Good morning myFICO members and contributors! I am writing this post to get your opinions and insight for the question that I am about to ask. I am wondering if I should garden for a year and have some of my inquiries drop off late next year, or if I should apply for a no AF card to replace the one that I am about to close due to it's AF that is coming up and the fact that it has absolutely no rewards for purchases whatsoever? The card in question is my First National Bank Legacy CC that I opened back in 2014 when I was in my credit rebuilding process. Currently I have the following inquiries on my report with the most recent one taking place two weeks ago when I opened a savings account with PENFED. Equifax 14 (8 fall off next year Dec), TransUnion 11 (8 fall off next year by Nov), and Experian 12 (9 fall off next year by Dec). I applied for a personal loan from them which I was approved for, but decided to withdraw the application because I changed my mind at last minute. So I think that I still have that HP available with them for another product app. I'm also hesitant to open anything with them as to not make Navy Federal jealous. They've been great to me! So please chime in and let me here what you all suggest.
Going back to the beginning of this year, here is what my inquiries look like: EQ: 3 (1x NFCU 4 Jan 19 1x Barclays 15 Feb 19, 1x NFCU 15 Jul 19) TU: 5 (2x NFCU 5 Jan 19, 1x NFCU 9 Jul 19, 1x NFCU 28 Jul 19, 1x PenFed 29 Jul 19) EX: 1 (USAA 11 Jan 19)
@CreditInspired wrote:
@rdrarmy wrote:
Good morning myFICO members and contributors! I am writing this post to get your opinions and insight for the question that I am about to ask. I am wondering if I should garden for a year and have some of my inquiries drop off late next year, or if I should apply for a no AF card to replace the one that I am about to close due to it's AF that is coming up and the fact that it has absolutely no rewards for purchases whatsoever? The card in question is my First National Bank Legacy CC that I opened back in 2014 when I was in my credit rebuilding process. Currently I have the following inquiries on my report with the most recent one taking place two weeks ago when I opened a savings account with PENFED. Equifax 14 (8 fall off next year Dec), TransUnion 11 (8 fall off next year by Nov), and Experian 12 (9 fall off next year by Dec). I applied for a personal loan from them which I was approved for, but decided to withdraw the application because I changed my mind at last minute. So I think that I still have that HP available with them for another product app. I'm also hesitant to open anything with them as to not make Navy Federal jealous. They've been great to me! So please chime in and let me here what you all suggest.How many inquiries in the last 6 months for each CR?
I'm sorry. That didn't come out the way I wanted it to. EQ-1 TU-3 EX-0
@CreditInspired wrote:
@rdrarmy wrote:How many inquiries in the last 6 months for each CR?
What you're saying definitely makes sense. I appreciate your feedback. I've been trying to get Synchrony to raise their limit for me by using their luv button on their site, but they don't seem to budge. I think I might be at their internal limit or something. I guess I can try calling after my next update to my FICO score on their site. As for Barclays, I haven't used their card at all in the last 5 months since they gave me a CLI to 5K. I feel that because of that, they might not feel that I need a CLI and thus it will be a failed attempt and another HP. As for my AMEX card, I'm not eligible for a CLI until Jan 2020. My SL was 1K and then when I hit 6 months I asked for the 3X CLI and I only got another 1K.
@Anonymous wrote:Looking at your signature and the post.....
PF may or may not use the same HP for 30 days... seems more like they won't these days though. In the past it was a given that they would.
Close the AF card and move on from them. Meanwhile work on paying off the balances on the couple of cards you're showing them on in your signature to optimize your profile for the next app.
Work on CLI's for your cards also to boost them up. Amex is 3X every 6 months, Synch - 877-379-8175 call them and ask for 25K and let them counter back, take the HP w/ Barclay's if necessary. Working on these will get things moving instead of collecting a ton of 5K limits and getting nowhere. NFCU IMO is artificial when it comes to getting other lenders to acknowledge your progress. Getting Disco/Amex up will improve things moreso when it comes to new apps. Seeing the bigger banks willing to put out 25K+ limits influences things when you open something new or recon them for a higher limit.
Once things improve here then I would be targeting Chase/BOA for some higher limits... Chase of course is a HP CLI system but, new apps if you have the right profile can easily be 25K. BOA on the other hand might start a little lower but, they converted to SP CLI's 5/2018 and since then it's even easier to grow them to 50K+ if you have the income to support it.