Successful Fidelity Amex app

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bisbicos
Centurion Member
Centurion Member
 
Posts: 284
Joined: Sun Jul 17, 2011 12:38 am
Location: Newton, MA

Postby bisbicos » Tue Feb 26, 2013 9:32 pm

Do you have a link for that 250 cash back offer for BCP?
Credit Cards
American Express: Fidelity Rewards (2% cash back) 9.5k
Zync NPSL
Discover: Discover More (5% rotating categories) 12k
Mastercard: Chase Freedom (5% rotating categories) 4.6k
Visa: Citi Forward (5x pts on restaurants) 15.7k
Citi Dividend (5% rotating categories) 5.6
Capital One Journey (1.25% cash back) 1.25k
BofA AAA (5% on gas) 2.5k
PenFed Platinum Rewards (5% on gas 3% groceries) 7.5k

Future Cards
US Bank Cash +
Chase Ink


Sevenfeet
Centurion Member
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Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Tue Feb 26, 2013 10:28 pm

bisbicos wrote:Do you have a link for that 250 cash back offer for BCP?


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CARDMATCHTM

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Enter your name and address in the form. You don't have to enter your SSN number (I wouldn't anyway).
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

Sevenfeet
Centurion Member
Centurion Member
 
Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Wed Feb 27, 2013 8:43 am

I woke up this morning after yesterday's successful app spree thinking that maybe I should rethink how I proceed with the last three cards. I'd always gone on the assumption that I needed to spread out the number of apps and inquiries between my wife and myself so to not ding either credit report too much. But then I thought again and I've come to the conclusion that I should continue the app spree myself instead of relying on my wife.

Pros to continuing the spree:
1. No one has turned me down yet. :) I seem to be in a good credit zone right now with what's on my credit report. Some debt (but not all) is now not reporting since I balance transfered it to Penfed and Penfed's existence has not shown up on my credit reports yet.

2. For the apps I have had, the CLs I've gotten have all been good. The Fidelity came in at the bottom at $17.5K (I already have a BofA at $20K CL so FIA is really extending me $37.5K right now), and the Amex BCP came in as expected at $20K (I will probably CLI this after the 61 day window).

3. I'm not going to refi my mortgage after all, after a meeting with my credit union. My deal is good enough to stand pat.

4. My wife's report actually has two baddies. One is a 30d from a few years ago to Comenity/J.Jill that I don't think is important. But the other is also Comenity, this time to Victoria Secret for a charge-off...of $19 four years ago. For the life of us we don't know how that happened and we're fighting it. But that little problem might cause application issues for some credit cards like the US Bank Cash + (a Visa Signature card) or Discover.

5. My inquiries are still small and evenly distributed. Both the Fidelity Amex and Amex BCP showed up at Experian (so 2 current). Two inquiries are at Transunion and 1 is at Equifax.

Cons for continuing the app spree myself:
1. My Bank of America card balance still shows it hasn't transferred to Penfed yet, which affects my perceived utilization. This wasn't a problem for the Fidelity Amex since FIA could see my BofA card's balance (also FIA) in real time. And it didn't affect my ability to get an Amex BCP at a nice CL (although carrying a Amex Platinum didn't hurt for that). I could wait but Penfed might report with a full utilization to boot, which might mean the end of my app spree.

2. Fear that I'm blacklisted at Discover. I guess the only way I would find out is by applying but my Discover troubles were 15 years ago and it was paid off back then.

So today I think I'll walk into the local US Bank branch up the street and give it a whirl. At worst, they turn me down and then we can proceed with the original plan of having my wife do it in the coming weeks. If I succeed, I'll try Discover.
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

FutureBillionaire
Centurion Member
Centurion Member
 
Posts: 1590
Joined: Sun Jun 19, 2011 2:37 pm
Location: Down South

Postby FutureBillionaire » Wed Feb 27, 2013 10:48 am

Keep us posted, and good luck.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

Sevenfeet
Centurion Member
Centurion Member
 
Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Wed Feb 27, 2013 12:16 pm

OK, I finished the second part of the app spree, applying for the US Bank Cash + and the Discover IT. The good news is that I was approved for both. The bad news is that my CLs are nowhere near the other cards. The Cash + is the higher of the two at $7K. That's not bad and I can ask them to increase that in six months or so, most likely to $15K.

