@Anonymous wrote:Just got approved for my first card ever yesterday ($4k), through my bank, BoA. Figured not having any revolving was probably hurting me, so thought I'd get at least one. Card here, first one I've ever applied for: https://www.bankofamerica.com/credit-cards/products/susan-komen-credit-card.go
Wondering if it's advisable to look for another one or two, while I'm in the same credit-hunting window, as I know looking for new credit does ding it temporarily, but approvals help a little. Though obviously don't want too many right now, as that'll drag AAoA down significantly.
Pulled my scores last month from CCT, below. Had one inaccurate collections account ($119) that I managed to get EQ and EX to clear, but TU hasn't cleared yet, still working on that, so that's why it's lower. Prior to my new card showing up, which hasn't happened yet, all I've got on my report is three student loans (one from 2007, two from 2015). AAoA is decent due to the old one, over two years, not quite three years. Could have a better effect on my score if the balance on it wasn't so high, but it used to be a negative mark and now it's a positive, so I'm happy; it defaulted when I was injured, but I got it rehabilitated last year, and now it's showing as current/never late. All three are deferred until 12/11/16, according to my loan servicer, as I'm back in school completing my two-year this year, but that date will change in the fall when I transfer to complete my four-year.
EX 731
TU 621
EQ 717
End goal is to buy a very inexpensive house later this year, and I'll make a post in the mortgage section about that later, but wanted to get some input on this piece of the puzzle as soon as possible. Have an appointment with a local mortgage company tomorrow to ask questions and see if they can help me at all.
Been doing a lot of reading but I know there's still a lot I don't know, and I figured it was time to come here and start asking questions. So thanks for any answers you all might have.
It's kind of a tossup but I'd say yes, go for one bank card, but don't apply to Barclays or Synchrony because they'll pull TU.
@Anonymous wrote:Just got approved for my first card ever yesterday ($4k), through my bank, BoA. Figured not having any revolving was probably hurting me, so thought I'd get at least one. Card here, first one I've ever applied for: https://www.bankofamerica.com/credit-cards/products/susan-komen-credit-card.go
Wondering if it's advisable to look for another one or two, while I'm in the same credit-hunting window, as I know looking for new credit does ding it temporarily, but approvals help a little. Though obviously don't want too many right now, as that'll drag AAoA down significantly.
Pulled my scores last month from CCT, below. Had one inaccurate collections account ($119) that I managed to get EQ and EX to clear, but TU hasn't cleared yet, still working on that, so that's why it's lower. Prior to my new card showing up, which hasn't happened yet, all I've got on my report is three student loans (one from 2007, two from 2015). AAoA is decent due to the old one, over two years, not quite three years. Could have a better effect on my score if the balance on it wasn't so high, but it used to be a negative mark and now it's a positive, so I'm happy; it defaulted when I was injured, but I got it rehabilitated last year, and now it's showing as current/never late. All three are deferred until 12/11/16, according to my loan servicer, as I'm back in school completing my two-year this year, but that date will change in the fall when I transfer to complete my four-year.
EX 731
TU 621
EQ 717
End goal is to buy a very inexpensive house later this year, and I'll make a post in the mortgage section about that later, but wanted to get some input on this piece of the puzzle as soon as possible. Have an appointment with a local mortgage company tomorrow to ask questions and see if they can help me at all.
Been doing a lot of reading but I know there's still a lot I don't know, and I figured it was time to come here and start asking questions. So thanks for any answers you all might have.
I see that you added a Citi card. Good choice.
Now garden.
@Anonymous wrote:Guess I should have asked for a little more advice on actual cards to pick, but that is appreciated; it's always good to know what to avoid.
Was going to go ahead and post another thread in the other section, but the mortgage company said no one can help me for another year due to lack of length of employment history, so it looks like that's a project for next year instead. Which means I've got more questions here first!
I just ran across something on either CK or CS (I forget which) saying that it's only auto and home loans that use a short time limit for the same window; is that accurate, and did I actually do some additional damage to my score by applying for (and being approved for) a second card (this one through Citi, for the curious)?
To rephrase the question: How much more do hard inquiries hurt when they're clustered together than when they're not, and how much more do they hurt when applying for credit cards, than when applying for home or auto loans (which admittedly make more sense to window)?
I do recall, at least, that hard inquiries stay on a report for two years, but only affect the score for one year, so by summer or fall of next year the effect should be minimal either way, but I remain curious about the mechanics of it all.
Congratulations on getting the two cards.
If you had no other Revolving credit prior to this, I would strongly suggest stopping at two. Here's why: If you had no Revolving items reporting in your credit report prior to this, and only the Term Loans in the form of student loans, you will want to wait to see when the BofA and Citi cards report, what effect that has on your FICO score.
The note about always having at least a small balance report on one credit card? That's because if you have all your CC reporting zero, you get a score drop. You may be on the other side of that situation, where your initial scores did not have any Revolving credit to latch on to, to score. I don't know the rest of your story, but it's possible these cards bump your score up a bit. Never any guarantees, but it seems possible.
And given all the advice you will find here, and all the cards to choose from, it's best to stop apping, get used to the two cards you have, and think about what you might want (or if you even want) in another card. Take your time researching.
Oh, and the "apping window" thing? Very difficult to pull off with Credit Cards, and it only works if you are applying for two cards from the same bank. It flat doesn't work with two different banks. That's a lot of new cards to ask from one bank at one time, and many of the cards involved have a bonus you can earn with some large amount of spend. Stacking all the spend to earn the bonuses can become difficult for most people, so they risk missing out on one of the main benefits of the new app.
You are correct, the HP effect does fade with time. So I don't get too hung up on the "cost" of a HP, since I don't get paid to keep them in a box, and no one charges me cash to use them for an app.
