topic Re: APP ITCH in Credit Cards

APP ITCH

zeusta20 — Sun, 10 Mar 2013 10:01:08 GMT

So, I need you guys to help me reason with myself.lol. I Already opened up the CSP recently. I want to get the Amex BCP and the Chase Freedom, THEN I'M DONE (i think). However, I think I may need an auto loan soon. (real story, not just an app itch.lol.)

My reason for wanting to apply NOW for the CC's is because I want to start building my AAoA without waiting a while, then applying again, then my AAoA goes back down. I just want to open all the CC's I want (which are just those two) and go to the garden forever!!

BUT, I'm afraid those inq and new recent opened accounts will affect me negatively to the point to where i won't get approved for the AL.

Should I just get the apps over with and apply to get approved? Or should I just wait till my whole car situation is taken care of? And then apply a year later?

Suggestions? Thanks

Re: APP ITCH

Simply827 — Sun, 10 Mar 2013 10:10:15 GMT

Go straight to the Garden! Don't pass go, step away from your keyboard, and apply your itch cream.

If you'll need a car loan soon, I recommend you wait on applying for those new cards. You'll likely get a hefty hit from 3 new accounts to your FICO. If those are your current scores in your sig, you're borderline top tier financing. You don't want to drop it even further. I think once you get the shiny CSP in the mail, that will cure your itch for a while.

Here's your rake and watering can...

Re: APP ITCH

dodfire — Sun, 10 Mar 2013 10:13:38 GMT

If I were to give you the RIGHT thing to do speech....you already know what that is...because you said it in your post... LOL

I can tell you my experience:

I did just what you are wanting to do....opened them all at once because I was like....HEY, why not let them all grow at the same time.....Now..the reality of what I did.

It cost me some good starting CL's When I first pulled the trigger....I was good, getting a $10k CL right off the bat....as I kept app'ing for two days, my starting credit limits got lower and lower. Ending with my last card of $1k

In my mind the last and FINAL card I wanted....actually the one I wanted most and I should have applied for first........ the CSP....guess what???? Denied, so I called them up and asked for a recon....They were polite, but told me....I had 6 inquiries in the past week, so that should be plenty of credit.....they said I need to wait a year or maybe 2 before I apply again for the CSP.

That being said......I did great getting some good cards that will all grow with me at the same rate and time...but I shot myself in the foot when it came to the CSP.

Re: APP ITCH

Burned2manybridgesB4 — Sun, 10 Mar 2013 10:16:22 GMT

OP, if you've previously had an auto loan in the past few years, then you'll already have an auto enhanced fico score generated. Car loans are a little less of a priority, as it's a secured loan (car as collateral), but the recent dings will knock off a few points. If you're borderline already, I'd worry a little.

*edit:

I just saw your cards. Don't worry.

Re: APP ITCH

zeusta20 — Sun, 10 Mar 2013 10:18:52 GMT

@Simply827 wrote:
Go straight to the Garden! Don't pass go, step away from your keyboard, and apply your itch cream.

If you'll need a car loan soon, I recommend you wait on applying for those new cards. You'll likely get a hefty hit from 3 new accounts to your FICO. If those are your current scores in your sig, you're borderline top tier financing. You don't want to drop it even further. I think once you get the shiny CSP in the mail, that will cure your itch for a while.

Here's your rake and watering can...

The sad part is I already got my "shiny CSP" in the mail...LOL. But what you said made sense. Its best if I just wait.....phew. hopefully this urge will go away.

Re: APP ITCH

zeusta20 — Sun, 10 Mar 2013 10:20:20 GMT

@dodfire wrote:
If I were to give you the RIGHT thing to do speech....you already know what that is...because you said it in your post... LOL

I can tell you my experience:
I did just what you are wanting to do....opened them all at once because I was like....HEY, why not let them all grow at the same time.....Now..the reality of what I did.

It cost me some good starting CL's When I first pulled the trigger....I was good, getting a $10k CL right off the bat....as I kept app'ing for two days, my starting credit limits got lower and lower. Ending with my last card of $1k

In my mind the last and FINAL card I wanted....actually the one I wanted most and I should have applied for first........ the CSP....guess what???? Denied, so I called them up and asked for a recon....They were polite, but told me....I had 6 inquiries in the past week, so that should be plenty of credit.....they said I need to wait a year or maybe 2 before I apply again for the CSP.

That being said......I did great getting some good cards that will all grow with me at the same rate and time...but I shot myself in the foot when it came to the CSP.

ouch! Sorry to hear that

Thanks for sharing your experience though...makes me realize the consequences.lol. I know what I SHOULD do, its just hard as hell because I WANT something different...lol.

