Credit Cards Center Credit cards from our partners
Reply
Contributor
Posts: 96
Registered: ‎03-18-2017
0

Re: How aggressively should I app? - Charge Off anchoring scores

The app, not the approval, is the guaranteed part.  Their internal scoring trends with Bankcard 4, and mine is in the 760s, so I'm not too worried, estimating my internal score with them around 380.

 

Not that I've seen anything to support the idea that they're "cracking down" either.

Established Contributor
Posts: 555
Registered: ‎03-17-2016

Re: How aggressively should I app? - Charge Off anchoring scores

 

Congratz on your Successed up to this point, Great Progress!

 

* NO slight to CharlieFoxtrot, I only removed his post for brevity.

.


Glen_M wrote:


I've thought of it that way too, the minimum number of new accounts that I 'need' to go for now to maximize scoring potential.

 

The shortest list it makes sense to go for would probably be these 3, dropping the Fidelity and just adding accounts for the credit unions:

  1. PenFed -- going to get a HP for membership anyway, I'll toss a CC app in there too; one reason they're on the list is they're a major contender for the future auto loan too -- the question in this version becomes which of their products would it be most advantageous to app for? does my profile support the Platinum Rewards VS I would prefer?
  2. BofA -- just a product change, and I believe they structure accounts in such a way that it would just be adding features to the already existing account, little impact overall beyond the HP
  3. NFCU -- I really want to expand my relationship with them, this is the one app that is guaranteed to happen -- unfortunately most of their product lineup doesn't offer anything special, so I'll probably go for the Platinum card and use it for 0% BTs in the event that I ever need to carry a balance and of course crossing my fingers on a high limit to pad utilization

 

GREAT planning Effort!

 

My first application post Bk was for Pen Fed specifically because of the Egyptian Pyramiding concern.  I got the Promise (entry level) then six months later added the Defender card.

 

I would ask you to consider the following:

 

Pass on the BOA card for now, as it is only a product change, and can always be done later.

 

Do the Pen Fed card, then after receiving it and putting a charge on it, get the Navy card.

 

Apply for membership for both now, put some money in the savings accounts they give you.  The benefit here is to at least pay for express delivery for immediate receipt of the card.

 

I am of the belief that once you acquire a card with both Pen Fed & Navy anything else you want to consider will be viewed from a better and more rewarding perspective.

 

After receipt of both cards, then just calendarize your efforts to apply for CLIs as appropriate with their Account Review (AR) schedules.

 

Best Wishes!!!!

.

05/03/16 Fico 8 Scores: EQ 546, TU 501, EX 548
09/01/16 Fico 8 Scores: EQ 662, TU 628, EX 657
10/04/16 Fico 8 Scores: EQ 692, TU 665, EX 686
01/15/17 Fico 8 Scores: EQ 706, TU 670, EX 687 * all Yellow / Good
Contributor
Posts: 96
Registered: ‎03-18-2017
0

Re: How aggressively should I app? - Charge Off anchoring scores


Sebastian503 wrote:

 

 

...

 

I would ask you to consider the following:

 

Pass on the BOA card for now, as it is only a product change, and can always be done later.

 

Do the Pen Fed card, then after receiving it and putting a charge on it, get the Navy card.

 

Apply for membership for both now, put some money in the savings accounts they give you.  The benefit here is to at least pay for express delivery for immediate receipt of the card.

 

I am of the belief that once you acquire a card with both Pen Fed & Navy anything else you want to consider will be viewed from a better and more rewarding perspective.

 

After receipt of both cards, then just calendarize your efforts to apply for CLIs as appropriate with their Account Review (AR) schedules.

 

Best Wishes!!!!

.


That would bring the number even lower.  I suppose I've been focussed on micromanaging the BoA card for long enough that I had some tunnel vision regarding it -- until recently I wasn't even sure they'd auto-graduate it, having taken rather longer than most people report.

 

Getting, hopefully,  higher limits from the CUs and using that to "inspire" higher limits from the others later is probably the best approach.  It has been a long time since I've had CCs dueling for the "most generous creditor" crown.

 

I knew if I laid it out I'd get talked down to a "best practice".  Three revolvers ought to be enough to get me the leverage I need for now, without seeming reckless.  I can wait until after the auto purchase is sorted out to think about trying to maximize FICO scores for other purposes.  I'll be in a much better position to get what I'd like from more prudent lenders.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.