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?
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.