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Regular Contributor
Midnight29
Posts: 111
Registered: ‎08-17-2010
0

Tempted To Leave The Garden...

So I have been good and let my 3 cards age 6 months (Discover More, Nationwide, Macys).

Now, as promised by others on the boards, I am getting some nice looking offers in the mail.  I really don't want to lower my AAoA since it's only 2 years but it's so hard! My CU sent me an offer with an 8% APR (vs 15-18% on my current revolving accounts) which is by far the most tempting. Just kind of looking for some moral support to keep me on track - maybe I'll call and ask for CLI's to stop the app urges.  End goal is buying a house within the next 9-12 months which is why I'm trying to tend the garden and not go apping.


Starting Score: TU 718 - EQ 665 2010
Current Score: TU 765 (3/2013) - EQ 748 (3/2013)- EX 781 (Mortgage Pull 12/14/11)
Goal Score: TU 750 - EQ 750 I MADE IT!


Valued Contributor
tntexans72
Posts: 1,071
Registered: ‎04-24-2008
0

Re: Tempted To Leave The Garden...

CLI will quench your thirst for more credit. Lol,,,soft inquiries are that much better IMHO. If you had to app what card would you want?
Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
0

Re: Tempted To Leave The Garden...

Go ahead!  We live only once!  I doubt if anyone in heaven say you're approved, congratulations. 

Moderator Emeritus
tinuviel
Posts: 4,875
Registered: ‎11-02-2010
0

Re: Tempted To Leave The Garden...

What's the general guideline on prepping for a mortgage? Isn't it six months? If you're looking at 12 months down the road, the new account ding should have faded. Thoughts from anyone else on this point?


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Regular Contributor
Midnight29
Posts: 111
Registered: ‎08-17-2010
0

Re: Tempted To Leave The Garden...

 


tntexans72 wrote:
CLI will quench your thirst for more credit. Lol,,,soft inquiries are that much better IMHO. If you had to app what card would you want?

 

Of the preapproved offers, the one from my local CU since the APR is low, and it says minimum of $3500CL. However no rewards unless I pay an AF, and it's only 1%. The BoA cash rewards offer with 12.99% APR is tempting too.

I also have US Bank and Chase Amazon on my wish list, but no offers from them. I've never app'd US Bank, but Chase said no 6 months ago. I don't really like or want Chase, but I shop a lot on Amazon.


Starting Score: TU 718 - EQ 665 2010
Current Score: TU 765 (3/2013) - EQ 748 (3/2013)- EX 781 (Mortgage Pull 12/14/11)
Goal Score: TU 750 - EQ 750 I MADE IT!


Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009
0

Re: Tempted To Leave The Garden...


tinuviel wrote:

What's the general guideline on prepping for a mortgage? Isn't it six months? If you're looking at 12 months down the road, the new account ding should have faded. Thoughts from anyone else on this point?


I've heard people say a year.  But even if it is only 6 months, why risk it.  Your mortgage app is way more important than this new credit card.  And it doesn't sound like you're saying you really need another card, just that you're tempted by better offers.  There will be more credit card offers in a year once you have your mortgage squared away.  Credit cards aren't going anywhere.  Don't apply for anything.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Regular Contributor
RayRocks
Posts: 156
Registered: ‎03-21-2011
0

Re: Tempted To Leave The Garden...

[ Edited ]

I agree with Walt_K - do not risk it!

 

Ray

Current Goals:

830 FICO / ** GARDEN ** / Pay off one remaing card.

** Every Card Has a Job and Every Card Does Its Job **
Moderator Emeritus
beamMEup
Posts: 4,470
Registered: ‎12-31-2008
0

Re: Tempted To Leave The Garden...


Midnight29 wrote:

So I have been good and let my 3 cards age 6 months (Discover More, Nationwide, Macys).  IMO, If it were one card aged 6 months, you might be more ready for a new app.  But it's three cards in the last six months.  I would vote for a bit more age.

