Short AAoA - Apply for Installment alone or simultaneously with Card App?

[Gratitude]

Trying to build score quick / avoid denials/inquiries.  Maybe its working as my AAoA is under 2years with 2 CC’s and I’ve arrived at: 

FICO: EU 721  | TU 746 |  EX. 736

Urgency -  need to finance a Camper for my uncle immediately  (appox $8K) 

  Pros - I will establish an Installment  - Credit Mix 

  Cons - Amount of New Credit/Util;  add an Inquiry

Questions:

1. Is applying for an installment loan + 2 Chase: Freedom Unlimited & Sapphire Preferred simultaneously a wise move? 
2. Would it it be wiser to apply for the installment loan & only 1 Chase card?
3. Should I submit the online Chase apps first then the online RV/Camper Financing application or vice-versa?
4. If I applied just for the Installment loan, and paid it off within 7months  does bring my FICO back up?

Situation/Concerns:

I don’t want to slow down my credit building with this move as utilization will shoot up, so I thought the best strategy would be to apply for 2 cards simultaneously and take advantage of the 2/30 Rule with possibly 1 pull and lower utilization;

banking relationship with Chase 6.5yrs;  received an email inviting me to “See what I qualify for” with assurance -  “no impact to credit score” (sounds like a soft pull to me) however, I am unable to log in to Chase dot com and find out as I do not have a CC account with them (very frustrating);

don’t want to get approved for the Camper then have to wait longer for the credit building / don’t want to blow approval on the Camper either. 

Note: Last year I  Opted-Out of PreQualified Offers as I knew I would not apply for anything until, I’d get approved for whatever I want (and who needs the junk mail anyway).

Note: Not sure which bureau the online RV Finance company pulls from.

Background:

Over 30yrs of age - No reported history before January 2016

FICO: EU 721    TU 746    EX 736

• Income:  $65K
• Merrick Bank Secured Visa ($1500) - approved January 2016  - zero late - utilization regularly under 20% - high balance under 30%
• BestBuy Visa ($3000) - approved April 2017  - zero late - utilization regularly under 20% - high balance 43%
• Its over 6months & possible to get CLI from BestBuy Visa
• Inquiries:  1. Citibank BestBuy - approved
• No mortgage / low low rent
• No negative accounts; collections; public records

[Anonymous]

Think the link is www.chase.com/prequalified and works for anyone. Soft pull.

I'd do an AAoA forecast regardless but honestly I'd app Chase first and the loan right after, same day. If you need a good AAoA forecasting tool, PM me. Always smart to know what's going to happen in the future based on apps!

Your scores should get you a decent camper loan.

[Gratitude]

@ ABCD2199 - Thank you. I've tried this link: no luck...  Seems if one has opted out of "pre-screened" offers you  are unable to see if you pre-qualify with Chase.

I will definitely look into AAoA Forecast..

If I am looking at $9K in Camper (Installment) financing, and just racked up a Chase inquiry (or 2), without the established account and CL appearing in the reprot, is my Camper loan approval still looking good without hassle?

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FICO: EU 721    TU 746    EX 736

• Merrick Bank Secured Visa ($1500) - approved January 2016  
• BestBuy Visa ($3000) - approved April 2017

[Anonymous]

Yes. If you opted out its almost impossible to get prequal offers on any creditors website. You can opt back in but it does take some time to take effect (not sure how long exactly). Just fyi. 

[Gratitude]

Update: 

Struck deal on Camper; will put down over 10% & finance $7900

What is best? 

• App Spree for 2* or 3 cards - spread Camper payment out over 3 cards - pay off my Spring/Summer 2018 ?
• App for 2 Chase cards & Installment Loan for Camper ?
• Just the Installment loan now**  -put off Chase apps until Ioan is paid down below 20% ?

*If I app 2 Chase cards, maybe one HP but AAoA hits 24months in 01/19

**If I app the Installment loan only my AAoA hits 24months  in 01/19

Camper Financing company deals with 30 banks, so not sure where they pull from.

Should I rely on their system or single out a bank/finance company and app directly?

