TO APP OR NOT TO APP?

[Anonymous]

I have been in rebuild mode for the past few months.My fico scores are all around 700.My current cards line up:

NFCU GOREWARDS $11000

DISCOVER IT $3000

COLDWATER CREEK MASTERCARD $1000

CAP1 SECURED PLATINUM  $500

BOSCOV'S $4000

 I am tempted to add one more card.I have tried CITI prequal and comes back with the COSTCO VISA with a fixed apr.I think I have a good chance at being approved for it.

What is your take on this based on my current situation ?

PS: AAOA is 0.5

oldest account is 8 months old

[AverageJoesCredit]

Im not sure, your aaol is really short and if all your cards are from within last 8 months, you may be pushing it with Citi as they normally like to see a year of credit history and not alot of iinquiries. If the hp doesnt scare you you could go for it and be pleasantly suprised but you may end up with nothing for the hp. Ita a 50/50 , at least to me. Best of luck

[LadyJEsq]

I agree with AverageJoe. Plus, if you have to ask the question of "to app or not to app" then it means you don't actually need the CC you're thinking of getting. If you had no CCs, then I would say yes, to increase your credit profile, but you have several. I say, go for SP CLIs, or HP if your CRs can support it, instead of getting a new CC. SInce you're rebuilding, I don't think you should get into the habit of apping just for the sake of apping. 

[me12345]

I would go with PenFed, the SL are crazy good.... $17,500.00 for my Wife with a 681 score and medical collections.

They Rock!

[Anonymous]

LadyJEsq, I do have a use for this card.I shop very often at COSTCO.I guess I can use my other cards for the same purpose.Thanks for the advice ,though.

[me12345]

The PenFed Visa works at Costco....But, I think that the NFCU has double rewards at the Membership stores if I remember correctly.

[K-in-Boston]

If you shop at Costco anyway and would be rewarded for doing so it may be worth the shot. That's an important distinction from just apping for the sake of apping. In my experience (1 data point), the Citi prequal was spot on for a 12.24% Diamond Preferred. Your average and oldest accounts are new enough that the only real ding you would take is for simply having a new trade line.

[LadyJEsq]

I too shop there, in fact I'm an EM. I still don't have the Citi COSTCO CC. I can use any one of my other Visa CCs in-store and my Discover CC for online purchases. Sure, I'm losing out on .5%, but it's just not worth it for me in this instance. But to each his own. Good luck on your rebuilding endeavors and if you decide to app. 

[Anonymous]

I have crossed Citi off my list for anytime soon since I'm only about 2 years post BK7, but I'm also an avid Costco shopper and it's a card I hope to have some day.

For kicks and giggles I went to the pre qual page and put my info in... at the top in big bold letters it says something like "we couldn't match you to a pre qualified offer, but see these other 4 cards you might like" 

The Costco anywhere is by itself at the top with a single APR of 16.24% - I think thats what it said.  Then below that are 4 more cards with ranges... So to investigate some more I went straight to the Citi cc page to look at all of them and the Costco is listed there as well @ the same APR so.... I'm not sure how solid it is, unless it actually said "congrats you are pre-qualified for the Citi Costco card".

Best of luck if you decide to apply and let us know how it goes.

[Anonymous]

I say App.  Citi only gives you a single hard pull.  Also if you are showing  a pre-qualify that is great.  I have never had anything showing as pre-qualify but I apped last month and they gave me a card with a 11,500 dollar limit. Our profiles are quite different but if you get turned down no big deal. Apply again later.