Application Advice

[Anonymous]

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@silver_idle wrote:

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@Anonymous wrote:

Hi All, 

I'm looking for some pretty quick advice if possible. I'm working on a home purchase, and my lender has told me that I need to apply for a credit card to boost my score a bit (Ficos range from 650-680).  I'm at about 38% utilization for CCs currently. I needs to be a major bank card, and I'd  like to go through NFCU to apply considering I have a strong realtionship with them, but I also have an open (credit approved) mortgage loan with NFCU while I'm waiting to find a property and I don't want to risk messing that approval up. NFCU is not the lender recommending the CC app.

Any recommendations for a card that I may get an easy approval with? Since I'm being told to apply, I'm hoping for something with a Balance Transfer SUB that I can use to my benefit for the after-closing purchases (furniture, appliances, etc.). 

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Have you tried seeing if you can get a CLI instead of opening a new account. Many wont do a HP and CLI will lower your overall utilization and increase your scores without impacting unlike opening a new account which would likely require an HP, new account, which would also have an impact on your AAoA. On top of that, many accounts wont report for the first billing cycle (eg capital one, amex) so applying wont always see a instant improvement in scores.

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I've gotten significant CLIs on a few of my accounts, but they're still recommending that I do the app. I asked all the questions about being sure, and they say that they will enter the new card and limit amount manually into their rapid rescore system to improve my score instead of waiting until the first billing cycle.

[Anonymous]

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@Ficoproblems247 wrote:

This can be a tricky question. Did your LO recommend you to apply solely to lower your aggregate utilization? What's the raw dollar amount we are talking here? With 650-680 scores I'm not saying you're in bad shape, but that doesn't necessarily sound like you're rock solid for a break out approval from a major bank card that is going to drastically lower you aggregate utilization. I know that NFCU can certainly be a big exception to the norm. If your total revolving balance is already on the lower side but you have a low total CL causing the higher utilization I could see where it could come into play. I understand the fundamental thinking behind it, but this just seems counterintuitive to me. 

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It defintiely seemed counterintuitive to me, so I asked 1,000 questions to be sure, but they assure me that it will help. They said that the new card must have a minimum $500 limit. 

[Ficoproblems247]

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@Anonymous wrote:

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@Ficoproblems247 wrote:

This can be a tricky question. Did your LO recommend you to apply solely to lower your aggregate utilization? What's the raw dollar amount we are talking here? With 650-680 scores I'm not saying you're in bad shape, but that doesn't necessarily sound like you're rock solid for a break out approval from a major bank card that is going to drastically lower you aggregate utilization. I know that NFCU can certainly be a big exception to the norm. If your total revolving balance is already on the lower side but you have a low total CL causing the higher utilization I could see where it could come into play. I understand the fundamental thinking behind it, but this just seems counterintuitive to me. 

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It defintiely seemed counterintuitive to me, so I asked 1,000 questions to be sure, but they assure me that it will help. They said that the new card must have a minimum $500 limit. 

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Very interesting. There must be more to the equation than just util that they are trying to bolster with an additional CC, especially if they're giving you a minimum $500 amount. As long as your LO has been knowledgeable and trustworthy so far, hopefully they know exactly what they're targeting and how to get you there. Regardless of what happens, I wish you the best of luck, and smooth sailing throughout the process. Let us all know how things pan out!

[Anonymous]

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@Ficoproblems247 wrote:

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@Anonymous wrote:

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@Ficoproblems247 wrote:

This can be a tricky question. Did your LO recommend you to apply solely to lower your aggregate utilization? What's the raw dollar amount we are talking here? With 650-680 scores I'm not saying you're in bad shape, but that doesn't necessarily sound like you're rock solid for a break out approval from a major bank card that is going to drastically lower you aggregate utilization. I know that NFCU can certainly be a big exception to the norm. If your total revolving balance is already on the lower side but you have a low total CL causing the higher utilization I could see where it could come into play. I understand the fundamental thinking behind it, but this just seems counterintuitive to me. 

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It defintiely seemed counterintuitive to me, so I asked 1,000 questions to be sure, but they assure me that it will help. They said that the new card must have a minimum $500 limit. 

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Very interesting. There must be more to the equation than just util that they are trying to bolster with an additional CC, especially if they're giving you a minimum $500 amount. As long as your LO has been knowledgeable and trustworthy so far, hopefully they know exactly what they're targeting and how to get you there. Regardless of what happens, I wish you the best of luck, and smooth sailing throughout the process. Let us all know how things pan out!

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Thanks! They've been excellent so far, and willing to answer all of my questions. It's the only reason I trust doing this. I really really  want the card to be an NFCU card, but I'm so scared that they will decline me due to the open mortgage app.

[Heatt99]

How about BB&T SP app??

Can you get a secured card or it has to be unsecured?

I guess they are asking for a primary account and no AU?

Mortgage and CC are under two different underwriter with Navy, call mortgage underwriter and ask if applying for CC would do harm to mortgage app.

[Anonymous]

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@Heatt99 wrote:

How about BB&T SP app??

Can you get a secured card or it has to be unsecured?

I guess they are asking for a primary account and no AU?

Mortgage and CC are under two different underwriter with Navy, call mortgage underwriter and ask if applying for CC would do harm to mortgage app.

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They specifically said that they wanted an inquiry to appear for a major credit card - no mention of AU or CLI being acceptable. I decided not to worry with Navy - just to be sure. I did try BB&T, but didn't get any results. 

[Anonymous]

Just an update for everyone...

I tried the Discover pre-approval checker since I had a card with them already (Discover IT Cash opened 11/2019). I figured it was a long-shot, and I was nervous that even if approved that I would end up with a tiny limit (My first card SL was $500). 

After entering my info, Discover came back with 3 offers: Cash Back, Miles, and Gas and Grocery. I went ahead with the miles since Cap1 VentureOne is my only travel card so far, and I have several CB and Gas/Grocery leaning cards. - Approved Automatically w/ a $5000 limit.  Also received a 14-months no interest on purchases and BTs. 

Thanks so much for all of your help!

[FinStar]

Thanks for the update and congrats on the approval @Anonymous👍. Glad to hear things worked out.

Locking this thread as you have been approved.  Feel free to start a new thread in the Approvals section if you wish to do so.