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New accounts influence on cc apps?

Valued Contributor

New accounts influence on cc apps?

I've been trying to wait till Nov to app for ZYNC, NFCU and a TU pulled card. The reason is my two secured cc will be 6 months old at that point. Because of storm damage to house I may have to get a LOC for repairs. I'm trying to avoid it but if I have to do this I have two questions. 1. Should I do my mini app spree with LOC, 2 months early, or wait till Nov (scores: 680 TU, 660 EQ and EX at least 680)? 2. How bad do new accounts hurt chances for successful cc app?


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Message 1 of 10
9 REPLIES
Moderator

Re: New accounts influence on cc apps?


Duncanrr wrote:
I've been trying to wait till Nov to app for ZYNC, NFCU and a TU pulled card. The reason is my two secured cc will be 6 months old at that point. Because of storm damage to house I may have to get a LOC for repairs. I'm trying to avoid it but if I have to do this I have two questions. 1. Should I do my mini app spree with LOC, 2 months early, or wait till Nov (scores: 680 TU, 660 EQ and EX at least 680)? 2. How bad do new accounts hurt chances for successful cc app?

If you need the LOC that atkes precdence over any credit card.  Making the spree now would set yourself up for possible failure with the exception of NFCU which appears to approve pretty much any member for something.  Not certain I've actually read a NFCU denial though I suppose it has to have happened sometime.

 

Anyway Zync is pretty much a minimum of six months; the TU card is very much dependant on which one you apply for.  Even with the LOC that's an easy recon I think, especially since many call centers not in Phoenix are in storm-ridden areas these days Smiley Happy.

 

Ay caramba, second time tonight I've recommended patience, think I'm getting old and grey on this forum heh.

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 2 of 10
Valued Contributor

Re: New accounts influence on cc apps?

So you think the appearance of the LOC being 2 months old would be better than aping two months premature? What complicates it is that I can get MasterCard with same credit pull at my CU. So if I have to get LOC then I think I should also app for MC.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Message 3 of 10
Valued Contributor

Re: New accounts influence on cc apps?

no insurance to help cover the damages?

Learning from my past and rebuilding..

BK discharged 1/10/17
scores: EQ 659 | TU 630 | EX 659

QS 3.8K | WF 500 | Cabela's 3k | ACU 500 |

Message 4 of 10
Valued Contributor

Re: New accounts influence on cc apps?

Insurance in NOLA after Katrina is a pain. Yes I have policy but I live in condo. The condo has 4 units with common walls (very common here). The insurance policy covers all 4 units for the total value of the improvements on the property (+1 million). So the 3% deductible means I have to cover the first $30-40k of damage before it kicks in. There are two units with damage so my half out of pocket is going to be like $15-20k.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Message 5 of 10
Valued Contributor

Re: New accounts influence on cc apps?


Duncanrr wrote:
Insurance in NOLA after Katrina is a pain. Yes I have policy but I live in condo. The condo has 4 units with common walls (very common here). The insurance policy covers all 4 units for the total value of the improvements on the property (+1 million). So the 3% deductible means I have to cover the first $30-40k of damage before it kicks in. There are two units with damage so my half out of pocket is going to be like $15-20k.

dood! that sucks. I don't know what to tell you except I hope everything works out for you and glad you're safe from the storms.

Learning from my past and rebuilding..

BK discharged 1/10/17
scores: EQ 659 | TU 630 | EX 659

QS 3.8K | WF 500 | Cabela's 3k | ACU 500 |

Message 6 of 10
Valued Contributor

Re: New accounts influence on cc apps?

I would not app for ANYTHING until i knew if you need the LOC for the house. Only if I was approved for the LOC (with money in hand) would I app for a CC. You have to have priorities, and at this point with a short history, you don't need anything to adversely affect the LOC. Waiting may make your scores look better too.


CC's: AMEX (4), Alliant Visa, PenFed AMEX, Pen Fed Promise, Citi (3), Chase (5), US Bank Cash+, Huntington Voice, UMB Visa, Nasa Plat Cash Visa, Barclay's Visa, Discover IT, Cap One QS, BOA (2), BMW Visa, 5/3 Real Life Rewards MC; FNBO Amex; Comenity Visa/MC (4), Ebates Visa Siggy, Nordstrom Visa, Walmart MC, Sam's Club MC; A few assorted store cards.

Current Scores (09/2017): EQ My Fico: 801; TU MyFico: 799; EX (My Fico): 797
Message 7 of 10
Valued Contributor

Re: New accounts influence on cc apps?


emptypockets wrote:

I would not app for ANYTHING until i knew if you need the LOC for the house. Only if I was approved for the LOC (with money in hand) would I app for a CC. You have to have priorities, and at this point with a short history, you don't need anything to adversely affect the LOC. Waiting may make your scores look better too.


I agree. I'm not apping If I don't need LOC ( I'm trying to work out financing with contractor or stagger the work) The LOC would be through my current CU (not NFCU) and I've already talked to loan officer without them pulling report. I was told I qualify for both LOC and MC and they could approve both with one pull. The min score they need is EQ of 630, at my current income level. (I faxed her my two last pay stubs). Also, my EX file has two old cc reporting with perfect payment history. So my overall cc history on EX isn't short.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Message 8 of 10
Moderator Emeritus

Re: New accounts influence on cc apps?

Ive seen a denial of a credit card and counter offer with secured card. Within a few months the same member was approved for an unsecured card and a LOC. Gotta love nfcu

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Message 9 of 10
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Moderator

Re: New accounts influence on cc apps?


webhopper wrote:
Ive seen a denial of a credit card and counter offer with secured card. Within a few months the same member was approved for an unsecured card and a LOC. Gotta love nfcu

I don't count a counter-offer as a denial Smiley Happy  A tradeline is a tradeline and a lender relationship is a lender relationship.  Have to start somewhere, though admittedly the minimum to open security deposit might be problematic.

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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