@Anonymalous wrote:
@Roisin wrote:
If I’ve interpreted the info on Part 2 correctly, it looks like most of the CCs I’m interested in will pull EX, with a possibility of TU as well, except for PenFed, which seems more likely to pull EQ. Add to that, for my app last June, Cap1 pulled all three – EX, TU, and EQ. Then in July, another app pulled EX and TU. In October, another pulled EQ, and another pulled EX. They were all approved, however, that leaves me with two pulls for TU, two for EQ, and three for EX. ☹️
I get it. If I wait at least until August, all but one EX and one EQ will be more than a year old. And, if I could just manage to sit on my hands a bit longer, they’ll all be gone in November. Nevertheless, I’m pretty certain that I can’t contain myself for that long (plus, I've messed up our HELOC plans). <eye roll> The good news is, I plan to pay off my CCs in mid- to late-April, so it only gets better still.
So now, if I can just hold my horses, the question is: in which order do I apply? And, am I relatively “safe” trying for two in August? Would it be better/worse to do one app in August, and a second in November? Regardless, after two, I’ll save the rest for next year. Promise.
Well, it has been more than 3 months, and waiting 3-6 months for a young file is a typical recommendation. So plenty of myFICOers would have applied by now, and some were quite successful. I was on the slow end of the sweet spot, and even I applied for my second card at 6 months, and my third at 9 months. Though if those are your only cards, you haven't yet reached 1 year of credit history. And that makes it harder with a lot of the major lenders (like Chase).
I think people worry too much about inquiries. If you apply and get approved, an inquiry is really just an advance notice to other lenders that you might have gotten a new card. Once the 3 new cards showed up on your credit reports, they became what's important, not the initial inquiries (barring the minor ding to your score).
The only inquiries that really matter are the new inquiries, because by selectively targeting bureaus, you can prevent lenders from getting that advance notice of your other applications when you apply for several cards in a short time. Given how the bureaus worked out, it sounds like a mini-spree with PenFed + something that pulls Experian would be reasonable. If you want more cards that pull EX, I'd space them out by at least a month, and apply for them in descending order of importance, because the first will have the best odds at approval and a good SL.
@Anonymalous I appreciate your take on inquiries; I’d not thought about it quite this way before (or, at least, I'd only half thought it out), and it’s a compelling argument. Of course, being the impatient and generally incautious person that I am, I can totally embrace this point of view.
To answer your question: no, last year's five-card spree does not include all my CCs. My oldest CCs – there are two – are more than 3.5 years old, and the latest spree actually began in 12/21. So, there are eight CCs altogether. After the first app of the spree in 12/21, I waited one month before app 2, then five months before app 3, then one month before app 4, then three months before app 5 and 6, which were on the same day (both had been sending me pre-qual mailers; I applied first or the one that I thought would be trickier to get, and based on their SLs I was correct). The biggest SL was card 3 (Cap 1 Venture); I’ve gotten auto CLIs on cards 1, 4, and 6; and my highest CL now is card 4 (Chase FF). The smallest SL was card 5 (Citi CC) which was the second EQ pull (after Cap1 Venture who pulled all three CBRs). At this point, the last four cards are less than a year old, and of those four, the “youngest” two are five months old.
As you note, it seems most of the cards that I’m interested in pull EX. The strategy to start with PenFed (EQ) and then space out the rest of the EX pulls, seems reasonable. My hesitation is that I’m brand-new to PenFed and I worry: 1) it’s too soon; and 2) EQ consistently gives my lowest scores (still, I just discovered that it jumped up 5 points today). Plus, as I wrote in response to @SouthJamaica, having to park $500 in a checking account (that I dont' need at this time) with PenFed in order to earn 2% (as opposed to 1.5%) seems to me like having a secured card, unless I choose to direct-deposit $500 each month, which doesn’t work easily for me now either. Is parking the $500 worth it? In the long run, probably. Still, I need to decide whether this is a good first-choice card, or one for next year.
Finally, when you write: “If you want more cards that pull EX, I'd space them out by at least a month, and apply for them in descending order of importance, because the first will have the best odds at approval and a good SL,” that’s the crux of it, isn’t it? It’s trying to calculate the first-place card, ie, which card will give me the biggest boost in terms of SL vs. which card will award me the perks that I most desire, vs. which card does me the most good in the long run. The three don’t always match up! Trying to sort that all out, listening to your advice, is why I’m here. Oh, did I forget to write that I'm one of those anxiety-ridden people who waffles over decsion-making? 
