New student loans...so get a new card too?

DH1988 · ‎06-10-2019

Hi there!

Can someone explain to me how student loans affect credit card applications? I want to open a NFCU credit card but I'm starting grad school next month so I'm not sure when is the right time to do it. I was orginally going to stay in the garden until next year, but now I'm wondering if I should I open the card at the same time I get the loans so that they both age together. When the loans hit my credit, my AAOA will go down and I'm expecting to lose a few points, so is it best to open the card now while my score is higher or should I wait? Will opening the card before the loans increase my chances of a higher limit and lower APR since the debt I'm going in to won't be reflected on my credit report yet?

Would you wait to apply for the card or go for it?

Anonymous · ‎06-10-2019

Go for it! Might as well get the best possible terms before the new loans report.

Anonymous · ‎06-10-2019

What are your other DPs? New accounts/inquiries in the last year? Other accounts? How long have you been a member with NFCU?

We would need to know your other info to give you a better idea of approval odds for the card, and whether you should apply now or later.

pinkandgrey · ‎06-10-2019

Have you already applied/been approved for the loans? If so, I would get the card BEFORE the loans report if possible.

Good luck!

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DH1988 · ‎06-10-2019

@Anonymous wrote:
What are your other DPs? New accounts/inquiries in the last year? Other accounts? How long have you been a member with NFCU?

We would need to know your other info to give you a better idea of approval odds for the card, and whether you should apply now or later.

Fico score is 733, 2 new credit cards and 1 car loan in the last year (but nothing in the last 6 months). 3-4 inqs depending on the report. Joined NFCU in Nov/Dec 2018. I have 2 certificates, a checking and savings with them.

I keep getting NFCU pre-approvals for the AMEX card, but I was thinking about a flagship (for the 2x on everything) or platinum (for super low APR since all my other cards have high APRs).

I have 4 cards: Nordstrom Visa ($15k, July 2017), Cap one QS ($7k, May 2008), Amex ($6k, Sept 2018), Chase ($2.8k, Nov 2018)

Anonymous · ‎06-10-2019

I'd say you have a decent chance if your income supports it. Also as long as DTI isn't too high. If you're good there, then I would apply before the loans start reporting. Good luck!