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What should I apply for don’t want to be denied

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I have over 8-9 accounts all in exceptional rating. No lates, no derogatory on all bureaus. 3 are AU’s and 6 are primary. 803 TU and 783 EQ. Looking to get a high balance credit card. My utilization is 0%!!!!Please advise me in right direction 

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Edited by Tavares123

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2 hours ago, Tavares123 said:

Please advise me in right direction 

Best place to start is by ignoring those fake skores.  :) 

 

 

Edited by cv91915

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you need to find out your FICO scores and IGNORE third party site recommendations. Instead, use pre-qualification sites for major issuers if you are curious assuming you are OPTED IN...

 

 

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As noted, ignore any NON-Fair Isaac scores.  Also, you don't want to blindly follow recommendations from a site that is getting paid referral fees.  They are NOT making a recommendation based upon YOUR needs. 

 

Find a card that works for YOUR needs and then evaluation of your credit profile will give you a better idea of whether you fit their target applicant.  Someone with a thin file is not going to be a good fit for a card that a 'seasoned' applicant may be a relative slam dunk for approval...

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If you want ALL of your Fair Isaac scores, they sell a buffet pack at their page.  Remember that a score is only of use to you if it is the same precise model being used by the lender to whom you have applied.  If my memory is correct, FICO has more flavors than Baskin Robbins.  If it is incorrect, they are neck and neck with the numbers...

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Depending on who you already have accounts with, you may be eligible for free monthly FICO scores. For me, Amex(EX), Citi(EQ) and Discover(TU) all provide me a FICO 8 score monthly.

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4 hours ago, Tavares123 said:

Looking to get a high balance credit card.

I'm assuming that you want a high limit.  What do you consider "high"?  

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@Tavares123, your scores are reliably sufficiently high that it's unlikely you would see an application denied.  So, I'll offer the following suggestions (ignore any suggestions for which cards in your wallet already satisfy the criteria I outline):

 

1 - Apply for a card that rebates a minimum of 2% across all purchases  (Citi Double Cash, for example)

 

2 - Apply for 1 or more cards that rebate 3% to 5% in "every day spend" categories (e.g. gas, groceries, dining, travel, utilities, etc.)  These frequently have annual fees, so you need to evaluate the cashback earn on your likely spend against the annual fee to determine what cards are best for you.

Here are my picks:

-- American Express Blue Cash Everyday or Preferred (gas and groceries), 

-- Chase Sapphire Preferred or Reserve (travel and dining),

-- Bank of America Cash Rewards (online "shopping" ... really, most any online purchase, and warehouse clubs ... Costco, for us)

-- US Bank Cash + (this is a "pick 2"; I go with tv/internet/streaming and utilities

 

3 - Selectively apply for cards with very attractive "Sign up Bonuses" (SUB's).  Keep on top of related postings on CreditBoards and you won't lack for suggestions.

 

Finally, personally, I advise pacing yourself on new card applications.  Some are more aggressive than I am, but I suggest applying for no more than 1 card within any 60 day period, and no more than 4 cards within a 12-mo period (max 5, if something REALLY TOO GOOD TO PASS UP appears).   We're in troubled financial times and issuers are growing cautious; I advise being conservative and only applying for those cards that have strong value to you.   (These are simply my own personal guidelines; get input from others and make a call for yourself.)

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12 hours ago, Tavares123 said:

20-30k would be nice

That should be achievable with most of the major issuers, provided you have reasonable income and are currently employed.  

 

Unless you're planning to carry a balance, (as noted above) seek cards that pay the best rewards for how/where you spend most of your money.  

 

If you want opinions on any specific cards before you apply, let us know.  We aren't shy, and we aren't short on opinions.  :) 

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Wanting a high balance card during a time when some creditors are slashing available balances and economic may not be a good tactical strategy. Of course, the long term outlook isn't clear either for reasons I'll ignore. 

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3 hours ago, insolent1 said:

Wanting a high balance card during a time when some creditors are slashing available balances and economic may not be a good tactical strategy. Of course, the long term outlook isn't clear either for reasons I'll ignore. 

other than myfico fool reports on synch and crap1, where is the evidence that available balances are being slashed? since the pandemic I've gotten CLI from citi and chase.

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5 hours ago, hegemony said:

other than myfico fool reports on synch and crap1, where is the evidence that available balances are being slashed? since the pandemic I've gotten CLI from citi and chase.

More proof of your point... I received a CLI from Sync this week. And new card approvals from Wells and Amex since the pandemic began. Discover denied my CLI request, but I’m sure that’s because I charge exactly $1500 per quarter on that card. 

