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To apply or not to apply


To apply or not to apply

My fiance is considering applying for a Citi Forward card to compliment my array of rewards cards. The problem is she we are going to be buying her a new car in Febuary and I'm not sure how the new account will look to PenFed (Or my backups) when they get our car loan application. I will most likely be cosigning as I have a lot longer credit history and a mid 700's EQ. Any advice?


She currently has two cards, a bank visa and an amex bcp. BCP is at 70% but we pay it off every month. Her total credit is currently only $4,000 split between the two cards. The amex she has had since September and the other card since last year. Her EQ fico is around 680.


So would the new account look bad? Would that be overridden by the extra available credit? Or would the AAoA trump both of them?

Message 1 of 4
Established Contributor

Re: To apply or not to apply

Well it depends on how thick the rest of file is. But to be safe I would just wait. I mean it is 2-3 months away. A Forward card would not earn that much cash back compared to getting the best rate on an auto loan.
Amex BCP/BC/Zync - Amex Business GR - Barclays NFL Visa Sig 49ers/Arrival - BoA BBR - Cap 1 Quicksilver - Citi Forward/Preferred - Chase Amazon/Freedom/Ink Plus - Discover IT - Fidelity Amex - GECRB Amazon/Walmart - PenFed PRV - Target - USAA Amex - US Bank CASH+/Club Carlson
Message 2 of 4
Moderator Emeritus

Re: To apply or not to apply

My advice would be to pay off/down Amex before the statement cuts.  Go for the Car loan BEFORE your fiance goes for Citi Forward.


She may also ask for a CLI that is 3x her current limit with Amex once she is at 0 balance.  With her usage and payment pattern, they should have no issues with increasing her limit.


For example, if her current limit on the Amex is 2k,  she should call in and ask for 6k.


After the car loan is done, she can apply for Citi Forward or whatever other card she might want.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
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Message 3 of 4

Re: To apply or not to apply

Thanks. Wanted someone to tell me what I already knew Smiley Happy


Now to get an auto loan with PenFed then piggy back into a CC...

Message 4 of 4