citi app questions: timing/which one

[Cdnewmanpac]

We are planning big basement remodel this summer and new baby this fall (two are related). At our age (both home's and mine/wife's), these things can both come with unexpected expenses. I would like to have one of the citi 18 mos 0 apr cards as an emergency fund, should something unexpected happen that takes a few months to pay off. However, with my credit (details below), I'm more likely to get a citi forward or student, which has only 7 mos 0 apr. I planned to apply this month, but wanted to ask the forum the following questions:

1.Should I apply now or wait until closer to actual project/delivery dates?
2.Should I apply for the simplicity (or whichever 18 mo card you guys think is easiest) or the forward (then try the simplicity after citi gets to know me with forward)? According to @askciti, each will be its own inquiry, even if on same day.

Original plan: allow 1 card to post a balance between 1-9% of total util this month, wait for mortgage inq from 3/18/11 to be >1 year on the 20th, wait for 1st prem to post as closed, then app.

Flaw in plan: I'm an AU on 1 of wife's cards. It just posted a balance for March of $284. This is less than 1% of my total available cl. Am I better off letting a 2nd card post balance, accepting score with 0% util (they all round down, it seems from past experiences) or try again in April?

Why now: If I get accepted, but with a low CL, I have time to try to get a CLI in 6 mos. If I get rejected, I will know why and it is possible I could fix reasons in 6 months. If I wait and get rejected, window is closed.

Background:
Scores: EX: plus 699, Cred Sesame 656, no fico avail. EQ: myFico 682, lender pull 685, plus 745. TU: 665 myFico (2/12), CK 679, Plus 718, Vantage 824.

Inq: EX: 3 total, newest 12/11, oldest 3/11. EQ: 3 total, newest 1/12, oldest 3/11. TU: 2 total, newest 12/11, oldest 3/11.

Badness: 3 Cos from 2006, 2 paid off to Cas, 1 paid off to original issuer. 1 paid collection (r/t previously listed co), deleted from EQ, still on EX and TU, paid 1/11 on 6/06 co. 1 perkins loan that went to collections, but was paid in full 7/2010, reports on EX only.

Goodness:
Open cards: Wells AU, opened 2004, 284/16600, no bad. Cap1 no hassle, opened 12/11, 0/750, no bad. Chase SW RR visa sig, opened 1/12, 0/5000, no bad. USAA World MC, opened 2/12, 0/7000, no bad.
Closed cards: Wells secured, open 1/11, close 2/12, no bad. 1st Prem, open 7/10, closed 2/12 (still not reporting), no bad.
Current mortgage: funded 4/11, no bad, prime lender
Old mortgages: funded 05, pif 08, no bad, subprime lender
Old car loan: funded 03, paid off 07, no bad
Student loans: oldest 2000, newest 2012, all in deferral due to grad school, no lates reported
Income: >100k, though not by huge amount
DTI: 25-28% depending on model

I know this is long, but wanted to be thorough. Please respond and don't let this post die unheralded, as most of mine seem to. I could really use some help.

[LS2982]

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@Cdnewmanpac wrote:

We are planning big basement remodel this summer and new baby this fall (two are related). At our age (both home's and mine/wife's), these things can both come with unexpected expenses. I would like to have one of the citi 18 mos 0 apr cards as an emergency fund, should something unexpected happen that takes a few months to pay off. However, with my credit (details below), I'm more likely to get a citi forward or student, which has only 7 mos 0 apr. I planned to apply this month, but wanted to ask the forum the following questions:

1.Should I apply now or wait until closer to actual project/delivery dates?
@2.Should I apply for the simplicity (or whichever 18 mo card you guys think is easiest) or the forward (then try the simplicity after citi gets to know me with forward)? According to @askciti, each will be its own inquiry, even if on same day.

Original plan: allow 1 card to post a balance between 1-9% of total util this month, wait for mortgage inq from 3/18/11 to be >1 year on the 20th, wait for 1st prem to post as closed, then app.

Flaw in plan: I'm an AU on 1 of wife's cards. It just posted a balance for March of $284. This is less than 1% of my total available cl. Am I better off letting a 2nd card post balance, accepting score with 0% util (they all round down, it seems from past experiences) or try again in April?

