Trying to build a stable full of race horses. Need advice

For just about anything you want to get off your chest about credit cards.
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hwturner
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Trying to build a stable full of race horses. Need advice

Postby hwturner » Sun Sep 08, 2013 5:15 pm

So long story short, I'm building my credit and want to get a few QUALITY cards that I can grow with. I've learned a lot of great information from the forums and from what I can tell, the big boy credit cards(in no particular order) are AMEX, Discover, Chase, Visa Signature. The only one out of all of those that I have is the Visa.

My current credit score (equifax) is 661. However, at the end of this month it should go up as I just BT'd almost all of my balances into my wife's CC which has a lower interest rate.

My income is about 33k

I have one collection outstanding that I just found out about. It's an almost 3 year old medical collection for $89.00. I want to get a pay-for-clear deal going with the collector but I don't know the odds of that happening.

Only two inquiries in past 6 months. 1 for CL increase on HD card and one for an auto loan.

AAoA is 3 years 8 months with my oldest account being 6 y/o.

100% on time on all payments.

I currently have two cc's in my name and i'm an AU on another. They are as follows:

NFCU Cash Rewards Visa. $5,500 limit
Home Depot card $2,500 limit
AU on card $2,500 limit

Total Utilization around 5% after my report updates

I really want to get into AMEX, Discover and Chase. When my score updates, I have a feeling it will be me to the 700 mark on my credit reports.

Should I try to apply for multiple cards the same day? Should I go for all three or spread it out? Which should I make a priority?

I am interested in the cash back and balance transfer offers which all three issuers offer. I would prefer no annual fee. The AMEX BCE caught my eye but I don't feel good about an approval.

Also, really interested in the importance of higher limits. I've had my NFCU visa for 1.3 years and could always ask for an increase. How much do higher limits affect you?

Any, literally ANY advice would be great! Thanks guys
NFCU Visa Signature Flagship $8.5k
Home Depot Consumer Card $2.5k
PNC Bank Card(AU) $2.5k
AMEX BCE $2.5k
Discover IT $3.5k
Chase Slate $5.4k


Experian: 771
Transunion: 715
Equifax: 680 (as of 08/01/2013)


PhoenixDown
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Postby PhoenixDown » Mon Sep 09, 2013 10:16 pm

I would go for the Amex first because of the 3x CLI policy after 61 days and because any future cards you get will backdate. Chase Slate card would probably be second after the Amex CLI increase hits. It's Chase's BT transfer card. Assuming you can pay that off in a year it would put you in a great position to apply for the Chase Freedom or Sapphire.

It seems others have had mixed success with Discover but that the 1st card I received when I began the journey. Started out with a 1k CL that grew to 5.3k after a year.

Robrus1
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Postby Robrus1 » Tue Sep 10, 2013 5:20 pm

Which Chase card are you looking at? I would app for all 3 on the same day, and yeah I wouldn't go for it without at least 700s on all 3 bureaus. I'd app for all 3 on the same day, Amex BCE last, because that will be the hardest card to be approved for, depending on which Chase card you're going for. If you don't get approved for the other two, you darn sure won't for BCE. Personally, I'd do Discover first, then Chase, then Amex.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

hwturner
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Postby hwturner » Wed Sep 11, 2013 10:45 am

Which Chase card are you looking at? I would app for all 3 on the same day, and yeah I wouldn't go for it without at least 700s on all 3 bureaus. I'd app for all 3 on the same day, Amex BCE last, because that will be the hardest card to be approved for, depending on which Chase card you're going for. If you don't get approved for the other two, you darn sure won't for BCE. Personally, I'd do Discover first, then Chase, then Amex.


Those were my thoughts as well. The AMEX is a card that I want long term so I'm ok waiting for it if I have to.

My current credit card company reports my new lower balance on the 20th. It's worse than waiting for xmas. I wish I could expedite it somehow. At that point my score should improve but I find it hard to believe that it would go up 40+ points just because my revolving balance is lower.

I also have that pesky collection that i've been researching. I want to pay-for-delete that sucker but i'm nervous about it I guess. First date of delinquency was December 2010. It's about to be to that point that it doesn't effect me as much but I know it will help me if I get it off for good.

I hope they will look at everything. I have an auto loan, a mortgage and a few student loans. I figure that's a good mix and they have all had on time payments. We'll see though. Thanks for your input!
NFCU Visa Signature Flagship $8.5k
Home Depot Consumer Card $2.5k
PNC Bank Card(AU) $2.5k
AMEX BCE $2.5k
Discover IT $3.5k
Chase Slate $5.4k


Experian: 771
Transunion: 715
Equifax: 680 (as of 08/01/2013)

SClay
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Postby SClay » Wed Sep 11, 2013 12:15 pm

Hey there! I remember you from a previous thread ;)

As said previously, your credit profile is great! Low utilization, Paid on time/in full each month, and a low number of inquires. These are all factors that creditors/lenders take into consideration.

When your score updates, if it does get into the 700+ you could definitely try applying for AMEX/Discover. If you're not approved instantly, you can always do 'recon' using a backdoor number.

Either method works for applying for cards. Some people do it in bulk, others spread it out. The AMEX BCE is a great card. It's one of their harder cards to get, however. If you really want to get your 'foot in the door' with AMEX, you could try applying for something smaller like a Green card. You don't get cash back but you do earn points which you can exchange for things such as gift cards/merchandise or FF tickets. I actually think you'd have a better chance with Discover It. I could be wrong, so don't take my word on it! Anyways, Discover IT offers 5% cash back in rotating categories (Currently Gas until October) and 1% unlimited cash back with everything else. Plus, IT has no annual fee.

