So....when can I apply for the next one :) ?

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Jooxi
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So....when can I apply for the next one :) ?

Postby Jooxi » Thu Jul 12, 2012 1:58 pm

Thanks to the valiant advice rendered on this form, I applied for the Citi Forward and got approved!

Naturally, this is leading me to ask, when can I apply for another card? :) I pay in full each month, but would like other cards in the future for the rewards. I don't need one now, but would like to know when I should start to look to apply again. How many months should I wait?

My Info: 720 by Experian and Transunion, 750 by Equifax - (all probably slightly lower now due to Citi Forward inquiry)

Cards: 1 Capitol one from November 2011 $275 limit, 1 Citi Forward July 2012 $3,500 limit

Loans: 1 Auto loan from March 2012, good standing


What do you guys think?

And, I do hope soon to be able to answer other's questions, and not just ask!


Jooxi
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Postby Jooxi » Thu Jul 12, 2012 2:05 pm

I forgot to mention my inquiries:

I have 6 total:

3 for the auto loan, all within 2 weeks of each other, from March 2012

1 for the Forward July 2012

1 Capitol One November 2011

1 some other card July 2011

MemberSince99
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Postby MemberSince99 » Thu Jul 12, 2012 2:32 pm

If you want another card, you don't HAVE to wait, you should be able to get a good card now.
And you only have 5 inqs now 3 of which are for the auto loan which you can easily explain on recon though I doubt it would be any issue. Amex charge is possible, with say Zync, might not be a bad idea to get that, then garden till January then go for an Amex revolver, Chase, or Discover (or all of them if they fit your needs).

I think that's reasonable plan of attack.

Jooxi
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Postby Jooxi » Thu Jul 12, 2012 3:15 pm

I'll tell you the cards I'd like to get at some point:

Chase Freedom
Amex Blue Cash
Amex Gold (possibly, not sure)

The Zync doesn't have enough benefits for me, to offset the annual fee right now - especially if it's true that they won't upgrade you to a higher card in the future.

My questions is basically 2 pronged:

1. Would 6 current inquires make it hard to get any other card now? Would it be better to wait?

2. I may, within the next year or 2, apply for a mortgage. Should I hold off on new cards, or rather, get them now so in 2 years the inquires are gone?

I appreciate the advice!

MemberSince99
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Postby MemberSince99 » Thu Jul 12, 2012 3:26 pm

Are your scores true FICOs or FAKOs? I'm guessing FAKOs your FICOS could be different.

Citi pulls EX or at least they did for me, so if they did for you the other two wouldn't be affected.

If you had 6 current inquiries on the same CR it might be but you probably don't and as I told you, 3 are auto and you can explain that if a recon is necessary and all of them understand that.

If you're going for a mortgage in a year apply now and don't apply for anything else until then. Two years is farther out, but for sure don't app for anything within a year of going for that mortgage.

You can probably safely app now. But it's really up to you.

Amex Blue is harder to get than the Gold - their revolvers are harder to get than their charge cards. You may be declined for Blue if you app for it now. Gold is possible. I would get that first then if you are sure you are going to wait 2 years for a mortgage app for Blue in 6 months. You should be able to get it then.

Chase you can also go for now.

You could apply first for Chase then Amex. Chase tends to pull TU and Amex EX. I'd wait on the Blue as I mentioned. Good luck to you.

Jooxi
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Postby Jooxi » Thu Jul 12, 2012 9:07 pm

I don't know what the scores are, but likely not FICO - I got them all from Experian.

You are right that not every inquiry is on every report. But they mostly all seem to be on at least 2 of the reports.

I raelly, really appreciate your advice! I may apply ofr the freedom really soon, or just hold off for now. Thanks again!

bmw1990Z
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Postby bmw1990Z » Thu Jul 12, 2012 9:55 pm

I have the forward too, great card. To be honest, I would suggest letting your accounts age. You have an auto loan, a good line of credit and a lot of inquiries. Yes, your scores are good for other cards, but you do not need more.
Cards in my wallet:
-Citi Forward Card for College Students-July 2011
-American Express Platinum Delta Skymiles--July 2013

MemberSince99
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Postby MemberSince99 » Thu Jul 12, 2012 10:33 pm

A LOT of inquiries? He has 3 for his auto loan, and 1 that is this month and one from 8 months ago which most lenders don't give much weight to, that's one recent inquiry, is that a LOT? Seriously? Cause if that's a LOT then mine is like the national debt.

For that matter no one NEEDS a credit card - every one of us could live without them. If a certain card fits his needs and he wants it, I see no harm in going for it, with enough cushion between that and a mortgage of course.

Personally I would say the sooner you get an Amex charge if that's what you desire the sooner your backdating starts when you go for more. You're in a good position, but the call is up to you. Just don't be terrified of an inquiry like it's the bubonic plague - Amex approved me for 3 cards in less than a month with WAY more inquiries than you are dreaming of.

Jooxi
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Postby Jooxi » Tue Jul 17, 2012 12:06 pm

I was giving my situation some thought and was wondering if you guys could answer me something:

Would getting another card now improve my credit more over time? Ignoring inquires, and any future home loans, does what I have now justify getting another card to improve my credit? Or would it be enough to keep what I have now to build good credit?

To recap, I have:

1. Citi Forward $3,500 CL
2. Cap One $275 CL (it pains me to write that)
3. Auto Loan with about $10,000 more to go



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