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On 9/19/2020 at 12:56 PM, insolent1 said:

Wanting a high balance card during a time when some creditors are slashing available balances and economic may not be a good tactical strategy. Of course, the long term outlook isn't clear either for reasons I'll ignore. 

I'm guessing a LOT of people would like to see slashing of high BALANCES.  It is the limit that matters ;) 

 

And, on that note...as has been noted, MOST good banks are not slashing limits on cards that see some manner of regular use.  

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On 9/19/2020 at 12:08 AM, hdporter said:

@Tavares123, your scores are reliably sufficiently high that it's unlikely you would see an application denied.  So, I'll offer the following suggestions (ignore any suggestions for which cards in your wallet already satisfy the criteria I outline):

 

1 - Apply for a card that rebates a minimum of 2% across all purchases  (Citi Double Cash, for example)

 

2 - Apply for 1 or more cards that rebate 3% to 5% in "every day spend" categories (e.g. gas, groceries, dining, travel, utilities, etc.)  These frequently have annual fees, so you need to evaluate the cashback earn on your likely spend against the annual fee to determine what cards are best for you.

Here are my picks:

-- American Express Blue Cash Everyday or Preferred (gas and groceries), 

-- Chase Sapphire Preferred or Reserve (travel and dining),

-- Bank of America Cash Rewards (online "shopping" ... really, most any online purchase, and warehouse clubs ... Costco, for us)

-- US Bank Cash + (this is a "pick 2"; I go with tv/internet/streaming and utilities

 

3 - Selectively apply for cards with very attractive "Sign up Bonuses" (SUB's).  Keep on top of related postings on CreditBoards and you won't lack for suggestions.

 

Finally, personally, I advise pacing yourself on new card applications.  Some are more aggressive than I am, but I suggest applying for no more than 1 card within any 60 day period, and no more than 4 cards within a 12-mo period (max 5, if something REALLY TOO GOOD TO PASS UP appears).   We're in troubled financial times and issuers are growing cautious; I advise being conservative and only applying for those cards that have strong value to you.   (These are simply my own personal guidelines; get input from others and make a call for yourself.)

 

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Thanks you guys this is really informative. I’m glad I signed up. I took a leap of faith and tried for Chase Marriott Bonvoy Boundless. Got denied because they claimed in the denial letter that my oldest account wasn’t old enough. They also had my score of 792 from TransUnion on the letter. But what makes me mad is it looks like they pulled my credit twice through TransUnion and once through Experian. So I called today for reconsideration, and they lady was nice and looked through the application. She asked why was there a big gap from when I was able to establish credit to when I got credit of an authorized user. Basically saying “why when you became old enough age wise to establish credit you didn’t but you got authorized users? I answered her by saying “when you first start to try to establish credit it’s hard so you get authorized users so that you can have some type of chance of getting approved. Plus I added I have over 10k in chase accounts, with a 792 score and I’m an authorized user on a 25k Chase card that’s over 14 years old. So now I’m waiting to see what happens with this reconsideration. 

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Should I stop here for a second like 30-60 days before I apply for something else. These are the accounts that are reporting on my credit. 
MyJewelers club $5k 1 year old never late NB

New Coast Direct $5k 1 year old NL NB

Self Lender $500 1 year old -closed NL NB

Discover Secured $1k 2 years old NL NB

Wells Secured $1k 2 years old NL NB

Wells AU $25k 3 years old 

Rent reporters $1k 10 years old NL NB

JPMCB AU $25k 14 years old 

Cap1 AU $6k 17 years old 

 

So what should I do. It’s like I worked so hard to get here but can’t get the rewards out of being in good standing with a decent score

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1 hour ago, Tavares123 said:

Should I stop here for a second like 30-60 days before I apply for something else. These are the accounts that are reporting on my credit. 
MyJewelers club $5k 1 year old never late NB

New Coast Direct $5k 1 year old NL NB

Self Lender $500 1 year old -closed NL NB

Discover Secured $1k 2 years old NL NB

Wells Secured $1k 2 years old NL NB

Wells AU $25k 3 years old 

Rent reporters $1k 10 years old NL NB

JPMCB AU $25k 14 years old 

Cap1 AU $6k 17 years old 

 

So what should I do. It’s like I worked so hard to get here but can’t get the rewards out of being in good standing with a decent score

One BIG thing to do is staying away from the buy-a-line stuff that is littering your report.  That SCREAMS desperation. 

 

The next thing to do is keep repeating to yourself that prudent underwriting is FAR more involved than a three-digit score.  I was denied for something a month or two back despite having an 83x on an 850 Fair Isaac model...and that was with mid-six figures of income having been included. 

