I have a 785 credit score, which card is best for me?

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DCDevil
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I have a 785 credit score, which card is best for me?

Postby DCDevil » Mon Jul 09, 2012 9:01 pm

Hey everyone! First of all I want to thank you for the throngs of information you guys provide; I've read through a lot but figured I'd put up my own thread to get your input. The details:

I'm a recent college grad (turn 23 soon), who makes 85k a year and have a 785 credit score (don't understand how or why). I have one revolving account with a 4k credit limit through my Wells Fargo bank that I've had for 4 years, and am an authorized user on a few others via my parents.

Since I'm now on my own, I'm really not sure which card to apply for. I'm thinking the Cash Back or the AMEX Gold; I love to travel but don't know how much I will be able to. I have your typical expenses that a single grad has...groceries, gas, etc., which makes me want the Cash Back Rewards, but I also like the allure of the Gold and the benefits that come with it.

Anyways, let me know what you think! I appreciate your input ahead of time.


Crashem
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Postby Crashem » Tue Jul 10, 2012 1:15 am

Did you get your FICO score or FAKO Score? Get the equifax FICO score from equifax. Here is your problem. Your score is high from all your AU credit lines. Many lenders will discount or ignore those AU lines, but FICO scoring will take them into account unless FICO 08 scoring model is used and it is determined that you are piggybacking. Trust me, if credit was as easy as just being added as AU to bunch of good cards, everyone would have good score. It doesn't mean you have bad credit, just that whatever score you have should be discounted in your mind as lenders will discount them in one way or another.

Back on topic however. Given the information you have given, you are shoe in, IMO, for any AMEX charge card (green/gold/plat/etc.). However AMEX BCE/BCP card (the cash back cards) are tuff AMEX revolvers to get. You might get rejected for limited revolving credit lines (even though you have lots of AU credit lines, but only one of your own). However you might not. So you need to figure into your equation, that you can probably get AMEX charge card of your choice, but higher probability of rejection for AMEX BCE/BCP.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

DeadSpider
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Postby DeadSpider » Tue Jul 10, 2012 1:43 am

Go for Amex BCP and once you have it you can pretty much get anything you want.
I use my Amex Blue as a charge card.
Cap! QuickSilver VISA 2005 $6500
Chase Freedom MC 2006 $5000
Amex Sky 1999 $2000
BCE 1999 $8800
NFL 2013 $1500
Discover IT 2013 $3500
FICO July 16/2012 ---- 742 Experian (Amex)
BK comes off ---- 9/2014

DCDevil
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Postby DCDevil » Tue Jul 10, 2012 6:21 am

Thanks for the responses guys. I think I pulled my TransUnion credit score. I remember pulling my Equifax a couple of years ago and was right around 755, if that helps put things in perspective at all.

Let's say I apply for the BCP and get denied; does that hurt my score at all? I want to try and avoid that slippery slope of applying for and getting dinged over and over again...

bmw1990Z
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Postby bmw1990Z » Tue Jul 10, 2012 3:44 pm

still in college here, but I love my amex gold delta skymiles card. Already earned a free flight (signup bonus) with miles being posted before the first month's bill has arrived. Will easily earn enough for more flights this year simply by using it everywhere I go and booking delta flights.
Cards in my wallet:
-Citi Forward Card for College Students-July 2011
-American Express Platinum Delta Skymiles--July 2013

craigm1
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Location: toms river nj

Postby craigm1 » Tue Jul 10, 2012 7:28 pm

DeadSpider wrote:Go for Amex BCP and once you have it you can pretty much get anything you want.
I use my Amex Blue as a charge card.


I have the original blue cash with a 30k limit curious why you say that opens up doors??

craigm
Current Cards: American Express:Grandfathered Blue Cash CL 34k member since 89
Chase Freedom CL 7.5k member since 04
Chase Marriot Rewards Premier CL 20k member since 13
Chase Sapphire Preferred CL 25K member since 13
Bank Americard Cash Rewards Signature Visa CL 14k member since 11
Discover Cashback Bonus $10.5k member since 11
US Bank Cash + Signature Visa 19k member since 12
Citibank Thank You Preffered World Mastercard $16.5k member since 14



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