As far as Chase goes, I have heard of people in the mid 600's getting a Freedom. Not sure about slate. Chase freedom also offers great Cash back. And currently, they even offer a $100 cashback bonus when you make $500 worth of purchases in the first 3 months of the card opening. As with Discover, Freedom offers 5% cash back in rotating categories up to $1500, then 1% any other time.

Another good Cash back card is the USBank Cash+. 5% cash back in two categories you choose up to $2000, THEN 2% cash back on another category you choose, and 1% on everything else. Also, it has no annual fee.You can check out the categories HERE. Your credit profile might need to be a bit 'higher' though, so I wouldn't recommend applying for it until you get another card or some more history. Also, I hear that the Cash+ is getting cut each year now, in the sense that they're offering less benefits. But it is a Visa Signature, so in case you were interested in one of those cards I thought I should at least list it :) . While it says you can only apply in branch, you can also apply over the phone. I, however, do not have the number. Sorry!

You could definitely ask for an increase on your NFCU card. Higher limits affect you because with a higher limit you will have lower utilization. Also, lower credit:debt ratio. And oddly enough, some lenders require you to have higher limits. For example, Capital One makes it a requirement that you have to have a credit card or loan with a limit/amount of $5000 + to get one of their 'Excellent Credit' cards like Venture.

Keep in note when/if you do apply for cards, to have verification ready. Some lenders require things such as proof of income.

Also keep in note that you can always recon for some of these cards if initially declined. Chase tends to be good to people who 'backdoor'.

Hope this helps!
Capital One Secured AU | $1851 | 10/2013
Capital One Journey | $1000 | 03/03/2016
American Express Delta Gold | Denied | 03/13/2016
Citi Bank Double Cash | $1000 | 03/13/2016
Chase Amazon Visa | Pending | 03/13/2016

hwturner
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Location: southeast

Postby hwturner » Wed Sep 11, 2013 12:38 pm

It helped a ton. I have so many questions and that answered a lot of them. I have a feeling most people over think these things.
NFCU Visa Signature Flagship $8.5k
Home Depot Consumer Card $2.5k
PNC Bank Card(AU) $2.5k
AMEX BCE $2.5k
Discover IT $3.5k
Chase Slate $5.4k


Experian: 771
Transunion: 715
Equifax: 680 (as of 08/01/2013)

SClay
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Postby SClay » Wed Sep 11, 2013 12:44 pm

hwturner wrote:It helped a ton. I have so many questions and that answered a lot of them. I have a feeling most people over think these things.


I'm glad! I edited the post a few more times, so you might want to skim over it once more to make sure you didn't miss something I just added in. Also, do not hesitate to ask if you have any more questions!
Capital One Secured AU | $1851 | 10/2013
Capital One Journey | $1000 | 03/03/2016
American Express Delta Gold | Denied | 03/13/2016
Citi Bank Double Cash | $1000 | 03/13/2016
Chase Amazon Visa | Pending | 03/13/2016

hwturner
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Joined: Fri Sep 06, 2013 4:51 pm
Location: southeast

Postby hwturner » Wed Sep 11, 2013 6:07 pm

Ok, Bit of a issue here. I guess it's a good issue though. I check my Equifax on 8/26 before I paid off my large balance. FICO for them was 661 with the small collection mentioned above. I know NFCU reports on the 20th.

Well I just checked my Experian and it was 771!!!!! That's unbelievable. That's 110 points different.

Anyway, this got me thinking. I researched and found out that, in general, AMEX tends to pull Experian. I know they can pull two or all three at times. I'm wondering if I should just let it rip with AMEX and see what happens...

If I do, should I go blue or green? AHHH I'M SO CONFUSED!!!


The other side of the coin is, I have no idea if equifax has updated bc I haven't shelled over $20.00 to check it. I was going to wait until the 20th and see what the score was. My collection and two inquiries are not on the Experian which is probably why it's higher.

I have no idea what to do. Please help
NFCU Visa Signature Flagship $8.5k
Home Depot Consumer Card $2.5k
PNC Bank Card(AU) $2.5k
AMEX BCE $2.5k
Discover IT $3.5k
Chase Slate $5.4k


Experian: 771
Transunion: 715
Equifax: 680 (as of 08/01/2013)

DavidNY
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Postby DavidNY » Wed Sep 11, 2013 6:27 pm

hwturner wrote:should I go blue or green?


The only Amex cards I'd recommend are BCE/BCP, Fidelity (It's run by FIA), and Platinum if you can use the benefits.

hwturner
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Location: southeast

Postby hwturner » Wed Sep 11, 2013 6:31 pm

DavidNY wrote:The only Amex cards I'd recommend are BCE/BCP, Fidelity (It's run by FIA), and Platinum if you can use the benefits.


I guess my question is, given the gap in my scores, should I apply now or what until the 20th when my credit report is supposed to update? I was told my major cc that had a balance would be updated on the 20th of this month however it shows that the lower balance is always updated on my Experian. Do all of the CRA's get the info at the same time or is it possible that equifax and TU still don't have my updated balance to reflect the lower utilization?

I really don't want to shell out more money to check and see
NFCU Visa Signature Flagship $8.5k
Home Depot Consumer Card $2.5k
PNC Bank Card(AU) $2.5k
AMEX BCE $2.5k
Discover IT $3.5k
Chase Slate $5.4k


Experian: 771
Transunion: 715
Equifax: 680 (as of 08/01/2013)



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