SHOULD I APP? WHEN? WITH WHOM??

[rom828]

(I had part of this posted elsewhere, but thread sort of got off track so posted anew)

As far as new credit cards, should we "get while the gettin's good"??  And is the "gettin' good" given our scores and overall credit situation.

My scores are shown below and DH's are similar.  We both have PR (1998 paid-2004- state tax lien) due to drop in 2011.  I have paid CO due to drop 6-10.

I have 3 Amexes:  Green, Blue and Delta.  DH has Amex Gold and Delta, &  has Citi and BoA.  We both have Discover. I also have Juniper and Juniper B/N that I got last Oct/Dec primarily for the TL purpose.   These 2 combined would help to offset my Blue limit if something happened there, but still leaves some vulnerability. I also have 1999 Orchard MC and 2005 Orchard Visa, as well as store cards mainly 2005-06.

We have an 11-08 car loan and re-fi March/April 2009 (on some reports first lender and re-buyer(Citimtg) both show; others, just Citi. 

With all the Amex and BoA  CLDs and Citi rate hikes I keep reading about on this forum, I'm thinking we should act on getting more lines to potentially replace these three "just in case".    Amex provides my largest CLs ($6K on blue, $4600 Delta) and BoA is DH's ($5600)

Our current utilization is around 23% or less and we are focused on paying down/off balances asap.   Definitely want to NOT carry any balances, other than that needed to report (1-9% on one)  for best scoring.  So while our intent is not to have a bunch of cards with balance, we do subscribe to the theory (which I saw expressed on this forum) that the time to get credit is when you don't need credit.

I do believe we'll be seeing much more of a tightening of credit requirements and increased interest rates for cards, especially as legislation passes reducing fees, etc.   And many of the financial advice shows/columns I've been reading suggest 'spreading' your credit around so you don' t have too many with one bank, or have too much of your total credit on one card.

I don't want to 'alarm' any existing cards with an all out app spree.  I'm thinking  of Cabela's (from posts seems to be fairly easy to acquire even with new accts/inqs)  for one or both of us, as well as Kroger 1-2-3 and/or a Chase product if possible.  Any suggestions on potential  cards is appreciated. 

Scores should go up a bit also I assume, once re-fi gets a month or so on it...seems like that's what happened w/original loan back in 2007, so need to know if waiting is better.

I'd love to hear from the MODS, and anyone else who can chime in on this subject.  To app or not to app...that is the question!!  

[YoungEntrepeneur]

CU's are currently more stable than banks are so if you want to go on an spree, apply for credit from CU's.

[moondog7324]

I would not app. You have enough cards, are you paying annual or monthly ees on the orchard cards? If you pay a fee on those I would consider weeding them out. Manage wat you have, lenders are going to do what they want- you may find the new inquiries/accounts might trigger Amex to cut/close cards.

You scores are going to soar 2011 with those bads falling off- be patient.

[Anonymous]

I agree with YoungEntrepeneur try a Credit Union first, I wouldnt try Chase right now.

[smallfry]

I wouldn't app either. If you think credit cards will be near impossible to get in the future your current cards probably won't be available to you either. 

[rom828]

Thank all of you for your advices!   Seems like the general consensus is NOT to app right now, or if I do, to go through a CU.

I'm really not anxious to do any apping, it's just  this  "credit crisis" has got me paranoid, especially after seeing so many posts about CLDs etc. 

I've been confused at to whether getting more credit in place would be a good thing...or if trying to get more credit would trigger a loss of existing credit.  After reading all of your replies, I guess I should just maintain the status quo, since I do have some good cards with respectable limits.  

FTR, I've kept the Orchard MC  (my only card that has an AF --$59--which they won't waive--I tried) because it's one of my oldest.  I've read several posts about combining Orchard cards, but seems one could risk losing some of the TL and/or age, so I thought I'd just let those be.  

Message Edited by rom828 on 05-15-2009 08:21 AM