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Plan to Upgrade Credit Card Quality to Premier Cards

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Hello,

 

I have 8 credit cards right now. total avail credit line is $6650.   Looking to grow

Came from high 500s to just a tad over 700 in a little over two years. 

Kindly read on  , please read on, if interested!!!!

 

(This stuff gets me jazzed up, lol and feels good!)

 

 

 

 

 

Id like to increase the number of cards/lower credit utilization and get some sign on bonuses,  by adding some top shelf credit cards and CLIs

 

Below are my scores, after BK7 was discharged on 3/2016

 



CREDIT KARMA  8.4.2018. Shows 714 from Trans Union.   Experian National Equivalency Score or vantage score 3.0.... Experian on CREDIT KARMA shows 696

CREDIT SESAME shows 719  on 8.1.2018

CAPITAL ONE shows ..VANTAGE SCORE 3.0
710 on 8.01.2018 on Trans Union Info

DISCOVER shows 665. 7-21-2018
fico score 8 from trans union

 

 

 

(I do need to figure out difference between FAKO, vantage score 3.0, credit karma and credit sesame, and FICO score 8 which I am figuring is the one lenders trust most...still learning and reading)

 

 

 

I have 2 car loans with NFCU at 6.69 percent at 60 months... 8500 used car and 23000 on a refinance of Capital One auto loan that was 10.9 percent!  Yay!  Lower rate and monthly payment.  🙂

 

Also I have a secured personal loan with NFCU balance at 2700

 

 

HERE ARE MY REVOLVIN CREDIT CARDS 

 

Capital one.  500.  Balance zero  secured 

TD bank  900.  Balance zero  secured 

 

The following are unsecured 

 

Capital one QS. 500.  Balance zero

Credit 1.  900.  Balance zero

Target.   200.  Balance zero

NFCU 2000. Balance zero

Open Sky 200.  Balance zero

Discover 1450  balance 1430 

 

My plan is to cancel the Credit One and the Open Sky , as they are low level cards. 

 

Then, ask for CLIs on the Capital One cards and the NFCU master card 

 

Open new NFCU visa Premier

Open Walmart Card

Open Amazon Card

Open Amex Card

Open new Capital 1 QS and Platinum Cards

 

Considering BOA and Wells Fargo cards as well

 

Would like to get a Marriot Rewards or SPG card before they combine in late August.   I hesistate with these due to involvment with Chase.  

 

I did have Chase after me from a card not paid long ago....put it was finally paid to a CA (i know bad move.... I didnt know how to contact Chase via mail, every time I called they transfered me to CA.   I should get docs of PIF from CA, they owe me that)

 

 

So, before I go on an APP SPREE, wanted to ask here if I should go for   A) App everything above, or B) just little by little.  (NFCU and Cap 1 CLIs, and Walmart Card hopefully getting high limit)

 

Thoughts?

 

 

Thank you, and yes the plans and path I have been following so far, although not perfect, was thanks to you folks.   A year ago I was at 625 and below, and could not get NFCU car loans.  Now, credit life is much better!   

 

Looking forward to continued growth!  Thanks!

 

credit-credit 

 

 

 

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You're not ready for new apps yet. The only FICO score that matters (in your list above) is the Discover TU of 665, ignore the others. You can also obtain an EX FICO 08 score here. The balance on your Discover should be less than 50% utilization, for scoring purposes. It is maxed out. This is not good. Pay down the Discover and then start requesting increases. Below are specific instructions for closing a Credit One card. Make sure you follow them. 

 

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Ok, so paying down the discover...got it.   Actually 900 of that is zero interest balance transfer for 11 more months..

 

Isnt it my total utilization?  Which is right now at fico 8 reports it at 22%...thanks for the libk!     Or does it go by individual card usage?

 

 

 

Closing the credit 1, I didnt know that of that method...thank you

 

I just signed up for EX fico 8 thru discover (the link you gave me)  and my Fico 8 came up as a score of 666 as of 8.5.2018.  Thank you again!

 

Btw, is it better to ask for CLI from my current cards, or apply for new ones?

 

credit-credit

 

 

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CLI's first. Higher limits beget higher limits. Otherwise, you may stay in toy card hell. 

And, you're welcome :)

 

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Ok....got it.

 

So I can pay down the discover, and then go for CLIs.    That is my next move for the next week.

 

So ask for CLIs between  8.12.2018 to 8.15.2018 

 

And that info on the utilization is really good.  

 

The CLIs I would go for.....

