Hi all. Have a scenario that I'd love to get some advice and insight on.
Background: Recently app’d and approved for CSP [1/23] and Barclaycard Ring [yesterday]. I am interested in adding an additional card – I’m think Citi Dividends Plat, but haven’t decided yet. I’d like to eventually get a Citi Dividends World Elite MC, and heard the Platinum Select is the most direct way there.
Also, I plan on cancelling by Orchard Bank card because they do not budge on CLI, sub-prime, I never use it. It’s my third oldest card. I also plan on moving the CL over from my Barclaycard Apple card to Ring and closing.
Other info to note:
The CSP and Ring card have not hit my CR’s yet. As it stands my AAoA [from EQ] is:
Length of Credit History: 12 Years, 6 Months
Average Account Age: 10 Years, 1 Months
Current Inquiries on account:
EQ 6: 4/24/11, 6/8/11, 12/4/11, 2/13/12, 8/11/12, 1/23/12
TU 4: 2/16/11, 5/12/11, 1/24/13, 2/3/13
EX 3: 12/31/12, 1/23/13, 1/23/13
I plan on leasing a car in July or August. I’ve never had an auto loan nor a mortgage [lived in NYC my whole life up until recent]. 2 inquiries should fall off of EQ and TU by then.
Questions:
- Would you app for another card?
- How much of an affect will there be to my AAoA take since I opened the last 2 cards and potentially a 3rd?
- Can I afford to take another inquiry, especially since I plan to lease later this year?
- Bonus: what card would you recommend given my current portfolio and CS. I typically PIF, but sometimes 2-5 months to payoff based on purchases.
Thanks everyone!
@thom02099 wrote:
@CreditWorld2013 wrote:I would honestly wait till after you finish getting a lease and waiting about 6 months just as a precaution since Barclays tends to be a bit sensitive. Sometimes you can fly under the radar...but others haven't been as lucky. (They soft pull you every few days/weeks a month until the account usually ages. If they see something that spooks them...they usually take AA) Also, if you wait many of those inquiries will fall of from 2011 and some from 2012 will age to over a year.
+1, sounds like great advice. You've got the numbers now with the scores, just let it ride, don't upset the Barclays cart, and get that auto situation behind you. That new TL may give you a bit of a ding, but you'll also get a benefit shortly afterward, maybe -10 points but +15 when the auto loan/lease reports.
Hi all,
I think that is very sound advice and good approach.
In that sense do you think I should hold off on closing my Orchard Bank account? I'm sure I could get the AF waived, but I just hate the thing, I should have dumped it years ago. It won't affect my Util% and AAoA for at least 10 years.
Should I hold off on combining my total Barclay CL into one card and cancelling the Apple card to not upset the Barclay gods? 
Thanks!
@jritch wrote:
@thom02099 wrote:
@CreditWorld2013 wrote:I would honestly wait till after you finish getting a lease and waiting about 6 months just as a precaution since Barclays tends to be a bit sensitive. Sometimes you can fly under the radar...but others haven't been as lucky. (They soft pull you every few days/weeks a month until the account usually ages. If they see something that spooks them...they usually take AA) Also, if you wait many of those inquiries will fall of from 2011 and some from 2012 will age to over a year.
+1, sounds like great advice. You've got the numbers now with the scores, just let it ride, don't upset the Barclays cart, and get that auto situation behind you. That new TL may give you a bit of a ding, but you'll also get a benefit shortly afterward, maybe -10 points but +15 when the auto loan/lease reports.
Hi all,
I think that is very sound advice and good approach.
In that sense do you think I should hold off on closing my Orchard Bank account? I'm sure I could get the AF waived, but I just hate the thing, I should have dumped it years ago. It won't affect my Util% and AAoA for at least 10 years.
Should I hold off on combining my total Barclay CL into one card and cancelling the Apple card to not upset the Barclay gods?
Thanks!
If you don't find any use for the card...I would let it meet Mr. Shredder and close the account. I'm not sure if you purchase stuff at Apple(you can use their financing) but if you use it as a regular card with their 22% interest I woud combine it and close it out since the Ring has a much lower APR. If you ever see yourself buy Apple products...I would keep it open and utilize their offers.