topic Score Jumped 150 points, What Now? in Credit Card Applications

Score Jumped 150 points, What Now?

Anonymous — Thu, 20 Feb 2020 15:29:28 GMT

New to the boards but have been scouring it the last few weeks, so I thought I'd just ask you guys directly. Main goal is the altitude reserve so I posted it here, even though I'm curious about timing with installment loan apps. My Fico9 on all three bureaus were around 650 in Jan due to utilization, and I had just taken out a Citi Simplicity for a BT to manage some of the interest but also had finally figured out how to budget and live within my means instead of trying to outearn my debt so I was making good progress. Fortunately working hard sometimes pays off and in Feb was able to bring all my balances on my three cards to zero (this hasn't been the case in 5 years). Now my scores are 800-810 across the board , AAoA 3yr8mo, AoOA 11yr. I had a chase shutdown back in 2018 when I ran up one of their cards during a hard time, but the accounts were in good standing.

Citi Costco Jan'01 - 0/14000

Citi Thankyou Preferred Jun'09 - 0/9000

Citi Simplicity Dec'19 - 0/7000

Income: 150,000

Only inquiry is on Eq for my new citi simplicity.

Im carrying my student federal loans still which are at 6.25%, a bad used auto loan at 10% (9k remaining), and a personal loan at 16% that is 70% paid off.

My income dramatically increased last year to this level to be able to aggressively pay off debt, but I also would like to begin building banking relationships.

Right now my main bank is US bank, and considering I just got back 700 from my Costco visa last year, I could make use of the Reserve altitude for all my Costco and pretty much 90% of my daily expenses through Apple Pay. My wife and I have to travel to see family every year so I would make quick work of all the travel benefits. However, I'd also like to reduce some interest on these loans and wanted to refi the personal loan through Lightstream given my credit score and income I think it would be a nice apr drop. Finally, I'm interested in NFCU or Penfed to refi my auto loan to something reasonable. My budget and timeline looks like both those loans would be finished off by mid next year at the rate I'm paying them, so I wouldn't be eating it for too long so I'm not that concerned but saving money is awesome.

US Bank, Penfed, and Lightstream all seem very touchy and sensitive, so wanted your guys opinion on which to go for first and the spacing between them!

Edit: I'm a US bank checking customer with direct deposit, so I'm eligible for the altitude

Re: Score Jumped 150 points, What Now?

Anonymous — Thu, 20 Feb 2020 17:23:37 GMT

Congratulations on your success! You say you want a build a banking relationship and being you have a checking account with USbank, it would maybe be a good place to start there. Not sure of your scores and which scores USbank uses regarding CC's though as I don't have an account with them.

Re: Score Jumped 150 points, What Now?

Anonymous — Thu, 20 Feb 2020 17:43:43 GMT

Might have been buried in my wall of text. Scores are 800-810 for all three bureaus for Fico 9 and slightly higher for Fico 8.

Re: Score Jumped 150 points, What Now?

Harvey26 — Thu, 20 Feb 2020 18:37:42 GMT

@Anonymous wrote:
New to the boards but have been scouring it the last few weeks, so I thought I'd just ask you guys directly. Main goal is the altitude reserve so I posted it here, even though I'm curious about timing with installment loan apps. My Fico9 on all three bureaus were around 650 in Jan due to utilization, and I had just taken out a Citi Simplicity for a BT to manage some of the interest but also had finally figured out how to budget and live within my means instead of trying to outearn my debt so I was making good progress. Fortunately working hard sometimes pays off and in Feb was able to bring all my balances on my three cards to zero (this hasn't been the case in 5 years). Now my scores are 800-810 across the board , AAoA 3yr8mo, AoOA 11yr. I had a chase shutdown back in 2018 when I ran up one of their cards during a hard time, but the accounts were in good standing.

Citi Costco Jan'01 - 0/14000
Citi Thankyou Preferred Jun'09 - 0/9000
Citi Simplicity Dec'19 - 0/7000
Income: 150,000

Only inquiry is on Eq for my new citi simplicity.

Im carrying my student federal loans still which are at 6.25%, a bad used auto loan at 10% (9k remaining), and a personal loan at 16% that is 70% paid off.

My income dramatically increased last year to this level to be able to aggressively pay off debt, but I also would like to begin building banking relationships.

Right now my main bank is US bank, and considering I just got back 700 from my Costco visa last year, I could make use of the Reserve altitude for all my Costco and pretty much 90% of my daily expenses through Apple Pay. My wife and I have to travel to see family every year so I would make quick work of all the travel benefits. However, I'd also like to reduce some interest on these loans and wanted to refi the personal loan through Lightstream given my credit score and income I think it would be a nice apr drop. Finally, I'm interested in NFCU or Penfed to refi my auto loan to something reasonable. My budget and timeline looks like both those loans would be finished off by mid next year at the rate I'm paying them, so I wouldn't be eating it for too long so I'm not that concerned but saving money is awesome.

US Bank, Penfed, and Lightstream all seem very touchy and sensitive, so wanted your guys opinion on which to go for first and the spacing between them!

Edit: I'm a US bank checking customer with direct deposit, so I'm eligible for the altitude

First of Congrats on paying off the debt! I would start with NFCU and Lightstream. NFCU you can do a double whammy and refi your car loan and also get the Flagship Rewards Card! Lightstream you could refi your personal loan but they are a hit or miss I have seen people on here get denied with excllcent credit and good income. But US Bank offers personal loans maybe seeks them for your personal loan payoff.

Re: Score Jumped 150 points, What Now?

AllZero — Thu, 20 Feb 2020 18:53:53 GMT

If you aren't all ready a member, I would recommend joining Navy or PenFed. They offer credit products as well as personal and auto loans.

