Approved for 15K USAA Mastercard

[sycotik]

cpacfp, I had 4 inquiries and util was at 1% at the time of applying.

[luvs2barre]

I agree about being able to be approved for both cards. I app'd for the MC card and got the AMEX too. But only $5k limit on each...but I was still happy because before that my highest limit was with Cap One of $4300.

I LOVE USAA. I do all of my banking with USAA and have multiple products with them.

[JagerBombs89]

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@Anonymous wrote:

I agree about being able to be approved for both cards. I app'd for the MC card and got the AMEX too. But only $5k limit on each...but I was still happy because before that my highest limit was with Cap One of $4300.

I LOVE USAA. I do all of my banking with USAA and have multiple products with them.

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If you dont mind, what is your AAoA, oldest account, # of inq etc?  I have similar scores to yours...

[Anonymous]

Here were my scores when I had 8% util, 6 years AAoA.  EQ- 783, TU- 773, EX- 734 (lender pull).  My available credit was $ 10,700 and my balances were $ 800 on one card, Cap One.

I then put $ 2,700 on my Wells LOC and my utilization went to 34%.  My scores dropped to EQ- 753 ( down 30 points), TU- 733 ( down 40 points), EX-???? probably under 700.

My Cap One has not reported for January yet, but my balance increased to $ 4000, so when it reports my utilization is going to be around 67%.  I'm afraid my scores could drop another 30 or 40 points that could put me under 700 on 2 if not all 3 cards.  Do you think going from 34% to 67% will drop as much as when it went from 8% to 34%?

I had been thinking about applying for USAA World Mastercard but I had held off.  When I saw how much my score dropped I decided to apply before the Cap one reported and my score would have dropped again.

Good news, instant approval of $ 15K at 10.9 %.  I'm wondering, how long before the USAA account shows up because that will really help my utilization, it would go down to about 24%.  Do you'll know how long after it is approved that it will show up on the Credit report?

[Anonymous]

see my post above. I'm wondering, should I go ahead and try to get another card before the Cap One reports and my scores drop again by maybe 30 to 40 points. 

My total available revolving credit is now $ 25K ( USAA- 15k, Cap One- 5K and Wells Fargo - 5K).  I have 3 inquiries on TU in the last year, and 6 ( one may drop off, I asked Wells if they would remove the one for the checking account I had to open for my LOC with them, and they said they would) on EQ. 

We are thinking of buying a new house in a few months, my only fear is too many inquiries in the last 12 mos. TU only is reporting 2, they dont have a few of my inquiries but they do have the accounts that resulted from those inquiries, is that wierd?

My other concern would be AAofA. Right now its at 4 years.

I may also need a new car and will have to apply for a loan for that.  What do you guys think?

[Anonymous]

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@Anonymous wrote:

Here were my scores when I had 8% util, 6 years AAoA.  EQ- 783, TU- 773, EX- 734 (lender pull).  My available credit was $ 10,700 and my balances were $ 800 on one card, Cap One.

I then put $ 2,700 on my Wells LOC and my utilization went to 34%.  My scores dropped to EQ- 753 ( down 30 points), TU- 733 ( down 40 points), EX-???? probably under 700.

My Cap One has not reported for January yet, but my balance increased to $ 4000, so when it reports my utilization is going to be around 67%.  I'm afraid my scores could drop another 30 or 40 points that could put me under 700 on 2 if not all 3 cards.  Do you think going from 34% to 67% will drop as much as when it went from 8% to 34%?

I had been thinking about applying for USAA World Mastercard but I had held off.  When I saw how much my score dropped I decided to apply before the Cap one reported and my score would have dropped again.

Good news, instant approval of $ 15K at 10.9 %.  I'm wondering, how long before the USAA account shows up because that will really help my utilization, it would go down to about 24%.  Do you'll know how long after it is approved that it will show up on the Credit report?

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On each of my accounts it has taken about 2 - 3 weeks for the trade line to appear on my credit reports.  

[Jazzzy]

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@Anonymous wrote:

see my post above. I'm wondering, should I go ahead and try to get another card before the Cap One reports and my scores drop again by maybe 30 to 40 points. 

My total available revolving credit is now $ 25K ( USAA- 15k, Cap One- 5K and Wells Fargo - 5K).  I have 3 inquiries on TU in the last year, and 6 ( one may drop off, I asked Wells if they would remove the one for the checking account I had to open for my LOC with them, and they said they would) on EQ. 

We are thinking of buying a new house in a few months, my only fear is too many inquiries in the last 12 mos. TU only is reporting 2, they dont have a few of my inquiries but they do have the accounts that resulted from those inquiries, is that wierd?

My other concern would be AAofA. Right now its at 4 years.

I may also need a new car and will have to apply for a loan for that.  What do you guys think?

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My advice would be to sit tight on credit right now until you close on a mortgage. You certainly don't want a car payment raising your debt-to-income ratio before you apply for the mortgage.

[Anonymous]

Thanks 06 and Lynette.  I think that is probably good advice, I'm just tempted to try and get another high limit cc while my scores are at least over 720

[haulingthescoreup]

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cpacfp wrote:

Thanks 06 and Lynette.  I think that is probably good advice, I'm just tempted to try and get another high limit cc while my scores are at least over 720

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Wow, why would your scores drop 30 or 40 points from the Cap One? Or are you talking about the accumulated effect of lots of new accounts reporting?

Anyway, app for the other card on your way home from the closing, if you really want it. Then, as you stand in the wreckage of your new low AAoA, you'll have some nice cards to use while moving into the gardening phase. (Been there, done that, got the t-shirt.)