03-28-2009 03:00 PM - edited 03-28-2009 03:09 PM
Well, I have been on a recent app hunt (spree). I have made 4 apps: CapOne, Alliant, PenFed and Pertuity Direct.
At time of Apps my TU was 803 and EQ was 808. Today after apps and inquiries my TU is at 814 and EQ at 810.
The only difference: a lousy $2 balance that reported on my BoA last month gave me two cc's with a balance ($2 and $44). Now I only have 1 acct with a balance (plus my auto loan) and my score is up even with apps.
So, lesson learned: a $2 balance has more FICO power than 2 new inquiries.
I now have 1 inquiry on TU in past 2 years, 2 on EX and 2 on EQ. I'm looking for one more good app that only pulls TU that is a good Reward card with reasonably high limits (want $10k or more). Any suggestions? I'm being told that Discover will only pull TU if I live in Texas....anyone else familiar with that?
03-28-2009 07:53 PM
03-28-2009 07:58 PM
03-28-2009 08:14 PM
Nope, I don't. I was just amazed that a $2 balance created an additional account balance. My apps are done.
Yeah, weird stuff like that happens occassionally and I have never found the true rhyme or reason behind it but I have noticed sometimes false assumptions come back to bite. That's why I said be careful, just a friendly heads up. Like when my EX, the worst score jumped 88 points to become my highest and I couldnt' understand why, hauling tried to figure it out with me but we never could find out what happend and the next score pull, bam back to the lower gutters of my score board. No rhyme or reason AT ALL.
03-29-2009 04:59 AM
Well, I know the inquiries didn't help my score or raise it. The only other item that changed was my BoA went from $2 balance to zero and my Chase went from $44 to $121......so just a bit more util but only 1 balance.
However, even though the inquiries didn't seem to really affect the score, I know that once the new accounts "hit" the CR, my CR will take a "hit" cause right now only the inqs are showing, not the accounts. I'm guessing that 5 new accounts is going to nail me at least 50 points.
03-29-2009 06:18 AM - edited 03-29-2009 06:20 AM
I'm guessing that 5 new accounts is going to nail me at least 50 points.
or more.(Edit: Oops, you already said that) I got nailed 53 points for just three new accts.
The points came back about 4 months later, though.
03-29-2009 07:42 AM - edited 03-29-2009 07:52 AM
When you got hit 53 points, what was your FICO at before the hit?
And I agree on the "more," I just used 50 as an absolute min, but fully realize it could be 100.
03-29-2009 11:23 AM - edited 03-29-2009 11:26 AM
Hold the press! The CSR at Discover told me a $5k CL. When I got an email it had a check status link, so I just visited it to see what site showed and it said that I had been approved for only $2k.
I tried the recon backdoor number to ask, but said call normal hours. If that is really the limit, then I am considering to decline the account so that I only have a single TU inq and not a new account. If the limit is that low, it does me no real good as a Reward card. I applied for the ESCAPE card (Miles with an AF and unlimited double miles, no min spending, etc.) But with $2k I can't run the volume I wanted to get accumulated rewards for year end. I planned to move some reimbursable work expenses and other things to it to generate the rewards on items all ready paying cash for or just not getting any reward.
I had also applied and been approved for Cap One Miles Reward Ultra (double miles) with AF. I haven't learned the limit, just approval status. If that comes in with a lousy CL I will probably decline CapOne also and just stick with Alliant and PenFed and later see about BoA converting to Reward.
03-29-2009 11:33 AM
txjohn, Discover is good to have at any limit.
Run it to the max a few times, pay off and recycle. In six months (not a day less), go to the automated phone system (the famous #5) and I'll bet they offer up at least another 5k to you, if you ask for another 7k.
No hard pull on the automated system, either, if you accept that offer. And six months later, do it all again!