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Im wondering how far into your rebuilding process you waited before applying for better cards? I was thinking I'll be in even better shape in three months but the score simulator suggest I will get dinged if I apply for anything before four months. I currently have 2 bank cards and a store card and I hoping to obtain a travel card before the summer arrives.
I would wait until scores are improved more.
Impossible to say without knowing some more data points:
With that data we can forecast if you'll have any major or huge FICO jumps happening as your profile ages.
@Anonymous wrote:Impossible to say without knowing some more data points:
- How many INQs newer than 12 months? 3 EQ (2 come off in May) 1 TU, 2 EX
- Any accounts newer than 6 months or 3 months? 3 cards that are three months old
- AAoA? 9.5 years
- Any open installment loans? 1 open installment loan
With that data we can forecast if you'll have any major or huge FICO jumps happening as your profile ages.
I'd wait on new apps until May. Getting outside the 6 month new account penalty may help some. AAoA is crazy high so that's not going to get better.
How's your aggregate utilization right now and do you have any individual cards reporting more than 28% utilization? If so, get all those down.
It is clearly a two-edged sword.
Getting new revolving as early as possible then establishes an open date that begins building of the age of the account, which helps scoring.
However, a lower score may lead to denials, and thus add inquiries without any new account.
It also may result, even if approved, of less desirable rates, credit limits, or other terms.
All things considered, I would opt to wait for improved scores, increasing the chances of approval and of obtaining more favorable terms.
However, its a personal decision......
Discover will report tomorrow or Saturday $0/$1000, Victoria Secret will report on the 9th $0/$350, Capital on will report on the 14th $6/$200.
I have been using the cards but faithfully sticking to the AZEO method.