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Regular Contributor
pez478
Posts: 114
Registered: ‎04-29-2008

Getting the itch...

[ Edited ]

I'm getting the itch to apply for a new CC!  I seriously DO NOT need one, but these last 14 months of gardening have been so darned boring that I feel like spicing things up.  I checked EQ a couple days ago and my score is 748 - there is an inq on there from July that is a bit sketchy so I'm trying to get that removed.  I checked TU today and have a nice 763.  I graduate pharmacy school next May and would like to be solidly over 760s on both reports by that point, so getting another CC would be like shooting myself in the foot.  ::smileyfrustrated:igh::  Maybe I'll just get a pretty new Discover design instead.  Here's my current setup with CLs:

 

BoA Accelerated Rewards AmEx - $4000

Best Buy store card - $2800

BP gas card - $1200

Chase Freedom - $3000

Citi Platinum Dividend AmEx - $12600

Discover OpenRoad - $2500

Kohl's store card - $700

USBank Select Rewards VISA - $13250

 

At this point I need to stay strong and resist the itch!


Starting Score: EQ 749 TU 751
Current Score: EQ 758 TU 776
Goal Score: 780


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Member
Aoi
Posts: 35
Registered: ‎08-03-2010

Re: Getting the itch...

Don't do it! You have a nice portfolio of cards and CL already. No such thing as too nice a score in the current economic climate. Save the application/inq for when you REALLY need one (auto/mortgage) since you're graduating and all.

 

My two cents

-------------------------------------
8/2010 TU: 718 EQ: 721
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Moderator Emeritus
MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009

Re: Getting the itch...

 


Aoi wrote:

Don't do it! You have a nice portfolio of cards and CL already. No such thing as too nice a score in the current economic climate. Save the application/inq for when you REALLY need one (auto/mortgage) since you're graduating and all.

 

My two cents


 

I agree. My youngest card is about 6 years old. There is no reason to apply for credit you don't need.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work


New Contributor
techman2008
Posts: 71
Registered: ‎10-25-2008

Re: Getting the itch...

Just do it.  lol.   You want to hear you're approved!  Of course it's boring now, but once you buy a house or car and get the best interest it'll all be worth the wait. 


Starting Score: TU 797 EQ 798 EX 774 10/26/2008
Current Score: TU 787 EQ 784 EX ??? 09/19/2010
Goal Score: 790


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Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Getting the itch...

OP, out of curiosity, do you have student loans reporting, that haven't been consolidated yet? If so, it will help when they all get lumped into one open installment tradeline, instead of one per year or one per semester.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Regular Contributor
pez478
Posts: 114
Registered: ‎04-29-2008

Re: Getting the itch...

 


haulingthescoreup wrote:

OP, out of curiosity, do you have student loans reporting, that haven't been consolidated yet? If so, it will help when they all get lumped into one open installment tradeline, instead of one per year or one per semester.


Yes, I have 2 separate student loan tradelines on my report.  I didn't realize this is how it would work, but it's kind of nice actually - my subsidized and unsubsidized Stafford loans get all lumped together into one tradeline, and they just bump up the amount each year when I take out more money, rather than adding additional tradelines.  So all of those are under one tradeline with a date of 8/2007.  My other loan was also opened in 8/2007.  I have not yet consolidated but I'm planning to consider it upon graduation.

 

 

Thanks to everyone for the moral support.  I know I need to hold off, but the temptation to apply is strong! :smileytongue:


Starting Score: EQ 749 TU 751
Current Score: EQ 758 TU 776
Goal Score: 780


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Established Member
ebaniaga
Posts: 18
Registered: ‎04-19-2010

Re: Getting the itch...

Is it possible to lump all loans into one open tradeline without having to consolidate them through some bank?  I don't want to lose my interest rates/grace period on my loans.

Community Leader
Senior Contributor
laz98
Posts: 4,291
Registered: ‎09-06-2008

Re: Getting the itch...

 


haulingthescoreup wrote:

OP, out of curiosity, do you have student loans reporting, that haven't been consolidated yet? If so, it will help when they all get lumped into one open installment tradeline, instead of one per year or one per semester.


why will it help?  isn't it helpful to have more open, positive accounts?  i don't really want to consolidate mine.

 

Latest scores: Walmart TU: 766. MyFICO TU: ---. DCU EQ: 741. PSECU EX: 756.
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Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Getting the itch...

 


laz98 wrote:

haulingthescoreup wrote:

OP, out of curiosity, do you have student loans reporting, that haven't been consolidated yet? If so, it will help when they all get lumped into one open installment tradeline, instead of one per year or one per semester.


why will it help?  isn't it helpful to have more open, positive accounts?  i don't really want to consolidate mine.


 

It isn't a huge deal, but if you get the ding for "too many accounts with balances", it can be useful to reduce the number of open installment loans, which always have balances, or to increase the number of revolving (CC) accounts, which can be kept at $0.

 

It's not a big ding, by any means. If not consolidating puts you in a better financial state, that's what you should do.

 

DD#1 used to have multiple SL's, one for each semester. She consolidated the few from her undergrad years, and now that her private lender (Discover) is out of the SL market, she just has the federal loans that keep updating, as OP mentioned. So nice to have her $250K SL debt at graduation on just a few accounts, instead of 10. :smileytongue:

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Community Leader
Senior Contributor
laz98
Posts: 4,291
Registered: ‎09-06-2008

Re: Getting the itch...

 


haulingthescoreup wrote:

laz98 wrote:

haulingthescoreup wrote:

OP, out of curiosity, do you have student loans reporting, that haven't been consolidated yet? If so, it will help when they all get lumped into one open installment tradeline, instead of one per year or one per semester.


why will it help?  isn't it helpful to have more open, positive accounts?  i don't really want to consolidate mine.


It isn't a huge deal, but if you get the ding for "too many accounts with balances", it can be useful to reduce the number of open installment loans, which always have balances, or to increase the number of revolving (CC) accounts, which can be kept at $0.

 

It's not a big ding, by any means. If not consolidating puts you in a better financial state, that's what you should do.

 

DD#1 used to have multiple SL's, one for each semester. She consolidated the few from her undergrad years, and now that her private lender (Discover) is out of the SL market, she just has the federal loans that keep updating, as OP mentioned. So nice to have her $250K SL debt at graduation on just a few accounts, instead of 10. :smileytongue:


i actually have no idea what consolidating would do for me.  i do have the "too many accounts with balances" ding, though.  what i want to do is start paying the loans off one by one, just not sure where to start.  i'm mapping out different options, but i don't know how to calculate the actual costs.

 

Latest scores: Walmart TU: 766. MyFICO TU: ---. DCU EQ: 741. PSECU EX: 756.

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