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Looking to add a card

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GFer
Valued Contributor

Re: Looking to add a card

I would wait. They are already going to see the inquiry, why not let them see the higher CL?



EQ 817, EX 815, TU 813 (Updated 1/5/18: TU 843

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Message 11 of 20
Anonymous
Not applicable

Re: Looking to add a card

I think I will wait. I certainly don't need to use the CL for anything, just trying to build my card portfolio.

My BofA statement cuts on the 4th of every month. I wonder how soon my CL increase will take to show on EX?
Message 12 of 20
AverageJoesCredit
Legendary Contributor

Re: Looking to add a card

Agree, it cant hurt for them to see some luvinSmiley Wink
Message 13 of 20
Anonymous
Not applicable

Re: Looking to add a card

Yesterday I received an email from Experian that BofA reported the CL increase. 

 

I have decided to apply for the AMEX Blue Cash Everyday w/ the $150 sign up bonus and 15 months 0%.   

 

Anyone have any idea how much of a hit on my score I would take if I applied/open 2 new cards? Would it be a good idea to open 2 at the same time? I will eventually get another after the AMEX, I'd just prefer it sooner as to start the credit history sooner if that makes sense or should I wait?  

 

Here is my updated credit profile as of 01/10/2018:

 

AAoA: 1yr 6mo, oldest account 2yrs 10mo

Income: $70k

Zero derogatory marks

3% credit utilization ($1,137 out of $36,900)

7 total accounts all paid on time (1 closed car traded in)
R&I FCU Auto loan $37,199 (beginning 44,611)
Best Buy (Citi) CL $4,000 balance $837
Merrick Bank CL $2,200 balance $0
Tire Plus Store CL $2,200 balance $0
Bank of America CL $8,1000 balance $0
Discover CL $20,400 balance $300

 

Credit Karma score: TU 755, EQ 759
Experian app 784 FICO 8
Discover account FICO score 794
Merrick Bank account FICO score 815
Bank of America account FICO score 789
Inquiries: EX 4, TU 8, EQ 9 - last inquiry was 12/2017 on TU then 7 months ago (on EQ) for Best Buy Store Card (Citi). All other inquiries on all 3 bureaus are 1+ year old. I should have about 3 to 4 inquiries fall off TU & EQ in March from car shopping in February 2016.

Message 14 of 20
Anonymous
Not applicable

Re: Looking to add a card

AMEX cards take 2 months to report, so they're good for protecting AAoA.

 

Your AAoA hitting 2 years will help your FICO scores quite a bit.  Do you have an AAoA estimator calculator?  If not, PM me and I'll send you my spreadsheet so you can do some analysis now and for the future.

 

When was your last new account?  New account penalties hurt the most for 0-3 months, hurt less for 3-6 months, and WAY less for 6-12 months.  So if you have had a new account in the past 3 months, another new account will have very little effect on your score as there is no scoring difference for AAoAs under 2 years.

Message 15 of 20
Anonymous
Not applicable

Re: Looking to add a card

My last new account was Best Buy store credit card (Citibank) in June 2017. Started with a $2,300 balance out of $4k CL. It's down to $831. 

Message 16 of 20
Anonymous
Not applicable

Re: Looking to add a card

I just pulled the trigger, AMEX BCE gave me $10,000 SL.

Message 17 of 20
dsotm76
Frequent Contributor

Re: Looking to add a card


@Anonymous wrote:

I just pulled the trigger, AMEX BCE gave me $10,000 SL.


CONGRATULATIONS!!  I pulled the trigger back at the end of December and got the same amount for the BCE.  I almost fell out of my chair and I might have shed a tear of joy.  :-)

 

I was going to suggest the BCE card.  I tend to shy away from Cap1 because they HP from all three.  For me, it's not worth it.

BCE AMEX ($16200) - Citi DC ($11600) - Chase Sapphire Preferred ($10200) - Nordstrom Visa Signature ($10000) - Best Buy Citi Visa ($9950) - Chase Freedom Flex ($7700) - NHL Discover IT ($7000) - Apple Card ($6000) - Delta Gold AMEX ($6000) - Hilton Honors AMEX ($5000) - Barclay View ($5000)

Closed - Capital One Secured ($500) - It is not in my wallet. :-) - Sony/Sync ($2400)

Goal - To get in with Chase. Smiley Very Happy (ACHIEVED!)
Message 18 of 20
dsotm76
Frequent Contributor

Re: Looking to add a card


@Anonymous wrote:

AMEX cards take 2 months to report, so they're good for protecting AAoA.

 

Your AAoA hitting 2 years will help your FICO scores quite a bit.  Do you have an AAoA estimator calculator?  If not, PM me and I'll send you my spreadsheet so you can do some analysis now and for the future.

 

When was your last new account?  New account penalties hurt the most for 0-3 months, hurt less for 3-6 months, and WAY less for 6-12 months.  So if you have had a new account in the past 3 months, another new account will have very little effect on your score as there is no scoring difference for AAoAs under 2 years.


Am I able to get in on the spreadsheets offer?  I really enjoy playing in those and would love to see what it predicts.  :-)

BCE AMEX ($16200) - Citi DC ($11600) - Chase Sapphire Preferred ($10200) - Nordstrom Visa Signature ($10000) - Best Buy Citi Visa ($9950) - Chase Freedom Flex ($7700) - NHL Discover IT ($7000) - Apple Card ($6000) - Delta Gold AMEX ($6000) - Hilton Honors AMEX ($5000) - Barclay View ($5000)

Closed - Capital One Secured ($500) - It is not in my wallet. :-) - Sony/Sync ($2400)

Goal - To get in with Chase. Smiley Very Happy (ACHIEVED!)
Message 19 of 20
Gratitude
Regular Contributor

Re: Looking to add a card


@Anonymous wrote:

I just pulled the trigger, AMEX BCE gave me $10,000 SL.


Sweet!


Amex Plat | Amex EDP $24,000 | Citi BestBuy Visa $11,000 | Chase Freedom $7500 | Discover IT $7500 | Amex BCE $5,000 | Merrick Bank Visa $2000 | Alliant SSL
Starting Score: Fico 8: EQ 721 TU 742 EX 736
Current Score: Fico 8: EQ 746 TU 764 EX 756
Goal Score: Fico 8: EQ 750+ TU 760 EX 750+


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Message 20 of 20
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