Reply
Regular Contributor
Posts: 145
Registered: ‎03-27-2008
0

I'm very tempted to do a new app - should I?

I'm tempted to put in an app somewhere (maybe Chase, since they pull EQ) but really don't know if I should. The reason I don't know if I should is because I'm going to be refinancing my home in October. The reason I'm thinking of doing it is to help util. Here's the scenario:

Penfed gas card $4,800 bal $30k limit (new card, 1.5mo old)
Cap1 $1200bal $2k limit (since 2004)
Orchard $0bal $700 limit (since 8/2006)
HSBC Amex $200 bal $1k limit (not reporting to CRAs) (since 8/2007)

The Cap1 balance is a new charge on a deposit I had to put on something. It's going to be BT'd to Penfed. There are a few things we have to do so the Penfed card will likely be about $10k in the next month (home improvements to increase value before the refinance and a few wedding deposits) We will have the Penfed card down to $5k again by October (though I know it would be more ideal to have around $3k bal reporting) and will have no other balances

I have 3 older accounts reporting that are each almost 9 years old. I just refinanced my car with Penfed and it is not reporting yet (still showing as with the old CU). My 2 mortgages have a 2 year history each.

New account obviously would ding my average age and lower my score. Conventional wisdom says no new accounts 6 months before a mortgage and right now I'm at the 4 month mark (though after 3 months it is no longer a new account) It would also be nice to get a higher limit prime card in my mix. My EQ is currently 733. What should I do?
Moderator Emeritus
Posts: 6,794
Registered: ‎09-29-2007
0

Re: I'm very tempted to do a new app - should I?



gary4872 wrote:
 
(though after 3 months it is no longer a new account)

Actually, new accounts are "new" for 12 months.


gary4872 wrote:
My EQ is currently 733. What should I do?


With a 733 EQ and a new mortgage in four months, I'd say leave well enough alone.
 

 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Regular Contributor
Posts: 145
Registered: ‎03-27-2008
0

Re: I'm very tempted to do a new app - should I?

Thanks cheddar, it's just so tempting! It's been so long since I've been able to click the submit button and reasonably be able to hope for an instant approval. Must...restrain....myself :smileyhappy:
 
I'd really like to hold out for my TU and EX to join my EQ score level so I can get a Merrill+ (which will also have to wait until after the refi is done)
 
*deep breaths*
Moderator Emeritus
Posts: 6,794
Registered: ‎09-29-2007
0

Re: I'm very tempted to do a new app - should I?

I understand.  It is very tempting.
 
Don't be like me, though, and end up with 10 accounts less than a year old. :smileyhappy:
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007
0

Re: I'm very tempted to do a new app - should I?

Cheddar is right I think. Don't apply for anything. Tell you what you might try. The Penfed card is still fresh. Why not ask for enough of a CLI to keep the utilization down. It should be the same inquiry as the original approval. Call and do the app on the phone. Most of their CSR's are good enough to tell you if you could get it before actually doing the app. You might have qualified for a larger initial line. Just a thought.
Super Contributor
Posts: 6,026
Registered: ‎09-18-2007
0

Re: I'm very tempted to do a new app - should I?

Only 10...... You have to work hard to catchup with my 21 accounts in 12 months.:smileyhappy:

cheddar wrote:
I understand.  It is very tempting.
 
Don't be like me, though, and end up with 10 accounts less than a year old. :smileyhappy:
 



Regular Contributor
Posts: 145
Registered: ‎03-27-2008
0

Re: I'm very tempted to do a new app - should I?

Thanks for the thought smallfry - I already tried for $50k and they want to see a few months of payments. Maybe I'll ask again in August or so.
Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007
0

Re: I'm very tempted to do a new app - should I?



gary4872 wrote:
Thanks for the thought smallfry - I already tried for $50k and they want to see a few months of payments. Maybe I'll ask again in August or so.



Few months of payments? You're golden. Once you have six months of payment history with them they should open up. Good luck.
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.

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.