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520 Score to AMEX Approval in 2 Months


H20eng
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I've taken my scores from around 520 to 688 on TU & EQ & 707 on EX since late Aug.  As of Sept. 1 I had no credit to my name.  I added a secured Discover card ($500 limit) and a Cap1 Quicksilver card ($500 limit) in early Sept as I finished cleaning up a few medical collections on the reports in Oct.  I was going to post about any recommendations for my next card this morning but decided to take a shot at a prequal for AMEX.  Didn't figure I had a chance in hell but it wasn't going to hurt to check.  I almost fell out of my chair, ended up getting approved for a BlueCash Everyday card with a $2500 limit.  I'm pretty stocked, going from a *Admin and our Terms of Service prohibit profanity* credit score with no credit to actually getting approved on an AMEX in 2 months.  Now hoping this will kick TU & EQ over 700.    

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On 11/27/2021 at 9:26 AM, CTSoxFan said:

Congrats, now do some reading about the AmEx 3x credit limit increase at 91 days after opening your account and you might be sitting with a $7500 AmEx card. 

Thanks for the tip, didn't know about this one.  I'll do some research on it!  

 

One question, I ran one of the simulators on either AMEX or Cap1 to see what adding the AMEX would do to my score.  I dropped 8 or 9 points from the hard pull then it's showing a 35 point drop by adding the AMEX.  Does that sound right?  I figured it was add around 20 points with the increased credit limit plus being the third card.  

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3 hours ago, H20eng said:

Thanks for the tip, didn't know about this one.  I'll do some research on it!  

 

One question, I ran one of the simulators on either AMEX or Cap1 to see what adding the AMEX would do to my score.  I dropped 8 or 9 points from the hard pull then it's showing a 35 point drop by adding the AMEX.  Does that sound right?  I figured it was add around 20 points with the increased credit limit plus being the third card.  

 

What type of scores were they?  If they weren't real FICO scores (Vantage or some other crap) I wouldn't put any credence into them.  Hard to say what exactly will happen, but you will lose some points for the new account/reduction to average age and the INQ but if you were carrying a balance might see an offsetting bump due to lower utilization.  Unless you are planning on a major purchase in the next 6 months I wouldn't worry about it.

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1 hour ago, CTSoxFan said:

Unless you are planning on a major purchase in the next 6 months I wouldn't worry about it.

 

Right on the money.   When first building a credit portfolio, don't sweat the modest FICO bumps in the road.  You're laying a foundation that, if wisely set in place, will serve you well going forward.

 

So, a word about building your initial card "portfolio":

 

I strongly urge you to select cards for initial inclusion that are well suited to your charging needs.  The cards that will grow best with time are those that you have reason to use actively.  A good first card is one that pays 2% or better on all charges.  The next couple are those that pay higher cashback rates on charge categories that you'll likely hit with decent frequency each month (groceries, gas, travel, online spend, etc.)

 

I strongly advise against applying for cards, early on, simply because they have strong sign up bonuses (if they happen to meet the criteria above, then that's fine).  You don't want deadwood (inactive cards) in your portfolio when considering your first 3 cards or so.  Once you've got 3 solid cards under your belt with a year or two of history, then you can selectively apply for the best of the sign up bonus offers.  (Set a rational minimum redemption value ... apping a card for a $100 bonus is simply an unwise expenditure of your time and credit resources.)

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2 hours ago, CTSoxFan said:

 

What type of scores were they?  If they weren't real FICO scores (Vantage or some other crap) I wouldn't put any credence into them.  Hard to say what exactly will happen, but you will lose some points for the new account/reduction to average age and the INQ but if you were carrying a balance might see an offsetting bump due to lower utilization.  Unless you are planning on a major purchase in the next 6 months I wouldn't worry about it.

Not sure what type of scores, it was the simulator on both the Cap1 and AMEX websites.  I've already taken a 9 point hit on the hard pull.  I ran the sim to see what the new card would do.  Both show is dropping 35-38 points.  I don't carry any balances so that won't be a factor, average age isn't but a couple of months.  Not planning on any major purchases so it's not a big deal.  Just gotten anal about getting my scores up in the 750 range, lol.   

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1 hour ago, hdporter said:

 

I strongly urge you to select cards for initial inclusion that are well suited to your charging needs.  The cards that will grow best with time are those that you have reason to use actively.  A good first card is one that pays 2% or better on all charges.  The next couple are those that pay higher cashback rates on charge categories that you'll likely hit with decent frequency each month (groceries, gas, travel, online spend, etc.)

 

 

Agree 100%!  My first was a secured Discover card in late Aug then a Cap1 Quicksilver card early Sept.  I just got the AMEX Blue Cash Everyday card (got this for the 3% on groceries).  I refuse to get a Mission One, Credit One card, etc.  I trying to get cards that will grow with me down the road without all the bs annual fees, etc.  I plan on letting things sit for a bit until I get my NFCU account set up, maybe then I'll look at one of their cards.  

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17 hours ago, H20eng said:

Not sure what type of scores, it was the simulator on both the Cap1 and AMEX websites.  I've already taken a 9 point hit on the hard pull.  I ran the sim to see what the new card would do.  Both show is dropping 35-38 points.  I don't carry any balances so that won't be a factor, average age isn't but a couple of months.  Not planning on any major purchases so it's not a big deal.  Just gotten anal about getting my scores up in the 750 range, lol.   

 

I looked and they are both Vantage scores, which are useless.  C1 shows my vantage score at 730, actual FICOs are in the 815 range.  If you're not looking at a real FICO score then take anything you see with a grain of salt.

 

Agree with Porter's take on building your portfolio.  Have a plan, don't just go for the latest shiny bauble, else you end up with a bunch of useless cards and when something comes along that you really want you might not be able to get it.

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On 11/24/2021 at 8:20 AM, H20eng said:

I've taken my scores from around 520 to 688 on TU & EQ & 707 on EX since late Aug.  As of Sept. 1 I had no credit to my name.  I added a secured Discover card ($500 limit) and a Cap1 Quicksilver card ($500 limit) in early Sept as I finished cleaning up a few medical collections on the reports in Oct.  I was going to post about any recommendations for my next card this morning but decided to take a shot at a prequal for AMEX.  Didn't figure I had a chance in hell but it wasn't going to hurt to check.  I almost fell out of my chair, ended up getting approved for a BlueCash Everyday card with a $2500 limit.  I'm pretty stocked, going from a *Admin and our Terms of Service prohibit profanity* credit score with no credit to actually getting approved on an AMEX in 2 months.  Now hoping this will kick TU & EQ over 700.    

Congratulations! Great issuer to be with. Best of luck on your 'credit journey!'

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On 12/1/2021 at 10:51 AM, CTSoxFan said:

 

I looked and they are both Vantage scores, which are useless.  C1 shows my vantage score at 730, actual FICOs are in the 815 range.  If you're not looking at a real FICO score then take anything you see with a grain of salt.

 

 

Yep, those were Vantage scores.  I bank with Wells Fargo which uses FICO 9, they just updated it yesterday.  It shows 717 without the AMEX on the reports yet.  Past getting an account set up with NFCU I plan on letting things sit for a bit.  Figure I'll hold off on any new card until late March after I can hopefully get the AMEX limit upped x3.  The Cap1 card should also be due for a credit line increase review in March as well.      

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