is this plan reasonable?

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averagejoe23
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is this plan reasonable?

Postby averagejoe23 » Mon Jul 18, 2011 3:36 pm

I'm really trying to add on a few more cards to take advantage of the cash back benefits they have. I currently have a Discover More and Wells Fargo. Ideally, I'd like to get either an Amex Blue Cash or Amex Fidelity, a Chase Freedom, and a Citi Forward for restaurants.

I pulled my credit scores and they're all around 730 with no late payments. I have 1 hard pull in the past 6 months on my TU and EQ and 2 on EX. However, in the past year, i have 4 on EQ, 5 on TU, and 8 on EX.

Can anyone explain why EX is so much higher, if I can call them to remove some of my pulls, and how much they will affect my ability to obtain more cards.

I figure I'd first apply for the Amex, since its the hardest to get, followed in succession by the Chase and Citi. How likely is it that I will be approved given my current state?

Thanks all!


Money card
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Postby Money card » Mon Jul 18, 2011 9:29 pm

hey there how's it going? I can only say this - every company is different, just like the credit cards companies are different, some stores are different from others, well same as the credit report bureaus.

which American express card are you going to try for first, the Fidelity or Blue cash?

Since you pay your bills in full, never a late payment. From 1998 to 2010 I too also had 2 cards, a Visa which was the Chase family and a Discover card. in late late October of 2010 I applied for a Green American express and I finally got there card. If I was looking at your application, the way you explained with the 2 cards from Wells Fargo and Discover, I WOULD approve and I'll tell you why. American express wants you to use their card that's why they have contracts with Neiman Marcus and Costco. they want your business. you should have no problems getting this card

so how do you like your Discover? which design do you have?

I have the original, the Black.

Meltdownblitz
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Postby Meltdownblitz » Tue Jul 19, 2011 8:09 am

I doubt you'll get all of them all at once. Maybe you should try for 1 or 2 in a six month period. Go for the Amex first because they won't accept you if you have too many pulls on your credit.

But I'm not an expert, give it a shot. You might get lucky and get em all. That's also a lot of pulls though. Good luck.

Capital
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Postby Capital » Wed Jul 20, 2011 11:52 pm

Go for the Amex first because they won't accept you if you have too many pulls on your credit.


I was approved for an AMEX Blue yesterday with 8 hard inquiries and a 689 score from TU. My average account age is 2.5 years and my credit utilization is currently 36% (because of a large purchase this past month--which explains my very poor CS). I have a total of $8,450 in CL on 4 different CCs exclusive of this new AMEX. I must have met their bare minimum standards, because I have never qualified for an AMEX in the past.

Meltdownblitz
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Postby Meltdownblitz » Thu Jul 21, 2011 3:55 pm

Capital wrote:I was approved for an AMEX Blue yesterday with 8 hard inquiries and a 689 score from TU. My average account age is 2.5 years and my credit utilization is currently 36% (because of a large purchase this past month--which explains my very poor CS). I have a total of $8,450 in CL on 4 different CCs exclusive of this new AMEX. I must have met their bare minimum standards, because I have never qualified for an AMEX in the past.


Very nice, congrats! Seems like you barely made it. If you don't mind me asking, what did you state your income as?

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Postby BizTrust » Thu Jul 21, 2011 6:26 pm

The limit of that card was probably not to his liking I would imagine. When these cards fund up-to 35k, anything under 20k is an insult.The clients I fund don't ever have to have 8 hard pulls to get one card. True my clients have 700+ scores, dtcs is under 40% and almost zilch for inquiries. They're good to go from the beginning, but it only takes a little patience to get the right card. AMEX is a great card, but at the cost of 8 inquiries on your report I don't think its all that great. Granted inquiries are moot after 6 months but still, it still only takes one inquiry to get you funded. My banks pull one inquiry each time and I know what bureau they pull when and how often, what %'s and so forth. We have been doing credit card funding for years and nothing about it has really ever changed much. All our banks fund up to $25,000 each time. I'm not out here trying to spam people. We just have a system that works. I know some of you out there are looking to get funding for your business or for yourself. Many have tried getting secured loans out there through their bank and we know what that's about, that the banks just aren't lending. They want all of your tax returns, bank statements and even proof of assets to get you funded. You then wait a month only to find out you've been denied! So you try getting credit cards and you have excellent scores so why aren't then lending to YOU!

Capital
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Postby Capital » Fri Jul 29, 2011 12:25 am

Meltdownblitz wrote:Very nice, congrats! Seems like you barely made it. If you don't mind me asking, what did you state your income as?


Ah, a modest $21,000 graduate stipend.

Capital
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Postby Capital » Fri Jul 29, 2011 12:28 am

BizTrust wrote:Granted inquiries are moot after 6 months


Inquiries disappear after 2 years...

Your post sounds moot, Nathan.

Meltdownblitz
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Postby Meltdownblitz » Fri Jul 29, 2011 9:01 am

Capital wrote:Ah, a modest $21,000 graduate stipend.


But you have 8 hard inq and they still accepted you? That's good. We have almost the same stats but I recently got a zync with them so I doubt they would approve me for one of their cc's. How many of your inquries are within 6 months?

Capital
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Postby Capital » Fri Jul 29, 2011 1:03 pm

Meltdownblitz wrote:But you have 8 hard inq and they still accepted you? That's good. We have almost the same stats but I recently got a zync with them so I doubt they would approve me for one of their cc's. How many of your inquries are within 6 months?


It looks like 3 in the last 6 months, 2 from current creditors (probably for CLIs).



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