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Suggestions Needed!!!

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ohlala
Established Member

Suggestions Needed!!!

This is where I am currently:
TU- 682 per Walmart fico,
EQ- 688 per my fico.
Income- over 50k
Current credit: bofa - $2200 current balance $0....Walmart store card-$2500 current balance $400....khols $400 current balance $0 AU on my husbands cards: bofa-$4000 current balance $900....Amex $2000 current balance $1200.... Zales $5000 current balance $200.

I just got the upgrade offer from Walmart. Should I bite? I don't currently have a discover card, but a part of me thinks I have enough for now yet another part feels it's just a cancel/replace. I'm aware of the AoAA hit, but I plan on visiting the garden until the end of the year.

Part 2 of my question, I have a car loan currently at 11% with a balance of 15k and I was hoping to try DCU for a refi since I'm finally eligible for their 1.9%. Should I try DCU before making any decisions with the Walmart upgrade to avoid possibly lowering my score or would the AoAA hit really not impact my scores much? Please advise and thanks in advance.
Message 1 of 10
9 REPLIES 9
notfancy
Valued Contributor

Re: Suggestions Needed!!!


@ohlala wrote:
This is where I am currently:
TU- 682 per Walmart fico,
EQ- 688 per my fico.
Income- over 50k
Current credit: bofa - $2200 current balance $0....Walmart store card-$2500 current balance $400....khols $400 current balance $0 AU on my husbands cards: bofa-$4000 current balance $900....Amex $2000 current balance $1200.... Zales $5000 current balance $200.

I just got the upgrade offer from Walmart. Should I bite? I don't currently have a discover card, but a part of me thinks I have enough for now yet another part feels it's just a cancel/replace. I'm aware of the AoAA hit, but I plan on visiting the garden until the end of the year.

Part 2 of my question, I have a car loan currently at 11% with a balance of 15k and I was hoping to try DCU for a refi since I'm finally eligible for their 1.9%. Should I try DCU before making any decisions with the Walmart upgrade to avoid possibly lowering my score or would the AoAA hit really not impact my scores much? Please advise and thanks in advance.

I'm not sure how to answer your question about Discover/Walmart, but it seems like if you add it, you'll have two cards you can use anywhere rather than one card and 2 store cards.

 

Also, are your husband's cards going to carry a balance for long? Are his accounts significantly older than yours, thus helping your AAoA? I ask because he currently has balances on every card you are an AU on, which might be hurting your score. Also, of those cards with balances, he has UTL showing as:  23%, 60%, and 4% (this last one isn't so bad). I'm not sure that his accounts are helping you at this point, and maybe an expert can chime in but it seems to me that you might want to get those off your credit report, and off his accounts as an AU if  those cards are going to continue to carry balances.

625 EQ FICO Current Score: 660 DCU EQ FICO/ 645 Scorewatch EQ FICO , EX FICO 664, TU FICO 737 (08/2014)
Goal Score: 700   Seedling again as of 07/29/14
Message 2 of 10
coldnmn
Mega Contributor

Re: Suggestions Needed!!!

I agree with fancy about your AU cards. In my opinion get the refinance and get the upgrade after. The Walmart Discover upgrade is easy to explain in future credit card applications.  The benefits of having a card that can be used anywhere with such a thin credit file out ways the score drop if any of a new TL. Good Luck what ever you decide.

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $15k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $10.8k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $5.35k / Citi DC (WMC) $12k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 3 of 10
efranklin23
Valued Contributor

Re: Suggestions Needed!!!


@coldnmn wrote:

I agree with fancy about your AU cards. In my opinion get the refinance and get the upgrade after. The Walmart Discover upgrade is easy to explain in future credit card applications.  The benefits of having a card that can be used anywhere with such a thin credit file out ways the score drop if any of a new TL. Good Luck what ever you decide.


+1 Agree. Also to note, the Walmart Discover opens a new CL as it's a different card I believe. It's better to get the refi first as it's more important factor in this card.

AMEX BCE (30K), DISCOVER IT (29.5K), NFCU CASH REWARDS (25K), BOA TRAVEL REWARDS (15K), USAA VISA (13K), CHASE SAPPHIRE RESERVE (13K), COMMENCE MASTERCARD (7.5K), CHASE FREEDOM (7K), CHASE FREEDOM (7K), TFCU CC (2.5K), TARGET REDCARD (900)
Message 4 of 10
Creditaddict
Legendary Contributor

Re: Suggestions Needed!!!

Apply to refi the car right now

then go and click to accept upgrade offer.

Message 5 of 10
09Lexie
Moderator Emerita

Re: Suggestions Needed!!!


@Creditaddict wrote:

Apply to refi the car right now

then go and click to accept upgrade offer.


+1

 

The upgrade takes about 60 days to complete and report.  You should have plenty of time to have the refi completed with DCU. 

Message 6 of 10
ohlala
Established Member

Re: Suggestions Needed!!!

Thanks everyone for your input. I applied for DCU checking today. I got the message that they'll be sending my account number and pin in the mail. How long do I need to wait before applying for the auto refi? Also, is there a possibility of shaving off some the interest rate by signing up for any services with them? Don't get me wrong, I will be happy with anything vs the 11% I'm currently paying WFC. Please advise. Thank you!!!!
Message 7 of 10
Chris679
Established Contributor

Re: Suggestions Needed!!!

I have read elsewhere that the new Walmart Discover will have the same open date as the old card.  This could actually help AAoA since you have one open and one closed with the same date.  You could search for more info to verify.

Message 8 of 10
09Lexie
Moderator Emerita

Re: Suggestions Needed!!!


@Chris679 wrote:

I have read elsewhere that the new Walmart Discover will have the same open date as the old card.  This could actually help AAoA since you have one open and one closed with the same date.  You could search for more info to verify.


It does not have the same open date.  It will report as a new TL with a new date. 

Message 9 of 10
ohlala
Established Member

Re: Suggestions Needed!!!

App'ed for the refi this morning. They called and asked some questions and I'm approved for 1.9%!! I'm beyond grateful for this forum. I know people often echo these sentiments, but I just want you all to know that I'm deeply appreciative of everything I got to learn in here. Will go to Walmart next and accept the the update offer. Thanks again everyone!!
Message 10 of 10
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