topic Re: More EX pulls after 2 AMEXs? in Credit Cards

More EX pulls after 2 AMEXs?

bradmaster — Thu, 10 Jan 2013 15:04:42 GMT

Hi all!

Also posted this on Auto forum but wanted to get words and wisdom from credit forums as welll :)

I just applied 2 AMEX cards and they were approved ! I tried to ask the rep on the phone what my Experian FICO is and she said it is 700+, couldn't give me the exact score due to "security concerns."

I thought it was going to be only 1 pull, but found out that it was 2 pull since I actually applied 2 cards bummer!

I currently have four hard pulls (one in (7/11) and one in (10/12), now two in (1/13) ), should I garden these first then apply for auto loan :)?

Thank you for your words and wisdom!

Re: More EX pulls after 2 AMEXs?

Walt_K — Thu, 10 Jan 2013 15:17:19 GMT

The one from 7/11 is not affecting your score anymore. The other inquiries are likely having a fairly minor effect, maybe 10 points or a little more. I don't think it's going to be a big deal. Certainly not a dealbreaker as far as getting approved. Hard to say whether you might be near an interest break cutoff. What might have more of an effect is when the two new Amex cards start reporting. Are they your first Amex cards? If so, you're going to get dinged for two new accounts and the resulting lowering of your AAoA. Not sure by how much though. Depends on what's on your reports.

What's on your other reports. The lender you go to might not even use EX. Also, they are going to use an auto-enhanced score. Do you have prior auto history?

Re: More EX pulls after 2 AMEXs?

bradmaster — Thu, 10 Jan 2013 17:44:33 GMT

Hi Walt_K!

Thank you for your words and wisdom :)!

My 2 Amex's are indeed new accounts :( I should've applied just one but I read from forums that 1 HP could get me 2 accts... turns out it was 2 HP, didn't verify thru Experian yet but will check soon.

My current AAoA is 3.5 years (very bad :() But, with Amex's back-dating, would it help?

I do not have prior auto history, this will be my first vehicle :)!

I currently have baddies (SLs, closed, reported as 180+ days late) - working on GWs)

SLs has been rehabbed and reporting as good standing (positive)

Cap1 secured (positive)

and now I will have AMEXs which have not been activated :)!

Thanks in advance for your words and wisdom, I appreciate it!

Re: More EX pulls after 2 AMEXs?

pizzadude — Thu, 10 Jan 2013 15:41:42 GMT

bradmaster wrote:

My 2 Amex's are indeed new accounts :( I should've applied just one but I read from forums that 1 HP could get me 2 accts... turns out it was 2 HP, didn't verify thru Experian yet but will check soon.

My current AAoA is 3.5 years (very bad :() But, with Amex's back-dating, would it help?

It is never a certaintity that you'll only get a single HP from AMEX when you apply for more than one card. Sometimes it happens, but you can't count on it. YMMV.

Did you have a previous AMEX card before you obtained your new 2 AMEX accounts ?

Re: More EX pulls after 2 AMEXs?

Walt_K — Thu, 10 Jan 2013 15:42:03 GMT

bradmaster wrote:
Hi Walt_K!

Thank you for your words and wisdom :)!

My 2 Amex's are indeed new accounts :( I should've applied just one but I read from forums that 1 HP could get me 2 accts... turns out it was 2 HP, didn't verify thru Experian yet but will check soon.

My current AAoA is 3.5 years (very bad :() But, with Amex's back-dating, would it help?

I do not have prior auto history, this will be my first vehicle :)!

I currently have 4 baddies (SLs, closed, reported as 180+ days late (infamous FedLoan) - working on GWs)

My EQ and TU have 1 collection reported that was paid (should've done PFD, but too late :( - working on GWs), but EX was not reported, so I believe I have higher FICO score, at least per Amex rep said.

4 SLs has been rehabbed and reporting as good standing (positive)
Cap1 secured (positive)

and now I will have AMEXs which have not been activated :)!

Thanks in advance for your words and wisdom, I appreciate it!

You won't get backdating if these are your first Amex accounts. Do you have a prior Amex that these are going to backdat to? If so, what is the year of the prior Amex. Also, how many accounts is your AAoA based on?

Re: More EX pulls after 2 AMEXs?

bradmaster — Thu, 10 Jan 2013 15:45:08 GMT

Hi all!

Thank you all for words and wisdom, I appreciate it.

These are my very first AMEX... okay, absolutely YMMV on HPs, but back-dating, I believe I misunderstood (apologize for my ignorance)!

Looks like I will be dinged quiet few points... Will there be any positive effect that I gained one more CC which has decent limit ($2000)? I am also planning to increase Cap1 secured to same amount as well.

Thanks all in advance for your time!