If additional Documentation is requested for Installment loan this could cause a delay for me and for this reason, I am considering cards for the purchase.

HeavenOhio wrote: "My concern would be your current limits. I think Chase would be reluctant to hand out the $5,000 minimum limit on a Sapphire Preferred card."

What Chase cards (where I am best eligible) would give the highest limits combined?

@ABCD2199 - Thanks for the awesome AAoA tool and simulator that helped me to see things a bit clearer.

Credit Status:

2 Visas, Total CL = $4536

AZEO WITH 5.5% on BestBuy Visa (CL $3000)

AAoA = 15.5 Months

Income:

$65K

No debts / Nothing derogatory

No Mortgage / Extremely low rent

---

FICO: EU 721    TU 746    EX 736

• Merrick Bank Secured Visa ($1500) - approved January 2016  
• BestBuy Visa ($3000) - approved April 2017

[coldfusion]

---

@Gratitude wrote:

Update: 

Struck deal on Camper; will put down over 10% & finance $7900

What is best? 

• App Spree for 2* or 3 cards - spread Camper payment out over 3 cards - pay off my Spring/Summer 2018 ?
• App for 2 Chase cards & Installment Loan for Camper ?
• Just the Installment loan now**  -put off Chase apps until Ioan is paid down below 20% ?

*If I app 2 Chase cards, maybe one HP but AAoA hits 24months in 01/19

**If I app the Installment loan only my AAoA hits 24months  in 01/19

Camper Financing company deals with 30 banks, so not sure where they pull from.

Should I rely on their system or single out a bank/finance company and app directly?

If additional Documentation is requested for Installment loan this could cause a delay for me and for this reason, I am considering cards for the purchase.

HeavenOhio wrote: "My concern would be your current limits. I think Chase would be reluctant to hand out the $5,000 minimum limit on a Sapphire Preferred card."

What Chase cards (where I am best eligible) would give the highest limits combined?

@Anonymous - Thanks for the awesome AAoA tool and simulator that helped me to see things a bit clearer.

Credit Status:

2 Visas, Total CL = $4536

AZEO WITH 5.5% on BestBuy Visa (CL $3000)

AAoA = 15.5 Months

Income:

$65K

No debts / Nothing derogatory

No Mortgage / Extremely low rent

---

FICO: EU 721    TU 746    EX 736

• Merrick Bank Secured Visa ($1500) - approved January 2016  
• BestBuy Visa ($3000) - approved April 2017

---

If the finance company plans on using the buckshot method of attempting to secure you a loan across a lot of banks you're at risk of having many inquiries in a short period of time.  FICO scoring takes this into account, as it's not an unusual circumstance with regard to car loans, but CC issuers have varying degrees of inquiry sensitivity.  I suggest you first visit a few local banks and credit unions and see what they offer for RV loans and discuss your odds of approval before you decide on your strategy.  I'd expect you would pay a lot more in interest using CC than with an RV loan.

[Gratitude]

@coldfusion - Major thanks for that heads up - Buckshot method resulting in multiple inquiries... I'll pass on that;

Merrick Bank has a division that deals with RV loans to individuals with poor credit - I have a Merrick Bank Secured Visa, and thus a relationship but i'll pass on that too as my credit is in the very good range at this point;

I have found some reputibale RV/Camper Finance entitites online.. I beleive I will follow what @ABCD2199 said and app for the CC's first then go after the Installment loan (at this point I will go direct to a source not the dealers company).

[Gratitude]

Update-

Read tons of posts; thanks for all the help from you guys / continued online research;
Used a great tool to simulate overview of accounts and calculate AAoA  (thanks to our freind @Anonymous);

Decided on App Spree on 12/14/17 - in this sequence: 

1. App'd CF & CSP (simultaneously) = We need to review/ 30 Days
2. CLI  request BBV - from $3,000 (+$2300) to $5300 = instant approval!
3. App'd - Installment Loan (online app after calling in for details) = 24hr standard reply (will know later)

Got the Chase backdoor number  (with option to speak to rep) from Backdoor Numbers thread;

