Should I wait for my credit score to improve before applying for card?

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stoman1229
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Should I wait for my credit score to improve before applying for card?

Postby stoman1229 » Sun Jul 28, 2013 10:03 am

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?


MemberSince99
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Postby MemberSince99 » Sun Jul 28, 2013 2:25 pm

Yes.

One card you could consider in the meantime is Discover IT. You could be surprised at your limit if they approve you (it could be several times what mine is). That would be a good step towards eventually getting the Amex and BOA. I will tell you right now your score is more than likely too low for either of those at the moment. Add another card or two and give it 6 months to a year and you should be able to get either or both of them.

willgatlin25
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Postby willgatlin25 » Sun Jul 28, 2013 6:00 pm

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.

stoman1229
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Postby stoman1229 » Sat Aug 03, 2013 10:32 pm

I wouldn't mind the discover it. But not too many places accepts discover.

willgatlin25
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Postby willgatlin25 » Sat Aug 10, 2013 6:02 pm

stoman1229 wrote:I wouldn't mind the discover it. But not too many places accepts discover.


I can understand that, however Discover is becoming more popular and a lot of merchants are starting to accept that they need to take discover. I believe the issue is that it costs a merchant more to accept higher end cards like Discover and Amex and due to their processing fees they tend to avoid it. The only place's so far that I've ran into that don't accept discover was a little ma & pop shop in Ocean Shores, WA and a Tribal Smoke Shop lol... Point is many more merchants are starting to take the Discover accounts. If you want to avoid Discover for now the rewards program on Chase Freedom seems to be just as good. Chase also has direct credit analysts you can speak with 24/7 if you're not pleased with the CL they give you.

takeshi
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Postby takeshi » Sun Aug 11, 2013 10:54 am

stoman1229 wrote:I am newly debt free and have a Experian score of 658.

Is this score after your freedom from debt posted? If not, definitely wait.

Drauka
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Postby Drauka » Sun Aug 11, 2013 2:20 pm

If you have had a BofA checking/savings account for a year or more....apply for the Rewards card first. I had a similar score (650ish), and had been banking for right at a year and I got approved in seconds online for a $1500 limit. I had no derogatory marks on my credit report at all, NONE. AmEx turned me down flat until just this month when my score went over 700.

Here's an excerpt from my text file on how often they've upped my limit since then:

BofA Rewards -
initial CL on 09/12 is $1,500
CLI on 01/13 to $2,500
CLI on 02/13 to $3,500
CLI on 06/13 to $5,000

I dont know why I asked for that increase in Feb just a month after the previous one, but it worked. I actually use this card a LOT, and never carry much of a balance ($20 or $30 at most). I treat it like a debit card. I buy EVERYTHING with this card (except what I get better rewards with another card on). I pay for stuff, go home and IMMEDIATELY pay it in full. I don't wait till the end of the cycle or anything. I make upwards of 10 payments a month ranging from $30 to $200. I use my rewards cash to make payments too. I've probably ran over $5000 through this card in the year I've had it.

If you do that, they will LOVE you, and increase your limit quite a bit very quickly.

I got the BofA card first...then these:

Citi Simplicity - (dormant, no rewards)
initial CL on 09/12 is $1,200
CLI on 01/13 to $2,400

Chase Freedom -
initial CL on 02/13 is $3,000
CLI on 06/13 to $3,300

Discover “It” -
initial CL on 03/13 is $3,000
CLI on 08/13 to $3,500

American Express Blue
initial CL on 08/13 is (unknown, waiting to receive)

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nismoZtuner
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Postby nismoZtuner » Sun Aug 11, 2013 2:33 pm

willgatlin25 wrote: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.


Very help full post!

I applied for my first credit card back in august of 2012 (Age 20) and was approved with a credit limit of $600. During May of this year i applied for my second card the American Express BCE and was approved with a credit limit of $2,000- about a month later after the BCE (june) i applied for the PRG and was approved immediately.... my credit score was 746 when i first applied for any of Amex cards and i had about 7-8 months of credit history.
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22

im_mr_awesome
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Postby im_mr_awesome » Mon Aug 12, 2013 7:09 pm

Discover has the lowest swipe fees of any of the credit processing networks. AMEX has the highest.

Also, Discover is accepted at 7+ million merchants in the USA, and AMEX is only accepted at around 4.5 million merchants. Discover has over 92% acceptance, last I checked.

Discover also has the best CSRs I've ever spoken to. No matter what time I call, they're cheerful, helpful, and always easy to understand.

I don't mean to make Discover sound like the bees knees or anything, but they get almost all my swipes.
Scores on the mend...
FICO: 650 (Discover/TU, 6/23/2016)
Cards I Use Citi Double Cash, Chase Amazon, Capital One QuickSilver
Sock Drawer Discover IT, Citi Diamond Preferred, AE Visa, QuickSilver One, Walmart CC, CareCredit, CreditOne (keeping for history for now)
Short Goal Reach 680

iHackerSix
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Postby iHackerSix » Tue Aug 13, 2013 6:17 pm

im_mr_awesome wrote:Discover has the lowest swipe fees of any of the credit processing networks. AMEX has the highest.

Also, Discover is accepted at 7+ million merchants in the USA, and AMEX is only accepted at around 4.5 million merchants. Discover has over 92% acceptance, last I checked.


Discover also has the best CSRs I've ever spoken to. No matter what time I call, they're cheerful, helpful, and always easy to understand.

I don't mean to make Discover sound like the bees knees or anything, but they get almost all my swipes.


I completely agree. I go back and forth between my Discover IT and Chase Freedom as my most used CC's. Great customer service every time I call for whatever reason...

ExFico: 696
EqFico: 672
TUFico: 680



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