Applying for BC Preferred - Attempt to increase my credit score first?

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MWeston
 
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Joined: Thu Aug 09, 2012 6:29 pm
Location: Texas

Applying for BC Preferred - Attempt to increase my credit score first?

Postby MWeston » Thu Aug 09, 2012 6:40 pm

I applied for an Amex blue cash card about 6 months ago and was denied for too many inquiries. In hindsight it was probably a bad time to apply because I had just gotten a new auto loan.

I'd like to apply again but I'm wondering if I should attempt to improve my credit score by requesting a credit increase on a Bank of America Visa card I have had for 2.5 years now. The credit limit on this card is only $300. It used to be some type of a prepaid, student starter card but now is just a regular credit card with a $300 limit.

My tansunion score on CreditKarma.com is 751 and it says I can increase my score to 759 if I pay off my credit card balance, which I will before applying. Using the same credit score simulator it said if I increase the credit line on my Visa card by $2100 I can get my score up to 771.

I guess what I'm really concerned about is my limited credit history, I'll be 24 next month with only 2 years and 10 months of credit history, 100% perfect payment rate and about $70k/year income.

I have one 1 other Amex through Bank of America with a $1,000 limit and a $34,000 auto loan.

Think I'll get approved for BlueCash Preferred? Anything I should do before applying?

I guess I should have called to be reconsidered the first time I was denied but did not know about that and I guess its been too long to try that now after 6 months.

Ideas?

Thanks.


Crashem
Centurion Member
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Postby Crashem » Sat Aug 11, 2012 4:12 am

Get a real FICO score. Those FAKOs can be really misleading. Go buy the EQ FICO score from myfico and come back with it. As for getting CLI on BofA, won't you get an inquiry from that and therefore lowering your score? You should definitely set your reported utilization up so it reports between 1-9% on one credit card and 0 balance on rest to maximize your FICO score and then apply.
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

DavidNY
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Postby DavidNY » Sat Aug 11, 2012 12:23 pm

The two times this year I learned my real TU score it was within five points of the score CK gave.

Crashem
Centurion Member
Centurion Member
 
Posts: 538
Joined: Fri Mar 09, 2012 9:29 am
Location: San Francisco, CA

Postby Crashem » Sat Aug 11, 2012 1:46 pm

DavidNY wrote:The two times this year I learned my real TU score it was within five points of the score CK gave.


DavidNY, it is totally random. It can be spot on. It can be 100 point difference in either direction. The basic point is no one uses it and they even self state that it is for educational purposes. As FICO scores cost money, I don't recommend you buy them all the time. But good to get a gauge how you stand.
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



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