Called > automated system told me "answer within 2 weeks" {better than 30 days!} > spoke to nice rep who put me on hold to check status then got an analyst (very nice lady) - this is what I recall:

  Analyst: "shows you've been decline for having too many open accounts"

  Me: "Ma'am, I do not have any credit card accounts open with Chase,  though i've just been a banking customer for 7yrs"

  Analyst: "I see you applied for 2 cards on the 14th"
  Me:"Yes, 'that's correct"

  Analyst: {after going further through her terminal} "It shows here you have a Charge-Off with us"

  Me:"Wait, What?...Charge-Off?? from when?" {Mind is racing}

  Analyst:"....2007 .. You will receive a letter and can check your credit report"
  Me: "Ma'am, I check my credit report all of the time, have been for a months now, I only have two credit cards - both in great shape - no  derogatory information at all"

  Analyst:"Our information indicates a Charge off for $5K, would you like me to connect you to our Collections department to investigate it?"
 Me:{memory comes flooding in/ had a clean slate for years / thinking about their recon line} "Im going to check my records, can I call you back?"

 Analyst: "yes of course"

Yesterday I watched my FICO score drop in real time as an 8% balance was reported from my Merrick Bank Secured Visa;
This morning I watched FICO drop further due to Inquiries being reported (so far only the 1 Chase inquiry, Installment hasn't hit yet);

Now I am reminded of a Charge-Off from 10years ago that I've totally forgotten as all info on my credit report from the past was gone... I'd been Gardening before recently learning the term - 17yrs before entering the credit arena again.

Now, totally nervous about the Installment loan approval; 

worried about score dropping after all this hard work and patience;

totally confused as to how to approach Chase on the recon line - 

Feeling quite stupid:  

Did I just totally screw up by app'ing the wrong bank!? ...The only one that could see this outdated information?? 

This Charge-OFF does NOT appear on my credit report! and my foolish assumption (a decade ago) is that "all is forgiven after 7 years" 

What is the best course with Chase at this point?

• Abandon?
• Recon?
• Payment plan with collections? - that gurantees nothing on approval anytime soon
•  other?

Please HELP

---

FICO: 
EX 12/7: 721  |  12/15: 715
TU 12/7: 742  |  12/15: 740
EX 12/7: 736  |   12/15: 728

• Merrick Bank Secured Visa ($1500) - approved January 2016  
• BestBuy Visa ($3000)- approved April 2017 / CLI 12/14 to ($5300)

[pizza1]

---

@Gratitude wrote:

Update-

Read tons of posts; thanks for all the help from you guys / continued online research;
Used a great tool to simulate overview of accounts and calculate AAoA  (thanks to our freind @Anonymous);  yes, this poster contributes a lot of good info/stats 

Decided on App Spree on 12/14/17 - in this sequence: 

1. App'd CF & CSP (simultaneously) = We need to review/ 30 Days (shugs shoulders...eh, big deal, alot of folks get this)
2. CLI  request BBV - from $3,000 (+$2300) to $5300 = instant approval!  great!! congrats 
3. App'd - Installment Loan (online app after calling in for details) = 24hr standard reply (will know later) who was the lender you applied with for the loan?

Got the Chase backdoor number  (with option to speak to rep) from Backdoor Numbers thread;

Called > automated system told me "answer within 2 weeks" {better than 30 days!} > spoke to nice rep who put me on hold to check status then got an analyst (very nice lady) - this is what I recall:

  Analyst: "shows you've been decline for having too many open accounts"

  Me: "Ma'am, I do not have any credit card accounts open with Chase,  though i've just been a banking customer for 7yrs"

  Analyst: "I see you applied for 2 cards on the 14th"
  Me:"Yes, 'that's correct"

  Analyst: {after going further through her terminal} "It shows here you have a Charge-Off with us"

  Me:"Wait, What?...Charge-Off?? from when?" {Mind is racing}

  Analyst:"....2007 .. You will receive a letter and can check your credit report"
  Me: "Ma'am, I check my credit report all of the time, have been for a months now, I only have two credit cards - both in great shape - no  derogatory information at all"

