Advice on new applications

[WenW]

I wanted this forum's advice on the best order to do some card applications, since app freedom is VERY near since I close on my new home in 3 weeks. I want the following cards Lowes, Amazon, Citi Custom Cash.

Data Points:

• Utilization at 9% currently (but by the time I apply it will be 8% once new CLI & balances report)
• Current FICO 8 (Credit card version) - 748 EQ/780 TU/758 EXP
• Inquiries w/in last 12 months - 2 (1 - New car loan opened in Feb 2021 & Mortgage pulls in May but count as 1)
• No lates or derogs

I am thinking this order:

1. Citi Custom Cash (I have an existing AA card reporting balance with 0.5% utilization just so that they dont close card on me)

2. Amazon via Chase (JPMC is my primary bank & I have CFU & Slate both at zero)

3. Lowes

Thanks!!

7/26 Update: So Chase has now dangled the CSP pre-approval carrot with $13K limit that SUB sure looks nice! To take the bait or not take the bait That is the question ?!?

[Anonymous]

Yeah, I would agree with that order. Citi is the most inquiry/new account sensitive of that bunch, so it is best to put them first.

[Taurus22]

Also, keep in mind.....although you have mortgage pulls that technically (count as 1) CC lenders still see individual pulls. They don't care. So you might want to check your EX pulls.  That could possibly affect your Chase Amazon attempt if there are a flood of them.  Citi has been fickle with the Custom Cash recently too with new accounts/inquiries, but it doesnt look like you've added any new revolvers.

But as far as your order, I agree, you have it lined up correctly. It's just going to be touchy with Chase I think.  Let us know how it goes.....that should be some good DP's.  Good luck!

[SouthJamaica]

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@WenW wrote:

I wanted this forum's advice on the best order to do some card applications, since app freedom is VERY near since I close on my new home in 3 weeks. I want the following cards Lowes, Amazon, Citi Custom Cash.

Data Points:

• Utilization at 9% currently (but by the time I apply it will be 8% once new CLI & balances report)
• Current FICO 8 (Credit card version) - 748 EQ/780 TU/758 EXP
• Inquiries w/in last 12 months - 2 (1 - New car loan opened in Feb 2021 & Mortgage pulls in May but count as 1)
• No lates or derogs

I am thinking this order:

1. Citi Custom Cash (I have an existing AA card reporting balance with 0.5% utilization just so that they dont close card on me)

2. Amazon via Chase (JPMC is my primary bank & I have CFU & Sapphire both at zero)

3. Lowes

Thanks!!

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If you value the cards equally, I would apply for the Chase card first because (a) it's been reported that Amazon may be moving the card elsewhere, and (b) Chase is the most sensitive to recent new accounts from other lenders.

If you don't value the cards equally, I would apply first for the one I value the most, which I gather is, in your case, the Citi Custom Cash.

[WenW]

@Taurus22 Nope no new revolvers for couple years maybe since mid-2019. I didnt realize that they would look at mortgage pulls individually...thanks for that info!

[WenW]

@SouthJamaica I will get most bang out of Chase Amazon card...but with all the new home expenses I like the Citi Custom Cash because I could probably bypass Lowes (a bit weary of Synchrony stories Ive read about) and it can evolve into a good everyday card.Thanks for the input!

[coldfusion]

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@WenW wrote:

@Taurus22 Nope no new revolvers for couple years maybe since mid-2019. I didnt realize that they would look at mortgage pulls individually...thanks for that info!

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If the pulls are all made within a short period of time they are grouped together for FICO scoring purposes but they are all reported individually - much the same as for auto loans. It's an attempt to prevent applicants from being penalized on their scores simply because they shopped around multiple lenders looking for the best terms offered.

If denied by the autobot by either Chase or Citibank at least in part due to the number of recent inquiries you'd at least be able to call and speak to a live agent to request reconsideration and explain the reason for the inquiries.   Synchrony strictly relies on their autobot so there are no opportunities to request reconsideration if you are denied credit.

[WenW]

@coldfusion Thanks, thats good to know!

[WenW]

Updated question - Should I go for the CSP?

[SweetCreditObsession]

The CSP is preapproved.... I'd go for that rather than the Amazon if it were me. Obviously you must choose what you'd prefer.

Please know that Citi will deny you if there was an inquiry in the previous 5 days so be sure to space out the applications.

Best wishes!