep in mind is that Chase isn't one to like to hand out one's highest limit, but they do seem to make exceptions when one has one of the Freedom cards.

 

If it's feasible to wait until AMEX reports your second CLI, I'd try to do that. Chase seems to want your business, though, so it appears that you have that on your side. Also, check for prequals. You probably won't see any right now, but they may pop up once your FU is six months old.

 

Once you get the CSP, absolutely do not invent ways to spend in order to achieve the sign-up bonus. Make sure you do that with money you would have spent anyway. If need be, temporarily shift spending from other cards, even if the immediate reward is a bit less. If you have recurring payments on other cards, one thing you can do is make one-time payments with the CSP. The recurring payments will pick up where they left off in following months.

 

 

Message 9 of 11
Anonymous
Not applicable

Re: Advice to Improve My Credit Profile


@HeavenOhio wrote:

 

Once you get the CSP, absolutely do not invent ways to spend in order to achieve the sign-up bonus. Make sure you do that with money you would have spent anyway. If need be, temporarily shift spending from other cards, even if the immediate reward is a bit less. If you have recurring payments on other cards, one thing you can do is make one-time payments with the CSP. The recurring payments will pick up where they left off in following months.


Yes! 

Message 10 of 11
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