topic Re: 4x APPS soon - Need input! in Credit Card Applications

4x APPS soon - Need input!

Anonymous — Tue, 18 Feb 2020 16:08:08 GMT

Hello myFico community!

This is my first post to the forums

Brief overview:

My wife and I have been planning on an app spree for different beneifts that work for our situation and then gardening for 1-2 years before seeking out another rental property(investment loan will be used).

With that being said we are currently waiting 1-2 weeks before the bureaus update and reflect recent CLI's(soft pulls) on her accounts(all of this will be in her name as I recently applied myself and i'm joining her in the garden after the app spree).

A few data points to consider:

-Credit score in the 750's on all 3

-Thickish file with 2 home loans, 1 home equity loan, 1 personal loan and 2 credit cards + 1 AU

-No Derogs and 100% payment history

-Approximately $52k/year income from jobs/rental - Doesnt include my income

-History is probably around 3-4 years on open accounts

Cards include:

-Merrill+ with 15k limit(currently 1.2k balance to be paid before statement date)

-Care Credit with 9.6k limit(currently $0 balance)

-Lowes AU with $300 limit(currently $0 balance)

Goal cards with benefits:

-Amex Blue cash preffered - for Groceries + utilization

-BBT pre-qual SP cards specifically spectrum cash rewards + other 2 in seperate tabs if it's soft pulls - for BT + Utilization + Gas

-BofA Cash rewards - Dining/Gas + Utilization

-Navy Fed Cash rewards - BT + Utilization

*Notes - we have accounts+history with BofA, BBT, and Navy Fed - Utilization meaning to lower our overal Utilization - I will also be an AU on all cards allowed, included in our goals is to establish more history of accounts and open lines as my wife doesn't have many*

Side note: we are also in the works on a HELOC with Navy Fed that was hard pulled over a month ago and is under review due to an underwriter mislabeling the property as a duplex....we had to send in a letter of request to reconsider, 1-2 weeks ago w/o reply yet....

Reason for the post:

IT'S MY FIRST POST GUYS! How exciting to be apart of your community here. Just wanted to get my feet wet and put out our plan in the hopes of any/all feedback.

Looking for suggestions on how/when to apply, in what order, things to take in to consideration, all in one day or over time, and anything else you guys can think about!

Thanks in advance!

-Sig coming soon!- Still learning ;D

Re: 4x APPS soon - Need input!

M_Smart007 — Tue, 18 Feb 2020 17:47:06 GMT

Just wanted to say Welcome to myFICO forums

And you will get some great advice!

Re: 4x APPS soon - Need input!

Anonymous — Tue, 18 Feb 2020 21:25:44 GMT

Thanks for the welcome!

I'm looking forward to getting all the advice you guys have!

Re: 4x APPS soon - Need input!

Anonymous — Tue, 18 Feb 2020 21:15:52 GMT

Welcome to the forums, OP!
Based on everything you posted, it seems you'd be good to go for any of those Goal cards listed. Keep in mind, that some lenders such as BoA has a 5/24 rule, meaning you do not want to exceed 5 new open accounts in 24 months to be approved. Not sure about the other cards/lenders you posted. Not sure how many inquiries you have now, if any, but keep in mind inquiries will stay on your CR's (credit reports) for 2 years. Best of luck!

Re: 4x APPS soon - Need input!

AllZero — Tue, 18 Feb 2020 21:17:54 GMT

All great selections.

It's a toss up between 1st and 2nd, BoA or AmEx. BoA will probably pull Experian. AmEx will pull Experian.

Navy will probably pull TU. They aren't inquiry sensitive. Sign Up Bonus comes back after March 2 if that is a concern.

BB&T will soft pull EQ.

You can apply all the same day. Up to you.

Good luck.

Re: 4x APPS soon - Need input!

CreditInspired — Tue, 18 Feb 2020 23:11:54 GMT

Hi OP and welcome

IDK especially since you only have 3 CCs between you, and 2 are retail cards and one with a toy limit. Your CC history is extremely thin. The good thing however is you have relationships with lenders so this should count for something (fingers crossed).

The first thing I would do is request a CLI on your Lowes.

If it were me, I would be very hesitant about doing a spree. Maybe 2 cards at most, and apply again in 6 mos.

I am concerned about a salary of $52K with home loans, personal loans, and HELOC unless your income is going to be added to the household income question.

Do you know your DTI because NFCU definitely look at income when making decisions.

So to sum up my major concern is you want decent SL to be the outcome--not just approvals.

GL2U in whatever you decide. And coming to myFICO was a great decision. Forum members offer so much excellent advice.