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New Credit Card, Should I go for it or wait?

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Anonymous
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New Credit Card, Should I go for it or wait?

Ok so here's my situation.  I would LOVE an Old Navy Card BUT I want the Old Navy VISA card, not just the store card.  I am thinking I should wait until my score is higher so that I can try to guarantee the visa attachment.  I'm also considering the Discover card.  Just wondering if I should wait or move forward.  I'm assuming that waiting is best because I dont want a hard pull for a denial.

 

I have been working to rebuild credit (i actually had not had any new credit on my account since home loan was paid off in 2011, needed to get some revolving credit)  but here are my "stats", if anyone could give me some advice it would be greatly appreciated!!  Smiley Happy

 

Equifax

Fico Score 8 - 643 (this number just doesn't seem to move no matter what I do)

35% total utilization

1 collection (paid but hasn't been removed yet)

10 inquiries

0 late payment

AAOA - 5 months

 

Transunion

Fico Score 8 - 679

35% total utilization

1 collection (paid but hasn't been removed yet)

6 inquiries

0 late payment

AAOA - 5 months

 

Experian

Fico Score 8 - 701

35% total utilization

0 collection 

4 inquiries

0 late payment

AAOA - 5 months

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1 REPLY 1
SecretAzure
Valued Contributor

Re: New Credit Card, Should I go for it or wait?

My general rule of thumb is "if you have to ask, wait." In your case, your scores are high enough for the It card and probably the Old Navy Visa (but I know nothing about this) but your scores will take a dip if you apply for one or both of these cards. Also, anytime there is a chance to get a lesser tier card (Best Buy, Amazon, etc) I always want to have the odds heavily lean in my favor. When you do decide to apply for these cards, make sure it's within the same exact minute (have both pages open and filled out and then go from one to the other quickly). There's some question as to whether or not this actually helps but why take the chance? If you were to apply for one and wait a few days...you will likely not get approved or get a toy SL on the second one. You have to go both or you'll be disappointed...but I would wait another 6 months to let your AAOA and scores go up even more...but I'm paranoid and super conservative...I have 6 years of credit and just got my sixth card. I don't chase them...I get the ones I will get use out of (after the first 2, 1 secured and 1 gas card to build up a profile).

"Show your thanks with action! Hit the "Kudos" button (the stripe with the star) for every post you find helpful to show your appreciation to the community of great individuals who help you on these forums" -Me

Active Cards: Chevron Texaco, Amex BCE, Barclays Ring, Chase Freedom, Chase Freedom Unlimited, Best Buy Visa, Marvel MCMust garden until 2/1/2022 to hit my goal AAOA. Smiley Indifferent
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