topic Re: Joined a local CU today in Credit Cards

Joined a local CU today

Gibran — Wed, 06 Jan 2010 19:07:40 GMT

I joined a local CU here in Orlando (CFE CU), just wondering how long should I wait before app'ing for a CC with them? Below is alittle updated credit info.

FICO 12/27/09: EQ:651 (5 INQ's) TU:671 (4 INQ's) EX: ?? (7 INQ's)

- All INQ's from 10/09, got alittle app happy that month

CC's

CapOne: $300 CL / $100 bal

HSBC: $320 CL / $97 bal

Zales: $750 CL / $100 bal

Kay's: $800 CL / $151 bal

Macy's: $400 CL / $339 bal (will be PIF'd on 1/7)

Car loan: $21K bal

(Never been late on any of the above credit/loan accounts)

1 pd collection due to come off in 10/2010 (I sent a GW letter to the CA, so hopefully they will accept and it comes off sooner)

No other baddies

I'm going to make sure all of my other CC's are PIF'd before app'ing

TIA for any tips or suggestions.

Re: Joined a local CU today

keith021 — Wed, 06 Jan 2010 19:28:16 GMT

I applied for products the same day I opened my accounts. Give it a shot!

Re: Joined a local CU today

cdtotten — Wed, 06 Jan 2010 19:33:27 GMT

With your utility at 31%, I would definately make sure you pay off those balances before you apply. You should see a nice score jump as a result. CUs are typically more willing to extend credit to people with past problems, as you can explain in person what happened and that you have been perfect since.

Your number of inquiries is pretty high, which could be a sticking point if you have a lot of new credit. If any of the inquiries are set to fall off in the next month or two, i would be inclined to wait, but the choice is up to you. Good Luck!

Re: Joined a local CU today

Gibran — Wed, 06 Jan 2010 19:43:45 GMT

Thanks..I was thinking about those INQ's also since they're still fairly recent. I may just hold off until around Oct of this year when they will be a year old, and all my CC's will also be a year old. It's going to take some will power to hold off until then but I can do it..I know I can, I know I can..

Re: Joined a local CU today

Jazzzy — Wed, 06 Jan 2010 20:03:09 GMT

Another thing you could look to improve as you pay off your credit card balances is to watch how many of them have balances. You want to have balances showing on less than half of your revolving accounts. Try not to sit with small balances on all of them.

Re: Joined a local CU today

Gibran — Wed, 06 Jan 2010 20:12:16 GMT

Those balances were basically from holiday shopping. I usually just use my HSBC card to pay my monthly myFICO score watch and myFICO TU quarterly monitoring. My zales, kay's, and macy's I normally keep a $0 balance on them.

Re: Joined a local CU today

Jazzzy — Wed, 06 Jan 2010 20:20:24 GMT

Certainly sounds as if you're going about things the right way.

Re: Joined a local CU today

Gibran — Wed, 06 Jan 2010 20:30:41 GMT

Thanks Lynette..I'm trying. Joining these forums have certainly helped me out tremendously in getting my credit back on a positive track.

Re: Joined a local CU today

haulingthescoreup — Thu, 07 Jan 2010 12:54:59 GMT

Even if you don't wait until next October, I'd hold off until you see if you get any luck with your GW's.

If there isn't an immediate urgency for new credit, it's always smartest to hold off until you can shine up your reports as best as possible (low util, inqs getting older, lates falling off, disputes resolved, etc.) You'll increase your chances of acceptance, and you'll probably get a much better deal as well.