Vattené wrote:When are you planning on financing the RV? My opinion* is to get that in order before worrying about credit card rewards. It is a good offer, but your credit is on the borderline of what is generally required to get the best financing terms. It would be a shame to get stuck with a higher interest rate on such a major purchase just because of a new card, from which your score would rebound relatively soon anyway.
*contingent on if you want to finance soon, as in a few months; if you're just starting to seriously consider this and it might not be for 6 months that changes things.
I think this is good advice. My credit should be in the 800s somewhere, but the one derog from Wells Fargo drags it down probably at least 50 points. I'm at 748 TU (don't know for Experian/Equifax; they were at 761 and 766 respectively last month when I did my mortgage refi.) The strictest mortgage lenders seem to use 760 as a cutoff; 750, 740 and 720 are also commonly used.
The mortgage refi was by far my biggest priority. That, fortunately, went well; I now have a 15-year mortgage at 2.5% and I'm on track to pay it off in 12 years.
With the mortgage refi behind me, I felt comfortable applying for the CSP. I was approved instantly, but the HP seems to have dropped TU from 761 to 748, although closing another Chase card (United MP Explorer) may have contributed as well. I'm keeping utilization ~1-2%, as I know dropping it to zero will have a negative impact; but I PIF every month. Hoping the credit score will jump back up to the 760s in the next few months.
Timeline for the RV purchase is sometime between May and July. It's not just a matter of picking the ideal time to apply; I also need to find the right RV. Given the size of the investment, I'm being VERY picky. But within 90 days is likely. If I don't find the right RV or can't get financing on favorable terms, I might wait another year, but I'd also like to take advantage of currently low fuel prices. (I'm looking at class A diesel pushers; 7-10 mpg is not bad for a vehicle that size, but it means a jump in fuel prices makes a big difference.)
Thanks for the advice, Vattené. I'm going to take it.