Hello all,
I've been lurking on the forum for a little bit now and have definitely learned a lot, but am now seeking some advice for going about the rest of my credit journey.
Some backstory:
I am currently in college and am a part of the Navy. I don't report to them until after I graduate in ~1.5 years and then have a 5 year commitment so I'll be with them for awhile, but am considered Active Duty. I have no student loans or car payment so I started this off with literally no credit score whatsoever.
- September 2019: Approved for Apple Credit Card with $250 SL.
- December 2019: Approved for Discover It Card with $500 SL.
- March 2020: Approved for Amex Cash Magnet Card with $1000 SL.
I've requested CLI from Apple and Discover with both not being approved. Apple Card said the reason was because when I originally applied I didn't have a FICO score and they would need to do an HP now to get my score, and Discover said that they would like to see more good use of their card, but that I can reapply for a CLI every 30 days and it's just a SP. I just received the Amex card and haven't used it all yet, but when I received it I found that my TransUnion score was 706. I've never had more than 10% utilization on my cards when the bill has come, but have used over 100% throughout the course of the month, but paid it all before the statement came.
I do not plan on buying a house for the next 4-5 years, which will be once I'm done with my particular job training for the Navy and find where I'm stationed. In the meantime, my goals are to get the Amex Platinum and Chase Sapphire Reverse cards, since I can have both with $0 AF being AD, and enjoy the generous sign up miles. My goal is to get the Amex Platinum at the end of 2020 and, have a large trip and a new camera lens purchase to meet the minimum spend for the sign up bonus. Then sometime in the summer of 2021 trying to get the CSR, which at that point I will be at 4/24 in terms of their 5/24 rule. I opened the Cash Magnet card to begin getting a relationship going with AmEx as I've heard having a pre-existing relationship helps with approval chances for the Platinum card, as well as having a greater CL in the meantime will help.
I was reading on this forum someone was saying that once you have a few cards (like I do now) that it's best to use only 1 of them and have the other ones sit with 0 transactions. I was wondering if there's any truth in going about that or trying to spread all of my transactions out across the 3 to maximize their categlory benefits. My bank is also willing to give me a Checkline Reserve PLOC, but I've heard that this counts towards Chase 5/24 rule, but am not sure if this would still be something worthwile to increase my credit mix.
I would love to hear from some of you all and let me know if you think that I have a chance on getting the Platinum Card by the end of the year or if I'm just dreaming on that one. I'd also like to whether or not it would be worth it to have the Apple Card go ahead and do a HP to try and get a CLI.
Thank you
Current Cards:
Are you a member of Navy Federal Credit Union or Pentagon Federal Credit Union?
If not, have you considered becoming a member?
Since you have been approved with AmEx. I think your odds of the Platinum are good. Just wait a few and check back on the prequal site. Hope you are able to get that elusive 100K membership rewards points.
@manateemark wrote:I was reading on this forum someone was saying that once you have a few cards (like I do now) that it's best to use only 1 of them and have the other ones sit with 0 transactions. I was wondering if there's any truth in going about that or trying to spread all of my transactions out across the 3 to maximize their categlory benefits. My bank is also willing to give me a Checkline Reserve PLOC, but I've heard that this counts towards Chase 5/24 rule, but am not sure if this would still be something worthwile to increase my credit mix.
You can use all, some or none of your cards during the statement cycle. It's up to you and your preferred categories. If seeking to optimize score, look into AZEO Technique. All Zero Except One card reporting a small balance e.g. $5-$10. Use a major bank card. Do not use a store card or a charge card.
I am not yet a member of either of those. There's no branches to either of them near where I am currently, and am happy with my current bank so I haven't seen a reason to change. Is there a large advantage that I'm missing?
@manateemark wrote:I am not yet a member of either of those. There's no branches to either of them near where I am currently, and am happy with my current bank so I haven't seen a reason to change. Is there a large advantage that I'm missing?
No local branch required. You can become a member over the telephone.
Yes, you may be missing out on some opportunities. Having diverse lenders may be a good thing. Just visit the approvals sub forum and have a good read.
Also:
For your reading pleasure. Navy Federal Thread for CLI and Additional Cards
For your reading pleasure. Pentagon Federal Credit Union Data Share
@manateemark wrote:Hello all,
I've been lurking on the forum for a little bit now and have definitely learned a lot, but am now seeking some advice for going about the rest of my credit journey.
Some backstory:
I am currently in college and am a part of the Navy. I don't report to them until after I graduate in ~1.5 years and then have a 5 year commitment so I'll be with them for awhile, but am considered Active Duty. I have no student loans or car payment so I started this off with literally no credit score whatsoever.
- September 2019: Approved for Apple Credit Card with $250 SL.
- December 2019: Approved for Discover It Card with $500 SL.
- March 2020: Approved for Amex Cash Magnet Card with $1000 SL.
I've requested CLI from Apple and Discover with both not being approved. Apple Card said the reason was because when I originally applied I didn't have a FICO score and they would need to do an HP now to get my score, and Discover said that they would like to see more good use of their card, but that I can reapply for a CLI every 30 days and it's just a SP. I just received the Amex card and haven't used it all yet, but when I received it I found that my TransUnion score was 706. I've never had more than 10% utilization on my cards when the bill has come, but have used over 100% throughout the course of the month, but paid it all before the statement came.
I do not plan on buying a house for the next 4-5 years, which will be once I'm done with my particular job training for the Navy and find where I'm stationed. In the meantime, my goals are to get the Amex Platinum and Chase Sapphire Reverse cards, since I can have both with $0 AF being AD, and enjoy the generous sign up miles. My goal is to get the Amex Platinum at the end of 2020 and, have a large trip and a new camera lens purchase to meet the minimum spend for the sign up bonus. Then sometime in the summer of 2021 trying to get the CSR, which at that point I will be at 4/24 in terms of their 5/24 rule. I opened the Cash Magnet card to begin getting a relationship going with AmEx as I've heard having a pre-existing relationship helps with approval chances for the Platinum card, as well as having a greater CL in the meantime will help.
I was reading on this forum someone was saying that once you have a few cards (like I do now) that it's best to use only 1 of them and have the other ones sit with 0 transactions. Not true. See below. I was wondering if there's any truth in going about that or trying to spread all of my transactions out across the 3 to maximize their categlory benefits. My bank is also willing to give me a Checkline Reserve PLOC, but I've heard that this counts towards Chase 5/24 rule, but am not sure if this would still be something worthwile to increase my credit mix.
I would love to hear from some of you all and let me know if you think that I have a chance on getting the Platinum Card by the end of the year or if I'm just dreaming on that one. I'd also like to whether or not it would be worth it to have the Apple Card go ahead and do a HP to try and get a CLI.
Thank you
You can use your three 3 cards all you want. You only want 1 card report <8.9% and the rest $0 blance come statement date. Then pay the 1 card thathas a balance before the due date. As we say All Zero Except One or AZEO. If you dont use a card. Its hard to get a CLI when you want one. Why give a CLI if you not using it. I am not a Chase expert. But any type of account within 5/24 applies. If you dont have a installment loan (auto,home, or personal) Getting one will help with credit mix. The benefit comes when you get the balance down. SSL's are the best to deal with. NFCU which you could join has SSL's. Good Luck.
This was the term that I was looking for. "All zero except one." I will start doing this as I had been keeping very small amounts due at statement time previously.