When to Come Out of the Garden

[Marmot]

@bigseegar  Thanks for your advice. The original plan was 12 months in the garden. I believed that the job change will affect my approval odds, but maturing the 6-months old cards probably is more important. Most lenders will weight the credit seeking negatives higher than a relatively short tenure on the new job. I'm not sure how lenders look at apps with short employment history of the new job at the time of the app.

Thank you!

[SouthJamaica]

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@Marmot wrote:

In early August 2021, I did an app spree and was aprroved for three CCs with $20,000 each. I planned to stay in the garden for 12 months until my next app spree.

I'm about start a new job in March with about the same income. The conumdrum is should I apply for two to three CCs after 7 months in the garden? I understand that different issuers have different take on AoYA, AAoA, HP count, etc. Or should I wait 12 months in the garden to let my AAoA mature and let the HPs fall off to increase my chances for approval even with a new job? What do you think?

The two to three CCs are the remaining ones I'd like to have and these will complete my CC need/want. One CC is AOD, which I understand is not easy to get approved recently. I've been reading that AOD is sensitive to DTI, AoYA, and HPs.

DPs

-FICO 8 EX/EQ/TU all hovering around 810

-HP: EX 1/12, 6/24; EQ 2/12, 5/24; TU 1/12, 3/24

-AoOA 31 years, AAoA 3 yrs 10 m

-AEZO, PIF, UTIL 0%, DTI 29%

-10 CCs from major banks to well known CUs; TCL $140,000

-Been building relationships with the CUs with savings, checking, DDs, Money Market account.

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My advice would be to apply for one credit card before the new job.

[Marmot]

@SouthJamaica Very interesting idea. Can you elaborate why that could be an option. AAoA will go down and AoYA will become that new CC. I'm willing to explore all options.

The X factor I can't figure out is the importance of "years/months" at the same work place when UWs or algorithm look at the app.

Thank you!

[SouthJamaica]

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@Marmot wrote:

@SouthJamaica Very interesting idea. Can you elaborate why that could be an option. AAoA will go down and AoYA will become that new CC. I'm willing to explore all options.

The X factor I can't figure out is the importance of "years/months" at the same work place when UWs or algorithm look at the app.

Thank you!

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It's an option if you really want a new card. If it's not important than let it run until you're past 12 months, when you'll get a nice little score boost from passing the 12 month mark in AoYA.

[kilroy8]

I haven't changed jobs in 24 years, so can't relate to that part.

What is driving the itch? Want more credit or just chasing SUBs? If it's the latter, you will spend eternity LOL/24 anyhow, so it just doesn't matter.

[Marmot]

@kilroy8  It's not an itch or SUB. I started my credit journey with two CCs without knowing what FICO meant. Thanks to the wealth of information on myFICO and watching YouTube with a grain of salt, I listed the CCs that made sense to me with identified credit needs and corresponding benefits. I've now got 10 out of the 13 of my portfolio goal. I've stuck with my goal and did not app for SUBs or random CCs.

The job change in March derailed my 12 months gardening plan (August 2022). I've read and heard that it's better to have at least a year of employment history. That will take me to April 2023. Therefore, I really want to find out how the short employment history will affect my approval odds even if I stay in the garden for 12 months.

[FinStar]

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@Marmot wrote:

@kilroy8  It's not an itch or SUB. I started my credit journey with two CCs without knowing what FICO meant. Thanks to the wealth of information on myFICO and watching YouTube with a grain of salt, I listed the CCs that made sense to me with identified credit needs and corresponding benefits. I've now got 10 out of the 13 of my portfolio goal. I've stuck with my goal and did not app for SUBs or random CCs.

The job change in March derailed my 12 months gardening plan (August 2022). I've read and heard that it's better to have at least a year of employment history. That will take me to April 2023. Therefore, I really want to find out how the short employment history will affect my approval odds even if I stay in the garden for 12 months.

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As reiterated upthread, no one here works as a UW for the lenders you're targeting in the foreseeable horizon. Therefore, no one here can guarantee your odds with a shorter employment history upon manual review by those institutions -- all things considered about your overall profile. That being said, it is entirely your decision on how/when you apply with these 3 particular lenders based on everything you've shared so far.

[CreditInspired]

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@Marmot wrote:

@SouthJamaica Very interesting idea. Can you elaborate why that could be an option. AAoA will go down and AoYA will become that new CC. I'm willing to explore all options.

The X factor I can't figure out is the importance of "years/months" at the same work place when UWs or algorithm look at the app.

Thank you!

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IMHO, I believe the importance of a job change is only relevant/important  when one is applying for a mortgage.

My concern is your 0% UT. It is going to be challenging to continue to get high CLs if banks feel you're not going to put enough spend on their cards because you're spread to thin.

Also, just my 2cents. Due to the # of inqs you have, I think your best chance for garnering another 2 high CL cards will be to garden for a total of 24 months. You may get approved but the SLs might not be to your liking. Just a thought. 

GL2U

[Marmot]

@CreditInspired  Thank you for your thoughts on job change. It gives me a reference point, which I was looking for.

I've religiously did AEZO for several years thinking that will maintain and improve my FICO. I can put the 1% to 3% charge on my cards and don't do PIF. According to your advice, I should not PIF and maintain 1% to 3 % charge per monthly cycle. I hope I'm interpreting it correctly.

 I understand your rationale for gardening 24 months.

Thank you!