How Long Should I Wait To Apply for Credit Card With Alliant After Opening Savings Account.

[Anonymous]

Hi,

So I applied a few days ago to the Alliant Credit Union. Yesterday they had me email them over a copy of my drivers license, and ID's. Today they emailed to let me know they have opened the account. Now the main reason I was applying was so that I could get a credit card with them. The question is how long should I wait.  I assume they will have to pull another copy of my credit report. Applying for the savings account cost me an inquiry, and I have 2 other inquiries on Equifax. One is from June 20th of 2008. Should I apply immediatly to Alliant for a credit card, or should I maybe perhaps wait till after June 20th when that inquiry from last year will stop affecting my FICO. My score both before and after the Alliant Inquiry was 795.  It had been 802 on May 4th, but I paid my Macy's balance which had dropped it down to 802. I hate how paying off a balance can actually lower your score, lol.

[Anonymous]

I don't think 2 inquiries in the past year will affect your ability to get a credit card w/Alliant.  Your FICO is excellent.  Having spoken with a LO at Alliant, and approved for a credit card, my insight is as follows:  They use their own model, which encompasses your FICO score.  They are interested in DTI, AAoA, and UTIL.  With your FICO score, I assume you don't have derogs, etc.  If you're on the fence, I'd call a LO and discuss your situation prior to applying. That's what I did.  They seem willing to work with their members.

[Anonymous]

Debt to Income ration is good since I have zero debt.

Average Age of Accounts is 7 Years. Oldest Accounts is 11 years 9 months. However I only have 4 accounts on my report, and only 1 opened, which is less than a year old. Openining a new credit card with Alliant will drop my AAoA down to 5.6 years, but in not too long the Average will get back above the magic number 6.

Utilization is currently 0%, never goes about 5%.

[Anonymous]

Also I emailed them and asked a few questions about whether another inquiry would be placed or if they would go from the old one.

[Anonymous]

From my own experience, and discussions on other posts in this forum, they will do another hard pull.  Their explanation to me was that their loan department cannot access credit reports from new membership (apparently their computers were last updated in 1974).

Is there some reason why 3 of your accounts are not open?

Message Edited by illtakecreditforthat on 05-29-2009 09:55 AM

[Anonymous]

Well one is a closed off paid account. The other 2 were credit cards I closed years ago. In college I ran up all my credits and had a bunch of charge offs and lates. So I closed all my accounts and paid them off. This was before I knew anything about FICO scoring.  So Ive been in the rebuilding process of my credit as of late. I had no cards till I opened a Macys last August.

[Anonymous]

Do the charge offs, lates, etc. still appear on your CR?

[Anonymous]

Nope,....no dergos appear on my credit report any longer. All were more than 7 years ago, or were taken care of with GW's and PFD's

[Anonymous]

How are the 3 closed accounts reported on your CR?  Do they appear at all?  Or, is the only entry on your CR the Macys card?

[Anonymous]

4 accoutns show on my CR's.

1 open - macys

1 car loan - paid off

2 credit cards, closed at request of consumer