topic Re: When to Apply for a Credit Card in Credit Cards

When to Apply for a Credit Card

ineedcreditbad — Sun, 23 Mar 2008 23:51:46 GMT

Ok I need some advise here. I want to apply for a another credit card currently have a Cap One, Amex Blue and Orchard( Which I will cancel next month). Total Inquires 7 in 2007 for a carloan and 1 in 2008 for AMEX. The only reason to apply is because I will be cancelling my Orchard. Also which card should I apply for I am looking for atleast a limit of 2K min.

Current score as per credit secure

EX: 708

EQ: 727

TN:707

So is it too early to apply for a new card.

Any advise will be appreciated.

Re: When to Apply for a Credit Card

imducky — Mon, 24 Mar 2008 00:04:42 GMT

with your scores (assuming no/no recent baddies) and card profile, (as long as you have no problem verifying income) i would say penfed and or nasa credit unions, citi, and bank of america would fill out criteria.

Message Edited by dnm45227 on 03-23-2008 08:04 PM

Re: When to Apply for a Credit Card

ineedcreditbad — Mon, 24 Mar 2008 00:46:45 GMT

Thanks Ducky. Any ideas how much drop should I be looking in scores when I apply?

Re: When to Apply for a Credit Card

cheddar — Mon, 24 Mar 2008 00:50:01 GMT

ineedcreditbad wrote:

Thanks Ducky. Any ideas how much drop should I be looking in scores when I apply?

I noticed your scores are from CS. Those are EX PLUS scores, and not real FICOs. If you're concerned about your scores, you really should be looking at the real deal. Have you pulled your reports and scores from MyFICO?

Re: When to Apply for a Credit Card

imducky — Mon, 24 Mar 2008 00:50:07 GMT

hauling and i just answered this on aother thread

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=17777&jump=true

Re: When to Apply for a Credit Card

imducky — Mon, 24 Mar 2008 00:51:01 GMT

cheddar wrote:

ineedcreditbad wrote:
Thanks Ducky. Any ideas how much drop should I be looking in scores when I apply?

I noticed your scores are from CS. Those are EX PLUS scores, and not real FICOs. If you're concerned about your scores, you really should be looking at the real deal. Have you pulled your reports and scores from MyFICO?

ah man, thanks for catching that cheddar!

Re: When to Apply for a Credit Card

kalel8129 — Thu, 01 May 2008 13:00:21 GMT

I agree with Ducky look at your fico scores to determine what the true score is. In a lot of cases when you apply they may not look at all three credit bureaus, Transunion and Experian are usually the ones the credit card companies would look at. One point though if you are looking to get a new card and are approved don't cancel or close your other credit card accounts it will have an adverse effect on your available credit and your history.

If there is a zero balance on those cards just don't use them if otherwise there is a balance pay them down or off. I would not suggest transferring the balance when you are applying for a new card, if you plan on transferring a balance, see what your credit line is prior before deciding to transfer a balance in some case you may get a small credit line and if you transfer a balance which exhaust your credit line it will drop your score. Anytime you use more that 1/3rd of your credit limit it affects your score.

Lastly Bank of America is a good card Capital One not so good, based off what I have read about them. To recap:

- Don't do a balance transfer when you fill out an application.

- Don't close or cancel your old accounts it will lower your available credit, and shorten your credit

history.

- Don't apply for more than one credit card account within a 12month period.

- Applying for one card could drop your score at a minimum of five (5)points.

Hope this information is helpful...

Re: When to Apply for a Credit Card

FretlessMayhem — Thu, 01 May 2008 13:29:27 GMT

*Assuming* your FICOs are somewhere in the neighborhood with your FAKOs, I'd say Bank of America. Extremely prime and more than generous with CLIs.