@Revelate wrote:
@mongstradamus wrote:
@Revelate wrote:
@mongstradamus wrote:I am quite curious how one year anniversaries of HP are calculated when applying for new credit. After one year do you still get heavy penalized on a fairly thin credit file?
Anyone registered here for a year shouldn't have a thin credit file... just sayin
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+1 to user398432's commentary.
Re: original question: when my last two then scoreable inquiries fell off my Equifax report I gained 2 points on Beacon 5.0: minor in the extreme to near trivial.
Ahh i see i am very curious if I should bother waiting for my one year anniversaries to hit or just go ahead and app now for amex fidelity and sallie mae. I have 8 HP on EX and 6 on TU right now. If i wait till sept all of the HP would reach one year anniversaries. Also am wondering when you apply for cc and they hard pull , are approvals done more by computers or do they have UW manually look thru your credit file ?
Depends on your file and score but generally if you're making a stretch, the cleaner the better and neither the Fidelity Amex nor the Sallie Mae card are going anywhere anytime soon. That said since they're six months old they probably aren't hurting your score much, you might get better with your tradelines hitting a year FICO wise once the 12th reported payment lands.
Regarding approvals: that's so lender specific it's hard to make any real call either way, but if you get an instant approval with any lender it was likely computer underwriting as it would take too long to process manually; but others like the FIA underwritten Fidelity card, a lot of people report getting a 7-10 day message, and still getting approved afterwards - likely manual (human) underwrite.
I have a feeling most automatic underwriting happens when you're overqualified for a credit card's tier: to use a familiar example, if you could get a Chase Freedom on an instant, non-zero chance you could've gotten a CSP even if you'd wished which historically has required a higher credit strata to obtain.
As of right now my credit report is clean just not that thick only have about 6 cards, and no mortgage or auto loans reporting. My fico scores as of april are EX 780, EQ 802, TU 807. My scores seem alright i am just worried about hps and 3 recently opened accounts in september of 2013. Maybe I should wait and see how things play out. I really like sallie maes 5% gas and amazon and amex fidelitys 2% on everything. As you have said tho maybe waiting for the 1 year anniversary would be the prudent thing to do.
I had sort of thought your scores were on the order of 100 points lower honestly; it's not likely to make any difference as long as your income supports the underwriting criteria.
I mean I got a Fidelity Amex likely with a sub-700 or maybe 700 flat credit score. Just isn't that big a hurdle to jump over though I admittedly do have non-trivial money in my Fidelity brokerage and retirement accounts.
@Revelate wrote:I had sort of thought your scores were on the order of 100 points lower honestly; it's not likely to make any difference as long as your income supports the underwriting criteria.
I mean I got a Fidelity Amex likely with a sub-700 or maybe 700 flat credit score. Just isn't that big a hurdle to jump over though I admittedly do have non-trivial money in my Fidelity brokerage and retirement accounts.
Well recently they were an lot lower in the low 720 range , but that last charge off fell off so my scores skyrocketed. I don't have any fidelity brokerage accounts all mine are in vanguard :-(. Would it even matter if i opened fidelity CMA before i applied, or does that not even matter to them?
@mongstradamus wrote:
@Revelate wrote:I had sort of thought your scores were on the order of 100 points lower honestly; it's not likely to make any difference as long as your income supports the underwriting criteria.
I mean I got a Fidelity Amex likely with a sub-700 or maybe 700 flat credit score. Just isn't that big a hurdle to jump over though I admittedly do have non-trivial money in my Fidelity brokerage and retirement accounts.
Well recently they were an lot lower in the low 720 range , but that last charge off fell off so my scores skyrocketed. I don't have any fidelity brokerage accounts all mine are in vanguard :-(. Would it even matter if i opened fidelity CMA before i applied, or does that not even matter to them?
Doubt it will make a difference if it's a new account with no assets. I wouldn't worry about it in your case, but in my case with a sub-optimal credit score and lacking in mainline income currently, having non-trivial assets at Fidelity likely was a factor. We simply aren't at the same level in terms of credit strata.