03-14-2013 12:11 PM
Hello everyone! First off, I love this forum. I just wish I found it right after my BK. Ok, on to the question...
My BK was discharged on 2/2012. Since then I have 2 CC's (Credit One - $400 and Merrick Bank $1400). Merrick just increased my CC from $700 to $1400 last month. I didn't request it, it just happened since I've been on time. I just got a pre-approval from Cap One for their Platinum Master Card with 0% in the mail. Should I apply for this even if my current util is at 30%? Or should I wait until I pay down to <10%? There is an expiration date on this letter of 4/1. I should note that I did burn them in my BK.
Also, I just opened an account with NFCU since I've been reading so many good things about them. I want to include NFCU in my app spree as well.
I do have some INQ's because I was shopping for a car loan (before I found this wonderful website). But after thinking about it and since I still have a car that runs, I figured I would save up and work on my scores first. Then maybe purchase the car I want in a couple years.
My EQ is at 666... what a number!
03-14-2013 12:25 PM
03-14-2013 12:51 PM
Thanks Lexie! It's great to be here.
Why not app with Cap 1 if I'm a member of NFCU? Just wondering.
As for the auto loan shopping, it was definitely within a 2 week timeframe. According to my EQ on this site, I'm only showing 2 inqs. I haven't recently pulled my TU.
03-14-2013 01:00 PM
03-14-2013 01:10 PM
Don't app with 30% util. Get that util down to under 5% with only one card reporting a balance.
I would suggest you go for and NFCU card first, then the Cap1, then cancel the CreditOne. Merrick is ok in my book because you get a free score with it every month. to me that's worth the $3 monthly fee or whatever they charge.
03-14-2013 01:23 PM
Thank you both!
I will take your advice and wait and pay down my util to under 5%. I definitely want to get in with NCFU first so that's where I will app first.
If I were to app with both, how long should I wait between applications?
03-14-2013 01:29 PM
03-14-2013 02:01 PM - edited 03-14-2013 02:05 PM
Cap1 is kind of a useless card and they are stingy with their credit limits. I have it only because it was my first card and used it to build history. If you already have some other cards, just garden em a bit and go for a prime card. I'm new here so I don't really know how much impact the BK has but I do know you can get a Freedom with an upper 600 score. But like I said, I don't know how much the BK affects it but I know my brother got it with a score in the 600s and tons of late payments.
But I will guarentee that once your score goes up, the Cap1 is sockdrawered =) I'd personally garden and save the inq but still get the NCFU
03-14-2013 02:10 PM
I would love to go with Chase after my score gets better, but I've burned them in my BK. So I don't want to waste an inq on them. Same goes for Citi and Barclays. So for prime cards I'm looking at Amex and Discover. I did get a pre-approval letter from Discover, but I tossed it (this was before I found you guys).
So for now, I'll wait and drop my util down to <10% then app with NCFU for sure. I'd like to add a couple more to the mix. I'm open to suggestions!!!
03-14-2013 02:15 PM