Hard Pulls and PRG as a stepping stone to BCE/BCP?

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CarefulBuilder14
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Hard Pulls and PRG as a stepping stone to BCE/BCP?

Postby CarefulBuilder14 » Sat May 24, 2014 2:18 am

I recently got an 'invitation to apply' (not a pre-approval) for the Amex PRG. I don't travel enough to really justify the $175 fee (waived the first year) so it would probably not be a card I'd keep after the first year. What I really want is the Blue Cash Everyday or Preferred (I have lots of gas and grocery spending). I am wondering...

1. With such a short total credit history and AAoA to have prime cards, am I right in thinking that even one more hard pull could quite possibly upset Chase or Discover? I definitely don't want either of these to be closed. Perhaps I should wait to see if I get an auto CLI from Chase in the next month or two before applying? Or just wait several months and let the hard pulls and accounts age?

TU has one hard pull from Oct 2012.
EQ has one from Oct 2012 and one from March 2014.
EX has one from March 2014 and Nov 2013 and may have one from Oct 2012.

2. Do you suggest using the charge PRG as a stepping stone towards the credit BCE/BCP? Would it make sense to, say, get the PRG and use it for 10 months, then apply for the BCE/BCP, and then cancel the PRG right after that? I'm not sure if Amex would treat this as an effort to build a history with them vs. an effort to (downgrade?) to a less prestigious (but more practical for me) card. Or is it better to wait a while and go right for the BCE/BCP and not bother with the PRG if I wouldn't keep it longer-term?

3. Is it just the anecdotes I've seen or do lenders pull Experian a lot more than TransUnion? Is there any reason for this?

I will not be applying for a loan on any big-ticket items like a car or house in the next two years, and I PIF, so I'm not worried about APRs rising or losing the opportunity to get a different new card in the near future. I'm just concerned about the risk of an existing card being totally closed or having a limit decreased.

TU FICO 759 - Discover

Thanks
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when


MemberSince99
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Postby MemberSince99 » Sat May 24, 2014 5:54 am

You have 6 months of Freedom. I see nothing wrong with getting a charge to get a revolver and get in the door so to speak.


You can't live your life in fear of what your lenders may or may not like. It's not like your employer and if you hack them off you are terminated and living on the street. I think you are WAY overblowing worrying about an inquiry. You should see how many I have and no AA from lenders. Don't live in fear of them, let them live to worry about pleasing you the customer and ensuring your continued business instead of the competition getting that business.


Plenty of people have used getting a charge to get in the door and get a revolver. I doubt many of them were waterboarded for doing it. Again, quit worrying about what they think and start worrying about what you want, being smart about it of course.


It seems a lot of them do pull EX these days. Few around here pull EQ, Discover being one of those few. Amex, BofA, Chase, Citi, and others pulled EX for me. I don't know why they choose one bureau over another one. I'm sure there is a reason but they aren't exactly publishing it on their websites that I know of. Amex does pull EX which you probably know.


Quit living your life in fear grow a pair and go for what you want. No one else can or will live your life for you, so go for the gusto. Frankly with what you've written I can't see an issue, I just feel kind of saddened that you are THAT worried about what these businesses might think of anything and everything you do in your credit life. You are their customer not their slave.


One last thing - if it really does bother you to get a PRG then close, instead considering applying for Delta then PC'ing it. It's supposed to be the easiest revolver to get.

tigerowl06
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Postby tigerowl06 » Sat May 24, 2014 6:39 pm

Chase and Discover will not close your accounts or reduce your credit based on your application to American Express. Trust me. I vote you go for the card you want first, then if that doesn't work, go for the Delta or PRG. I think you'll be surprised and get approved. Just easier if you start with the card you want. And I second what Member said...go for Delta over PRG since it can be product changed to BCE/BCP.
Chase Freedom ($2.5K, 10/2009)
Discover it ($6K; 03/2011)
Amex BCE ($19.5K; 02/2013 - 2011 BD)

takeshi
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Postby takeshi » Sun May 25, 2014 10:53 am

CarefulBuilder14 wrote:With such a short total credit history and AAoA

Unless I missed it, how short is "such a short"?

CarefulBuilder14 wrote:am I right in thinking that even one more hard pull could quite possibly upset Chase or Discover?

