topic Should I Apply or Wait? in Credit Cards

Should I Apply or Wait?

GB44 — Thu, 14 Apr 2011 17:01:19 GMT

So, this month I've been credit card shopping to improve my credit card portfolio. I picked up the following:

NFCU Cash Rewards: Pulled TU 2 times, EQ 1 time

Target: Pulled TU 1 time

JC Penny's: Pulled EQ 1 time

I already have a secured card from my local credit union and AMEX. However, I was thinking about applying for another visa through my credit union because they don't graduate from secured cards.

The question I have is since EX doesn't provide FICO scores to the consumer, does anyone know if their FICO scores are based on a 1 or 2 year model? Also, would applying for an additional card be too many new accounts opened? Should I wait 6 months-1 year? I don't really need the credit, it would just be nice to build my credit mix while I'm waiting for a few more baddies to fall off.

Re: Should I Apply or Wait?

vish1 — Thu, 14 Apr 2011 17:14:25 GMT

@GB44 wrote:
So, this month I've been credit card shopping to improve my credit card portfolio. I picked up the following:

NFCU Cash Rewards: Pulled TU 2 times, EQ 1 time
Target: Pulled TU 1 time
JC Penny's: Pulled EQ 1 time

I already have a secured card from my local credit union and AMEX. However, I was thinking about applying for another visa through my credit union because they don't graduate from secured cards.

The question I have is since EX doesn't provide FICO scores to the consumer, does anyone know if their FICO scores are based on a 1 or 2 year model? Also, would applying for an additional card be too many new accounts opened? Should I wait 6 months-1 year? I don't really need the credit, it would just be nice to build my credit mix while I'm waiting for a few more baddies to fall off.

You have enough credit and don't need any more. Credit mix is about having different kind of accounts like mortgage, instalment, auto etc not having a lot of different cards. You are all set to not need more credit cards.

You don't need unsecured card from your CU. Just sit back and relax (read garden). If your CU secured card has a AF close it when the AF comes due next or if it has no AF, you can keep it open if you can afford to or close it.

Re: Should I Apply or Wait?

DI — Thu, 14 Apr 2011 18:10:08 GMT

@vish1 wrote:

@GB44 wrote:
So, this month I've been credit card shopping to improve my credit card portfolio. I picked up the following:

NFCU Cash Rewards: Pulled TU 2 times, EQ 1 time
Target: Pulled TU 1 time
JC Penny's: Pulled EQ 1 time

I already have a secured card from my local credit union and AMEX. However, I was thinking about applying for another visa through my credit union because they don't graduate from secured cards.

The question I have is since EX doesn't provide FICO scores to the consumer, does anyone know if their FICO scores are based on a 1 or 2 year model? Also, would applying for an additional card be too many new accounts opened? Should I wait 6 months-1 year? I don't really need the credit, it would just be nice to build my credit mix while I'm waiting for a few more baddies to fall off.

You have enough credit and don't need any more. Credit mix is about having different kind of accounts like mortgage, instalment, auto etc not having a lot of different cards. You are all set to not need more credit cards.

You don't need unsecured card from your CU. Just sit back and relax (read garden). If your CU secured card has a AF close it when the AF comes due next or if it has no AF, you can keep it open if you can afford to or close it.

I have 9 CCs and feel that's not enough. It's a good thing that I keep many cards. I fired 3 banks just this year alone(StateFarm, Capital One, and HSBC). If OP can handle more cards and the OP's AAoAs can withstand new accounts, go for it!

Re: Should I Apply or Wait?

vish1 — Thu, 14 Apr 2011 18:16:34 GMT

@DI wrote:

@vish1 wrote:

@GB44 wrote:
So, this month I've been credit card shopping to improve my credit card portfolio. I picked up the following:

NFCU Cash Rewards: Pulled TU 2 times, EQ 1 time
Target: Pulled TU 1 time
JC Penny's: Pulled EQ 1 time

I already have a secured card from my local credit union and AMEX. However, I was thinking about applying for another visa through my credit union because they don't graduate from secured cards.

The question I have is since EX doesn't provide FICO scores to the consumer, does anyone know if their FICO scores are based on a 1 or 2 year model? Also, would applying for an additional card be too many new accounts opened? Should I wait 6 months-1 year? I don't really need the credit, it would just be nice to build my credit mix while I'm waiting for a few more baddies to fall off.

You have enough credit and don't need any more. Credit mix is about having different kind of accounts like mortgage, instalment, auto etc not having a lot of different cards. You are all set to not need more credit cards.

You don't need unsecured card from your CU. Just sit back and relax (read garden). If your CU secured card has a AF close it when the AF comes due next or if it has no AF, you can keep it open if you can afford to or close it.
I have 9 CCs and feel that's not enough. It's a good thing that I keep many cards. I fired 3 banks just this year alone(StateFarm, Capital One, and HSBC). If OP can handle more cards and the OP's AAoAs can withstand new accounts, go for it!

I said that coz OP indicated he doesn't need the credit. That said, I totally agree with your point.

btw, I like your newly renovated (read painted) signature.

Re: Should I Apply or Wait?

GB44 — Thu, 14 Apr 2011 18:29:38 GMT

Thanks for the input.

I feel like I'm at the point where my hard work is paying off and want to reap the rewards or I could be just addicted to the 60 second rush from instant approval. So confused, but I do think I'll wait at least 6 months before doing anything else.

Re: Should I Apply or Wait?

Anonymous — Fri, 15 Apr 2011 03:12:46 GMT

Just garden for some more time you will have better rewards

Re: Should I Apply or Wait?

android01 — Fri, 15 Apr 2011 04:32:11 GMT

@GB44 wrote:
Thanks for the input.

I feel like I'm at the point where my hard work is paying off and want to reap the rewards or I could be just addicted to the 60 second rush from instant approval. So confused, but I do think I'll wait at least 6 months before doing anything else.

Good choice. Especially if as you say, you don't need any more credit. Attaining credit cards should never be used as a positive (or negative in case of denial) validation or reinforcement of one's emotional self worth. A credit card is merely one of many financial tools to be used to further your goals and interests in life. It's not a game, and it's not a contest to see how many trade lines you can get with ever increasing credit limits you'll never use, or to say you have a particular type of pretty plastic you like to flash around. More does not equal better, on many different levels. Add time to your history, let your scores rise, and don't apply for credit just to say you have it.