 

NFCU   2000 to 25000.  (they will approve for less if qualified, so why not ask for a "non-toy" limit)

 

CAPITAL ONE QS  500 to 10,000

 

CAPITAL ONE Platinum 500 to 10,000 and remove the 50 dollar secured status, make an unsecured card 

 

 

I have the longest relationships with these financial institutions.

 

 

 

Sounds best to go slow.   Correct?   

 

Are credit card companies cancelling new approved apps new approved cards if they see multiple new applications on the same day?

 

   I really wanna bang out 10 new apps on the same day and see what I get approved for with my newer higher numbers (fico 8 =666 and credit, 715 transunion and 696 equifax on credit karma as of today 8.5.2018)... (i did this about 15 months ago)   right now I am holding back!  😎 dont apply dont apply dont apply must not applyyyyyyyy... Lol

 

 

So just planning ahead ...here goes.

 

 

Next question, better to ask for NEW cards from these institutions I have relationships with?  or to get new cards from new places?

 

 

Walmart ...Synchrony Bank  dont think burned or IIB have to check my records 

 

Amazon... Chase Bank    paid CA have to get receipt PIF, dont think IIB

 

SPG aka Starwood Properies...Amex   dont think IIB have to check my records

 

 

Also, if the above were IIB, the accounts were so old (10 yrs plus) and resold to CAs that I dont know if it would affect a new application

 

 

Bank of America and Wells Fargo were not IIB 

 

 

Thanks for any input!  

 

 Signed, 

 

credit2x.   Aka.  credit-credit 

 

 

 

 

 

 

 

 

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In my opinion, some issuers might be balk at the idea of approving someone recently out of BK7 that is revolving balances again. You should hold off on apps and CLI requests until your UT is down to the $3 trick.

Also, why do you have a secured loan from NFCU? If you have it just to have an installment loan reporting, you don't need it as you have auto loans. If it's for another purpose, I'd wait until you pay it off due to my reasoning above.


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Okay get.randy.  thanks

 

 

I understand the 3 dollar trick, and I can do that

 

Why is it bad to have the secured personal loan?  I am using it to report...and yes u just made me realize that the other auto loans are reporting.  The nfcu loans just came on last month, the capital one auto loan was reporting for the last year, and I was servicing $600 per month on that loan for 12 months.  PIF when I refied with nfcu

 

Why does the personal secured loan matter and how would it impact me negatively?

 

Also, I refied that secured loan about 18 months ago.   Should I let these loans age longer?

 

 

Thanks 

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32 minutes ago, credit-credit said:

Okay get.randy.  thanks

 

 

I understand the 3 dollar trick, and I can do that

 

Why is it bad to have the secured personal loan?  I am using it to report...and yes u just made me realize that the other auto loans are reporting.  The nfcu loans just came on last month, the capital one auto loan was reporting for the last year, and I was servicing $600 per month on that loan for 12 months.  PIF when I refied with nfcu

 

Why does the personal secured loan matter and how would it impact me negatively?

 

Also, I refied that secured loan about 18 months ago.   Should I let these loans age longer?

 

 

Thanks 

Scorewise there is no value in having more than 1 installment loan. You already have an active auto loan which makes that secured loan redundant.

 

To answer a previous question of yours, the utilization percentage across all cards and the percentage of each card both matter.   Your Discover card is considered maxed out which dings your scores.

 

 

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Ok thanks that makes sense on the installment loan issue

 

Yeah i balance transferred other cards to the Discover, to have one payment, didnt know that maxed out on on TL is bad....but makes obvious sense 

 

 

Been reading about CLIs on Cap 1, they seem stingy, and are more apt to give a larger credit line on a new card

 

And , I might give NFCU a CLI call, seeing they just gave me the auto loans, and I have good history with them.    Over 2 years with credit card and 18 months with secured loan.

 

Am I hurting anything , or what risks..other than hard pulls , am I taking but putting my toe in the water on these (already established) accounts ?

 

Thanks

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Ok thanks that makes sense on the installment loan issue
 
Yeah i balance transferred other cards to the Discover, to have one payment, didnt know that maxed out on on TL is bad....but makes obvious sense 
 
 
Been reading about CLIs on Cap 1, they seem stingy, and are more apt to give a larger credit line on a new card
 
And , I might give NFCU a CLI call, seeing they just gave me the auto loans, and I have good history with them.    Over 2 years with credit card and 18 months with secured loan.
 
Am I hurting anything , or what risks..other than hard pulls , am I taking but putting my toe in the water on these (already established) accounts ?
 
