Credit Cards Center Credit cards from our partners
Reply
Regular Contributor
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
Posts: 1,074
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
Posts: 5,759
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
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
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
Posts: 3,067
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


Take the FICO Fitness Challenge
Regular Contributor
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
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
Posts: 720
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 12.9k, CSP VISA Sg 13k, BofA Amex 24.5k, Discover 12.5k, US Bank Cash+ Visa Sg 17k, 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, Costco Amex 12k, BofA CR VS 5k, Amex BCP 13.5k, Amex ED 5k, Sears MC 9k, HD 7k, Target 600, Amazon 7k, US Bank MC 15k, US Airways MC 8k, NFL Visa 4k, Patelco Visa 10k, Penfed PR VS 44.6k, Chase Hyatt VS 8k, Citi Simplicity 13.3k, PayPal MC 7.5k, BBVA Visa 4k, WF VS 14k, FNBO Amex 14.1k, OCCU VISA 15k, TR Visa Sg 16.3k, C1 QS Visa 11k, FRN MC 15k, HSN 4k, Saks WEMC 10k/4k, Chase Ink 18k, Arrival WEMC 10k, Ebates VS 8k, Orbitz VS 12k, NASA V 30k, USBk FP VS 17k, DC 30k, VirgAm 15k, Sams MC 15k, Amex Bz Gold, Amex SC 10k, BofW Bz MC 18k
New Member
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!
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.