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Established Contributor
Posts: 1,028
Registered: ‎02-14-2014
0

Gardening?

I have a chase, a cap1, a Barclays and a First Premier, with credit limits ranging from $500 to $3300.  My oldest accounts are more than six years old, my newest is from just last week. 

 

I'd like to app Discover It, an Am Ex and possibly one other, then camp in the garden for a while to age accounts.  Is this a sound strategy?  What would you consider the "basics" before gardening?  I don't intend to get other credit cards for more than a year after this, but I do intend to buy a car around May. (my first)  Do you think the hits from INQ will last longer than that?  Do you req CLI while gardening?

 

All three credit scores range between 735 and 741 atm with fairly high (about 30%) util.  Next billing cycle will be less than 10% though.

 

I didn't mean to barrage with questions, but I have a few that I haven't yet found answers to while meandering through the forums here. 

Valued Contributor
Posts: 2,411
Registered: ‎12-09-2013
0

Re: Gardening?

[ Edited ]

Crisis wrote:

I have a chase, a cap1, a Barclays and a First Premier, with credit limits ranging from $500 to $3300.  My oldest accounts are more than six years old, my newest is from just last week. 

 

I'd like to app Discover It, an Am Ex and possibly one other, then camp in the garden for a while to age accounts.  Is this a sound strategy?  What would you consider the "basics" before gardening?  I don't intend to get other credit cards for more than a year after this, but I do intend to buy a car around May. (my first)  Do you think the hits from INQ will last longer than that?  Do you req CLI while gardening?

 

All three credit scores range between 735 and 741 atm with fairly high (about 30%) util.  Next billing cycle will be less than 10% though.

 

I didn't mean to barrage with questions, but I have a few that I haven't yet found answers to while meandering through the forums here. 


Inqs affect your score for 12 months and then fall off completely in two years.  Your scores are certainly high enough that you should be getting great rates on a car loan. 

 

I don't know if this happens to everyone but my credit score took a 40+ point hit when I first got my car loan, it recovered over the next 4 months.  I think choosing an auto loan is almost as important as choosing the car itself.  Shop around at credit unions and from my own experience, I would never let a dealer pull my credit or apply for credit on my behalf again.  I had preshopped the loan, had a great loan from Navy Fed CU and even had the voucher in hand.  I did not disclose the voucher to the dealer but I did tell them I already had financing.  They offered 0% through Toyota Financial so I decided to app with them.  Instead of just putting my application through Toyota Financial they submitted it to every Credit Union and Financing partner they had.  I got over 20 HPs across the three CBs!  Toyota Financial did give unconditional approval, there was NO NEED to put it through all the other lenders.  I wanted to string the finance manager up!  So just a word of caution there.  Pre shop your lender and even if you think the dealer can make a better deal make sure the finance manager knows what YOU WANT as their customer. 

 

But back to gardening and the credit cards.  The HPs won't really affect your score too much but new trade lines can.  Since the car is the bigger goal I would put that ahead of the CCs.  If I was in your shoes the day I finalized the financing and picked up the car I might App for the CCs then before the new auto loan reports.  You UTIL will be paid way down by then and your score will be even higher.  I would think that with your scores you would have no problems being approved and depending on debt to income you can prob get some good limits.

 

Good luck, feel free to join us in the garden!  We have a great group and understand that sometimes we plan a day pass to app for what we need Smiley Happy


EQ 679 - 05/02/14 (myfico.com, New Model) | Last App 09/02/14 | Goal: 750+ 9/2014
NFCU nCashRewards VISA - $20,000 | NFCU nRewards $10,000
AMEX Costco TrueEarnings $5,000 | AMEX Delta Gold $1,500
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HSN Mastecard $3,500
Regular Contributor
Posts: 218
Registered: ‎03-02-2013
0

Re: Gardening?

[ Edited ]

sailor_mercury wrote:

Crisis wrote:

I have a chase, a cap1, a Barclays and a First Premier, with credit limits ranging from $500 to $3300.  My oldest accounts are more than six years old, my newest is from just last week. 

 

I'd like to app Discover It, an Am Ex and possibly one other, then camp in the garden for a while to age accounts.  Is this a sound strategy?  What would you consider the "basics" before gardening?  I don't intend to get other credit cards for more than a year after this, but I do intend to buy a car around May. (my first)  Do you think the hits from INQ will last longer than that?  Do you req CLI while gardening?

 

All three credit scores range between 735 and 741 atm with fairly high (about 30%) util.  Next billing cycle will be less than 10% though.

 

I didn't mean to barrage with questions, but I have a few that I haven't yet found answers to while meandering through the forums here. 


Inqs affect your score for 12 months and then fall off completely in two years.  Your scores are certainly high enough that you should be getting great rates on a car loan. 

 

I don't know if this happens to everyone but my credit score took a 40+ point hit when I first got my car loan, it recovered over the next 4 months.  I think choosing an auto loan is almost as important as choosing the car itself.  Shop around at credit unions and from my own experience, I would never let a dealer pull my credit or apply for credit on my behalf again.  

 

Good luck, feel free to join us in the garden!  We have a great group and understand that sometimes we plan a day pass to app for what we need Smiley Happy


Sound advice... I wish I was a member of these forums when I I got my discharge last year.  The car loan was the first thing I did... and I didn't get the best rate.  There is light at the end of the tunnel though... I got in the door with my local CU...  they gave me a CC and now I'm gardening for 2 years.  I will step out of the garden long enough to refi my car loan with them.... but I'm done with cards.  Smiley Happy

 

Regular Contributor
Posts: 150
Registered: ‎10-20-2013
0

Re: Gardening?

Some very sound advise from sailor.

Established Contributor
Posts: 1,028
Registered: ‎02-14-2014
0

Re: Gardening?

I am a member of a credit union (enrolled through work), and bank with a small, local bank.  Those two will definitely be the first two I look to when shopping car loans. Thanks for the advice thus far!

Valued Contributor
Posts: 1,422
Registered: ‎01-12-2014
0

Re: Gardening?

I would at the very least wait until UTL is paid down (if as you said it will be) AMEX and discover both seem more reluctant to give good CL to people who carry balances from what I have read. Good luck with the car and CC apps!

If anyone needs me I will be In The Garden. Goal Score: 760 for all in 2015.
Current FICO Scores EX: 715 EQ: 756 TU: 762
Last APP April 21, 2015.
Victim of The great AMEX HP heist of Dec 1st, 2nd and 3rd of 2014.
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