ShamWoW wrote:I originally thought of the free FICO score as neat, but didn't give it enough credit because I wasn't fully aware of how unreliable CK's provisions could be. I definitely like the idea a lot more now...
The benefits of CK are very
marginal. I use it myself just to monitor TU and observe the trends in the score it gives me, but realize its score is not a FICO model and is therefore pretty meaningless. They run off of advertising, which I love because it makes it free, just know that any "suggestions" they give you for credit cards are nothing more than marketing.
ShamWoW wrote:The more I think about it I really don't mind enrollment overly much especially when the potential for rewards are higher.
It's not a hassle at all. You get a full month before rewards even start to sign up for it, and you can have Discover send you reminders as well. Other cards like to advertise "hey, get me because you won't have to sign up for rewards" as though it's a trick or gotcha to make you jump through hoops. If you're paying any amount of attention to the cash back you are building up, you won't forget about a new upcoming category.
ShamWoW wrote:Oh yeah I know how widely accepted Discover is, I was actually referring to CK's projected approval rate based on credit score which is average - 741 Typical Low - 702
Whoops! Should have figured that one out. Sorry for the misunderstanding.
ShamWoW wrote:With the Amex backdating bit, do you think it might be beneficial to go for the BCE first( other people talked about this), would it being recorded as starting in 2014 look much better than if I were to open it a few months into 2015 after (hopefully) acquiring the Discover It?
If you go for one and wait a while before going for the other, it will just come down to your priority. I would go for the one that would get me the most rewards first. If you estimate that is pretty much a wash, then (for me at least) it would come down to whether I value free monthly FICO scores or the potential for backdating more highly. Both are great perks. If monitoring your progress is a higher priority, you may want to have access to FICOs more. Backdating will only be a major benefit several years later IF you get another Amex card. I can't say how big a difference of a year will make, but even then it depends on what point in the future you apply for another. To complicate things further, there is a thread on here about Amex providing EX FICOs. Apparently they are starting to roll it out (I am not one of the people that has it). Maybe they will make it a feature for everyone soon, I can't say.
I don't want to encourage
you do go for both at the same time, but you should consider this option as well. Some people like to apply for multiple cards at the same time before issuer A can see that an inquiry has come up for issuer B. I also don't know off the top of my head what bureaus Discover and Amex pull. Again, I would guess that your odds of approval for each individually are good, but it is always possible that one or both would decline you. Maybe someone here can help you in this regard more than I can.
ShamWoW wrote:Should I do this before or after I apply for my next card? If they approve the CLI their will be a hard inquiry CS drop that could effect my chances of being approved on my second card right?
My approach has been to call the issuer and make sure that requesting a CLI won't require a HP. With Discover at least, they do their own internal analysis of your account. If they can't give you a CLI based on this, then they will ask your permission for a HP and you can take your chances at a CLI with an inquiry. If I were you (and some may disagree), I would only request a CLI if you don't have to take a HP hit for it. With a profile as thin as yours, a HP will do more damage relatively. You are positioned well to start a relationship with other lenders (even IF you are declined now, it will happen soon), so it's not like you're desperate for a bigger limit with Chase. A CLI would be nice for your utilization, but if they deny it then you can simply take your business elsewhere anyway.