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Moderator
Shogun
Posts: 12,884
Registered: ‎04-15-2011

Re: Need Advice before App

You might want to garden these for awhile.  Too many inquiries could hurt you.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
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Valued Contributor
jamesdwi
Posts: 1,430
Registered: ‎09-16-2011

Re: Need Advice before App

[ Edited ]

I would recomend waiting at least 6 to 8 months. Ask for CLI's on the GE backed cards every 4 months, and the Discover card at 6 months. In a month  or so hopefully your Capone will get its one and only Auto-CLI unless its secured.  For the Zync wait till December so you still get 2012 as your membership year. 

 

Some times its worse to get an approval with a terrible CL than get denied. With your current limits showing you would be stuck with a 1k CL or less and you would need to burn a HP just see if you can get a CLI to where you would of been if you waited a few more months.  Wait 8 months your average CL could easily be over 1k and your highest limit could be over 2k that Chase or BoA could possibly match. 

Cards: Chase Southwest 20k & CSP 10k & Amtrak 4.6k, & Freedom 3.3k & Slate 3.3k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & AMEX Hilton Surpass 7.5k & AMEX Zync NPSL, Sams Club Discover 10k, Paypal Extras MC 6k, CapOne 2.5k, CapOne 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Contributor
ssghandless
Posts: 101
Registered: ‎07-30-2010

Re: Need Advice before App

Aging the accounts is a gret idea to be honest. I understand the timelines you are looking at but you might have to push them back. CAP1 will increase her limit to at least $500, maybe $750. Ask them they will tell you to wait 6 months before each increase. Discover was great CL to begin with and I will use tht card and make sure you keep that down under 10% util. Walmart and JCP I would not touch. I would look towards an AMEX or something that render a bigger limit. Of course everyon ehas thier opinions on what card to go for next but it depends on your spending habits and what rewards you are looking for. Good luck.



4/5/12 TU-635 Ex-634 Eq-646 (Kroll Fact. Home loan)
9/8/10 TU-654 Ex-627 Eq-638
8/1/10 TU-629 Ex-627 Eq-638


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Senior Contributor
bichonmom
Posts: 3,318
Registered: ‎05-05-2011

Re: Need Advice before App

[ Edited ]

wealthcreator wrote:

 

I am building my good credit history with help of this forum. You all established members are doing great help.

 

Now I want to apply for 3 cards for my wife and I beleive her credit file is ready to pull the trigger. Please review following before I apply.

 

Following is summary with utilization 2% and always PIF. Inqueries 2-3 with each CRB.

Credit Scores : In range of 710-720

AU on my Cap1 - CL 750 - Age 10 Month

Cap1 - CL 300 - Age 6 Month

Discover More - CL 1500 - Age 2 Month

JCP GE - CL 600 - Age 3 Month

Walmart - CL 300 - Age 2 Month

 

 

Want to Apply for Following Cards in order:

Amex Zync (If success then BCE also)

BoA Cash Rewards

Amazon Chase

 

All 3 with pull from EQ/EX so little worried about if my order of app is correct or not. I am sure about Zync and Amazon but doubt BoA will approve or not.


I agree with everyone else. She needs to let her accts age before apping for anything else. WM and JCP can try for CLIs every 4 mos, which will also help to show higher CLs when she apps later on.

 

If she did get Zync, I think it would be with a $500 hard limit. No way B of A or Chase will approve her at this point. They look at more than just FICO. She has a new, thin credit file. It takes time to build credit.

 

You might want to call some local CUs and talk with their loan officers, and see if someone might work with her. They can be very helpful; however, some are conservative, so you might need to call around.

 

You shouldn't app for credit at least 6 mos before apping for a mortgage. (I believe that's the rule of thumb.) So, frankly, I think that she'd be better off letting the cards she has age and then apping after the mortgage.

 

Another caveat: If she keeps trying to add card before they've aged enough, she's just going to end up with a bunch of toy limit cards and low AAoA.

 

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EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Frequent Contributor
kimmiller112
Posts: 465
Registered: ‎04-09-2012

Re: Need Advice before App

I, too, think she should wait.  I woulld suggest apping for the Zync in December and waiting at least 6 - 8 months before apping for anything else.  Everything is just too new and she shouldn't waste the inquiries.

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