Why now: If I get accepted, but with a low CL, I have time to try to get a CLI in 6 mos. If I get rejected, I will know why and it is possible I could fix reasons in 6 months. If I wait and get rejected, window is closed.

Background:
Scores: EX: plus 699, Cred Sesame 656, no fico avail. EQ: myFico 682, lender pull 685, plus 745. TU: 665 myFico (2/12), CK 679, Plus 718, Vantage 824.

Inq: EX: 3 total, newest 12/11, oldest 3/11. EQ: 3 total, newest 1/12, oldest 3/11. TU: 2 total, newest 12/11, oldest 3/11.

Badness: 3 Cos from 2006, 2 paid off to Cas, 1 paid off to original issuer. 1 paid collection (r/t previously listed co), deleted from EQ, still on EX and TU, paid 1/11 on 6/06 co. 1 perkins loan that went to collections, but was paid in full 7/2010, reports on EX only.

Goodness:
Open cards: Wells AU, opened 2004, 284/16600, no bad. Cap1 no hassle, opened 12/11, 0/750, no bad. Chase SW RR visa sig, opened 1/12, 0/5000, no bad. USAA World MC, opened 2/12, 0/7000, no bad.
Closed cards: Wells secured, open 1/11, close 2/12, no bad. 1st Prem, open 7/10, closed 2/12 (still not reporting), no bad.
Current mortgage: funded 4/11, no bad, prime lender
Old mortgages: funded 05, pif 08, no bad, subprime lender
Old car loan: funded 03, paid off 07, no bad
Student loans: oldest 2000, newest 2012, all in deferral due to grad school, no lates reported
Income: >100k, though not by huge amount
DTI: 25-28% depending on model

I know this is long, but wanted to be thorough. Please respond and don't let this post die unheralded, as most of mine seem to. I could really use some help.

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I'd wait it out until maybe a month before the plans and go for the Simplicity but keep an eye out on the promos to make sure you are getting the 0% APR deal still.

[improvingmycredit]

+1. Congrats on your new family addition! YAY!
You've got some great cards there already. Problem seems to be your CO's and AAoA. Applying now for a new account will only reduce your AAoA further. I know this is a stupid question, but have you tried calling the CO act holders to GW their removal? Worth a try if you haven't. My recommendation is to app for the Simplicity or the Diamond Preferred. Both have the 0% for 18 mo. They sometimes run a special 21 mo deal so be on the look out for that. Also- check out "nerd wallet". Great site to compare CCs. Good Luck!!

[Cdnewmanpac]

My aaoa is either 6y 4m or 5y 10m, depending on cra student loan reporting. One card now should only reduce a few months. I've tried gw without success (hsbc, cap 1). Don't expect anything to fall off until july 2013.

[Cdnewmanpac]

Bumping in the hopes that a few more people will weigh in before it sinks under the weight of endless amex discussions. Please give input. I post a lot to this forum and could really use help on this. Thanks

[Open123]

If it were me, I'd apply immediately, based on what you've shared above.

I'd apply for the Citi Simplicity now, since it has the longest 0% rate, at either 18 or 21 months, depending on your offer.  If you get rejected, at least you could use the rejection for a free report (if you don't already have it), and fix whatever is wrong before apping again.  If you get approved, in 6 months you'll likely get a CLI for your project.

Then, in 6 months, before your project begins, I'd app for another card.  Either another 0% + rewards, or something like Lowe's which will give you 21 months interest free financing.

As to leaving balances open or not, I don't think it's a huge deal.  In my view, so long as you keep utility to under 20%, you should be ok.  If you'd like to maximize your scores, the way to do it is just to have one report, while the other reports 0.  Again, I'm not sure if the efforts are worth the incrementally higher score.

I'm a firm believer in having things in place before the moment arrives.  Difficult things can only be accomplished while they're still easy.  The last thing you want is to have the project date approaching, and having the pressure build to get approved.  

[clocktick]

I would wait until you "need" it.  The 21 months is a sweet deal and seems longer than I had imagined.  If you don't "need" it yet, I would wait.