topic Re: New Application score impact in Credit Card Applications

New Application score impact

FancyPants1 — Thu, 17 Mar 2022 15:33:12 GMT

Hey All,

I'm considering either selling or refinancing my car.

With the understanding the point drop may be significant, is it better to apply for Amex 1st.

Additionally, my cc age is less than 6 months.

I have 4 cards (low credit availability)

With my new career, I prefer to (have and not need) a higher credit credit limit but concerned, I may not meet requirements.

4 cc less than 6 months credit age..current score 686 689 695

Suggestions welcome,

Thanks

Re: New Application score impact

bigseegar — Thu, 17 Mar 2022 15:51:55 GMT

No sure which AmEx product you're asking about but since you said you want a high SL I'll assume it's one of their credit products and not a charge product. You stats may not support an AmEX approval but the good thing is you can see if you prequalify without wasting a HP. Even if you do given your very short AAoA, Low Limits and scores I doubt you'll be approved for much higher than their standard $1,000 SL on borderline approvals.

Re: New Application score impact

Remedios — Thu, 17 Mar 2022 16:02:49 GMT

@FancyPants1 wrote:
Hey All,

I'm considering either selling or refinancing my car.

With the understanding the point drop may be significant, is it better to apply for Amex 1st.

Additionally, my cc age is less than 6 months.
I have 4 cards (low credit availability)

With my new career, I prefer to (have and not need) a higher credit credit limit but concerned, I may not meet requirements.

4 cc less than 6 months credit age..current score 686 689 695

Suggestions welcome,

Thanks

Do you have accounts older than your cards?

You're listing scores, so clearly there has to be something older than six months if those are Fico scores.

Additionally, are there any negatives on those accounts if you have them? They seem on a low side for clean report.

Re: New Application score impact

dragontears — Thu, 17 Mar 2022 18:23:06 GMT

@Remedios wrote:
@FancyPants1 wrote:
Hey All,

I'm considering either selling or refinancing my car.

With the understanding the point drop may be significant, is it better to apply for Amex 1st.

Additionally, my cc age is less than 6 months.
I have 4 cards (low credit availability)

With my new career, I prefer to (have and not need) a higher credit credit limit but concerned, I may not meet requirements.

4 cc less than 6 months credit age..current score 686 689 695

Suggestions welcome,

Thanks

Do you have accounts older than your cards?
You're listing scores, so clearly there has to be something older than six months if those are Fico scores.
Additionally, are there any negatives on those accounts if you have them? They seem on a low side for clean report.

@Remedios looks like they have a collection and a 5 year old auto loan according to their other post

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Refinance-Auto-or-Sell-Estimated-Score-Drop/m-p/6506159

@FancyPants1

With 4 cards in the last 6 months you should not apply for any more cards. If you do you will encounter denials or toy limits. What you need right now is time. Let things age.

Re: New Application score impact

FancyPants1 — Thu, 17 Mar 2022 21:48:25 GMT

@bigseegar wrote:
No sure which AmEx product you're asking about but since you said you want a high SL I'll assume it's one of their credit products and not a charge product. You stats may not support an AmEX approval but the good thing is you can see if you prequalify without wasting a HP. Even if you do given your very short AAoA, Low Limits and scores I doubt you'll be approved for much higher than their standard $1,000 SL on borderline approvals.

Ok thank you for the insight. I was considering the delta sky miles cc

Re: New Application score impact

FancyPants1 — Thu, 17 Mar 2022 21:37:43 GMT

Hey, yes my oldest account is my car loan 5 years age, definitely missed payments back in 2019 but all on time since then.

One collection from 2017 under $1500

All cc less than 6 months.

Open to any suggestions.

Thanks

Re: New Application score impact

FancyPants1 — Thu, 17 Mar 2022 21:49:04 GMT

@dragontears wrote:
@Remedios wrote:
@FancyPants1 wrote:
Hey All,

I'm considering either selling or refinancing my car.

With the understanding the point drop may be significant, is it better to apply for Amex 1st.

Additionally, my cc age is less than 6 months.
I have 4 cards (low credit availability)

With my new career, I prefer to (have and not need) a higher credit credit limit but concerned, I may not meet requirements.

4 cc less than 6 months credit age..current score 686 689 695

Suggestions welcome,

Thanks

Do you have accounts older than your cards?
You're listing scores, so clearly there has to be something older than six months if those are Fico scores.
Additionally, are there any negatives on those accounts if you have them? They seem on a low side for clean report.
@Remedios looks like they have a collection and a 5 year old auto loan according to their other post
https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Refinance-Auto-or-Sell-Estimated-Score-Drop/m-p/6506159

@FancyPants1
With 4 cards in the last 6 months you should not apply for any more cards. If you do you will encounter denials or toy limits. What you need right now is time. Let things age.

Hmm, definitely don't want a toy limit, and willing to wait.

How many months would you suggest waiting before applying?

Appreciate the feedback.

Re: New Application score impact

OmarGB9 — Fri, 18 Mar 2022 19:42:35 GMT

@FancyPants1 wrote:
@dragontears wrote:
@Remedios wrote:
@FancyPants1 wrote:
Hey All,

I'm considering either selling or refinancing my car.

With the understanding the point drop may be significant, is it better to apply for Amex 1st.

Additionally, my cc age is less than 6 months.
I have 4 cards (low credit availability)

With my new career, I prefer to (have and not need) a higher credit credit limit but concerned, I may not meet requirements.

4 cc less than 6 months credit age..current score 686 689 695

Suggestions welcome,

Thanks

Do you have accounts older than your cards?
You're listing scores, so clearly there has to be something older than six months if those are Fico scores.
Additionally, are there any negatives on those accounts if you have them? They seem on a low side for clean report.
@Remedios looks like they have a collection and a 5 year old auto loan according to their other post
https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Refinance-Auto-or-Sell-Estimated-Score-Drop/m-p/6506159

@FancyPants1
With 4 cards in the last 6 months you should not apply for any more cards. If you do you will encounter denials or toy limits. What you need right now is time. Let things age.
Hmm, definitely don't want a toy limit, and willing to wait.

How many months would you suggest waiting before applying?

Appreciate the feedback.

I'd say wait AT LEAST another 6 months, if not a year.