We need a number of details to truly help and give our best advice. Your actual Fico scores are a good start, especially if you’re thinking of applying for anything. We also need a good overall picture of your credit: number of cards, age of cards, limits, balances, income, any loans / mortgage. All of these things come into play.
@Anonymous wrote:According to Credit Karma my Transunion and Equifax fico score is 811
Experian is 826 Fico8
3 HP on Transunions
2 from Spring 2018
1 Spring 2019
2 HP on Equifax
1 Spring 2018
1 Summer 2019
2 HP for Experian
1 Spring 2018
1 Spring 2019
I applied for three credit cards this year and was approved for two. The denial was because of debt to income ratio. **bleep** car loan. The two approvals don't show on my credit report yet. This is good because they both have alot of spending to meet the sign up bonus.
I wanted to apply for two more credit cards this year:
Amex SimplyCash® Plus Business
Amex Blue Cash Everyday®
I also wanted open a checking account and brokage account with Charles Schwab, and a high interest savings account . Both of these will require another hard pull. I may want to apply for Paypal Credit... another hardpull.
Should I apply now or wait until Spring 2020 when most of the previous hardpulls will be gone of my credit report. Also the car loan principal would be lower.
Also is there a way to find out Amex's income to debt guidelines so I don't waste time applying if I am already outside Amex's preferences?
Edited to include requested info:
Credit cards:
1. under $8k limit, opened Spring 2018, +$18.00
2. under $1.1k limit, opened Spring 2018, no balance
3. over $6.7k limit, opened over 17 years ago, $81.05 balance
4. over $6.85k limit, opened Spring 2019, balance $515 working on MSR
5. under $3.25k, opened Spring 2019, balance $1800, working on MSR
6. over $10k, opened Spring 2018, balance $5
Credit cards 4 and 5 have not appeared on credit reports yet.
Other Credit:
Car Loan about $4600 left, obtained Winter 2016, PMT about $155/month, I pay about $195/month though
Line of credit, about $5800,over 17 years, zero balance
Income, I am taxed on about $24K
Equifax credit score above 820 taken from denial letter
Experian Fico8 score above 800, taken from Experian website
Transunion working on it.0 Links
Thank you for the added information. So you don't have too many HPs, your history is long, your file is thick, and your scores are very good, so I don't see any issues with that. Also, I think any HPs incurred for opening bank accounts should not matter in credit decisions. However, even though your two cards aren't reporting yet, card issuers will see the recent applications (HPs) on your credit reports. I would spread out additional applications to be 6 months apart. I would also make sure that balances are your cards are paid down, so that your DTI is not too high, and utilization is under 29.8% (preferably < 8.9%) on any given card (such as Card #5).
Do you currently have any AMEX cards? If you do, it will only be an SP. You can also check if you're prequalified. You also didn't mention if the recent cards are from any issuers that are sensitive to new applications after applying with them (such as Chase or Barclays). That is something to consider, if you don't want to wait.
