Hesitating between 2 cards - credit reporting

[Anonymous]

I am in the process of applying to a third CC. That would be the last one before gardening for 6months+ before applying probably to the CSP/CSR,  assuming I will match their known requirements by that time.

I have a thin file :

BoA CR - 7mo - 800$ CL

Amex BCP - 3mo - 6k$ CL

I was therefore looking at some of my local Credit Unions, which tend to be more generous with CL, and help me have a stronger file when applying later down the road.

I have done some research and narrowed it down to 2 CU. But one of them only reports to Experian, and although their card would be slightly better for me, I was wondering to what extend that could be detrimental when applying to any of the Chase card that one of my three cards would only report to one bureau?

[Anonymous]

if you think that card is good then go and get it, experian is the agency that gets pulled the most. you'll have enough stuff on all 3 reports eventually. if you think you might want to do a mortgage soon then it might be better to have history on all 3.

[FinStar]

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@Anonymous wrote:

if you think that card is good then go and get it, experian is the agency that gets pulled the most. you'll have enough stuff on all 3 reports eventually. if you think you might want to do a mortgage soon then it might be better to have history on all 3.

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Link or source of such data? 

[Anonymous]

I would not mind about this reporting "issue" if I already had a well established credit history. If this card, due to the only to Experian reporting, is not going to help me a stronger file when applying with Chase later on, I do not want to use a 5/24 slot and get a HP for it. Chase will likely pull Experian+another bureau, I do not know if having a third card on only one of the credit reports they will pull be helpful or not.

[AllZero]

^ Your logic is sound. Get a card that reports to all 3 bureaus.

[Anonymous]

It’s not going to be detrimental that it only reports to one agency. But the question is whether or not it will be helpful. Obviously it can be helpful at Experian.

If Chase is counting it towards the 5/24 rule, they’re counting it towards your number of accounts. As you said, they will probably double pull you as well, considering you have a thin file. If the card only reports to Experian, then it’s not gonna help your scores at the other two agencies.

Your biggest problem as I see it, is your short account history. Chase likes to see a little track history. And you don’t have a lot to show and only time and potentially another card is going to improve those chances.

Six months from now I assume the age of your oldest account is only going to be 13 months. I would be very surprised if you are approved with a 13 month history only. And then having two accounts under 12 months? Doesn’t seem likely to me.

I think you should wait longer. But then again you haven’t given us a lot of information. What are your FICO scores? I assume your file is clean. Do you have any closed accounts on your credit report? Any loans?

[Anonymous]

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@Anonymous wrote:
It’s not going to be detrimental that it only reports to one agency. But the question is whether or not it will be helpful. Obviously it can be helpful at Experian.

If Chase is counting it towards the 5/24 rule, they’re counting it towards your number of accounts. As you said, they will probably double pull you as well, considering you have a thin file. If the card only reports to Experian, then it’s not gonna help your scores at the other two agencies.

Your biggest problem as I see it, is your short account history. Chase likes to see a little track history. And you don’t have a lot to show and only time and potentially another card is going to improve those chances.

Six months from now I assume the age of your oldest account is only going to be 13 months. I would be very surprised if you are approved with a 13 month history only. And then having two accounts under 12 months? Doesn’t seem likely to me.

I think you should wait longer. But then again you haven’t given us a lot of information. What are your FICO scores? I assume your file is clean. Do you have any closed accounts on your credit report? Any loans?

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My scores are (FICO8) :
Exp : 719
Eq : 710

TU : 706

Util<1%, no late payments at all

No loans (at least not with any US financial institution), and no closed accounts.

Have been banking with chase for more than a year

Do you think that a third card with a decent limit could improve my chances ? The main reason for it was that BoA  won't grant me any CLI before at least my accounts hits a year old

[Anonymous]

Well the fact that you have a depository relationship with Chase may may the difference. You can check for in-branch pre-approvals, i believe....more familiar members help me out here.

Yeah, a 3rd card with a decent limit would help, but NOT if its brand new!! Do you have anyone with an older clean low utilization card that would allow you to become a joint owner? (keep in mind only some FIs allow joint.)

And you are talking about acquiring top-tier Chase cards, not the regular ones...IMHO, you need to wait and have more history, but you may wanna check for in-branch pre-approvals.

Note: Chase auto-CLIs are rare., so it would be nice to have a couple higher limit cards before the Chase, so you have a better chance of obtaining a higher SL and lower APR with Chase.

Also remember you will get a score boost when your youngest revolver turns a year old. May wanna time your app with that in mind.

[MrCreditInternational]

All I know is that they won't approve you for CSR without having another card with a limit higher than 10k, so probably you'll be good with the CSP.

Regardless, I would strongly recommend that you go with the card that reports to all 3 CRA. Unless you've had a monthly direct deposit, I'd strongly recommend waiting 6 months after getting your last card.

Also since you bank with them already, why don't you check if you're pre-qualified online or in branch?

[Anonymous]

@ Birdman7 : Thanks! I looked at the prequals but I do not have any yet, probably because my credit history is less than a year! Will probably be hard for me to be an AU, but will look into that

@ MrCreditInternational : My direct deposit is with Chase. I checked prequals online but do not have any so far. As I don't have a year long credit history I am for now on

just waiting anyway to have better odds later.

Regarding the 10K limit, I am counting on the x3 CLI with Amex that I will be able to request within the next few months.

As of the 6 month safety wait after getting my last card, were you talking about Chase or was it regarding the card I want apply to right now?

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