topic Apply or continue gardening? in Credit Card Applications

Apply or continue gardening?

mrcrisp023 — Mon, 03 Apr 2023 22:49:40 GMT

Hey all,

Curious to get some feedback here. I went on an app spree 6 months ago, got some subprime cards and a good prime. I really want to go for one more prime card. I know the right answer here is to garden, but I plan to apply for a mortgage in the next 9-12 months, so I want to get my last inquiry out of the way now and I know after applying for a couple mortgage loans that will add even more inquiries so I don't want to wait until after closing either. Any suggestions?

I have a home loan modification from a couple years ago during COVID, so Amex isn't sniffing me. Went down that road already and fought it every which way with them, the bureaus and my lender, no dice on getting the comment removed. I know I can't get Chase due to their rule. I was considering Wells (I've been with them for 8 years), but I've read they are super conservative. I don't want a triple pull with CapOne. I burned Discover a few years ago and even though I paid them off, they still won't consider me due to my prior history (tried a pre qual a couple weeks ago). I'm considering maybe Citi? I'm trying to avoid any card that will only give me a petty SL unless it gets me in with a prime bank with high limit potential. Also want to avoid wasting a HP on a denial.

Signature is up to date with scores and cards. I have some missed payments on my reports from years back, with them all set to fall off between May and September. Inquiries: 0/3, 5/6, 5/12, 5/24. All my inquiries came in that spree mid October 2022.

Any suggestions would be appreciated. I would prefer a travel card if possible. I have enough cash back cards. Thanks.

Re: Apply or continue gardening?

markbeiser — Tue, 04 Apr 2023 22:42:54 GMT

You're scores and recentish credit history are kind of edge case for getting most of the "good" cards out there, at least with any kind of worthwhile SL.
I think it may still possible to get two or 3 cards in one go out of Truist off a single hard pull, without having to do any of the trickery to avoid HPs that was going around a few months ago. I got two $5k SL cards from them last october, with scores similar to yours, and 2 collections still showing on my reports. Fair warning though, Truist can be a bit of a clown show, not in a way that actually harms your credit, but they usually get things sorted within a month or two of it being brought to their attention.

IMO, if you don't need new accounts, I'd just garden for a good 12 months ahead of seeking a new mortgage.

I got a loan modification a few years back when I couldn't work for a few months due to an injury.
I guess I'm fortunate that no comments were added to my credit file, just a few months added to the back end of my mortgage.

Re: Apply or continue gardening?

FireMedic1 — Tue, 04 Apr 2023 13:14:33 GMT

Whats the biggest investment your going to take in life? A House. Not a new credit card.

Re: Apply or continue gardening?

mrcrisp023 — Tue, 04 Apr 2023 13:20:12 GMT

Yea. I’ve been a homeowner since 2016, strangely enough I feel more comfortable/have more understanding of that process than the credit card process lol.

Re: Apply or continue gardening?

SouthJamaica — Tue, 04 Apr 2023 15:49:42 GMT

@mrcrisp023 wrote:
Hey all,

Curious to get some feedback here. I went on an app spree 6 months ago, got some subprime cards and a good prime. I really want to go for one more prime card. I know the right answer here is to garden, but I plan to apply for a mortgage in the next 9-12 months, so I want to get my last inquiry out of the way now and I know after applying for a couple mortgage loans that will add even more inquiries so I don't want to wait until after closing either. Any suggestions?

I have a home loan modification from a couple years ago during COVID, so Amex isn't sniffing me. Went down that road already and fought it every which way with them, the bureaus and my lender, no dice on getting the comment removed. I know I can't get Chase due to their rule. I was considering Wells (I've been with them for 8 years), but I've read they are super conservative. I don't want a triple pull with CapOne. I burned Discover a few years ago and even though I paid them off, they still won't consider me due to my prior history (tried a pre qual a couple weeks ago). I'm considering maybe Citi? I'm trying to avoid any card that will only give me a petty SL unless it gets me in with a prime bank with high limit potential. Also want to avoid wasting a HP on a denial.

Signature is up to date with scores and cards. I have some missed payments on my reports from years back, with them all set to fall off between May and September. Inquiries: 0/3, 5/6, 5/12, 5/24. All my inquiries came in that spree mid October 2022.

Any suggestions would be appreciated. I would prefer a travel card if possible. I have enough cash back cards. Thanks.

1. You should not apply for anything in the 12 months prior to a mortgage application, so if you do apply for something you should postpone the mortgage application to 13 or more months afterwards.

2. Your scores are borderline for the major banks' travel cards, except for some of the co-branded cards. So, if you're really concerned about wasting a hard pull on a denial, you shouldn't apply. But if you're not that concerned about it, you might want to try for the Comenity AAA Travel Advantage Visa.