Re: Score Jumped 150 points, What Now?

mikesonthemend — Fri, 21 Feb 2020 06:32:05 GMT

I would also consider DCU.

Re: Score Jumped 150 points, What Now?

addicted_to_credit — Fri, 21 Feb 2020 11:06:03 GMT

I don't have any experience with Lightstream so I can't say much on that. USB can be fickle when it comes to inq's/new accounts and I believe most of the AR cards go through a manual review, also in my experience USB has always pulled TU. I'd say run the AR app first then Lightstream (I believe suntrust pulls EQ). PenFed offers better APR's than navyfed. I believe Penfed has always pulled EQ on me and navy has pulled TU for CC's and EQ for loans. If your considering CC's from Navy I'd recommend the more rewards card first then go for the flagship after 91 days and 3 statements. I hope my little rant helps.

Re: Score Jumped 150 points, What Now?

Anonymous — Fri, 21 Feb 2020 11:55:57 GMT

@addicted_to_credit wrote:
I don't have any experience with Lightstream so I can't say much on that. USB can be fickle when it comes to inq's/new accounts and I believe most of the AR cards go through a manual review, also in my experience USB has always pulled TU. I'd say run the AR app first then Lightstream (I believe suntrust pulls EQ). PenFed offers better APR's than navyfed. I believe Penfed has always pulled EQ on me and navy has pulled TU for CC's and EQ for loans. If your considering CC's from Navy I'd recommend the more rewards card first then go for the flagship after 91 days and 3 statements. I hope my little rant helps.

This makes a lot of sense. Seems like I should either hit NFCU or USB with a CC app since they will pull TU, then Lightstream or Penfed for a loan since they will pull EQ as you said, spreading out those inquiries. Either way NFCU checking seems better than what I'm working with now with no ACH push fees and an actual dividend on the balance. If I go for the AR then Lightstream, am I pushing my luck to app Penfed after that to refi a car loan, or will penfed balk at credit seeking at that point? I don't want to ruin a potentially great CU relationship before it starts! Sounds like if Penfed doesn't like you off the bat, they don't warm up to you for years.

Re: Score Jumped 150 points, What Now?

Anonymous — Fri, 21 Feb 2020 12:07:57 GMT

@mikesonthemend wrote:
I would also consider DCU.

I'll check them out, haven't come across them.

Re: Score Jumped 150 points, What Now?

addicted_to_credit — Fri, 21 Feb 2020 12:40:10 GMT

You have high scores and a great income Penfed will like you. I think you'll be fine how ever you decide to do it if it were me I'd do this:

app the AR if you want it, High Af but everyone here that I've seen has loved it...That's a TU HP

App for NavyFed Membership that's a TU SP

App for Lightstream should be a EQ HP

Car loan refi Penfed is a HP to join on EQ and a HP for credit products and has always been EQ for me.

If you don't mind a slightly higher APR stick with Navy. I think with navy loans and LOC's are an EQ pull I'm on a plane right now and checking my CR would be a slow process.

The easiest option may be to run everything through Navyfed too they are a one stop shop that has been very gracious to me. Sorry if I'm rambling on, I worked last night, drove 2 hours to the airport and bored on a plane headed home. Maybe a few of the folks with the USB AR will chime in with their opinions. However you decide to go let us know how it works out and welcome to the forums!

Re: Score Jumped 150 points, What Now?

KLEXH25 — Fri, 21 Feb 2020 13:26:34 GMT

Congrats on your successes! Take a day to look at several credit unions, their rates, and what they have to offer. You can probably find out which CRA they pull. DCU uses Equifax 5, which is a mortgage Score. It may be in your best interest to pull a 3B report and check out all your scores. Your FICO 8's and 9's may be high, but you don't want to be surprised by any low scores elsewhere (I doubt you do, but you never know).

Interest rates are really low now and it's a great time to refinance, so I would focus on your loans first. How much is left on your personal loan (dollar amount)? DCU banking and loans are great, but their credit card is nothing special (aside from low interest rate). Navy may be great if you qualify.

Re: Score Jumped 150 points, What Now?

Anonymous — Fri, 21 Feb 2020 15:07:43 GMT

Appreciate the welcome! You guys are an amazing resource and community!

The personal loan is 14k/19k. Because of that nasty interest rate I'd still save over 1k with a refi before it's paid off with it's current 1.2k autopay (minimum is a third of that). It seems difficult to truly compare personal loan rates since I have no idea what rate within their range I'd get. Just from DPs on the forum, Lightstream beats out everyone else. The downside is it's not really helping build a banking relationship, whereas penfed and NFCU probably values that juicy interest from a member! Someone's gotta pay the dividends.

I have NFCU members in my immediate family so I'm qualified for that, no worries on that part.

Re: Score Jumped 150 points, What Now?

Anonymous — Fri, 21 Feb 2020 16:56:02 GMT

Congrats for paying off your debts and 800s!!

Usually I would pop the smoke, call it a day, sipping my drinks. hooah? Nah, I quit drinking and would apply for Amex. Amex is customer friendly, at least to me so far. Once you successfully applied for a card, there is possibility for you to pre-qual for other cards down the road and CLI ( look at the boards for the Amex 3x CLI). I haven't apply for PenFed but i would like to at the end of March so I couldn't tell you much. NFCU is also good if you could open an account with them and they are not stingy with their credit lines. Since you have the US Bank, I am wondering why they wouldn't pre-qual you any credit card application? Lightstream belongs to Suntrust for personal or debt consolidation loan. I don't think you need to be Suntrust customer to be able to apply. However, the bad thing is they don't have pre-qualification link for you to check.