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Regular Contributor
ineedcreditbad
Posts: 171
Registered: ‎08-18-2007

When to Apply for a Credit Card

Ok I need some advise here. I want to apply for a another credit card currently have a Cap One, Amex Blue and Orchard( Which I will cancel next month). Total Inquires 7 in 2007 for a carloan and 1 in 2008 for AMEX. The only reason to apply is because I will be cancelling my Orchard. Also which card should I apply for I am looking for atleast a limit of 2K min.
 
Current score as per credit secure
 
EX: 708
EQ: 727
TN:707
 
So is it too early to apply for a new card. 
 
Any advise will be appreciated. 
Senior Contributor
imducky
Posts: 3,432
Registered: ‎08-27-2007

Re: When to Apply for a Credit Card

[ Edited ]
with your scores (assuming no/no recent baddies) and card profile, (as long as you have no problem verifying income) i would say penfed and or nasa credit unions, citi, and bank of america would fill out criteria.


Message Edited by dnm45227 on 03-23-2008 08:04 PM
Regular Contributor
ineedcreditbad
Posts: 171
Registered: ‎08-18-2007

Re: When to Apply for a Credit Card

Thanks Ducky. Any ideas how much drop should I be looking in scores when I apply?
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: When to Apply for a Credit Card



ineedcreditbad wrote:
Thanks Ducky. Any ideas how much drop should I be looking in scores when I apply?


I noticed your scores are from CS.  Those are EX PLUS scores, and not real FICOs.  If you're concerned about your scores, you really should be looking at the real deal.  Have you pulled your reports and scores from MyFICO?
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Senior Contributor
imducky
Posts: 3,432
Registered: ‎08-27-2007

Re: When to Apply for a Credit Card

Senior Contributor
imducky
Posts: 3,432
Registered: ‎08-27-2007

Re: When to Apply for a Credit Card



cheddar wrote:


ineedcreditbad wrote:
Thanks Ducky. Any ideas how much drop should I be looking in scores when I apply?


I noticed your scores are from CS.  Those are EX PLUS scores, and not real FICOs.  If you're concerned about your scores, you really should be looking at the real deal.  Have you pulled your reports and scores from MyFICO?


ah man, thanks for catching that cheddar!
New Member
kalel8129
Posts: 3
Registered: ‎04-08-2008

Re: When to Apply for a Credit Card

I agree with Ducky look at your fico scores to determine what the true score is.  In a lot of cases when you apply they may not look at all three credit bureaus, Transunion and Experian are usually the ones the credit card companies would look at.  One point though if you are looking to get a new card and are approved don't cancel or close your other credit card accounts it will have an adverse effect on your available credit and your history.
 
 If there is a zero balance on those cards just don't use them if otherwise there is a balance pay them down or off.  I would  not suggest transferring the balance when you are applying for a new card, if you plan on transferring a balance,  see what your credit line is prior before deciding to transfer a balance in some case you may get a small credit line and if you transfer a balance which exhaust your credit line it will drop your score.  Anytime you use more that 1/3rd of your credit limit it affects your score.
 
Lastly Bank of America is a good card Capital One not so good, based off what I have read about them.  To recap:
 
- Don't do a balance transfer when you fill out an application.
- Don't close or cancel your old accounts it will lower your available credit, and shorten your credit
  history.
- Don't apply for more than one credit card account within a 12month period.
- Applying for one card could drop your score at a  minimum of five  (5)points.
 
Hope this information is helpful...
Senior Contributor
FretlessMayhem
Posts: 3,279
Registered: ‎08-03-2007

Re: When to Apply for a Credit Card

*Assuming* your FICOs are somewhere in the neighborhood with your FAKOs, I'd say Bank of America. Extremely prime and more than generous with CLIs.
Here we go again...

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