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Should I open CU account now OR wait

Valued Member

Should I open CU account now OR wait

 

I want to open accounts with the following CU : DCU, PenFed and Alliant.

 

My corcern is my credit file is pretty new now ( as seen in my signature ) and they probably will not approve me for any credit products now. So, should I open the accounts with them now to establish the relationship OR should I open it after 6-7 months and apply for their credit products right away so that I can save some inquiries?

 

My plan is apply for a car loan and another small spree of cc application after 6-7 month.

 

Thanks in advance!

 

 

My current situation :
Credit Score : NONE.
BOA secured card (4000), US bank secured card (4000)
4 Inquiries in Dec 2012
0 BAD

3 REPLIES
Moderator Emerita

Re: Should I open CU account now OR wait


jchu2013 wrote:

 

I want to open accounts with the following CU : DCU, PenFed and Alliant.

 

My corcern is my credit file is pretty new now ( as seen in my signature ) and they probably will not approve me for any credit products now. So, should I open the accounts with them now to establish the relationship OR should I open it after 6-7 months and apply for their credit products right away so that I can save some inquiries?

 

My plan is apply for a car loan and another small spree of cc application after 6-7 month.

 

Thanks in advance!

 

 


IMO, I would wait and do it all at once. You will need a credit score to be approved for car loan and credit products so why have your score affected by inq's now? Also, if you plan on doing an app spree - some lenders are inq sensitive...might as well lump them all together.   Both DCU and Alliant will pull twice ( membership and credit products).  In 6-7 mos, you should have a pretty good score as long as you keep your util down and pay on time. 

 

Just my .02.

 

Goodluck! 

Valued Contributor

Re: Should I open CU account now OR wait

PenFed is know to be the hardest of all 3.

 

Since you have no score wait till you generate one.

 

I suggest try a local CU to build a relationship


Last Pulled EQ: 809
Last Credit Card App: 02/05/2016
Last CLI: 02/06/2016
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Valued Member

Re: Should I open CU account now OR wait

 

Thanks for info.

 

If the relationship is not important, I prefer to wait for 6-7 months

My current situation :
Credit Score : NONE.
BOA secured card (4000), US bank secured card (4000)
4 Inquiries in Dec 2012
0 BAD