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Checking on a good time to take the next card

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Manhattanlad
Member

Checking on a good time to take the next card

So short background. I'm on my 9th year of Chapter 7...should expire in about 10 months. Just got approved for $10k Wells Fargo Cash Back. Current Credit Scores:715-Equifax/729-Transunion/718-Experion
Income: $150,000
Have 4 Capital One Cards for available $55,000
1 Apple Card for $8,000
Current Balance across all cards is $6,000
I should be able to pay off balances next month (freelance life, sometimes clients take FOREVER)
BUT i need to make some big purchases (new computer some other tech $4,000) and I need to pay one freelancer about $7,000. If i use one of my current cards to do it i'll pay a ton of interest but if i do that and transfer it to a 0% card it saves me a few months of nasty interest).

Student Loan Balance of $395,000 is now $0 but yet to show up on credit report (simulator says that will boost me by 40 points, if you trust that)

Pre-Approved for Discover Balance Transfer Card. 

i'd like to apply for that but i know it would mean the 2nd hard pull in a month. But If i have 2 -  0% interest cards  for 12 months it gives me some flexibility on these payments and both cards would have lower utilization. 

But ...should i wait?  I can max out the Wells Fargo and just pay that off before adding another card but it means some of my debt is going to be on higher interest cards for the short term.



MOST RECENT: EQ:717 / TU: 728 / EXP: 718-- BK 3/2014
Message 1 of 19
18 REPLIES 18
Anonymalous
Valued Contributor

Re: Checking on a good time to take the next card

Has the new card appeared on your report yet, which bureau did Wells Fargo pull, and which did Discover pull? If they're different bureaus and the card hasn't reported yet, Discover might not know you just got a new card.

 

https://ficoforums.myfico.com/t5/General-Credit-Topics/Which-Report-Will-They-Pull-Part-2/td-p/63797...

Message 2 of 19
Manhattanlad
Member

Re: Checking on a good time to take the next card

i have not applied for the Discover card yet, that is my question: whether it makes sense to do it or if i should hold off.

 

Experion is the only one who reported the hard pull and i haven't actually accepted the card yet, as it is still in the mail...

 

Thanks for your thoughts.

MOST RECENT: EQ:717 / TU: 728 / EXP: 718-- BK 3/2014
Message 3 of 19
Horseshoez
Senior Contributor

Re: Checking on a good time to take the next card


@Manhattanlad wrote:

So short background. I'm on my 9th year of Chapter 13...should expire in about 10 months.


Sorry, I need to ask, what does that mean?

 

I ask because Chapter 13s only last either 3 or 5 years and only sit on your credit reports for 7 years.  On the other hand, if you filed a Chapter 7, then yes, those hang around for a full 10 years.  Did you mean to write you filed a Chapter 7 back in 2014?

Chapter 13:

  • Burned: AMEX, Chase, Citi, Wells Fargo, and South County Bank (now Bank of Southern California)
  • Filed: 26-Feb-2015
  • MoC: 01-Mar-2015
  • 1st Payment (posted): 23-Mar-2015
  • Last Payment (posted): 07-Feb-2020
  • Discharged: 04-Mar-2020
  • Closed: 23-Jun-2020

 

I categorically refuse to do AZEO!

In the proverbial sock drawer:
Message 4 of 19
Manhattanlad
Member

Re: Checking on a good time to take the next card

oh gosh, sorry you're right, Chapter 7...i'll change it.

MOST RECENT: EQ:717 / TU: 728 / EXP: 718-- BK 3/2014
Message 5 of 19
Manhattanlad
Member

Re: Checking on a good time to take the next card

My original post is now edited. Should read Chapter 7 and not Chapter 13. 

MOST RECENT: EQ:717 / TU: 728 / EXP: 718-- BK 3/2014
Message 6 of 19
Manhattanlad
Member

Re: Checking on a good time to take the next card

I made a mistake and this should read Chapter 7. MyFico is not allowing me to edit the post, so sorry about that confusion.

MOST RECENT: EQ:717 / TU: 728 / EXP: 718-- BK 3/2014
Message 7 of 19
JoeRockhead
Senior Contributor

Re: Checking on a good time to take the next card

Two 0% cards with good SLs would be a benefit to your plans, but, it seems as if you may be counting on Discover giving you a great SL approval. The problem is, there's no way of knowing that. What if Discover only gives you a low SL (3k or less) approval? Would it be that beneficial to you then? likely not at all. Maxing out one card will likely be a big hit to your scores, two will be worse.

Message 8 of 19
Manhattanlad
Member

Re: Checking on a good time to take the next card

ahhhh very very good point...when they offer you a card with a low credit line, can you refuse it? you still get hit with the hard pull but you don't have that other issue...

MOST RECENT: EQ:717 / TU: 728 / EXP: 718-- BK 3/2014
Message 9 of 19
Anonymalous
Valued Contributor

Re: Checking on a good time to take the next card


@Manhattanlad wrote:

i have not applied for the Discover card yet, that is my question: whether it makes sense to do it or if i should hold off.

 

Experion is the only one who reported the hard pull and i haven't actually accepted the card yet, as it is still in the mail...

 

Thanks for your thoughts.


Discover still pulled your credit report. That's how prequals work.

Message 10 of 19
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