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Miss Jules

Discover vs. Chase

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I opened a line with each. I'm planning on shifting 2 ordinary regular payments of around fifty a month on each, then PIF.

Any words of advice on what each issuer likes best? Is that too low of usage for them or should I view them differently for activity?

Line on Discover is tiny at 4K, Chase super tiny at 2500.

I try to mentally stay at 3 percent usage on everything and PIF, so I see each as Discover, maximum usage of 120 per month and Chase max 70 usage.

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Chase likes heavy use and PIF. If you get utilization above 80% (make sure you PIF before the statement cuts if you do this), they often will give an auto CLI.

 

Discover likes people who carry balances with their 0% offers, and they favor people who do not have super prime credit.

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Okay. That was like riding a rollercoaster to read. Eighty percent? OMG, I don't know if I can do that; I will have to work myself into the mindset for it ( I feel my fathers shadow glaring at me )

Of the two issuers, who is the better for future apping with Amex? Or doesn't it matter?

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Discover is much more generous with credit limit increases. You can regularly try every 30 days and it is a soft pull inquiry.

 

Discover is Super-Duper PRIME and the best card out there. Everyone on CB universally agrees !!! Voted best card 10 years in a row. :blush2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Edit: the first line was actually true)

Edited by RocketGoBoom

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Discover is much more generous with credit limit increases. You can regularly try every 30 days and it is a soft pull inquiry.

 

Discover is Super-Duper PRIME and the best card out there. Everyone on CB, except 5 members, universally agrees !!! Voted best card 3 years in a row. :blush2:

 

Fact :good:

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Goal is to get big girl cards, qualify to refinance a (paid) home equity loan for about 100K, rehab the house and rent it. I started a year ago with zero credit score basically, and have hit 698, app'd for these and they are letting me in slowly as if I were radioactive. My file is basically invisible, but this will work I think. I'd like the loan issue to be addressed in a year's time, and I have to do this alone, not joint.

I'm going to have to establish myself with some bank for this, I have BOA now, but I think they are probably not the best bank out there for a home equity remodel....any bank/cu advise is welcome. I can do NFCU or sniff around any recommended.

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NFCU, PenFed, Alliant CU ... all are solid and anyone can join.

 

NFCU and PenFed provide generous limits. Get the credit card and line of credit from each.

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Based on what you are saying NFCU may be a really good fit. They will give you 'big girl' limits, if not right away then in short order.

 

Credit unions have been known to be really good at student loan refinancing and auto loans, but not so much mortgages. I'm not sure if that's because they can take a long time to process so if you are in a hurry they can screw things up or because they do cross collateralization and could potentially seize your other banking assets in a prospective loan default scenario... maybe both. I'm sure some folks have had good experiences with CU mortgages, just be aware they may have issues. Your score may be higher and your history will be longer when it is time to apply for your mortgage and you can easily shop it around then. I'm not sure I buy into the notion that having a relationship helps much with mortgages vs whoever is giving out the deal of the day when the time comes.

 

I'm also a fan of Alliant credit union for their checking and savings products, and they just came out with a 2.5% cash back card with a $59 annual fee that may or may not be interesting to you.

 

If your main goal is to line up your ducks by the time you want to apply for the mortgage, stop applying for credit cards at least 6 months before you are ready to apply and consider doing a test app to discover if there are any debt collectors keeping an eye on the horizon for you. If there are you don't want them to appear during crunch time but rather well in advance when you can deal with them more leisurely .

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There's no bad debt in my history but this one state lien stupid thing.

Somewhere there is a thread about loan strategy. Get the loan, pay off all but X amount, build some age, etc. I'll have to find that.

I have one CU loan now, and it's under 30%, I have it just to create history, it's not a big deal. I just make the minimum payments now to create tempo in my file. When that one ages naturally, maybe I'll do Pen Fed or NFCU for loans, then in a year do the CC with them when I have a 12/13 month history.

I'm definitely making major financial changes in four years. Massive.


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Time is on your side with both Chase and Discover.

 

Discover will periodically do soft pull CLI after some number of days (someone should know more than me and be along to say how many) and Chase will more likely give you a much larger limit on your next card with them after you develop some history. They aren't really known for giving out CLIs. It happens but isn't that common.

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If you laid NFCU Visa/Pen Fed/American Express all next to each other, which has the most prime value?

I know American Express Is a PIF hands down, but how does NFCU/Pen Fed feel about carrying a balance under 3%, max of 10%?

In the future I can see where a few months a year a balance might be a handy option to have when contractors get involved.

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The credit unions, nfcu and PenFed are most likely to give you the best interest rates and larger lines of credit to help with carrying balances. If you time it right you could charge the charges on a rewards card and transfer to one of those Credit Union cards to actually carry the balance if you need to. Nfcu usually offers a zero fee 0% balance transfer in December and a zero fee 2.99% balance transfer offer in January on all of their cards. Nfcu is probably the most likely to give you a large credit line if your credit still isn't perfect over 20,000 is very common for people with worse FICO scores than yours. Nfcu always has 0 fee balance transfers.

Edited by mec

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Alrighty.

I've been making family account notes tonight. I'm going to set up a file system with a target date of a intensive plan for the first of the year. I know I'm about to take a hit for the inquiries and to recover the fastest I can and run clean, I'm going to use the 2 dollar report trick and see how that affects me. I'm going to pay all the household accounts (lights, cable ad nauseum etc.) with Chase (normally my husband pays these, he'll be transferring funds to my BOA savings) and then pay in full every month.

I'll let my Discover report at 2 dollars and flatline everything else.

Chase and Discover, I am assuming, report like hawks to all three major bureau's, correct?

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Yep. But you want to make it $3 with Discover. They have been known not to report balances below $3.

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There's no bad debt in my history but this one state lien stupid thing.

 

Somewhere there is a thread about loan strategy. Get the loan, pay off all but X amount, build some age, etc. I'll have to find that.

 

I have one CU loan now, and it's under 30%, I have it just to create history, it's not a big deal. I just make the minimum payments now to create tempo in my file. When that one ages naturally, maybe I'll do Pen Fed or NFCU for loans, then in a year do the CC with them when I have a 12/13 month history.

 

I'm definitely making major financial changes in four years. Massive.

 

 

 

 

https://creditboards.com/forums/index.php?showtopic=576354

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I'll let my Discover report at 2 dollars and flatline everything else.

 

 

 

You can make $2 per month with your Discover card by paying off the balance except for $2 right before the statement closes.

They will provide you with a statement credit of $2 and zero it out.

 

If you want a balance to report with Discover, minimum is $3.

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I'll let my Discover report at 2 dollars and flatline everything else.

 

 

 

You can make $2 per month with your Discover card by paying off the balance except for $2 right before the statement closes.

They will provide you with a statement credit of $2 and zero it out.

 

If you want a balance to report with Discover, minimum is $3.

 

 

I think that was the intention.

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Discover is much more generous with credit limit increases. You can regularly try every 30 days and it is a soft pull inquiry.

YMMV.

 

Discovery has me stuck at 32k while I have well over 100k with chase, including one card at 75k.

 

subprime discovery is not in the same league as chase when it comes to limits, rewards, and benefits.

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