Thanks
I wouldn't apply for anything until you verify your FICO scores are above 700. You can call for credit line increases via soft pull for your current cards to see what happens.

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4 hours ago, Kat58 said:

You're not ready for new apps yet. The only FICO score that matters (in your list above) is the Discover TU of 665, ignore the others. You can also obtain an EX FICO 08 score here. The balance on your Discover should be less than 50% utilization, for scoring purposes. It is maxed out. This is not good. Pay down the Discover and then start requesting increases. Below are specific instructions for closing a Credit One card. Make sure you follow them. 

 

Hello again!

 

 

So work to get all my Fico scores over 700

 

These are called Fico 8, correct?  

 

I set up the one above , for EX, and its at 666 as of today August 5th, 2018

 

How do I get a report of Fico 8 for TU and EQ?

 

I had Credit Check Total, and I think that was EX, so that I dont need because I have the link above set up.

 

Any way to get TU and EQ fico 8s?    Only need monthly, not day by day.

 

 

Thanks

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Hello again!
 
 
So work to get all my Fico scores over 700
 
These are called Fico 8, correct?  
 
I set up the one above , for EX, and its at 666 as of today August 5th, 2018
 
How do I get a report of Fico 8 for TU and EQ?
 
I had Credit Check Total, and I think that was EX, so that I dont need because I have the link above set up.
 
Any way to get TU and EQ fico 8s?    Only need monthly, not day by day.
 
 
Thanks
Creditchecktotal.com will give you various versions of FICO scores for all 3 bureaus.

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You already have a monthly TU FICO 08 with your Discover CC account.

 

 

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55 minutes ago, Kat58 said:

You already have a monthly TU FICO 08 with your Discover CC account.

 

 

Ok cool!   So I have EX FICO 08 with that link provided above and TU FICO 08 with Discover.   Will search out  for EQ FICO 08...

 

 

And called nfcu to discuss options.   They have a cash rewards card, among other products.  and a Flagship Card.  The flagship is harder to obtain.   

 

They use a different algorithm for new cards vs CLIs 

 

Gonna work to get my maxed out discover down to 80 or 50 percent.  

 

Thank u

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9 hours ago, credit-credit said:

Ok cool!   So I have EX FICO 08 with that link provided above and TU FICO 08 with Discover.   Will search out  for EQ FICO 08...

 

 

And called nfcu to discuss options.   They have a cash rewards card, among other products.  and a Flagship Card.  The flagship is harder to obtain.   

 

They use a different algorithm for new cards vs CLIs 

 

Gonna work to get my maxed out discover down to 80 or 50 percent.  

 

Thank u

If your priority is floating the money that is parked on your Discovery at 0%, do that and don't ask for a CLI right now.

 

If the CLI is most important to you, pay the Discovery down to $3, wait until that reports and Discovery softs you again, and then ask for a CLI.*

 

* IIRC, Discovery uses the last soft they pulled for account review purposes -- and they don't pull a fresh one at the moment you ask for a higher limit -- but wait for verification from others on this because I am not 100% certain.

 

 

Edited by cv91915
Save Ferris

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14 hours ago, Kat58 said:

Not 80%... under 50%.

 

 

Ok...gotcha!    Will be under 50 percent this month and see what happens......or....

5 hours ago, cv91915 said:

If your priority is floating the money that is parked on your Discovery at 0%, do that and don't ask for a CLI right now.

 

If the CLI is most important to you, pay the Discovery down to $3, wait until that reports and Discovery softs you again, and then ask for a CLI.*

 

* IIRC, Discovery uses the last soft they pulled for account review purposes -- and they don't pull a fresh one at the moment you ask for a higher limit -- but wait for verification from others on this because I am not 100% certain.

 

 

I might want the CLI  more than floating the money right now.  

 

Question,

 

How do I know when Discover "soft pulls" 

 

Do i just call in an ask for a CLI when this happens?   How will I know, or can I just call customer service and ask 

 

Or do i just hit the "happy love button" aka ask for a credit line increase on the mobile app?

 

 

Thanks!   

 

Credit x2

 

 

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Discover SP's your FICO score ~6 days before your statement cuts. You can verify the actual date on your statement or the online FICO score. For example, my statement cuts on the 18th every month and the FICO score is always dated on the 12th. Discover is not picky about your balance being $0, or close to it. I've received my best increases with ~30% utilization on the card. YMMV. I always use the "happy love button". Note - Always pay at least 2x the minimum each month on your promos.

