Want your recommendation on my next step

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cliffs
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(UPDATE) Want your recommendation on my next step

Postby cliffs » Thu Nov 13, 2014 11:19 am

Today I went to my CU like Xorand recommended and I got good news.

First they told me that I was policy in that CU that no CL increase is given without a 1 year of credit history. But, the Financial Officer saw that in the 8 months I've been paying me balance in full, and no baddies, made an exception and gave me a $300 CL increase. My total CL now is $600.

For that CL increase they did an HP with TU. My TU FICO is as of today 11/13/14 746

He also told me that if I continue with the good record, I can come in 4 months to the branch for another CL increase (told me is very possible that I can go as high as $2000). The only negative is that they will need another HP if I go for the next CL increase.

Also, as of today, my balance is $0 so i have a 0% utilization

AVOID AMEX LIKE THE PLAGUE. I CAN PRACTIALLY GURANTUEE YOU, you won't get approved with them. It's not worth the Ding.


Well, if that is the case, I have no other choice than wait.

My plan now is to wait for my CU to report the CL increase to TU and then apply for the Discover it Chrome Student

What do you think? Is sound my plan or should I go ahead and apply for Discover now that I have a hot HP?


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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Nov 13, 2014 1:32 pm

You won't have a guaranteed approval with either the Discover or Amex, but Mitch's portrayal of your Amex odds at this time is very inaccurate. Without a pre-qualified letter, I'd estimate your odds would be about 50%. With the letter, they are probably about 60%. Your chances are certainly not only 5% or 10%.

If you choose to app for an Amex, your odds are higher with a PRG (or other Amex charge card) than with a BCE (or other Amex credit card).

I got an Amex PRG with about 6.5 months of credit history, and a BCE 3 months after that. Many college students get Amex cards with only a short history and modest income. It's true that Amex often declines people with a bad credit history, but they are generally pretty eager to have people with 6-12 months of absolutely perfectly clean credit history - which you have. If you had even one late payment, it would be a different situation.

Amex PRG is a good 'stepping stone' to getting better (which for me means no-AF) cards with Amex.

Discover is also great. I'd suggest getting the Amex first, with the deciding factor being 2014 backdating. Then maybe get a Discover in early 2015.

Edit: Whether you wait for the CLI to report or not is up to you. I probably would wait for it to report, to improve my odds slightly. I would apply for an Amex before the end of 2014, though, even if the CLI hadn't yet reported for some reason. It should report quickly, though, and you can check that on creditkarma.com and other free sites.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

cliffs
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Location: PR

BIG UPDATE!

Postby cliffs » Mon Nov 17, 2014 9:23 am

I went ahead and applied for Discover it Chrome Student and an AMEX BCE.

Outcome...

Approved for the Discover it Chrome and the BCE

Discover It Chrome Student CL $1500
AMEX BCE CL $2000

Very happy with the luck I had and all thanks to all of you.

Thanks for all the advice everyone gave.

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Vattené
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Postby Vattené » Mon Nov 17, 2014 11:21 am

Great news, hope you enjoy both cards :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

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CarefulBuilder14
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Postby CarefulBuilder14 » Mon Nov 17, 2014 11:32 am

Congrats! They are both great cards to have - and if you find you prefer the 5% categories to essentially 2% at restaurants (since the BCE covers gas), switching to the regular It (non-chrome) is easy.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

popamode72
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Postby popamode72 » Mon Nov 17, 2014 11:48 am

Great job there. You're gonna love both cards.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)



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