cancel
Showing results for 
Search instead for 
Did you mean: 

Question re AA

Highlighted
Frequent Contributor

Question re AA

Hi!  After reading several threads re multiple inquires/cc sprees, I have become concerned with my own actions.  I needed to build my credit in preparation for a mortgage, as I didn’t have any FICO scores.  

 

At the advice of the LO, I applied for a secured Cap1 card for $300 April 2018, and eventually I received a CL increase to $500.  In August I helped purchase a car for my daughter, and was approved for a $5000 car loan (put down a $10,000 down payment).  At the end of August, I applied for a TJ Maxx (Synchony) store card, the CL was $500.  The loan officer I was working with told me I needed to get a higher limit bank card.  I have to admit, I was actually frozen as I was afraid I would be denied.  Mid October, I was on Amazon and got a pop up for their cc.  I went ahead and applied but (at the time) thought I was denied.  Three days later, I had decided I would try for the Chase Freedom card.  Again, I received wording that I thought I was denied, so I called Chase (I do all my banking with them) and asked what I needed to do to become approved.  I explained that I was working with my branch’s LO, and she was guiding me.  I was transferred to another person, she asked me a couple of questions and approved for the Chase Amazon Prime VISA and Chase Freedom—both cards have a CL of $5400 each.  

 

By December, the LO told me I was ready to apply for the loan.  I just closed escrow last Friday.  The car loan was paid off (one of the requirements from u/w to approve the mortgage).  I don’t like the CU the car loan has been with, so, I decided that as soon as the car loan  PIF is posted, I am going to close the account and move my $$ to (and in preparation) opened an account with Navy Fed since there is a branch less than a mile from me.  I did this the day I closed escrow.  The rep at the bank (NFCU) suggested I apply for one of their cards, which I did (it’s their cash back VISA), and was given a $1000 CL.  On Monday (Jan 14), I applied for a Lowe’s store card (Synchrony) as I have many repairs that need to be made (fortunately, all minor issues), and was approved for $2000.  

 

I am now done with applying, and I am concerned that because I have such a short credit history, and many inquiries within 9 mos., it may come back to bite me.  My CL (in the scheme of things) are low, but for me, is perfect.  All of my adult life I have paid in cash anyway, so I’m used to living within my means and don’t plan to change.  I am retired and my annuity is $48000 a year.  Do I have reason to be concerned?  I don’t want any of my limits to be reduced—especially with Chase.  Oh, and I forgot to mention, I pay all of my cards in full and have them all set up for autopay, and utilization averages around 2%.

 

Thanks so so much for any advice!!!

Starting Score: 784
Current Score: 784
Goal Score: 800


Take the myFICO Fitness Challenge

Club Member" border="0" width="50" height="67" align="right">

Message 1 of 21
20 REPLIES 20
Highlighted
Moderator

Re: Question re AA

I would probably just cool it for a while.  Use the Chase cards normally and pay them in full each month, and you should be fine.  The other lenders you should be fine with.  Also, congratulations on the home!

Message 2 of 21
Highlighted
Valued Contributor

Re: Question re AA

You should be fine, no sense in worrying about what's out of your control, what's done is done. All you can do is stay out of the radar screen, lay low and stay in the garden, continue to PIF and not carrying large balances to raise alarms and trigger reviews.
Message 3 of 21
Highlighted
Frequent Contributor

Re: Question re AA


@K-in-Boston wrote:

I would probably just cool it for a while.  Use the Chase cards normally and pay them in full each month, and you should be fine.  The other lenders you should be fine with.  Also, congratulations on the home!


Oh, a big thank you, K in Boston.  I have been stressing so much over the last couple of days (after reading posts of AA’s), you’ve given me a sense of relief.  

I actually won’t be applying for anything for at least a year.  I have everything I need.

Starting Score: 784
Current Score: 784
Goal Score: 800


Take the myFICO Fitness Challenge

Club Member" border="0" width="50" height="67" align="right">

Message 4 of 21
Highlighted
Frequent Contributor

Re: Question re AA

 

Thanks, OldMan.  I ordered a dishwasher from Costco this past Sunday, and actually called Chase (since this was a charge much higher than I’ve made since the issuance of the card) on Monday morning.  It did post this morning (finally), and I paid it in full.  

 

BTW, love your witty responses to posts made by others.  

 

 

Starting Score: 784
Current Score: 784
Goal Score: 800


Take the myFICO Fitness Challenge

Club Member" border="0" width="50" height="67" align="right">

Message 5 of 21
Highlighted
Moderator

Re: Question re AA

Some great advice given OP. Also, while some of the AA posts you may have read, different variables come into play whenever AA happens. It's all driven by internal algorithms.

Also, let's assume that if AA were to happen, there's no need to stress out about it. It can be mitigated. So, just as mentioned above and given your relatively short history, just fly below the radar, don't spike your utilization, make on-time payments, and refrain from any other apps for a while.
Message 6 of 21
Highlighted
Valued Contributor

Re: Question re AA


@CAS2019 wrote:

 

Thanks, OldMan.  I ordered a dishwasher from Costco this past Sunday, and actually called Chase (since this was a charge much higher than I’ve made since the issuance of the card) on Monday morning.  It did post this morning (finally), and I paid it in full.  

 

BTW, love your witty responses to posts made by others.  

 

 


Glad you're entertained. Smiley Happy

Message 7 of 21
Highlighted
Frequent Contributor

Re: Question re AA


@FinStar wrote:
Some great advice given OP. Also, while some of the AA posts you may have read, different variables come into play whenever AA happens. It's all driven by internal algorithms.

Also, let's assume that if AA were to happen, there's no need to stress out about it. It can be mitigated. So, just as mentioned above and given your relatively short history, just fly below the radar, don't spike your utilization, make on-time payments, and refrain from any other apps for a while.

Thanks!  Advice will be well taken!!  I was worried (the most) with the purchase of the dishwasher.  It ended up being 16% utilization on the card (Freedom); I wanted to take advantage of the cash back from Costco as well as the cc points, otherwise, I would have used my debit card.

Starting Score: 784
Current Score: 784
Goal Score: 800


Take the myFICO Fitness Challenge

Club Member" border="0" width="50" height="67" align="right">

Message 8 of 21
Highlighted
Valued Contributor

Re: Question re AA

Laying low doesn't mean you have to tip toe at all times, letting 16% report on a card is fine as long as you PIF by due date, especially after giving them a heads up for the large purchase. Credit cards are there to benefit you so use it, but use it responsibly.
Message 9 of 21
Highlighted
Valued Contributor

Re: Question re AA


@oldman87 wrote:
Laying low doesn't mean you have to tip toe at all times, letting 16% report on a card is fine as long as you PIF by due date, especially after giving them a heads up for the large purchase. Credit cards are there to benefit you so use it, but use it responsibly.

Great advice, Yoda! Smiley Very HappySmiley Wink



Scores - All bureaus 756 +
TCL - Est. $275K
Message 10 of 21
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.