What to do app or wait

[lincar66]

I have been working on my credit and have managed to bring my score to ex(08)651 eq(08)616  was at 639 but new account dropped me 23 points and tu is my stubborn child and remains locked because they will not update util and today has now completely lost my oldest credit card account stands at 595. I have opened three new accounts since Nov 2014 two in the past month both nfcu cash rewards joint 2k cl with son and my own 1k. Plus my 4 year old cap one 1500 cl. 

I want to see if I can get one more card and then garden till December to refinance my car. Which card is not inquiry sensitive 24 on ex and 19 eq. 

My current utilization is 44 percent but it shows I have made 3k in payments in the current month.  

The other option is just garden and let the accounts age but I feel like one more account would help. 

I would prefer the creditor to pull experian as that has many loans that other reports don't.   I applied for bofa cash rewards and got denied yesterday but have not called to recon yet. I bet its the inquiries because they pulled experian with 24

[Anonymous]

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@lincar66 wrote:

I have been working on my credit and have managed to bring my score to ex(08)651 eq(08)616  was at 639 but new account dropped me 23 points and tu is my stubborn child and remains locked because they will not update util and today has now completely lost my oldest credit card account stands at 595. I have opened three new accounts since Nov 2014 two in the past month both nfcu cash rewards joint 2k cl with son and my own 1k. Plus my 4 year old cap one 1500 cl. 

I want to see if I can get one more card and then garden till December to refinance my car. Which card is not inquiry sensitive 24 on ex and 19 eq. 

My current utilization is 44 percent but it shows I have made 3k in payments in the current month.  

The other option is just garden and let the accounts age but I feel like one more account would help. 

I would prefer the creditor to pull experian as that has many loans that other reports don't.   I applied for bofa cash rewards and got denied yesterday but have not called to recon yet. I bet its the inquiries because they pulled experian with 24

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Before applying for anything else, I urge you to call BOA and see if they can approve you for that card.  If they do, then you should not apply for anything else until your accounts age a bit.  You do have a thin file with lot of inquiries so patience is going to have to play an immersely role here.

Ring BOA and let us know how it goes.  Will keep fingers croosed for you..

[lincar66]

My profile is not thin I have aaoa of 8 years and 19 year old oldest account and 7 closed signature loans plus one still open with 5 years of good payments I just keep re extending it to keep the aaoa up by not opening a new one. So my profile is not thin and also I bank with them  and that was original poa.

[Anonymous]

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@lincar66 wrote:

My profile is not thin I have aaoa of 8 years and 19 year old oldest account and 7 closed signature loans plus one still open with 5 years of good payments I just keep re extending it to keep the aaoa up by not opening a new one. So my profile is not thin and also I bank with them  and that was original poa.

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@lincar66,

I assumed that based on your initial post.  So my apologies..  I'd try to get the BOA card approved and give it at least 6 months before applying for anything else..

[lincar66]

I do have a charged off car loan and a 471 collection which is in dispute as fraud and is going to be deleted which is probably another reason for a recon. I will be on the phone monday

[Anonymous]

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@lincar66 wrote:

I do have a charged off car loan and a 471 collection which is in dispute as fraud and is going to be deleted which is probably another reason for a recon. I will be on the phone monday

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Good.. That will likely come up and tell them what is going on with it.  Remember, they are all humans and I will keep my fingers crossed for you.  Let us know how it goes.

[wmweeza]

With that many inquiries I would say you have low chances.

WAIT.

Quit applying. You are trading your future happiness each time you rack up another inquiry and each time your charge over what you can't afford to pay down to 5%.. I have a great credit score, but I've been where you are, I got out of that credit hole by leaving things alone and paying on time. I currently have 1 inquiry on TU and 2 on EX but will I apply for anything else? No, not until they are gone.

Wait one year, or at least till the majority of your inquiries are gone. I know it sucks to wait but if you got any cards now they'd be $500 limits at 30% APR...not good. Quality is worth waiting for.

There are 2 cards out there I want but I'm waiting, so I'm not just telling you to and not taking my own advice.

It won't always be this hard, when your score and situation improves then you can apply more without having to worry so much about negative side effects, all you have to do is let time be your friend. The main issue here is probably inquiries

[lincar66]

I have the cash to pay it off lol and the 44% is because all of my cards are not reporting it is more like 30% and the reason for the balance reporting so high on my one card is I did not know when the statement cut and had paid a day to late to catch it in time to report low util

[wmweeza]

30% is still a bit high.

I'd call the recon line and that will tell you what you have to do. If it's denied I'd bet it's inquiries holding you  back. Maybe after a few payments then the inquiry to utlization will tip in your favor. You could try again when you are at around 10-15% maybe.

Good luck !

[lincar66]

Thank you that sounds like the plan recon the heck out of the bofa and if denied just garden until Dec and then try to up limits and refi I expect to have utilization down to 8% to get a better score