Short AAoA - Apply for Installment alone or simultaneously with Card App?

[Gratitude]

My Experience is now 728...
so is the worst outcome that I'll have 2 Inq's without a tradelines from 12/17 (maybe 3 if I try CU for camper & get denied)?

[CreditCuriosity]

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@Gratitude wrote:
My Experience is now 728...
so is the worst outcome that I'll have 2 Inq's without a tradelines from 12/17 (maybe 3 if I try CU for camper & get denied)?

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You will be fine with Amex at 728.. I had the ED card at 30k back when I was around 680 Experian lol... Granted I am around 720 now thus the big exposure with Amex and income is 6 figures as well..  Amex will be a single Exp HP..  Chase probably got 2 HP's out of you and not sure about what you trailor loan did could be one or many depending on the lender or whether you gave the dealer permission to shotgun your credit which hopefully you didn't do.  You really should sign up for CCT for 1$ for a 7 day trial and get your current FICO's if you don't know them exactly and how many inquiries you currently have on each CRA among other good info if you aren't sure.  Although sounds like you know what you Exp score is.

[Gratitude]

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DaveInAZ wrote: 

No one has asked, so I will: Without getting into too much personal info, why do you need to get a loan for a Camper for your Uncle? Does he live in one or is it for pleasure, in other words does he really have to have one? And why is it you that has to get him a loan for one? Normally it's older folks helping younger people, not the other way around, and doesn't he have any kids or someone else who can help him? It would be a lot easier for you building your credit without having to worry about a darned camper for a relative. But I do appreciate your wanting to help others.

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Great question... i've been asking myself that one multiple times a day since last week. The truth, without getting too personal: he's a mess right now and he needs it so here comes Gratitude! Now that said, I cannot claim 100% alturistic stance: there is a splash of Quid pro quo in this arrangement.  But i had no plans on leaving the garden until something definitie - and this process is taking its toll.

On the other hand, what i've learned since joining the forum: There is a member with credit history 2months shorter than mine and he has 45 cards!! I was not as informed, agressive and savy enough in the past 2years. I only have 3 cards as of today <sigh>

[Anonymous]

Just remember that the risk of forgetting to make a payment on a card goes up greatly after 8 credit cards, and then triples after 24.  Well, those are the statistics I calculated after looking at some folks who got a 30D late on their perfect credit history.

45 cards would be madness to maintain, even with autopay, Mint aggregating, etc.

[Gratitude]

The results are in!
Yes, as it turns out, it was wise to App Spree for cards simultaneously with Installment loan app.

• had 2 TL's (CC's)
• AAoA was 16months
• combined CL was $4500
• got CLI on 1 TL 
• approved for CF after surprise CO denial and recon (but with only $500 CL)
• approved instantly for Amex BCE ($2K CL)
• denied 2x for Installment loans

Reasons given:

• short credit history
• no installment loan history
• amount sought after is higher than current combined CL

It has been suspected that in addition reasons were: 

• used camper (2014 trade-in) and
• seeking loan amount at, close to, or below minimum loan amount

I've heard in the RV/Camper industry, that the financiers like to make sure payments are at least $100/mo.  Thus after 10% down, a $7K loan for 10 yrs at say 5.5% is only a $76/mo payment. 

It was well worth the effort - victory / defeat & valued learning experience.

Before heading off to the garden, I am currently addressing the Installment loan issue: joining Alliant to do a SSL.. will post separately on this and other issues that came to light.

Many thanks to all who have contributed.

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FICO8: 
EQ 12/7: 721  |  12/18: 706
TU 12/7: 742  |  12/18: 740
EX 12/7: 736  |   12/18: 720

• Merrick Bank Secured Visa $1500 - approved January 2016  
• BestBuy Visa $3000- approved April 2017 / CLI 12/14 to $5300
• Chase Freedom $500 - approved December 2017
• Amex BCE $2000 - approved December 2017
• AAoA = dropped  from 16 to 8.8 months (calculated on 850x3.com) !