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I didnt want to create three different threads for these questions so I put them all here.
1. What is the best way to check my internal CL for my NPSL Zync card. I dont want to hit the spending limit button if it will have negative consequences. Would calling them directly be a better way to do it or should I just leave it alone?
2. In a week I'll be able to join NFCU. Should I app for their products before my new accounts hit or app after they do? (I could even wait until I refi in June if that is a better option.)
3. In 55 days I'll be eligible for 3xCLI on my Delta AMEX card. Would I be more likely to get full CLI if I have a NFCU card reporting with a high CL or not (worried about too many new accounts and its impact on AMEX CLI approval vs. benefits of having high CL card on report?
Thanks for the info. Now how about my other two questions
FWIW, when I wanted to see what my internal limit was, I didn't want to have to keep guessing with the button -- ie: put in a low number, put in a high number, etc. until having narrowed in on a figure. I simply called up and asked. I explained that I wanted to make them my primary spending card and didn't want to risk embarrassment by hitting my limit and having the card rejected. The CSR was very polite and friendly, was happy to hear that I wanted to increase my spending with them (they do have a spendcentric business model), and looked up my internal limit for me. At the time, it was $5000, which I was very pleased to hear. I went ahead and started using my Amex Green as my primary piece of plastic, and I wouldn't be surprised if between the increased spending and my credit scores improving over the last few months, that my internal limit has increased. The point is, I'm glad that I called and received a direct answer, as it gave me peace of mind when using the card.
First, Amex isn't chase. Historically, Amex pays more attention to their internal scoring system than to what other lenders have done when it comes to credit limit. I doubt adding a high limit nfcu product will alter their decision. Otoh, each new inquiry risks passing their mystery threshold of "too many". if you want to maximize your chances of an Amex CLI, use the card, pay it off, pay everything else down as much as possible. Once you apply for the CLI, then decide if you nfcu product helps you. If your ultimate goal is to refi a mortgage, then I think the Inq and lower AAoA will hurt you more than the higher CL will help you. Why not make an nfcu card a reward for staying in the garden until the refi is done?
+1 to everything Cdnew stated.
For the second question, I don't think it matters at all when it comes to the magical land which is NFCU. If anything, you might do better with the Amex CLI reporting before your NFCU membership, though I agree that if you have a mortgage refi coming up just chill till that's done with the exception of the SP CLI.
Amex doesn't appear to care about your other limits, and I think obtaining another tradeline with a high CL would make them think twice about extending you a CLI in that same period. Wrapping your arms around them and making certain there's low utilization on the card (and everywhere else) by your second statement I think is the best strategy.
Tinu: why didn't I think of that, thanks for the tip!
@Cdnewmanpac wrote:First, Amex isn't chase. Historically, Amex pays more attention to their internal scoring system than to what other lenders have done when it comes to credit limit. I doubt adding a high limit nfcu product will alter their decision. Otoh, each new inquiry risks passing their mystery threshold of "too many". if you want to maximize your chances of an Amex CLI, use the card, pay it off, pay everything else down as much as possible. Once you apply for the CLI, then decide if you nfcu product helps you. If your ultimate goal is to refi a mortgage, then I think the Inq and lower AAoA will hurt you more than the higher CL will help you. Why not make an nfcu card a reward for staying in the garden until the refi is done?
I was thinking about that as well. I wish joining NFCU wasn't a hard pull. If that wasn't the case I would definitely do it. But my roommate thing right now will probably be for only 6 months. So I have a short window to app. The short window to app and the fact that they will HP for membership is kind of influencing my decision to app earlier than later. However, I'm eliciting advise and may change my mind.
I don't know mortgage lending but I suspect 680 may be a tier point. Not worth the inquiry if it takes you from 681 to 679 on EQ honestly .
6 months may be minimal penalty or even none in a lot of people's cases with the way it's calculated, but it isn't absolutely zero. Also that new NFCU tradeline may adjust your AAOA too, and the additional account might be an underwriting concern.
All in all, take the NFCU inquiry and tradeline post refi where you're garnering at least 3 inquiries anyway, the extra NFCU one at that point is extraneous. Normally I'd say do it immediately, but not with a mortgage-anything coming up, and that goes doubly true for the current economy where mortgage rates may start creeping up.
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Editing the wall of shame: bad advice possibly given - if your refi is FHA, it won't matter for your score in this case as you're well clear of the minimum FICO needed and that doesn't influence rate. Conventional, yes it might matter.
It might make some difference to underwriting in either case, right or wrong new accounts aren't looked at as signs of financial stability, regardless of how much financial sense they make. It probably will make a difference to Amex though, and personally I'd try to prioritize that side of things as NFCU apparently tries to crush your established tradelines for the shock and awe value if nothing else. In any event I'd wait, it's possible it might make a difference in your refi, it's possible it might make some difference in your Amex CLI hunting, and it's unlikely to the point of statistical irrelevancy it'll make a difference in your future NFCU approval. Actually your NFCU approval might benefit from the Amex decision.
Two possible downsides and no real upside other than a six month head start on the tradeline to applying now; benefits short-term, possible minor downside mid-term (payment history / AAoA), no issue long-term to waiting. Since mortgage > all, I'd wait.
True. If rates go up in 2 consecutive periods I'll refi regardless of whether it is June or not. Im just trying to figure out my best path. In June I'll have 5 inquiries make the 1 year point in my CR (3 pulls for my Cap1 card, 1 WF pull and 1 Amex pull -from March).
March would also make me 1 year removed from my last late. By that time all my scores should be over 700! (only one that isnt right now is my EQ).