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I urgently need some advice from you, the Masters as I make the move back


jeraldallen
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Hello All,

 

I am new to Credit Boards, but I have been following this great site and all the amazing Masters of Credit for several months. I now feel that at last I am worthy to be a part of this amazing group.

 

I have recently rebuilt my credit, after years of paying for everything with cash and living within my means. I had some financial problems about 20 years ago, but I have not fully recovered and I am debt free. It took me a while to rebuild, but here I am, ready to make the jump back into the credit card world again, only this time I will be more responsible.

 

My FICO scores are as follows, and rising: Equifax 720 TU: 712 Experian: 726

 

I only have two active accounts, but I have not had a late payment in three years, I have a zero balance on both accounts, one which is a Visa card with a small line (too embarrassed to say), and an major retail installment account with a $1,000 line of credit. My annual salary is around $85,000.

 

I want to make a move and acquire a few credit cards, but I am afraid of making the move, for fear or rejection, without some good advice from the genius credit managers in this side.

 

My question is this:

 

I would like to acquire up to four cards in a one or two day period, then take a break for a year, and then maybe get 2 - 4 more. My goal is to build my FICO up to 800 across the board, and to also qualify for a mortgage in two years, as I want to buy my two four year old twin sons their own home, which they deserve. The mix I would like to go for is as follows:

 

1 Visa Black Card (I like the perks and benefits, especially the airport lounges)

 

1 AMEX card, preferably the Everyday Card, (installment type), and maybe the Gold too.

 

1 Chase Saphire Card

 

1 Discover Card

 

After that, I will take a break for a while, after I have spent a year putting small charges on each card, 30% or below, and paying on time and probably in full every month.

 

Should my strategy be to apply for all four cards in the same day, or stagger them out over two days? Can I get 2 AMEX cards of different type the same day? Are my FICO scores and salary strong enough to accomplish such, despite my short credit history of only 3 years? Is it better to apply online or over the phone?

 

Once again, I don't want to make a move until I hear back from some of the fantastic Credit Masters on this site. You folks are my heroes. Please give me some guidance. I am so nervous as I get ready to make those calls.

 

Thanks so much for any and all help and advice that you folks can give me. God bless everyone!

 

Sincerely,

 

Jeraldallen

 

 

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I think you can do better than the Black.

 

I would also scratch Disco off the list.

 

With those scores, you are likely to be approved for new cards.

 

If going for Amex, go for the Premier Rewards Gold, there is a good sign-up bonus right now, and you can also get a revolver like the Everyday, or Everyday Preferred(with the same inquiry if done the same day). AF is waived year one on PRG, and you can likely make the AF worthwhile on EDP, do the math for your spending. Blue Cash Preferred is also a good card, the question is whether you are after travel rewards or cash-back, or both.

 

You should try the Chase pre-qual tool and see if you have any offers.

 

If you are into sign-up bonuses, the Barclays US Air card has a great one currently for a $89 AF, but it pays itself. If you app this card, let me send you a referral. PM me your email.

 

Are you ready to try for Amex?

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I think you can do better than the Black.

 

If going for Amex, go for the Premier Rewards Gold, there is a good sign-up bonus right now, and you can also get a revolver like the Everyday

You should try the Chase pre-qual tool and see if you have any offers.

I agree with JayB27, skip the Black, it is not a good card. I'd apply for the Amex Premier Rewards Gold, there are offers with annual fee waived and a bonus of 50K MR points. If you get approved for that one then try for the Amex Everyday card.

Edited by Tyra
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I would just apply for them all the same day, I don't think you'll have any problems if those are your scores. Applying online is much easier then calling in and there's a good chance you'll have an instant approval if you have no baddies.

 

I agree on the above to pass on the black card. If you really want the lounge benefits, you could apply for the AMEX Platinum card instead just make sure you get enough benefit out of it to justify the annual fee.

 

I think you have a good strategy, but setting 800 as your goal score is a little pointless besides the good feeling and bragging rights. There is not much difference once you get to 740-760+ in getting approved for anything or the rate you would get on a future mortgage.

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You mentioned airport lounges. What kind of travel and how often? Domestic or international? Which airlines or hub? Hotels?

 

This will help us guide you in the card selection and sign up bonuses.

 

There are fantastic sign up bonuses from Chase. The Barclays US Air has a 50K points bonus with $89 AF that will soon combine with American Airlines.

 

Definitely get in with AmEx if you can.

 

You mentioned you haven't had a late payment in 3 years. You need to pull hard copies of your reports, identify negatives and start cleaning them. Call the CRA directly and ask them to physically mail them to you.

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I was not the one who suggested it but if you want a referral code for the usairways (barclays card) I would get 10K miles additional for the referral. But I am not the person who suggested it so I defer if you wish! send me a PM by putting a cursor over my posting name if you so wish.

 

I am getting desperate for getting these miles, so I apologize to prior posters...


Citi double cash is not bad either or the amex BCP

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Hi Folks,

 

Thanks everyone for the great replies. Sorry not to respond back sooner. I am in Japan right now on a business trip, so do to the time difference I was fast asleep when a lot of your replies came in. I will adhere to all of your great suggestions.

 

JayB27, on the applications to AMEX for the two cards in one application, should I process that app over the phone or online? I don't want to make a move until that is confirmed.

 

Also, I checked out that US Airways 50K mileage deal with the Barclay Bank US Air Card, and it is unbelievable, almost too good to be true. That's the best deal that I have ever seen. I signed up for the US Air mileage program right after seeing that. Anyway, do you want me to give that referral to Principessa as you stated. I want to do the right thing here, and not upset any of my heroes on in this great club we have.

