TU/EQ Up Big From Last Month--Wait to Apply New Credit or Good to Go?

[charles23]

My Transunion is +127 points from last month to 764 now.

My Equifax is +54 points from last month to 764 now.

I have no derogatory remarks & no hard credit inquiries.

Going to pay down my utilization from current reported 14%.   

Then will I be good to go to apply for new credit or would it be better to have the higher credit score for more than one month since my scores were down last month? 

[Anonymous]

What's the source of your scores? Often when we see EQ and TU listed together with no mention of EX, that source is Credit Karma and the scores quoted are VantageScores. Those have essentially no bearing on approvals - lenders overwhelmingly use FICO scores which can vary dramatically.

[charles23]

Thank you for the education!  As you guessed my scores I posted in my last message were the Vantage scores from Credit Karma.

My Wells Fargo online banking is showing a 760 score for FICO Score 9 with Experian Data.  Thats up 82 points from last month.  

Do I need to wait for my score to stay high for a few months before applying for new credit or do the preceeding months' scores have no bearing?

Also, is the free Wells Fargo FICO score good enough to keep track of my credit for the purpose of applying for new credit or is it worth it to buy the fico score subcription?

[Horseshoez]

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@charles23 wrote:

Thank you for the education!  As you guessed my scores I posted in my last message were the Vantage scores from Credit Karma.

My Wells Fargo online banking is showing a 760 score for FICO Score 9.  Thats up 82 points from last month.  

Do I need to wait for my score to stay high for a few months before applying for new credit or do the preceeding months' scores have no bearing?

Also, is the free Wells Fargo FICO score good enough to keep track of my credit for the purpose of applying for new credit or is it worth it to buy the fico score subcription?

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I think what @Anonymous was suggesting is you need to get the full picture of your FICO scores, there are 28 individual scores by the way, just having FICO 9, while somewhat better than the "FAKO" scores from CreditKarma, doesn't really tell you much.

Just to kind of illustrate what we're trying to tell you, my three FICO 9 scores (not sure which one Wells Fargo provides) are 717, 701, and 755, my CreditKarma FAKO/Vantage scores are 716 and 718.  However, my FICO 8 scores are an entirely different matter, they are 696, 667, and 697, rather lower than FICO 9.  To muddy the waters even further, my all important FICO mortgage scores are 720, 724, and 739.

So, to answer your two questions, I would hang tight a little longer and get a better picture of your credit scores before going on an app spree, and yes, it would be strongly recommended for you to pay for a subscription to be able to access your FICO scores, myFICO and ExtraCredit! from credit.com are probably the two most popular.

[Anonymous]

@charles23 , there is a thread here on the forum that shows which scores are pulled by various lenders. It's broken down by lender, bureau, and score version. It's a huge help when you're planning to apply so you'll have a good idea which score will be pulled (no real guarantees as they can opt for any score they want, but certain pulls are known to be likely, such as EX FICO 8 by Amex for example). You can read that here (it's a good one to bookmark too, for future use):

https://ficoforums.myfico.com/t5/General-Credit-Topics/The-quot-Which-Banks-Pull-Which-Report-For-Ap...

If you want an easy snapshot of your FICO 8 scores, which many major banks use, a $1, seven day trial from www.creditchecktotal.com is the way to go. Just cancel after you have your scores or you'll be enrolled in a $30/month program after about a week. Your FICO 9 scores are more likely to be used by credit unions, although some banks such as FNBO are now using the FICO 9 versions (FNBO uses EX bank card 9, for example).

Are there particular cards you're looking at? If you care to share, along with your scores from the above link, we can help you gauge your odds of success. Please also include how many inquiries you have in the past 6/12/24 months, as some lenders are sensitive to this. And no, trended data hasn't yet taken hold so your score snapshot when you apply is what will matter - lenders won't see your score trend over the past two years, just what it is now.

[charles23]

Thank you guys for the excellent education and suggestions!

ImTheDevil -- I just signed up for the $1 7 day trial as you suggested.

***FICO 8 SCORES below***

My Experian is 760 with 14% utilization (but I am going to pay it down below 8% in a few days.)

3 Inquiries -- 10/17/20, 2/15/20, 12/11/19

2 accounts ever late -- 1 30 day late 7/2017 & 1 30 day late 3/2016

$83k credit limit

My Equifax is 753 with 14% utilization.

1 inquiry 12/18/19

2 accounts ever late -- 1 30 day late 7/2017, 1 30 day late 3/2016

$83k credit limit

My TransUnion is 757 with 8% utilization.

0 inquiries

One 30 day late 7/2017

$83k credit limit

My Discover Card credit limit is $31.8k

I have 3 Chase cards, credit limit total is $20k.  

Discover & Chase are my biggest lines of credit.

My goal is too get as much new credit (balance transfer preferred) as is reasonable.  I am preapproved for a Chase Sapphire Preferred with 100k sign up points bonus--that card is a no brainer, right?

Since my income is highly variable, I don't have good tax return income verification if they hit me with the proof of stated income tax form.

Going to pay down my utilization to below 8% very soon.  AFTER THE UTILIZATION SHOWS ON REPORTS AT BELOW 8% WHAT CREDIT CARD(S) COULD YOU RECOMMEND I APPLY FOR?

[charles23]

Hello, I want to apply for some new credit in about 30 days from now after my credit utilization gets updated from 14% to 5%.  

I am preapproved for a Chase Sapphire Preferrred with the 100k sign up bonus.  That is a no-brainer, right?

What cards would you gurus recommend me applying for?  Also, my income is highly variable.  My recent tax return doesn't show great income.  Are some creditors less apt to ask for income verification like IRS 4506-C on a new application?

*** CURRENT FICO 8 SCORES ***

My Experian is 760 with 14% utilization.  (Utilization will be about 5% when credit bureaus update in a few weeks)

3 Inquiries -- 10/17/20, 2/15/20, 12/11/19

2 accounts ever late -- 1 30 day late 7/2017 & 1 30 day late 3/2016

$83k credit limit

My Equifax is 753 with 14% utilization.

1 inquiry 12/18/19

2 accounts ever late -- 1 30 day late 7/2017, 1 30 day late 3/2016

$83k credit limit

My TransUnion is 757 with 8% utilization.

0 inquiries

One 30 day late 7/2017

$83k credit limit

My Discover Card credit limit is $31.8k

I have 3 Chase cards, credit limit total is $20k.  

Discover & the Chase total are my biggest lines of credit.

[difringe]

I guess my first question would be what is your purpose in obtaining the new credit trade lines?  If you have a trip planned, for example, there are a number of travel cards with good signup bonuses that members would recommend.  If you're planning to work on your abode, there are cards that would be suggested for that.  Generally speaking, the best cards are the cards that suit whatever purpose you have.

[charles23]

The purpose for the new credit for me is to have a bigger financial cushion as I develop my business further.  

[FinStar]

Are you looking for personal cards or business cards?  If the latter, please feel to review some of the current discussions and/or start a separate thread in the Business Credit section of the forums where those specific items can be addressed.