Seems unlikely but the effect of an HP depends on one's credit. Creditors can certainly take AA for subsequent pulls but Chase and Discover don't seem to be such creditors. If a single pull is the straw that breaks the camel's back then you probably have other issues with your credit that need to be addressed.

CarefulBuilder14 wrote:Is it just the anecdotes I've seen or do lenders pull Experian a lot more than TransUnion? Is there any reason for this?

I don't recall why but Experian does seem to be popular with creditors.

CarefulBuilder14 wrote:Do you suggest using the charge PRG as a stepping stone towards the credit BCE/BCP?

Plenty of others seem to. I don't. I don't see the point in applying for any card as a stepping stone if there's no need/want for it. Granted, my credit is probably different from yours but I went straight for the BCP. No forum user can accurately tell you your odds for approval on any card.

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CarefulBuilder14
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Postby CarefulBuilder14 » Sun May 25, 2014 11:04 am

Thanks for the replies!

I applied for the PRG online. I got the message below:

Your application is pending further review.
Thank you for applying for the Premier Rewards Gold Card. Your application has been received and will be processed as soon as possible and we will notify you of the decision by mail within 14 days.
Thank you for applying.

From reading some older posts on here, it sounds like I should call in the next day or two? Is there a special number to call? Or just the general phone application number 1-800-243-3888?

I understand that the Delta is easier to obtain, but when I do fly it's generally on the cheapest convenient flight, and I don't have loyalty to any one airline. Having to deal with Delta miles would be a hassle. I like cash back and points I can spend on Amazon (my plan for the PRG's MR points). My preference for the BCE/BCP over the PRG as a long-term primary card is mainly over the fact I wouldn't use the PRG's benefits enough to justify the AF.

I had no credit history prior to November 2013, except for a rejected application for a GECRB card. As I got a second card (Discover) in March 2014, my AAoA is about 4 months.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

tigerowl06
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Postby tigerowl06 » Mon May 26, 2014 4:47 pm

How much income did you report?
Chase Freedom ($2.5K, 10/2009)
Discover it ($6K; 03/2011)
Amex BCE ($19.5K; 02/2013 - 2011 BD)

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CarefulBuilder14
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Postby CarefulBuilder14 » Mon May 26, 2014 9:58 pm

I checked on the Amex website today and it said I was approved for PRG. I did not call or email them. I did not apply for BCE, BCP, or Delta.

tigerowl06 wrote:How much income did you report?


I reported income of $45K and financial assets over $500K.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

tigerowl06
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Location: Seattle/WA

Postby tigerowl06 » Mon May 26, 2014 10:23 pm

You really should have applied for the one you wanted. If the other card companies had asked about your financial assets, they would have given you more credit. Amex is special that way. With that much money, they're gonna give you the card. Make sure you go for it in 11 months or so (before the AF).
Chase Freedom ($2.5K, 10/2009)
Discover it ($6K; 03/2011)
Amex BCE ($19.5K; 02/2013 - 2011 BD)

tigerowl06
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Postby tigerowl06 » Mon May 26, 2014 10:37 pm

Half a million dollars and Chase has you on a $600 credit line.

:rofl:

Sorry, not laughing at YOU. Laughing at the situation. Personally, I'd rather have the money than the credit lines. But that's just me.

You maybe should email the Chase executive office about your situation and see what they say. You're in a weird demographic (<<1%) having an income of 45K and more than 500K in assets.
Chase Freedom ($2.5K, 10/2009)
Discover it ($6K; 03/2011)
Amex BCE ($19.5K; 02/2013 - 2011 BD)

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CarefulBuilder14
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Postby CarefulBuilder14 » Mon May 26, 2014 10:50 pm

I can definitely make good use of PRG's gas and grocery bonus categories.

I was a bit surprised that they didn't ask for any records (at least they haven't yet) of my assets. No mention of a Financial Review or 4506-T.

I definitely will apply for one of the BCE/BCP/Costco cards before the AF kicks in. I just don't know which one. I will edit my signature to clarify that, thanks.

The irony of Chase's limit is not lost on me. I would point out that I only keep checking/liquid/emergency funds at Chase. Stocks and ETFs I keep at Fidelity and Vanguard.

The assets are mostly from family gifts over the years. My portfolio is weighted towards companies that don't pay dividends (Berkshire Hathaway and others). A low taxable income from investments WOULD help keep my income taxes low - if my career was actually making progress.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when



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