Best ways to pull credit for this period...

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Best ways to pull credit for this period...

Postby kelvSYC » Tue Mar 18, 2014 9:56 pm

I'm always of the impression that you have a number of hard credit inquiries for a given period (a year, say), before it snowballs into a bad situation. Well, I'm about to move out of Seattle to a new place, and there's time for me to think about these things. Specifically, I'm seeking advice on a few things given the following facts:

* Discover is reporting that my scores with TransUnion are in the 710s. Credit Karma's FAKOs score me in the 750s.
* I've been bombarded by Chase with offers to sign up for the Slate and Freedom. The Freedom is, of course, the premier intriguing card that it is, and the Slate doesn't do anything for me since I find little value in BTs (IIRC, two, if not three, of my cards are still in their 0% BT promotional periods... not that I ever BT)
* I don't have a car, and where I'm moving, car culture is pretty entrenched.
* It's also a home buyer's market where I'm moving. So while I'm renting, maybe I should buy. This I can probably defer; to save up for a down payment is quite the job as it is for me.
* I have never had an installment loan either in Canada or the US. (Going through university debt-free is good for you, but bad for trying to talk to a banker, apparently)
* Because I'm going to be renting for the next while, I'm going to get pulled for the apartment rental, and probably going to get pulled for things like utilities and such. So I'm not going to get the best rates on anything.

So, in the opinion of this forum, what do you think is the best course of action? Should I try to find a car loan financier? Go for a home loan? Take the Freedom offer? Or hold everything because getting pulled for renting an apartment is going to make me unpalatable to all three?
Current Credit Scores:
Experian - 655 (3-3-13, FICO from lender)
Equifax - 726 (3-21-13, FICO from lender), 677 (6-16-13, FICO ScorePower Report)
TransUnion - 722 (10-10-14, FICO from Discover statement)
Equifax Canada - 810 (6-16-13, FICO ScorePower Report)
TransUnion Canada - 812 (6-16-13, TransRisk Report)

Current Credit Cards:
RBC Rewards Gold Visa - $5500 CAD
Bank of America Cash Rewards - $9500 USD
Capital One PlayStation - $2750 USD
American Express Blue Cash Everyday - $4000 USD
Discover It - $5500 USD

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Postby linuxmachine » Wed Mar 19, 2014 12:07 am

Wait till you settle down. What's the rush? Typically when I move I end up signing for a promo for a store card. Then let it close on its own after a couple years

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Postby takeshi » Wed Mar 19, 2014 8:44 am

You don't need our opinions. You need to determine your priorities and act accordingly. The general advice for home buyers is no new credit in the 6 months prior to purchase but you need to confirm specifically what your mortgage lender is looking for. Similarly if you want the best auto terms then you probably want to handle the auto purchase before you start apping for cards.

kelvSYC wrote:I've been bombarded by Chase with offers to sign up for the Slate and Freedom.

Offers shouldn't matter. Don't just apply because you're receiving offers.

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