When should I do an app?

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Sevenfeet
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When should I do an app?

Postby Sevenfeet » Sat Feb 16, 2013 6:02 pm

OK people, I need some advice from those who do apps a lot.

Over the last 30 days, I've gone from a static credit experience to a rapidly changing one. I began with a clean credit sheet with no baddies but with a real ratio problem (95% utilization). Through a couple of awesome CLIs, I've gone from 95% to 65% pretty quickly and a total CL now at $45K having begun at $26K for only two cards.

Then I added the Penfed PRV card. This card will decrease my ratio again to about 50%. But it hasn't hit the credit reports yet and I'm wondering whether or not I should make my next move before that happens.

The Penfed PRV card will change my ratio, but it will also change my AAoA downward. Right now it's about 8 years and 2 months with the oldest account being 24 years, 11 months. According to the score number simulators, they estimate my score may decrease..., even though my total CL will jump to $73K. EQ estimates my score may change from +3 to -15 (but I can only simulate a $20K CL increase there). Fico is showing a +/-10 point change, so likely not much of a change with them.

Right now, my EQ score is 757. The EQ Fico is 732. TU and EX are 750 & 749, respectively (not FICO). No baddies. 1 Inquiries on EQ, 1 on EX, none on TU in the last year. If my ratios were below 30%, my scores would skyrocket.

My next conquest is the Fidelity Amex. Honestly, I'm not too worried about being turned down. What I really want is a entry CL that matches the other cards. The smallest is the BofA Cash Rewards at $20K. Then comes the Chase Freedom at $25K. The Penfed is $28K, but again, it hasn't hit the credit reports yet.

Do you think that Fidelity will give me more CL if it sees the Penfed on the report, or will the potential lower scores downplay that consideration, making a application now be more prudent?
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)


DavidNY
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Postby DavidNY » Sun Feb 17, 2013 10:08 am

You already have exposure at FIA so they may not give as large a credit line as they might if you didn't already have a FIA card.

If you get the Fidelity Amex and FIA gives a low credit line you can move credit from the BofA Cash Rewards card.

If you have the Signature Visa version of Cash Rewards and move $15k from that credit line to a Fidelity Amex with a $10k credit line, your credit report would just show a $25k credit line on the Amex. FIA Signature Visa credit lines are not reported.

Sevenfeet
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Postby Sevenfeet » Sun Feb 17, 2013 10:23 am

Seriously, I'm facing a FIA issue? I thought that FIA was just managing the card member services, not responsible for how much risk they were incurring...I thought the company who's name on the card did that. Have you heard of FIA actually doing this to people, or allowing them to transfer CLs between cards branded by different companies?

And why aren't the Fidelity Visas CL's not reported to credit agencies? Are they considered to be true NPSL cards?
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)

DavidNY
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Postby DavidNY » Sun Feb 17, 2013 10:43 am

FIA is extending the credit regardless of which logo is on the face of the card.

FIA will transfer credit lines between cards on request.

FIA does not report the credit lines of their Signature Visa cards because they are NPSL cards. Other issuers do report the credit lines.

Sevenfeet
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Postby Sevenfeet » Sun Feb 17, 2013 10:45 am

Well, Google is your friend. FIA Card Services is a BofA company. That actually makes a lot of sense. But they also farm out their services to other financial services companies like Fidelity (and previously, Schwab). That being said, Fidelity still carries most of the risk of the card since they are the ones making the most money off of it, at least I would think. But people have had success tranferring CLs from FIA cards in the past.

Still, it's a bit concerning since I just CLI'd successfully at BofA last month. ($13.5K -> $20K)

Well, this means now I will likely wait until not only when I get the Penfed and is being reported, but when I balance transfer all but about $1000 out of it to Penfed. At that point my exposure at FIA will drop a ton (65% -> 5%), even though my overall card ratio will drop less (65% -> 50%).
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)

DavidNY
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Postby DavidNY » Sun Feb 17, 2013 10:53 am

If FIA pulled your credit report for the recent CLI maybe they can use the same pull for a Fidelity app.

Sevenfeet
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Postby Sevenfeet » Sun Feb 17, 2013 10:58 am

Yes, they did do a hard pull on that. Hmmmmm..... Still, I like the way my credit report looks now versus when they did that HP just last month. A lot has changed.

BTW, I already carry a NPSL card...the Amex Platinum. The Fidelity Visa Signature is nice but if I can do 2% instead of 1.5%, I will. The key is having enough headroom for my daughter's tuition payment. I already know they take Amex.
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)

DavidNY
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Posts: 1332
Joined: Tue Jul 05, 2011 12:28 pm
Location: New York

Postby DavidNY » Sun Feb 17, 2013 11:04 am

I'm not recommending the "up to 2%" Fidelity Visa because Priceline Visa offers a flat 2%.

Your daughter might like the Sallie Mae card for 5% back on bookstores.

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

Postby Sevenfeet » Sun Feb 17, 2013 4:26 pm

DavidNY wrote:Your daughter might like the Sallie Mae card for 5% back on bookstores.


My daughter is six. We have a ways to go before that happens. :)
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)



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