Re: More EX pulls after 2 AMEXs?

Walt_K — Thu, 10 Jan 2013 16:33:45 GMT

Did you only have one CC previously? If so, you might see a score increase from adding these accounts. Sometimes people see better scores once they get to 2-3 accounts.

Having higher overall credit limits will help you in terms of it being easier to keep your utilization low, but if you already had it at a low percentage, you won't see much benefit in that regard. Utilization is all about percentage, not absolute numbers.

If you only had one CC, you will probably also see a benefit because now you will be reporting a balance on 1/3 CCs as opposed to 1/1.

Re: More EX pulls after 2 AMEXs?

bradmaster — Thu, 10 Jan 2013 16:40:16 GMT

Much appreciated, Walt_K!

Yes, I only had 1 CC (Cap1 secured). Utilization is 0% but I am going to leave some itty-bitty balance to report (about 1-5%) so that Cap1 keep reports (I heard that Cap1 does not report if you just PIF every month..)

Do you also believe that I should garden about a year then apply for auto-loan? I think so because having these two listed on my CR will help me... (responsible borrower with at least $2000 :))

Any suggestions, words and wisdoms - much appreciated!

Re: More EX pulls after 2 AMEXs?

Walt_K — Thu, 10 Jan 2013 17:06:37 GMT

bradmaster wrote:
Much appreciated, Walt_K!

Yes, I only had 1 CC (Cap1 secured). Utilization is 0% but I am going to leave some itty-bitty balance to report (about 1-5%) so that Cap1 keep reports (I heard that Cap1 does not report if you just PIF every month..)

Do you also believe that I should garden about a year then apply for auto-loan? I think so because having these two listed on my CR will help me... (responsible borrower with at least $2000 :))

Any suggestions, words and wisdoms - much appreciated!

I don't think that's true about Cap1 not reporting if you PIF. I think that is outdated, but I am not sure as I no longer carry a Cap1 card. But it is true that for optimal scoring, in general, you want one card to report between 1 and 9% of its CL, and all other cards to report $0.

If you don't need a new car, then you should certainly wait, if for no other reason than to keep saving money. By 6 months to a year, your score will have rebounded from the inquiries and new accounts. If you really need a new (or new to you) car, well then, you do what you have to do. Hopefully in that time, your GW efforts will pay off.

Re: More EX pulls after 2 AMEXs?

bradmaster — Sat, 12 Jan 2013 06:23:55 GMT

Walt_K, thank you so much for your valuable input, I really appreciate it.

I am keep dragging this but I hope my questions also help other members as well.

I was wondering since I will have 2 actual revolving accounts (Cap 1 secured and Amex BCE), should I add one more revolving accounts while I am at it rather than adding it later? Or, should I step back, and garden those two cards with 1 charge card from Amex PRG (which doesn't report to credit bureaus - I believe if you have balance it does, but limits, no)?

I am not sure if I have enough revolving credit cards (recommended 3). Or better yet, should I build my relationship w/ Amex - hopefully increase CLI by 3x ($6000) in 61 days then see what others offer?

Thank you for your words and wisdom, I appreciate it!

Re: More EX pulls after 2 AMEXs?

p- — Thu, 10 Jan 2013 17:53:06 GMT

bradmaster wrote:
I currently have four hard pulls (one in (7/11) and one in (10/12), now two in (1/13) ), should I garden these first then apply for auto loan :)?

If your Equifax looks good, you should consider Penfed. They pull Equifax once for Membership, and use the same pull for credit and auto loans in the next 90 days, I think. There are lots of threads here detailing the approval scores, and documenting the single pull for multiple products.

The auto loans are 1.49% for up to 60 months, or .49% if you use their car buying service for both new and used. USAA also pulls Equifax for car loans, and has rate discounts for using the car buying service.

Military service is not required for either of these.

Every other bank and CU I've apped with for car loans has used Experian.

Re: More EX pulls after 2 AMEXs?

bradmaster — Thu, 10 Jan 2013 18:55:48 GMT

Mr p-, thank you for your valuable input, I really appreciate it.

Just on a side note, you are truly inspiring - reviewed your journal and man, you worked really hard to get where you are today, seriously.

I was just wondering - do you believe what I have so far is good enough as far as CC is concerned (2 revolving cc and 1 charge cc)? Or, should I add one more revolving cc and grow 3 at the same time? Since I have best FICO score in Experian - I was thinking to take advantage of those institutions (BofA, etc.) and get approved for their VISA cc with okay limit.

Or, should I wait and grow what I have - hopefully increase CLI on AMEX BCE by 3x ($6,000 by 61 days hopefully lol), and use that and see by that time - I may aim for higher limit at BofA 123 or any other cards?

Any suggestions, word and wisdoms much appreciated, thank you!