The Discover IT is what I'm most disappointed in. That introductory CL is a mere $2500...barely enough to buy the high end Mac I had my eye on. In fact, it was the sole reason to get this card since it has a 14 month (from now) 0% purchase period rate, which would allow us to park the purchase of this computer for a year without interest. I can't have them look into a CLI for another six months so it looks like I'll have to live with it for the time being.

One thing I'm learning is that the large CLs I had been getting have been from organizations I already have a long history with. The Fidelity Amex not only has my Fidelity 401K history but since it's a FIA card, they have my Bank of America credit card history too. The Amex BCP application had my 25 year relationship with Amex to help (and a Platinum card holder now at that). For US Bank and Discover, I'm literally brand new to them to extending me credit, even with the my income and overall history caused my introductory CLs to plunge. And of course the utilization I do carry probably didn't help. BTW, US Bank wants a 720 FICO for their application, in case anyone is wondering.

So the final tally is:

American Express:
Amex Platinum (NPSL)
Amex Blue Cash Preferred ($20K CL)
Fidelity Amex ($17.5K CL)

Visa:
Penfed Platinum Rewards Visa ($28K CL)
US Bank Cash + Visa Signature ($7K)

Mastercard:
Bank of America Cash Rewards Mastercard ($20K CL)
Chase Freedom Mastercard ($25K)

Discover:
Discover IT ($2.5K CL)

Total CL = $120K

Now it's back to the garden. Last card will be getting my wife her own BCP card, probably within a few weeks.
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

MemberSince99
Centurion Member
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Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Wed Feb 27, 2013 12:42 pm

Congrats to you Sevenfeet!!! I'm glad you got the cards. I would be disappionted with your limit with Discover too. They are conservative to say the least. I wasn't happy with my starting limit either, but I realize they just are this way. And it all depends on your relationships with the banks as you mentioned, I really think that has a lot to do with it, they form for whatever reasons an impression of you as a customer and this impression is reflected in your limit, and some creditors may have a completely different view of risk vs reward than others do. So YMMV is really the rule.

But congratulations and now would be an excellent time to stop for a while, while you are batting 1.000.

Sevenfeet
Centurion Member
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Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Wed Feb 27, 2013 1:24 pm

MemberSince99 wrote:But congratulations and now would be an excellent time to stop for a while, while you are batting 1.000.


Thanks, and I agree. Honestly, I don't have any other cards I would really want right now. When I first got to this board, I was really wanting to get a CSP, but the more I thought about it, the more I knew that once the card got used once for the bonus, it would go back into the wallet to be barely used again. With 500K Delta miles and 150K points spread between Marriott, Hilton and SPG in my possession, I just don't need a travel rewards card...certainly not while I'm still carrying the Amex Platinum.

My final utilization number will be 38% before we begin chopping it down. It'll take about 7-8 months to get to the magic 30% number.

I'll still make use of the Discover card for the Mac purchase but if the total price is over $2500, then I'll just forgo the ShopDiscover discount and just use the education discount in store and have them split the purchase across that card and something else for the leftover.

And the only other card I could see carrying would be the Amex TE Costco card, but I estimate it would only save me $75 a year. Not enough for me to bite.

After years of carrying no more than three credit cards, 8 active cards is enough.
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

FutureBillionaire
Centurion Member
Centurion Member
 
Posts: 1590
Joined: Sun Jun 19, 2011 2:37 pm
Location: Down South

Postby FutureBillionaire » Wed Feb 27, 2013 4:05 pm

Discover started me with a 2k limit on the More. Then, my limit was raised to 3k with a hard pull. A year later, I randomly logged onto my account and saw that my limit was increased to 6500. It's still one of my lower limits. It's a great card though, so I used what I can on there. I try to do my online shopping with that card for sure.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

Sevenfeet
Centurion Member
Centurion Member
 
Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Wed Feb 27, 2013 6:09 pm

Well I did get one consolation prize today in the credit limit derby. I found out that FIA went ahead and granted my request of a $20K CL on my new Fidelity Amex card. So that bumps up my total CL to $123K and a utilization down a tick to 37%.
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

tigerowl06
Platinum Member
Platinum Member
 
Posts: 93
Joined: Sat Jan 21, 2012 1:43 am
Location: Seattle/WA

Postby tigerowl06 » Wed Feb 27, 2013 11:57 pm

Discover will accept payments that take your balance below $0. So if you owe $100 your first month, you can submit a $600 payment and thus have an effective spending power of $3000 on the card. Just FYI.
Chase Freedom ($2.5K, 10/2009)
Discover it ($6K; 03/2011)
Amex BCE ($19.5K; 02/2013 - 2011 BD)



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