Another "When should I app??" Thread

[Broke_Triathlete]

So I've been doing quite of bit of changes with my finances to become financially "healthy". One of such moves was dumping BOA (after charging fees in my checking account that I've never had in 10+ years) for a local credit union. I am moving in with my GF December 1st, and because of that I'll be able to join the Publix Employee Credit Union shortly there after.

I had 3 inquiries 2 months ago (2 Cap One & Barclay cards).

When should I app for the CC's of both credit unions? Should I wait until my CLI's from both Cap One and Barclays in hopes for a higher starting limit with the CU cards? I've been a member of my local one for 3 months now, and I plan on becoming a member of publix's CU by Jan 1.

[Anonymous]

you could test the water by applying for one cc i got 2 amex last week and when i applied i had 5 inqs on my Experian 3 of those where from recent months as well. 

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@Broke_Triathlete wrote:
So I've been doing quite of bit of changes with my finances to become financially "healthy". One of such moves was dumping BOA (after charging fees in my checking account that I've never had in 10+ years) for a local credit union. I am moving in with my GF December 1st, and because of that I'll be able to join the Publix Employee Credit Union shortly there after.

I had 3 inquiries 2 months ago (2 Cap One & Barclay cards).

When should I app for the CC's of both credit unions? Should I wait until my CLI's from both Cap One and Barclays in hopes for a higher starting limit with the CU cards? I've been a member of my local one for 3 months now, and I plan on becoming a member of publix's CU by Jan 1.

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[Broke_Triathlete]

I've read that Barclay is sensitive to apping shortly after opening a trade line with them. Is that legitimate?

[chalupaman]

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@Broke_Triathlete wrote:
I've read that Barclay is sensitive to apping shortly after opening a trade line with them. Is that legitimate?

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I've heard stories about that but other people seem to not have a problem with Barclays. Seems to be a YMMV kind of issue there.

[Broke_Triathlete]

That's exactly what I've heard. I've also read that CU's are very generous with their CL's.

[Broke_Triathlete]

I forgot to mention... I tried refinancing my car at my CU a few months back (don't have a car payment anymore) and they said I would have been approved but because I am under 2 years of a discharged chapter 7, they denied me. So should I wait until the 2 year mark to apply for their credit card?

[Broke_Triathlete]

Well I just chatted with my CU and they are going to have an underwriter call me prior to me apping. Regardless of what he/she says, should I wait until my steps increase posts on my reports to help get a higher limit with the CU, or does the CU not guage their limits off of existing tradelines on your report?

[Anonymous]

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@Broke_Triathlete wrote:

Well I just chatted with my CU and they are going to have an underwriter call me prior to me apping. Regardless of what he/she says, should I wait until my steps increase posts on my reports to help get a higher limit with the CU, or does the CU not guage their limits off of existing tradelines on your report?

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I would think that they do. I recently got a CC from PenFed and the CL is nowhere near as generous as some of the other CL's that other members have reported receiving...not even close.

[CreditDunce]

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@Broke_Triathlete wrote:

I forgot to mention... I tried refinancing my car at my CU a few months back (don't have a car payment anymore) and they said I would have been approved but because I am under 2 years of a discharged chapter 7, they denied me. So should I wait until the 2 year mark to apply for their credit card?

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It is common, but not universal, to be denied for unsecured (e.g. CC's) for two years after BK.   Some will do secured loans after 1 year after BK, but you will probably have a higher interest rate.  If you still had a car loan, I would say check other CU's to see what they say.  In your case, look for a CU that offers a secured CC (assuming you have the cash to lock up).   Ideally, you want one that reports to all 3 major CRA's and will graduate to an unsecured card at some point.  But I would settle for something will low/no AF.

Another option is some CU's offer a small, automatic overdraft protection for your checking account.  It would show up as a revolving LOC on your CR.  You just need to ask to see what your CU offers.

CU's are just like banks.  Some give very generous CL's others not so much.  Some have high underwriting requirements, some are much more relaxed.  In general, CU's don't offer as competitive sign up bonuses or rewards.  However, in general they offer lower interest rates than banks.

[Broke_Triathlete]

Hmm... interesting. Like you I've heard/read that CU are typically very generous with their lines. So if I were to app now then I could maybe expect (use that term lightly) around $2,000-$3,000 limit now, but if I wait I might hit that ellusive $5K mark. I've had the 2 cap one cards for 2 months now and have ran just over $4,000 through the cards, so I'm hoping for a huge increase at the 6 month mark. I'm hoping at least one of them will hit the $5,000 mark in that time. Then also my Barclay card should get up there too after the CLI.