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17 hours ago, Kat58 said:

Discover SP's your FICO score ~6 days before your statement cuts. You can verify the actual date on your statement or the online FICO score. For example, my statement cuts on the 18th every month and the FICO score is always dated on the 12th. Discover is not picky about your balance being $0, or close to it. I've received my best increases with ~30% utilization on the card. YMMV. I always use the "happy love button". Note - Always pay at least 2x the minimum each month on your promos.

:good: 

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Ok.  Gotcha!  Thanks for the info!   I will check on the fico update and when that happens.  

 

Ok SUPER NEWS!!!!..my TD bank secured card for $900...just got graduated to UNsecured! 

 

so frees up $900.  

 

Yay!    So that money will help drive down  my Discover bill to 3 dollars. 

 

 

Now..

 

At least 2x the mimimum on the promos.  Is this the 2 x the minimum payment  balance they ask for on the statement?

 

And why is that important?

 

Here is what Discover looks like right now.

 

On the $1400 discover....500 is actual full price/no promo dollars.

$900 is the promo dollars...zero percent for 12 months on the balance transfer after paying a 3 percent fee.   

 

 

Making my goal to head  toward end of month with 3 dollars on Discover, and zero dollars on all my other cards.

 

(The 2  dollar trick for visa or mastercard, maybe I should do that....highest limit card is MC on NFCU for $2000.  My Discover is not quite as high.   That one is at $1450 limit.  So 2 or 3 dollars will be used )

 

I will reread that thread and see if one is better that the other to show the small balance, dont think that would matter much, being that the limits are kinda close 

 

 

Thanks!

 

Credit2x

 

 

 

 

Credit 2x

 

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Oh, and does it matter how much I hit the CLI button aka happy love button when it is located in a banking app and  it just does only a soft pull?   Or do I have to wait a certain time, say 30 to 60 days ?

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And, I couldnt resist.  Lol.  Asked Navy Federal aka NFCU for a CLI on my $2k mastercard

 

They did one hard pull on one CRA and I was granted a 4k increase...up to a credit line of $6000.    That sure was good news!

 

So my next steps:

 

Cancel Credit One  ($900 TL)

Cancel Open Sky.    ($200 TL)

 

Combine Capital One cards (someone on the regular call in line said they couldnt combine my secured with unsecured, so I might have to cancel Capital One $50 secured that is up to $500 TL)

 

Have all cards paid, except for $2 Fico trick, and see where my Fico is for Sept 2018

 

will keep ya updated! 😊   thanks!   Starting to trim off the "toy cards" and hoping to get some larger Credit Limits 

 

Thank uuuuuuu!

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And, I couldnt resist.  Lol.  Asked Navy Federal aka NFCU for a CLI on my $2k mastercard
 
They did one hard pull on one CRA and I was granted a 4k increase...up to a credit line of $6000.    That sure was good news!
 
So my next steps:
 
Cancel Credit One  ($900 TL)
Cancel Open Sky.    ($200 TL)
 
Combine Capital One cards (someone on the regular call in line said they couldnt combine my secured with unsecured, so I might have to cancel Capital One $50 secured that is up to $500 TL)
 
Have all cards paid, except for $2 Fico trick, and see where my Fico is for Sept 2018
 
will keep ya updated!    thanks!   Starting to trim off the "toy cards" and hoping to get some larger Credit Limits 
 
Thank uuuuuuu!
Sweet! Great job and keep grinding.

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ok.... so discover is paid in full

 

nfcu is paid.....has a 2 dollar balance on it....

bill was due today, and cycle is on the 27th...reports to CRAs on the 30th

 

still have to cancel credit one at 900 avail and open sky at 200 avail...cancel the toy junk bottom feeder cards

 

so right now I have my revolving credit card TLs available credit over 10k.    

 

my biggest card, nfcu at 6k avail...has 2 dollars on it.

 

lets see what happens with Sept Ficos!   july was 635 and august was 655

 

now, the wait and check the first week of september 

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ok.... so discover is paid in full

 

nfcu is paid.....has a 2 dollar balance on it....

bill was due today, and cycle is on the 27th...reports to CRAs on the 30th

 

still have to cancel credit one at 900 avail and open sky at 200 avail...cancel the toy junk bottom feeder cards

 

so right now I have my revolving credit card TLs available credit over 10k.    

 

my biggest card, nfcu at 6k avail...has 2 dollars on it.

 

lets see what happens with Sept Ficos!   july was 635 and august was 655

 

now, the wait and check the first week of september 

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