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Looking for advice on new CC and CLI app

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Anonymous
Not applicable

Looking for advice on new CC and CLI app

Complete newbie at this and would greatly appreciate some advice from you all ~

 

I'm shopping for new a credit card and CLI in the next few weeks (long vacation and holiday spending) and if all goes well plan to apply for used car loan in 4 months. [more like hoping, praying and very close to considering blood sacrifice]

 

Have 1 CC from CU with 2K limit, Months old.

Balance is $560, paid down in the past few days.

 

Current scores:

myFICO: EQ FICO 661 TU FICO 691

EX PLUS(FAKO): EX 742 EQ 715 TU 727

CreditKarma: 703 Vantage: 706

 

Question 1: When does the utilization update on the reports? [Still showing $1550 balance.] Credit simulator shows possible 691-731 score when balance dropped to $600. {crossing fingers for a new score 700+}.

 

Question 2: I was looking at applying for an AMEX but based on research on the forum I think my chances are a bit slim at the moment so going the Barclays route (want a new macbook pro/ipad2? Any ideas on the odds of approval based on my stats?

 

Question 3: How will these app effect my approval for a car loan?

 

Question 4: Is a Discover card worth it?

 

Thanks in advance for any input!

Message 1 of 7
6 REPLIES 6
drkaje
Senior Contributor

Re: Looking for advice on new CC and CLI app

I'd wait until the lower balance reports before applying.

 

What to apply for also depends upon if there are any negatives on your CRs.

 

Thanks for posting all your scores! It really highlights how Plus, CK, Vantage, FICO scores don't correlate very well.

 

The WalMart Discover comes with a free monthly TU FICO score.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Message 2 of 7
Anonymous
Not applicable

Re: Looking for advice on new CC and CLI app

thanks for replying drkaje!

 

I've no negatives on any of the CR.

 

any ideas when the reports should update?  is it on an end of month/begining of month schedule?

 

Walmart Discover?  Will need to check that one out as well ... thanks!

Message 3 of 7
drkaje
Senior Contributor

Re: Looking for advice on new CC and CLI app

It just depends upon when the CU reports. I wouldn't ask for a CLI at 4 months.

 

One of the things I've noticed (here) is we're always seeking credit, either through apps or CLI requests. Really can't say for certain what that means, LOL!


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Message 4 of 7
Varakai
New Contributor

Re: Looking for advice on new CC and CLI app

This is just MHO. Whenever you are thinking about applying for a mortgage or car loan, I always advise people not to shop for a credit card. Instead shop for a CC after you have obtained your car loan. This way you don't incur any INQ's that may or may not hurt you when shopping for the best car loan and since you didn't apply for a new CC, you can't charge it up up and decrease your current FICO's and have the minimum payment due factored in to your DTI ratio.

 

So garden until you are ready to apply for your car loan, let your scores climb, pay down current cards and let INQ's age. During that time save up some cash for a down payment on your car and in the mean time pay cash for your Christmas presents.

 

 


Starting Score: 500’s
Current Score: EQ Fico 707 TU Fico 737 TU08 Fico (Wal-Mart)736 EX Fico 733
Goal Score: 760+


Take the FICO Fitness Challenge
Message 5 of 7
Anonymous
Not applicable

Re: Looking for advice on new CC and CLI app


@Anonymous wrote:

Complete newbie at this and would greatly appreciate some advice from you all ~

 

I'm shopping for new a credit card and CLI in the next few weeks (long vacation and holiday spending) and if all goes well plan to apply for used car loan in 4 months. [more like hoping, praying and very close to considering blood sacrifice]

 

Have 1 CC from CU with 2K limit, Months old.

Balance is $560, paid down in the past few days.

 

Current scores:

myFICO: EQ FICO 661 TU FICO 691

EX PLUS(FAKO): EX 742 EQ 715 TU 727

CreditKarma: 703 Vantage: 706

 

Question 1: When does the utilization update on the reports? [Still showing $1550 balance.] Credit simulator shows possible 691-731 score when balance dropped to $600. {crossing fingers for a new score 700+}. The closing/statement date is when the creditor reports the current activity on your account to the CRA's, say your closing/statement date is the 15th, it could take 2 -7 days for all three of your reports to be updated by the CRA's, usually EX is the first to update, then EQ and lastly TU, this is my experience, YMMV tho.

 

Question 2: I was looking at applying for an AMEX but based on research on the forum I think my chances are a bit slim at the moment so going the Barclays route (want a new macbook pro/ipad2? Any ideas on the odds of approval based on my stats? Barclays pulls TU and your TU score is good enough for you to qualify, even if your declined, you call in and ask for a reconsideration and 9 times out of 10 they will approve you. But you have to call and ask for reconsideration, and be prepared to answer any questions they ask (it's painless)

 

Question 3: How will these app effect my approval for a car loan? Every time you app for credit an inquiry will be placed on your report, these inquiries are known as "Hard Inquiries" and they could affect your score negatively, and each time you app for new credit and are approved, once the new TL appears on your CR, that could also affect your score negatively, normally because it lowers your AAoA's, the upside to this is that in 6/12/24 months you will see increases to your scores as long as you maintain a perfect payment history, but to answer your question, it all depends on how much the inquiries and new accounts damage your scores, lenders do not base their decision to extend you credit based solely on your score, there is a lot of different info they use from your credit reports to make that decision. If I were you, I would take the EQ and TU reports (I assume you purchased from MyFico) to your CU and ask them if you would qualify for the car loan with them, they should be able to tell you within reason weather or not you would qualify, they won't know for sure untill they actually run your app thru.

 

Question 4: Is a Discover card worth it? Discover has very good customer service, but they are very conservitive lenders, kinda touchy if you have a lot of inquiries, Discover also wants to hard you if you ask for CLI. I'd give Discover a 5 out of 10, that is my opinion and my opinion only.

Thanks in advance for any input!


 

Message 6 of 7
Anonymous
Not applicable

Re: Looking for advice on new CC and CLI app

Thanks for the feedback Mustanglvr2006!

 

So I did it!  I went for the loan route and got approved for $1000 so I will at least have another item that is reporting.

 

I asked the CU about the chances of taking out a car loan in a few months and they said that so long as my score is still in the same  general tier EX FICO = 766 and all payments made on time then I should be good to go!!

 

And the big news ... I bit the bullet, took a chance and just got approved for The Barclays Apple Visa $2690!!  WOOOHOOOO!  Hello IPad2 and MacMini, you're gonna be my BFF for the holidays :-)

 

I'm going to apply for 1 more CC and call it quits til I need the car loan ... 


 

Current scores (12/7):

myFICO: EQ FICO 661 TU FICO 691

EX PLUS(FAKO): EX 742 EQ 715 TU 727

Equifax reports:  EQ 666 EX 745 TU 726

EX (pull by CU 12/7) 766

CreditKarma: 720 Vantage: 766

Message 7 of 7
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