Thanks, again, for your valuable guidance.
@Roisin You mentioned gas mutliple times as a consideration, look into Abound FCU , and AAA travel rewards card. Both are 5% uncapped cash back on gas.
AAA is inquiry sensitive and score inquires for 2 years not 12 months.
Abound is a PITA to setup but otherwise a strong card.
As for DH paying most of the day to day expenses, nothing is stoping you from giving him an AU card with "gas" and "supermarket" stickers on them. I understand why you want to build your own credit, that doesn't mean you can't use Dumb Husband's spending to help you along. Marriage is first and foremost a partnership even if you 2 keep your money separate you should have a joint account you pay out house expenses from.
Escclesiastes 4:12
"A person standing alone can be attacked and defeated, but 2 can stand back to back and conquer."
@M_Smart007 wrote:
@Beefy1212 wrote:@Roisin You mentioned gas mutliple times as a consideration, look into Abound FCU , and AAA travel rewards card. Both are 5% uncapped cash back on gas.
AAA is inquiry sensitive and score inquires for 2 years not 12 months.
Abound is a PITA to setup but otherwise a strong card.
As for DH paying most of the day to day expenses, nothing is stoping you from giving him an AU card with "gas" and "supermarket" stickers on them. I understand why you want to build your own credit, that doesn't mean you can't use Dumb Husband's spending to help you along. Marriage is first and foremost a partnership even if you 2 keep your money separate you should have a joint account you pay out house expenses from.
Escclesiastes 4:12
"A person standing alone can be attacked and defeated, but 2 can stand back to back and conquer."@Beefy1212, I may be an outlier on AAA being Inquiry sensitive?
EQ = 23 inquiries/ in 24 months
Given what I have seen of your portfolio I would assume you are an outlier in all things credit related. My denial's sole reason was too many inquiries all of them older than 12 months most of them auto loan related and just 7 of them all but one of which was from auto loan apps on the same day.
I know they run their own custom scoring model, the score they provided was defintely not fico, but had several word for word score reason codes from vantage that I also know scores inquiries for 24 months. Given those 2 data points my singular experience points to inquiry sensitivity, but as I have mentioned in other posts credit underwriting criteria are rules right up until they are not. Hence my USB approval at 7/12 despite their well documented 0-2/12 rule
@Beefy1212 wrote:@Roisin You mentioned gas mutliple times as a consideration, look into Abound FCU , and AAA travel rewards card. Both are 5% uncapped cash back on gas.
AAA is inquiry sensitive and score inquires for 2 years not 12 months.
Abound is a PITA to setup but otherwise a strong card.
As for DH paying most of the day to day expenses, nothing is stoping you from giving him an AU card with "gas" and "supermarket" stickers on them. I understand why you want to build your own credit, that doesn't mean you can't use Dumb Husband's spending to help you along. Marriage is first and foremost a partnership even if you 2 keep your money separate you should have a joint account you pay out house expenses from.
Escclesiastes 4:12
"A person standing alone can be attacked and defeated, but 2 can stand back to back and conquer."
@Beefy1212 even in the face of the word volley between you and @M_Smart007 <eye roll> I'll spend some time investigating Abound FCU and AAA; they're both new to me. Thanks for pointing them out.
With regard to DH, he's a partner in every sense of the word, and you won't find anyone more giving or generous. As I wrote early on, I've been in a "partnership" that wasn't any of those things, and I learned from it. Plus, I had a very young child at the time, which made my acceptance of my lack of financial control equally as deplorable as DH1's not allowing my participation in our finances. It was only after DH1 died that I discovered I'd been the major breadwinner all along. I wasn't a teacher back then, and actually made a pretty decent income. Just never knew it. Now, if that doesn't frost a person!
Anyway, no worries today. DH and I have joint accounts, and the decision to go for my credit solo, is my decision, not his. He's self-employed and a business owner, and with that comes risk, as well as ups, and downs. Having been there, I prefer to be attached to as little risk, and downs, as possible. Moreover, although DH's spending power is more than mine, my credit is better than his.
When you really get down to it, I admit, I'm curious and competitive. I want to learn, and also, I want to see how just far I can go creditwise on my own teacher's salary -- within reason, of course.
Thanks again!