Now, as promised by others on the boards, I am getting some nice looking offers in the mail.  I really don't want to lower my AAoA since it's only 2 years but it's so hard! My CU sent me an offer with an 8% APR (vs 15-18% on my current revolving accounts) which is by far the most tempting. Just kind of looking for some moral support to keep me on track - maybe I'll call and ask for CLI's to stop the app urges.  End goal is buying a house within the next 9-12 months Then I would use 9 months as a goal/marker rather than 12, which is another indicator that you may want to wait and have some additional AAofA.  IME, as far as AAofA, 3 is better than 2 - so 3 may be a good goal to reach for which is why I'm trying to tend the garden and not go apping.


But just to play devil's advocate - you may be fine either way.  Just don't do random apps. 

Just puttin' syrup on something, don't make it pancakes.
Established Contributor
jefftca925
Posts: 706
Registered: ‎08-14-2008
0

Re: Tempted To Leave The Garden...

When I app'd for a mortgage back in 2009, I was concerned about inquiries and new accounts that I had in the previous 6 months.  The loan officer said they are more concerned about accounts app'd and opened after they pull your CBR as they can drag your score down.  Your FICO scores are very important when applying for mortgages.  Some situations can pop up when someone might need to pull your report during the mortgage process (i.e. cell phone provider) but as long as you can explain it you'll be fine.  That happened to me (I needed to change carriers) and the LO said it was fine.

 

As far as applying for a new CC, I'd apply for the card that will best suit your needs and that you'll get the most use out of.  I think a low interest card would be a smart choice as if you're looking at buying a house in the near future.  You will need to buy stuff right out of the gate.

CCs: Chase Freedom VS 6.9k, CSP VISA Sg 7k, BofA Amex 12.5k, Discover 10.5k, US Bank Cash+ Visa Sg 12.5k, Macy's Amex 8k/1.5k, Gap Visa 10k, Best Buy 11.1k, Citi TY MC 10.8k, Citi AA Amex 6k, Nordstrom VS 10k, Amex Zync, Costco Amex 12k, BofA CR VS 17k, Amex BCP 9.5k, Amex ED 5k, Sears MC 9k, HD 7k, Target 600, Amazon 7k, US Bank MC 15k, US Airways MC 4k, NFL Visa 4k, Patelco Visa 10k, Penfed PR VS 44.6k, Chase United VS 13k, Chase Marriott VS 8k, Citi Simplicity 13.3k, PayPal MC 5k, Compass Visa 4k, WF VS 14k, FNBO Amex 14.1k, OCCU VISA 15k, TR Visa Sg 13.3k, Capital One QS Visa 11k, FRN MC 13.5k, HSN 4k, Saks WEMC 10k/4k, Chase Ink 18k, Barclay Arrival 10k, Ebates VS 8k, Orbitz VS 9k, NASA V 30k, USBk FP VS 17k
New Member
JeimyGirl
Posts: 9
Registered: ‎03-19-2009
0

Re: Tempted To Leave The Garden...

[ Edited ]

When I applied for my loan I had a really long list of inquiries for the last 2 years. They made me explain all of them. Lucky all were for a new car (I believe) so it didn't look like I needed more money with applying for something like a credit card. They did explain that anythign opened in the last year had to be explained, but that I didn't have any so I was good. I wouldn't apply or even open another account within a year. The home buying process was such a pain (even though mine only lasted a couple months) I was 22 at the time so I was surprised I got approved and closed at such a low rate. I never prepared for a home loan, but I was lucky to have been in that "perfect" timing in my credit, Where my score wasn't the best (I believe I was in the 580's then got a collections removed as it was invalid, boosting it to 620's) but I had no credit card utilization and my car loan was a year from being paid off, no new credits within 2 years. Do whatever possible to keep your credit clean of any new marks if you can. Keep all your balances as low as possible as they will check debt:income ratio and many many other things and you want your credit to help you out as much as possible.

 

(edited to correct some mistakes)

(4/2010- Pulled by Mort Lender) EQ- 623 EX- 642 TU- 614
- Have since paid off a car loan, added a mortgage, added a car loan, and got one collections off
Current "Real Score"- Unknown
Goal- All over 700 by Dec 2011!

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