What should I do next??

[Anonymous]

That's a great idea with the small secured loan. I'll definitely look into doing that later on! Thanks so much for all the advice! I do have a question. Say I want to get a mortgage loan with penfed if they have better rates than my local cu. Is it better to already have a relationship with them, like a cc or does it not matter as long as I keep my scores 700 + range?

[Anonymous]

From what, I understandn't UW wise it should make a difference...

However, if you're already at least a member you'll probably get little heads up and 'come ons' to apply just like you're experiencing

with Cap-1.

Many vendors will target market within their own client base, especially relatively smaller vendors like PenFed...they''ll spend that

ad budget 'pitching' within their sphere of influence (their members) vs just willy nilly blasting just anybody, so I'd say it couldn't hurt to be

on their 'team' ...they just may send 'specials' when they are looking to ramp up loans of a certain type.

When I worked inside CU lending we'd do car refi periods where we hunted them down like rabid dogs then when it was over,

some of the same folks we would have bent over backwards klast month were NO's after the 'special period'...crazy stuff like that happes in lending.

Guidelines can be extended or tighten based upon the needs and desires of the bank/cu at ANY time.

I'm not with PenFed but I've got Navy FCU and USAA and when they 'send' an offer internal it's an offer...

I've seen ppl that had to give Cap-1 the entire $200 deposit to get a secured card, then NFCU sends an app invite and boom 10k CL ...now would the offer have come w/o at a membership...of course not....

(Now, I believe PenFed is a HP for membership...and I think you can use the HP for something like 30-90 days either way point being if it's a HP for mem ap for something so the HP isn't wasted just on a mem....LOC are very nice things to have that at a younger age I never 'got' why but now I know it's just another CC w/o the plastic that can be used like a check, great back pocket product...that will keep you out of payday loan vendors and pawn shops

[Pway]

Gemini101 you have given the op exceptional advice.  You have taken the time and throughly thought out your answers to each of the question the op has had.  Kudos to you.

[Anonymous]

Hmmmm. And see that was my thinking with maybe apping with them now. I read NASA is a sp for cc and membership if you wait for the membership approval. So that's why I was debating on if I should go with one of them now to help next year for my mortgage.

But I don't want opening a new card with them to bring my credit score down for too many new accounts.

[Anonymous]

I completely agree. He definitely has, im so appreciative for it!!

I will have to track him down and ask permission before I ever app again lol.

[Anonymous]

Thanks, that was cool of both of you....

AS for Nasa because they SP and will say NO w/o impact on credit...

I'm ok with you getting that mem cause remember as long as you chill out going forward

these recent apps will age out of importance together......a lot closer to the time you want the

app up for your mortgage.

Look I'm a solutions from WHERE we ARE POV person...if milk has been split the fllor is already wet

make the best from where one is standing RIGHT NOW!

(Would I advise differently had this or that not have been the case....who gives a flip ...where there is a will theres is

a way....we adjust)

I like NASA...they are full service

ckg/sav

IRA's

Money Markets/CD's

Personal/Car/LOC

Mortgages

cool as c rap Star Trek stuuf and I'm not even into all that space sci fi stuff but a sweet card is a sweet card

I know from past clients tax liens and such can be a issue with them...search around here for more info but I'm pretty sure it's SP and

nothing is recorded of pulled if it's a no....

They are one of the vendors I 'want' but can't justify having other than just 'want' as I have enough cards to maintain and plenty of room I don't use now.

So trust me the itch to just HAVE IT doesn''t completely go away ...heck I still like candy (that I'll get anyway though)

There are times, like THIS WEEK where I'd LIKE Disc to SP me a CLI like NFCU did but Disco wanted to HP ....I said nah I'll pass...Because I was only 'collecting' CLI's for 'sport' so why submit to a HP ...when they want to SP or auto CLI increase fine otherwise 'whateves'

Remember you'll be combo'ing the 2 Cap-1's ASAP anyway so unless you feel a NASA CC account would tempt you to overspend it's no biggie UNLESS 

your income would put you in a 'looks' over extended position but like I said you'll combo the Cap-1's by Fall...that's one account 2 Chase accounts a store card and a CU card not NUTS....either way your fine and who says you have get a NASA CC to begin with you'll get the ads with just a savings account I'm sure

[Anonymous]

Btw you're welcome to run any apping by me 1st if you want NP

[Chris679]

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@Anonymous wrote:
I love all the advice. Thank you! Cap 1 has been spamming me like crazy with pre approvals. Probably for at least a year. I'm not 100% sure I'll get a new car. I have a fairly decent one (2012). I just had a baby since getting it and it's a little small. But, not impossible. I may hold off until after I buy a house for that.

I see people with all this credit cards on here and was wondering if it was better to have more, as far as making your profile thicker? I just don't think that's for me. I don't want a spreadsheet to manage my cards. I definitely have regret about getting the QS and Target card. I wish I knew as much as I know now before I applied for them.

I had no idea I could just product change my platinum. So now I have to spread out use on all of these cards to keep them active and prevent CLDs. When I'd rather just use my CSP and freedom. Oh well, I combine the cap 1 and ditch the target in a year.

But thanks again. I knew I was probably getting crazy which is why I posted. My secret cry for help lol. Thanks for answering. Haha

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Remember that your credit cards should be tools that help you not the other way around.  If you don't have use for a card then just throw it in the sock drawer and don't use it.  I have cards from every major lender and most of them have gone up to two years without use with no problems.  If you have a card that you really don't want to lose then pull it out once a year or put a re-occuring bill on there and set it to auto PIF.  

As far as CLI go in my experience major use can help you with that but I have multiple cards that I never use and they still grant me CLI.

Don't jump through hoops for these credit card companies.  Use your cards in whatever way suits YOU but use them responsibly.  

[Anonymous]

Thank you guys for all your thoughtful and great advice. I'll definitely will be taking it.

I'll debate on the NASA and see where my scores stand in a couple of months.

[Anonymous]

because a mortgage is in your future, I would hold off on anything else. Ideally, you would be app free for two years, so you don't report any inqs or new accounts. However, one year is enough to get rid of the impact of inqs on your scores. It also gives your accounts a chance to age and bring up your AAoA, which is a score factor.

I would stay away from the loan especially and probably avoid the new car, unless it is an emergency. It seems to fall under "credit seeking behavior," which can give lenders pause and drive up your mortgage rates.