Second card suggestions for someone aiming to build credit.

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Nixon
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Postby Nixon » Tue Nov 04, 2014 6:23 pm

MB131174 wrote:Generally their charge cards are easier to get than the revolvers because you're required to pay in full every month. To answer the second question - no.


This.

Also, In my experience and for a few others, If you WERE to apply for a charge card (Green, PRG, Plat), and get instant approval, then you could turn around and app for a revolver on the same pull.

However.., It may pull you again, but MY personal experience is that it didn't. I even applied Incognito both times seeing as I was already a Basic cardmember and didn't wanna risk not getting the bonus.
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MB131174
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Postby MB131174 » Tue Nov 04, 2014 6:33 pm

It may have been brought up earlier, so don't shoot me if it was - but, this may be an excellent chance to get a high limit Discover. If he's had 1 card for a year with excellent payment, they may start him out the gate with like 3 or 4 thousand in hopes they'll earn his loyalty. They've been known to give "high" limits to those with 1 other card with a low limit. My guess is if AmEx revolver was number 2, he'd start off with 1 or 2 thousand. I think chances of approval with Discover may be better at this point than AmEx, even if going for the Green card. Just my humble 2 centavos though.
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Nixon
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Postby Nixon » Tue Nov 04, 2014 6:43 pm

MB131174 wrote:[color="Red"]It may have been brought up earlier, so don't shoot me if it was - but, this may be an excellent chance to get a high limit Discover. If he's had 1 card for a year with excellent payment, they may start him out the gate with like 3 or 4 thousand in hopes they'll earn his loyalty.[/color] They've been known to give "high" limits to those with 1 other card with a low limit. My guess is if AmEx revolver was number 2, he'd start off with 1 or 2 thousand. I think chances of approval with Discover may be better at this point than AmEx, even if going for the Green card. Just my humble 2 centavos though.


I did as a matter of fact :)
But thanks for the vote of confidence by reinforcing my suggestion!
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Vattené
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Postby Vattené » Tue Nov 04, 2014 8:15 pm

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.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

Nixon
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Postby Nixon » Tue Nov 04, 2014 8:23 pm

Discover is typically an EQ pull and AMEX of course is EX.

Keep in mind both can WILL double/triple pull if you're teetering on the edge of approval.
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ShamWoW
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Postby ShamWoW » Wed Nov 05, 2014 1:20 am

Vattené, Nixon & Takeshi and the rest of you I really appreciate all your help!!! You guys have really helped me visualize my goals. I'm gonna go for the Discover It, my friend also has experience with the strong starting CLI so I know you guys are on to something with that, I don't think a few months or so is going to make a huge difference with the AMEX back dating and I value the pros of the Discover more. Time to put my plan into motion. Wish I could up vote you guys or something, but I'll try to show my appreciation by passing a long some of the knowledge I've learned through you guys.

Nixon
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Postby Nixon » Wed Nov 05, 2014 1:36 am

ShamWoW wrote:Vattené, Nixon & Takeshi and the rest of you I really appreciate all your help!!! You guys have really helped me visualize my goals. I'm gonna go for the Discover It, my friend also has experience with the strong starting CLI so I know you guys are on to something with that, [color="Red"]I don't think a few months or so is going to make a huge difference with the AMEX back dating and I value the pros of the Discover more.[/color] Time to put my plan into motion. Wish I could up vote you guys or something, but I'll try to show my appreciation by passing a long some of the knowledge I've learned through you guys.


Discover is a great choice for you, but as for AMEX, if you're going to app it soon, I'd do it before the end of the year. Let's say you apply for another in January of 2016. Your new card will backdate to January 2014.
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Vattené
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Postby Vattené » Wed Nov 05, 2014 7:19 am

Yep, if you're feeling good about it you may want to get that Amex app in before the end of December to get that "Member Since" date to be 2014 instead of 2015. Just something (else) to consider.

Let us know how things go with Discover. Good luck! :cheers:
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

ShamWoW
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Postby ShamWoW » Wed Nov 05, 2014 10:24 pm

Well hopefully I didn't shoot myself in the foot... Discover approved me when I called them to confirm details about my application for $1500. They told me it would arrive in the mail in 3-5 business days. This gave me a confidence booster and I applied for the AMEX BCE same day >.>.... It approved me through an automation when I applied on the website for $2000 dollars and said it would send me another e-mail when the card was shipped out to my house.

Best case scenario I just increased my CLI from 500 to 4k and got myself a decent foundation to build credit.

Worst case scenario???? I mean its not like they're going to rescind they're approval's right?

Nixon
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Postby Nixon » Wed Nov 05, 2014 10:31 pm

ShamWoW wrote:Well hopefully I didn't shoot myself in the foot... Discover approved me when I called them to confirm details about my application for $1500. They told me it would arrive in the mail in 3-5 business days. This gave me a confidence booster and I applied for the AMEX BCE same day >.>.... It approved me through an automation when I applied on the website for $2000 dollars and said it would send me another e-mail when the card was shipped out to my house.

Best case scenario I just increased my CLI from 500 to 4k and got myself a decent foundation to build credit.

Worst case scenario???? I mean its not like they're going to rescind they're approval's right?


Awesome approvals! You're doing great!
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