How aggressively should I app? - Charge Off anchoring scores

[Glen_M]

The app, not the approval, is the guaranteed part.  Their internal scoring trends with Bankcard 4, and mine is in the 760s, so I'm not too worried, estimating my internal score with them around 380.

Not that I've seen anything to support the idea that they're "cracking down" either.

[Anonymous]

Congratz on your Successed up to this point, Great Progress!

* NO slight to CharlieFoxtrot, I only removed his post for brevity.

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Glen_M wrote:

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I've thought of it that way too, the minimum number of new accounts that I 'need' to go for now to maximize scoring potential.

The shortest list it makes sense to go for would probably be these 3, dropping the Fidelity and just adding accounts for the credit unions:

1. PenFed -- going to get a HP for membership anyway, I'll toss a CC app in there too; one reason they're on the list is they're a major contender for the future auto loan too -- the question in this version becomes which of their products would it be most advantageous to app for? does my profile support the Platinum Rewards VS I would prefer?
2. BofA -- just a product change, and I believe they structure accounts in such a way that it would just be adding features to the already existing account, little impact overall beyond the HP
3. NFCU -- I really want to expand my relationship with them, this is the one app that is guaranteed to happen -- unfortunately most of their product lineup doesn't offer anything special, so I'll probably go for the Platinum card and use it for 0% BTs in the event that I ever need to carry a balance and of course crossing my fingers on a high limit to pad utilization

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GREAT planning Effort!

My first application post Bk was for Pen Fed specifically because of the Egyptian Pyramiding concern.  I got the Promise (entry level) then six months later added the Defender card.

I would ask you to consider the following:

Pass on the BOA card for now, as it is only a product change, and can always be done later.

Do the Pen Fed card, then after receiving it and putting a charge on it, get the Navy card.

Apply for membership for both now, put some money in the savings accounts they give you.  The benefit here is to at least pay for express delivery for immediate receipt of the card.

I am of the belief that once you acquire a card with both Pen Fed & Navy anything else you want to consider will be viewed from a better and more rewarding perspective.

After receipt of both cards, then just calendarize your efforts to apply for CLIs as appropriate with their Account Review (AR) schedules.

Best Wishes!!!!

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[Glen_M]

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@Anonymous wrote:

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I would ask you to consider the following:

Pass on the BOA card for now, as it is only a product change, and can always be done later.

Do the Pen Fed card, then after receiving it and putting a charge on it, get the Navy card.

Apply for membership for both now, put some money in the savings accounts they give you.  The benefit here is to at least pay for express delivery for immediate receipt of the card.

I am of the belief that once you acquire a card with both Pen Fed & Navy anything else you want to consider will be viewed from a better and more rewarding perspective.

After receipt of both cards, then just calendarize your efforts to apply for CLIs as appropriate with their Account Review (AR) schedules.

Best Wishes!!!!

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That would bring the number even lower.  I suppose I've been focussed on micromanaging the BoA card for long enough that I had some tunnel vision regarding it -- until recently I wasn't even sure they'd auto-graduate it, having taken rather longer than most people report.

Getting, hopefully,  higher limits from the CUs and using that to "inspire" higher limits from the others later is probably the best approach.  It has been a long time since I've had CCs dueling for the "most generous creditor" crown.

I knew if I laid it out I'd get talked down to a "best practice".  Three revolvers ought to be enough to get me the leverage I need for now, without seeming reckless.  I can wait until after the auto purchase is sorted out to think about trying to maximize FICO scores for other purposes.  I'll be in a much better position to get what I'd like from more prudent lenders.