 

One more thing. Just for the heck of it, because I was really curious about these supposed peer lenders, I did two soft inquiries with Lending Tree and Prosper, for $10,000, just out of curiosity, and was rejected. They said that I did not have enough credit history, that my score of 712 was not high enough, and that I had too many high balances, which is BS, as all of my balances are ZERO. They used Trans Union, a company I really hate. Should I worry about that when applying for credit cards. I did get an offer from Discover Card. Please let me know. That shook me up a little bit!

 

Best Regards,

 

jeraldallen

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Hello All,

 

I am new to Credit Boards, but I have been following this great site and all the amazing Masters of Credit for several months. I now feel that at last I am worthy to be a part of this amazing group.

 

I have recently rebuilt my credit, after years of paying for everything with cash and living within my means. I had some financial problems about 20 years ago, but I have not fully recovered and I am debt free. It took me a while to rebuild, but here I am, ready to make the jump back into the credit card world again, only this time I will be more responsible.

 

My FICO scores are as follows, and rising: Equifax 720 TU: 712 Experian: 726

 

I only have two active accounts, but I have not had a late payment in three years, I have a zero balance on both accounts, one which is a Visa card with a small line (too embarrassed to say), and an major retail installment account with a $1,000 line of credit. My annual salary is around $85,000.

 

I want to make a move and acquire a few credit cards, but I am afraid of making the move, for fear or rejection, without some good advice from the genius credit managers in this side.

 

My question is this:

 

I would like to acquire up to four cards in a one or two day period, then take a break for a year, and then maybe get 2 - 4 more. My goal is to build my FICO up to 800 across the board, and to also qualify for a mortgage in two years, as I want to buy my two four year old twin sons their own home, which they deserve. The mix I would like to go for is as follows:

 

1 Visa Black Card (I like the perks and benefits, especially the airport lounges) <<<< Forget about this card!

 

1 AMEX card, preferably the Everyday Card, (installment type), and maybe the Gold too. <<<< You can app for 1 charge (like the Premier Rewards Gold) and 1 revolver like Everyday or Blue Cash Preferred per day.

 

1 Chase Saphire Card <<<< Great card for travel and dining rewards! CSP allows point transfers to MANY partners!

 

1 Discover Card <<<< Great 5% Cash Bash categories, but small quarterly spend caps.

 

After that, I will take a break for a while, after I have spent a year putting small charges on each card, 30% or below, and paying on time and probably in full every month.

 

Should my strategy be to apply for all four cards in the same day, or stagger them out over two days? Can I get 2 AMEX cards of different type the same day? Are my FICO scores and salary strong enough to accomplish such, despite my short credit history of only 3 years? Is it better to apply online or over the phone?

 

Once again, I don't want to make a move until I hear back from some of the fantastic Credit Masters on this site. You folks are my heroes. Please give me some guidance. I am so nervous as I get ready to make those calls.

 

Thanks so much for any and all help and advice that you folks can give me. God bless everyone!

 

Sincerely,

 

Jeraldallen

 

 

If decide to apply for an Amex PRG, BCP, or Chase SP, please let me send you a referral. And welcome to CB non-lurker! :wave:

Edited by BDK
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Actually, I checked all 3 Bureaus, and I have a premium account at MY FICO, (I strongly recommend them to anyone to use, as they are fantastic, and their customer service is second to none), I have the 3 Bureau side by side report, and it shows my credit history as "EXCELLENT" and as one of the strongest parts or my report. EXPERIAN dropped an account that was on record with Commedity Bank for Samuels Jewelers that went back to 1989, because I had not used it since 2004 (Big mistake!) I contacted Commedity Bank and they mailed the record of the account back to all 3 bureaus, as I had a great record with them. I wonder if Commedity Bank could open that account again and backdate it, without doing a hard pull on my credit? I hate wasting an inquiry.

 

One more question. How many inquiries per year can I have before it effects my score and/or my ability to get more credit?

 

Thanks! You folks are the greatest!

 

jeraldallen

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Actually, I checked all 3 Bureaus, and I have a premium account at MY FICO, (I strongly recommend them to anyone to use, as they are fantastic, and their customer service is second to none), I have the 3 Bureau side by side report, and it shows my credit history as "EXCELLENT" and as one of the strongest parts or my report. EXPERIAN dropped an account that was on record with Commedity Bank for Samuels Jewelers that went back to 1989, because I had not used it since 2004 (Big mistake!) I contacted Commedity Bank and they mailed the record of the account back to all 3 bureaus, as I had a great record with them. I wonder if Commedity Bank could open that account again and backdate it, without doing a hard pull on my credit? I hate wasting an inquiry.

 

One more question. How many inquiries per year can I have before it effects my score and/or my ability to get more credit?

 

Thanks! You folks are the greatest!

 

jeraldallen

I had 22 approvals in a years time. But you should try to keep it ~ 10 or less per 12 months!

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Every inquiry affects your score just a little. TU & EQ inqs can *possibly* get bumped out early. EX inqs are sticky & stay put for 25 months... Most of the savvy folks here "save" their EX pulls for something special.

Edited by dansamy
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Great advice! You guys surely are masters of the credit card universe. Your advice is even better than the folks at FICO. Wow! 22 cards in a year. That could be close to a world record.

 

By the way, besides AMEX, who else do you know that uses Experian, as that is my strongest FICO at 726. Thanks!

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Great advice! You guys surely are masters of the credit card universe. Your advice is even better than the folks at FICO. Wow! 22 cards in a year. That could be close to a world record.

 

By the way, besides AMEX, who else do you know that uses Experian, as that is my strongest FICO at 726. Thanks!

If it hasn't been covered yet... you can join Nasa FCU and open a shared savings account, after your account has been approved you can then apply for a credit card and a lot of people have had success with it only being a soft pull after their membership has been approved. Also, there are a lot of people on here that have gotten 30k CL. They pull EX 04

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