To app or not to app?

[Anonymous]

I'm eligible to join Delta Community CU through my employer, and I have had their Visa on my wishlist for some time.  Nothing special about this card on first glance, except that it provides primary coverage on rental cars, as opposed to the secondary coverage provided by most Visa / MC cards.  I rent a car 3-4 times a year so this would really come in handy for me.  Also, the platinum version has a 9.8 APR fixed. I also like the idea of getting in good with a CU for the possiblity of other loan products in the future.

When I pulled my scores this morning I was pleasantly surprised to see that my EQ is now 711.

I want to app for this card, but I have 6 new accounts in the last year, including Juniper and Amex, who are well known for AA for new accounts.  I'm afraid that one more new account may be the straw that breaks the camel's back with those two.

OK, so I know I should wait until next fall or so, after my new accounts have aged a bit.  But the problem with that is I'm not sure how much of my 711 EQ score is due to my AU status on a couple of cards with perfect 9 year history.  I'm worried that FICO08 is going to do a number on me, and I would kind of like to get this card while the gettin's good.

What to do?....What to do?

ETA: Actually I do know how much the AU account is helping.  It's a lot.  See my sig.

Message Edited by cheddar on 12-01-2007 10:46 AM

[SonorityGenius]

I would say to go ahead and get it - its on your wishlist, and the perks seem worthwhile.

I dont think Amex would take AA based on 7 new accounts in a YEAR (as opposed to a month as some people doing AORs) thus you will be fine (considering if you PIF, amex LOVES that)

APR increases wont affect you if you PIF anyway.

So go apply, and build a valuable relationship with Delta CU!! (I think they may be getting Deposit@home service!!)

[Anonymous]

I see no reason why you shouldn't.  I expect tha you CL with the CU will be greater than Junny and Junny is too fickled anyway.  If you get a good line stick Junny with the socks.  JMHO!!

[Anonymous]

Thanks to both of you, Brammy and Sonority, for the input.

You're right, Brammy, I'm not worried much about the possibility of losing Juniper if it meant I could get in with Delta CCU.  I would be concerned about losing my Amex though.  I know people have mixed feelings about all their quirks, but they are one lender I hope to cultivate a relationship with for many years to come.

I think what I've decided to do is get at least my first CLI with Amex, which I was planning on in January, then give it a couple of months to simmer and apply for the Delta CU in March or so.

As long as FICO08 doesn't hit EQ by then, I think I should be OK with this plan.

[Anonymous]

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SonorityGenius wrote:

(considering if you PIF, amex LOVES that)

Just had to add that I heard this straight from an Amex CSR a couple of days ago.  I was concerned that when I checked the status of my card online it said that my charges would not be approved until I called customer service.

When I called them they couldn't find anything wrong with my account.  I told the CSR that I really hoped I hadn't done anything wrong to cause this because I had been working really hard to build my credit the last several months and I was thrilled when I was approved for my Amex card.

She laughed and said "No, no, no, don't worry.  As long as you always pay your balance in full by the due date.....actually.....before the due date, American Express will reward you well for the next 20 to 30 years or more."

I did make note of the fact that she said "pay your balance in full".

She did not say "make your minimum payments".

The "before the due date" point seemed to be important as well.

Message Edited by cheddar on 12-01-2007 11:35 PM

[Anonymous]

Not sure abut that Cheddar, had another friend that was PIF'ing evry month and started using his Amex for all purchases. Reslted in a sharp increase in the amount of money he was cycling through his card every month.  Even though he was still PIF'ing....F/R

[Anonymous]

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Brammy wrote:

Not sure abut that Cheddar, had another friend that was PIF'ing evry month and started using his Amex for all purchases. Reslted in a sharp increase in the amount of money he was cycling through his card every month.  Even though he was still PIF'ing....F/R

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Dang! That's a new one! However, again, if you look at it objectively- it is "out of habit" at least- that individual's out of habit behavior...really beginning to see that this is the key to being pulled for a FR.

[Anonymous]

With Amex, or any othe lender, always have a backup or two.

[SonorityGenius]

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netpanther wrote:

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Brammy wrote:

Not sure abut that Cheddar, had another friend that was PIF'ing evry month and started using his Amex for all purchases. Reslted in a sharp increase in the amount of money he was cycling through his card every month.  Even though he was still PIF'ing....F/R

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Dang! That's a new one! However, again, if you look at it objectively- it is "out of habit" at least- that individual's out of habit behavior...really beginning to see that this is the key to being pulled for a FR.

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Yes but remember we are solely going on about Amex internal history preference is PIF.

That person may have PIFed on Amex each month; but what about his other ccs? Amex has so many alerts in place and practices universal default religously.

[Anonymous]

Was maintaing statusquo on all accounts.  It was just the upswing in the amount he was running through THEM that made them hinky about the ability to repay.  Sucks to make a card your preferred card then get F/Rd for it.

Maybe I should add that these were not small amounts...lol!

Message Edited by Brammy on 12-02-2007 04:34 PM