Reply
Member
Posts: 9
Registered: ‎09-26-2012
0

To apply or not to apply

[ Edited ]

My fiance is considering applying for a Citi Forward card to compliment my array of rewards cards. The problem is she we are going to be buying her a new car in Febuary and I'm not sure how the new account will look to PenFed (Or my backups) when they get our car loan application. I will most likely be cosigning as I have a lot longer credit history and a mid 700's EQ. Any advice?

 

She currently has two cards, a bank visa and an amex bcp. BCP is at 70% but we pay it off every month. Her total credit is currently only $4,000 split between the two cards. The amex she has had since September and the other card since last year. Her EQ fico is around 680.

 

So would the new account look bad? Would that be overridden by the extra available credit? Or would the AAoA trump both of them?

Established Contributor
Posts: 790
Registered: ‎08-30-2011
0

Re: To apply or not to apply

Well it depends on how thick the rest of file is. But to be safe I would just wait. I mean it is 2-3 months away. A Forward card would not earn that much cash back compared to getting the best rate on an auto loan.
Amex BCP/BC/Zync - Amex Business GR - Barclays NFL Visa Sig 49ers/Arrival - BoA BBR - Cap 1 Quicksilver - Citi Forward/Preferred - Chase Amazon/Freedom/Ink Plus - Discover IT - Fidelity Amex - GECRB Amazon/Walmart - PenFed PRV - Target - USAA Amex - US Bank CASH+/Club Carlson
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

Re: To apply or not to apply

[ Edited ]

My advice would be to pay off/down Amex before the statement cuts.  Go for the Car loan BEFORE your fiance goes for Citi Forward.

 

She may also ask for a CLI that is 3x her current limit with Amex once she is at 0 balance.  With her usage and payment pattern, they should have no issues with increasing her limit.

 

For example, if her current limit on the Amex is 2k,  she should call in and ask for 6k.

 

After the car loan is done, she can apply for Citi Forward or whatever other card she might want.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Member
Posts: 9
Registered: ‎09-26-2012
0

Re: To apply or not to apply

Thanks. Wanted someone to tell me what I already knew :smileyhappy:

 

Now to get an auto loan with PenFed then piggy back into a CC...

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.

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.