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1 hour ago, Tavares123 said:

Should I stop here for a second like 30-60 days before I apply for something else. These are the accounts that are reporting on my credit. 
MyJewelers club $5k 1 year old never late NB

New Coast Direct $5k 1 year old NL NB

Self Lender $500 1 year old -closed NL NB

Discover Secured $1k 2 years old NL NB

Wells Secured $1k 2 years old NL NB

Wells AU $25k 3 years old 

Rent reporters $1k 10 years old NL NB

JPMCB AU $25k 14 years old 

Cap1 AU $6k 17 years old 

 

So what should I do. It’s like I worked so hard to get here but can’t get the rewards out of being in good standing with a decent score

WTH is "rent reporters?" I hope you're not PAYING to have a utility or rent reported. Is this some kind of "experian boost" attempt? The best way to create a favorable credit profile is organically with increasingly better credit products. Seeing a report with "myjewlers club," self lender, rent reporters, and "New Coast Direct" screams red flag regardless of your FICO score.

 

Subtract the marginal tradelines and you're left with a profile of secured cards (good quality ones BTW) and AU accounts.

 

Are the AU accounts at zero or near zero utilization and 100% payment positive? If so, you're probably getting as much as possible out of them. Is the AU account owners address the same as your address?

 

To be honest and not to sound harsh, those red flag accounts may be doing more harm than good when a human reviews your file.

 

Instead of trying for random cards like Bonvoy have you used prescreened tools? See:

 

Hopefully Chase gives you something upon recon... oh and don't fret about multiple pulls. Inquiries are not the problem for you.

 

I would think discover and wHells Fargo would be the natural lenders to try given your history with them. If you have easily proven income, how about some credit unions to help you thicken your profile? Sure a Penfed card may not be as sexy as Bonvoy but you need to have reasonable priorities.

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1 hour ago, Tavares123 said:

Should I stop here for a second like 30-60 days before I apply for something else. These are the accounts that are reporting on my credit. 
MyJewelers club $5k 1 year old never late NB

New Coast Direct $5k 1 year old NL NB

Self Lender $500 1 year old -closed NL NB

Discover Secured $1k 2 years old NL NB

Wells Secured $1k 2 years old NL NB

Wells AU $25k 3 years old 

Rent reporters $1k 10 years old NL NB

JPMCB AU $25k 14 years old 

Cap1 AU $6k 17 years old 

 

So what should I do. It’s like I worked so hard to get here but can’t get the rewards out of being in good standing with a decent score

Looking at your credit accounts, I can tell you right now that you need to lower your expectations for the limit you can get approved for. Something in the $5k to $10k range is much more likely, because you have limited credit experience.

 

I would try the pre-qualify tool at American Express and see what they say. If you are pre-approved, I would go for the Blue Cash Preferred or Cash Magnet card. It may not start out with a high limit, but it will grow with you over time. You could also try the Discover pre-qualifier if you might want another Discover card, as they have been known to give higher limits sometimes. If you have an iPhone, you could also try applying for the Apple Card. They do a soft pull and will tell you the limit upfront without. hard inquiry.

 

Is your Discover card still secured? It should have graduated by now, unless you have some derogatory information reporting or you aren't using the card very much. If it has unsecured, then I would ask for a credit limit increase.

Edited by RehabbingANDBlabbing

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Well @Tavares, you got a good deal of feedback.  I trust you've accepted that you may have gotten off to a false start in rebuilding. 

 

In all fairness, your report suggests some adverse history under your name that has since aged off, leaving you with positive AU's.   When you then stepped a couple of years ago to rebuild, you weren't wrong to look to a couple of secured accounts.  But following with the "reporter" tradelines was a bad move.

 

I don't know if you made a stab at unsecured and were slapped down on first pass.  If so, you should have been patient.

 

So, here's what I'll offer up:  You've greatly overplayed your hand by applying for a card with a LARGE SUB, like Bon Boundless.  A decently high score isn't the only thing a prospective creditor will look at.  If they're offering a big enrollment bonus, then they're targeting large volume chargers.  An issuer is going to look for a reasonably usage history in your credit report.

 

I'll keep my fingers crossed for you, nonetheless (but I'd bet against you, if I had the opportunity to push cash on the table).

 

I suggested you make a go for number of high cashback cards.  This is still my recommendation, in light of your added info.  However, with a relatively thin history, I now suggest adding no more than 1 card per quarter.  (And make sure you give any card you're approved a decent "workout" in the first 90 days.

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