Re: APP ITCH

zeusta20 — Sun, 10 Mar 2013 10:22:44 GMT

@Burned2manybridgesB4 wrote:
OP, if you've previously had an auto loan in the past few years, then you'll already have an auto enhanced fico score generated. Car loans are a little less of a priority, as it's a secured loan (car as collateral), but the recent dings will knock off a few points. If you're borderline already, I'd worry a little.

*edit:
I just saw your cards. Don't worry.

Well...Even though I have some pretty good cards, I think i'd still need to worry.

The problem is, I DON'T have an auto loan on my credit report yet. I have a personal loan (which I got because I wanted to show a mixture of credit), but I DON'T have an auto loan yet.

Re: APP ITCH

dodfire — Sun, 10 Mar 2013 10:23:27 GMT

@zeusta20 wrote:
@dodfire wrote:
If I were to give you the RIGHT thing to do speech....you already know what that is...because you said it in your post... LOL

I can tell you my experience:
I did just what you are wanting to do....opened them all at once because I was like....HEY, why not let them all grow at the same time.....Now..the reality of what I did.

It cost me some good starting CL's When I first pulled the trigger....I was good, getting a $10k CL right off the bat....as I kept app'ing for two days, my starting credit limits got lower and lower. Ending with my last card of $1k

In my mind the last and FINAL card I wanted....actually the one I wanted most and I should have applied for first........ the CSP....guess what???? Denied, so I called them up and asked for a recon....They were polite, but told me....I had 6 inquiries in the past week, so that should be plenty of credit.....they said I need to wait a year or maybe 2 before I apply again for the CSP.

That being said......I did great getting some good cards that will all grow with me at the same rate and time...but I shot myself in the foot when it came to the CSP.

ouch! Sorry to hear that

Thanks for sharing your experience though...makes me realize the consequences.lol. I know what I SHOULD do, its just hard as hell because I WANT something different...lol.

Ok lets go, I saved you a spot in the garden...

Re: APP ITCH

Burned2manybridgesB4 — Sun, 10 Mar 2013 10:24:19 GMT

Then it's best to hold off, as your base Fico will be used. The loan will add into your "mix," and you'll see a jump. Wait it out four months, then go for it.

Re: APP ITCH

zeusta20 — Sun, 10 Mar 2013 10:24:38 GMT

alright! sounds good! thanks! I'll be heading back there now.....lol.

Re: APP ITCH

zeusta20 — Sun, 10 Mar 2013 10:26:08 GMT

@Burned2manybridgesB4 wrote:
Then it's best to hold off, as your base Fico will be used. The loan will add into your "mix," and you'll see a jump. Wait it out four months, then go for it.

four months it is!! hopefully I won't need a car until then O_o

Re: APP ITCH

Simply827 — Sun, 10 Mar 2013 10:28:36 GMT

@zeusta20 wrote:
@Burned2manybridgesB4 wrote:
Then it's best to hold off, as your base Fico will be used. The loan will add into your "mix," and you'll see a jump. Wait it out four months, then go for it.
four months it is!! hopefully I won't need a car until then O_o

Burned was saying to wait 4 months after you get the car to app for the cards.

Re: APP ITCH

Burned2manybridgesB4 — Sun, 10 Mar 2013 10:30:19 GMT

...meant four months after getting car loan, then go for your cards.

Reason I'm saying this is because you will most assuredly have multiple pulls to secure a finance company, which will lower your score.

The benefit to it being an auto loan pull is that it will be viewed as a "single pull," if done within a (believe it to be 30 day) window.

Re: APP ITCH

zeusta20 — Sun, 10 Mar 2013 10:30:06 GMT

OH...well even better! haha Do you think that because I JUST opened my CSP, that would hurt me big time?

Re: APP ITCH

Simply827 — Sun, 10 Mar 2013 10:35:23 GMT

@zeusta20 wrote:
OH...well even better! haha Do you think that because I JUST opened my CSP, that would hurt me big time?

No, but if you go for the other two that might.

Re: APP ITCH

Burned2manybridgesB4 — Sun, 10 Mar 2013 10:36:13 GMT

Typically, when a card reaches a year old birthday, it's no longer considered a "new" account, easing up the common complaint from others saying "seeking credit too fast/too new open accounts" speech.

Re: APP ITCH

zeusta20 — Sun, 10 Mar 2013 10:37:20 GMT

@Simply827 wrote:
@zeusta20 wrote:
OH...well even better! haha Do you think that because I JUST opened my CSP, that would hurt me big time?
No, but if you go for the other two that might.

yea...kinda figured that....

well okay then! Its decided! I'm going back to the garden! Thanks for your guys' help! lol Even though I "had an idea" of what I needed to do, I needed it to be confirmed.

Re: APP ITCH

zeusta20 — Sun, 10 Mar 2013 10:38:39 GMT

hmmm, REALLY???

Good to know!!! My amex reaches 1 year this coming june and my Citi Preferred reaches 1 year in July. So IF I wait for the year mark for both, that will be even better for me I would assume.