  Analyst:"Our information indicates a Charge off for $5K, would you like me to connect you to our Collections department to investigate it?"
 Me:{memory comes flooding in/ had a clean slate for years / thinking about their recon line} "Im going to check my records, can I call you back?"  good answer

 Analyst: "yes of course"

Yesterday I watched my FICO score drop in real time as an 8% balance was reported from my Merrick Bank Secured Visa;
This morning I watched FICO drop further due to Inquiries being reported (so far only the 1 Chase inquiry, Installment hasn't hit yet);

Now I am reminded of a Charge-Off from 10years ago that I've totally forgotten as all info on my credit report from the past was gone... I'd been Gardening before recently learning the term - 17yrs before entering the credit arena again. I wouldnt worry so much about the drop in scores, its only tempoary, and you'll start to see them go back up over time slowly over next few months.

Now, totally nervous about the Installment loan approval; 

worried about score dropping after all this hard work and patience; its normal for one to see a score drop for INQ/New accts/ higher than normal revolving util reporting etc....I wouldnt worry so much about that, as it will start to go back up over time. 

totally confused as to how to approach Chase on the recon line - 

Feeling quite stupid:  Dont feel stupid, a lot of lenders have their own "internal databases", and can see past debts CO/BK from many years back. One poster here said that Amex saw their BK/CO on their card from 28 years ago. I personally had a Chase CO/DC'ed debt in BK, but they were able to see that in their internal records even though it was no longer reporting on my credit reports. 

Did I just totally screw up by app'ing the wrong bank!? ...The only one that could see this outdated information??.  No, you didnt.  You didnt know that since the debt was no longer showing on your reports, that Chase would still have an internal record of it. 

This Charge-OFF does NOT appear on my credit report! and my foolish assumption (a decade ago) is that "all is forgiven after 7 years"   If the debt was never paid, then technically you still owe it, but there is a statuate of limitations on collections of old debt.  Check your state for the time.  Did you ever get a 1099-C form in the mail from Chase? If so, Chase cant collect on a debt that was issued a 1099-C for. 

What is the best course with Chase at this point?    read my answer above. 

• Abandon?
• Recon? I always say to recon!! I must have apped for the Amazon Visa more than a dozen times, and reconned, with failure, but then one day it took just one agent to listen to my story, and BAM.....approved for $3k, after their $7k CO/BK from like 10 yrs ago.  Ive had that card for a year now in perfect standing. 
• Payment plan with collections? - that gurantees nothing on approval anytime soon. I would assume you are way past the staue of limitations of collections of this debt now, and if you were issued a 1099-C for that debt to the IRS, they cant collect on that anyways. Do you remember getting that form? You would have probably received it within the last 5-7 years, as most companies will /can issue one to the IRS after 36months of no payments on the acct. 
•  other?

Please HELP

---

FICO: 
EX 12/7: 721  |  12/15: 715
TU 12/7: 742  |  12/15: 740
EX 12/7: 736  |   12/15: 728

• Merrick Bank Secured Visa ($1500) - approved January 2016  
• BestBuy Visa ($3000)- approved April 2017 / CLI 12/14 to ($5300)

---

[Anonymous]

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@Gratitude wrote:

@ ABCD2199 - Thank you. I've tried this link: no luck...  Seems if one has opted out of "pre-screened" offers you  are unable to see if you pre-qualify with Chase.

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You should never, ever, ever opt-out of prescreened offers.  There is no purpose to this.  If you did opt-out, opt back in or you will NEVER get preapproved offers from anyone.

Note: the Chase "no offers" page references prescreen offers opt-out but it doesn't mean you're opted out.  I don't have any offers, I'm opted-in but I get the same error page.

Auto loans and RV loans typically tend to focus more on DTI and payment history than recent inquiries.  Depends on the lender, of course.  I was approved for a boat loan with horrible FICO scores (I think I was at 590?) with 20% down and the inquiries I had weren't even glanced at.  They looked my FICO score, LTV, DTI and recent payment history before approving me (for $35,000 as long as LTV was 80%).