stoman1229 wrote:I am newly debt free and have a Experian score of 658. I have the capital one with a $300 limit. I am eager to apply for the Amex blue cash card and BOA cash rewards. Should I wait for my score to go up more before applying for either two?
658 isn't that bad, in today's credit averages anyway. Personally I think credit minimums for new credit should be lowered across the board. There are so many people that have been out of work or encountered other financial hardships that maintaining a high end score like 750+ can be really hard for the middle class. Either way I understand the reasoning for persons with lower scores not getting approved for good loan or credit rates, it just sucks!
I don't know that a firm "score" number is what credit card companies are solely relying on so much anymore, I know for example that Discover has made huge exceptions to relying solely on your FICO number, for example the IT card ideally designed for students or the younger crowd.
From my personal experience and other info that users have given me it totally depends on what your credit really looks like. If you have a 658 but you have no credit other than say a car loan then it's gonna be harder to get a credit card. In my scenario I'm stuck around a 620-640 FICO and thats due to being stupid with my first credit card, defaulting, and a few small collections that are still unpaid on my credit profile.
However... let me tell you it's a bit of a game when it comes to credit, or so I've learned. I currently hold an Orchard Bank Card (now CapOne) which was my first re-building card with a limit of $300 bucks. After 6 months of good payment history I applied directly to CapOne for their platinum Mastercard and was approved for $500. After 6 months of good payment with them they automatically upped my CL to $700 without any INQ. After another 6 months I was eager to see where my credit stood and I applied for a well known card (Discover Cash Back Rewards) and was instantly approved for $1000. Just recently CapOne offered me an additional $300 CLI and I accepted, making my total CL for that card $1000, with no INQ. It's been over 6 months since my last INQ and I was really interested in the new Chase Freedom card and last week I applied and was approved for $500 (less than I'd hoped but I've been told it's way better than a big fat DENIAL!).
Keep in mind I started at a 575 FICO and it was nasty to try and get credit, but now about a year and half later I hold 4 credit cards in total and my score is bouncing in the 620 - 640 range. My only "boo boo" in this process is that to get credit, you have to have people look at your credit, so unfortunately I have 13 INQ on my credit profile which sucks but it's not that bad compared to some.
Anyway... I know that AMEX can be one of the hardest to get approved for, from what I've heard they like to see 700+ scores on most of their cards and the credit history with 4 or more years of good standing credit on existing cards, etc. I haven't even attempted AMEX yet and I don't plan to for several years when my credit becomes more pretty. If you really want a good card and excellent customer service I would suggest the new Discover IT or any variety of their cards, it's by far the best customer service from a company I've ever experienced. Also, anything from Discover on your credit is a big plus to lenders or people reviewing your credit because Discover is well know for being one of the more picky lenders. Just think, if I can get approved with a 620 score and the mess I've created, I can only imagine what Discover might be able to do for you.
If you don't want to risk Discover you can also try Chase Freedom, which is the new line I just got. Don't go for Slate, it's useless and from what I've heard the vertical design cards bug the crap out of people.
BoA I would avoid, personally, I did default on them but that happened initially because they did me WRONG on a big scale. Lets just say they robbed me for all they could and won. The card I had was a student credit builder card, 16.99% APR, not bad. One year later (NEVER MISSING A SINGLE PAYMENT OR GOING OVER) they raised my APR to 39.99% and claimed it was a variable interest card and they had the right to do whatever they wanted.
Since then there have been laws enacted that prevent lenders or credit agencies from being able to take part in practices like this and my situation is a good example as to why. Even still, I would never go with BoA again under any circumstances, their customer service is awful and I swear it's like trying to talk to the IRS if anything goes wrong. They may advertise theft protection and all this nonsense but if something truly does happen then they will assume you're guilty until you can prove to them otherwise. I'm sure a lot of people enjoy their BoA cards but I will never ever ever ever give them a chance again.
One question, do you only have the one CapOne card, or do you have other revolving credit accounts? If you only have one small revolving credit account then it might be more difficult to get Discover to notice you and in that even't I'd take a look at Chase. There's also backdoor numbers on this site that can get you straight to a credit analyst at Chase to check out your credit in detail and personally look at what they can approve you for, instead of just a random computer scoring model "yes, or no" type deal.