cancel
Showing results for 
Search instead for 
Did you mean: 

How long to wait before applying to CUs?

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
New Contributor

How long to wait before applying to CUs?

Just joined PenFed last night, and NFCU within the next day or two.  Joined SDFCU 4-6 weeks ago but haven't done anything with it.  How long to wait before applying for auto loan and PLOC?  


Starting: high 500s Current: high 600s Goal: 720 across the board by 4/17.
Trying to garden but so many good cards out there Smiley Very Happy
Message 1 of 7
6 REPLIES 6
Valued Contributor

Re: How long to wait before applying to CUs?

I apply for products the same day I open up my credit union accounts.

Barclay Reward MC 750|Cabela's 1k|Capital One QS1 3.4k|
|Sony Card 3.5k|
Message 2 of 7
Senior Contributor

Re: How long to wait before applying to CUs?

Most apply when they open , but it all depends on your scores and profile, if you have a shaky profile you may want to build the relationship first .
Message 3 of 7
New Contributor

Re: How long to wait before applying to CUs?

I didn't apply for any credit products when I opened SDFCU because at the time we were still assessing what our credit union needs are.  Didn't realize they were going to do a HP just to open a share account.  I guess since we took the hit, we might as well use it instead of taking another one later.  


Starting: high 500s Current: high 600s Goal: 720 across the board by 4/17.
Trying to garden but so many good cards out there Smiley Very Happy
Message 4 of 7
Senior Contributor

Re: How long to wait before applying to CUs?


@oldhand0810 wrote:

Just joined PenFed last night, and NFCU within the next day or two.  Joined SDFCU 4-6 weeks ago but haven't done anything with it.  How long to wait before applying for auto loan and PLOC?  


Based on what?  It's the same as it is with any creditor.  If your credit profile and income qualify then they qualify.  It's not about a set timeframe.  You can apply when you join if profile and income support it.  If not, then apply when they do.

 


@oldhand0810 wrote:

I didn't apply for any credit products when I opened SDFCU because at the time we were still assessing what our credit union needs are.  Didn't realize they were going to do a HP just to open a share account.


Why would you join if you didn't know what your needs were?  I mean, aside from possibly not being eligible to join in future.

 

While some SP for membership, HP's are not uncommon.  If you're going to assume then assume an HP.  However, prior threads here can be a useful resource for such info,

 


@oldhand0810 wrote:

I guess since we took the hit, we might as well use it instead of taking another one later.  


Apply based on your needs, not on HP.  An HP typically has little impact aside from those with thin profiles and/or issues but in such cases the effect of the HP is a symptom of bigger problems in the profile, not the cause.  Additionally, if you joined 4-6 weeks ago they may not use the same pull.

Message 5 of 7
New Contributor

Re: How long to wait before applying to CUs?


@takeshi74 wrote:

@oldhand0810 wrote:

Just joined PenFed last night, and NFCU within the next day or two.  Joined SDFCU 4-6 weeks ago but haven't done anything with it.  How long to wait before applying for auto loan and PLOC?  


Based on what?  It's the same as it is with any creditor.  If your credit profile and income qualify then they qualify.  It's not about a set timeframe.  You can apply when you join if profile and income support it.  If not, then apply when they do.  It seems reasonable to me that any CU might want to see a relationship first before handing out credit..  My question was, typically, how long a relationship.  

 


@oldhand0810 wrote:

I didn't apply for any credit products when I opened SDFCU because at the time we were still assessing what our credit union needs are.  Didn't realize they were going to do a HP just to open a share account.


Why would you join if you didn't know what your needs were?  I mean, aside from possibly not being eligible to join in future.  ??  I don't think I said we don't know what our needs are.  I said assessing, which, in our case, means considering factors like timing (hence my original question).  We hope that a CU can help speed things along.  In any case, my experience has been that a CU is always a good place to have a relationship.  YMMV. 

 

While some SP for membership, HP's are not uncommon.  If you're going to assume then assume an HP.  However, prior threads here can be a useful resource for such info,  Most of the info I found here re: SDFCU stated SP.  Apparently their policy changed at the first of the year.    


@oldhand0810 wrote:

I guess since we took the hit, we might as well use it instead of taking another one later.  


Apply based on your needs, not on HP.  An HP typically has little impact aside from those with thin profiles and/or issues but in such cases the effect of the HP is a symptom of bigger problems in the profile, not the cause.  Many of us are here because we are rebuilding after other problems.  Inquiry hits are small, but for some of us even a few points can be crucial.  Additionally, if you joined 4-6 weeks ago they may not use the same pull.  Actually, after checking dates, I found it's only been 20 days since I joined. I wasn't overly bothered by the initial HP for membership, but another HP this morning for my PLOC app seems unnecessary after less than three weeks.  

 


Starting: high 500s Current: high 600s Goal: 720 across the board by 4/17.
Trying to garden but so many good cards out there Smiley Very Happy
Message 6 of 7
Valued Contributor

Re: How long to wait before applying to CUs?


@oldhand0810 wrote:

@takeshi74 wrote:

@oldhand0810 wrote:

Just joined PenFed last night, and NFCU within the next day or two.  Joined SDFCU 4-6 weeks ago but haven't done anything with it.  How long to wait before applying for auto loan and PLOC?  


Based on what?  It's the same as it is with any creditor.  If your credit profile and income qualify then they qualify.  It's not about a set timeframe.  You can apply when you join if profile and income support it.  If not, then apply when they do.  It seems reasonable to me that any CU might want to see a relationship first before handing out credit..  My question was, typically, how long a relationship.  

 


@oldhand0810 wrote:

I didn't apply for any credit products when I opened SDFCU because at the time we were still assessing what our credit union needs are.  Didn't realize they were going to do a HP just to open a share account.


Why would you join if you didn't know what your needs were?  I mean, aside from possibly not being eligible to join in future.  ??  I don't think I said we don't know what our needs are.  I said assessing, which, in our case, means considering factors like timing (hence my original question).  We hope that a CU can help speed things along.  In any case, my experience has been that a CU is always a good place to have a relationship.  YMMV. 

 

While some SP for membership, HP's are not uncommon.  If you're going to assume then assume an HP.  However, prior threads here can be a useful resource for such info,  Most of the info I found here re: SDFCU stated SP.  Apparently their policy changed at the first of the year.    


@oldhand0810 wrote:

I guess since we took the hit, we might as well use it instead of taking another one later.  


Apply based on your needs, not on HP.  An HP typically has little impact aside from those with thin profiles and/or issues but in such cases the effect of the HP is a symptom of bigger problems in the profile, not the cause.  Many of us are here because we are rebuilding after other problems.  Inquiry hits are small, but for some of us even a few points can be crucial.  Additionally, if you joined 4-6 weeks ago they may not use the same pull.  Actually, after checking dates, I found it's only been 20 days since I joined. I wasn't overly bothered by the initial HP for membership, but another HP this morning for my PLOC app seems unnecessary after less than three weeks.  

 


Takeshi, Takeshi, Takeshi...

I think you need a stiff drink!

 

"It's not just about" lecturing and giving out advice, it's Also about the human aspect. In this case the O.P. is interested in building relationships with CU's. 


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.