14 replies to this topic

[muss08]

Need some help on what I should do next or nothing at all. Here's what I have:

Joined NFCU, Alliant and DCU in April 2012.

Macys Red Card 3/2007 $0/$100 two 30 day lates 12/2010 and 09/2010 - working on getting these removed and thinking of closing
Sears 5/2001 $0/$2700 ONE 30 day late 10/2010
Bank of America 12/2000 $0/$1000
CapOne 04/2011 $0/$2000
CapOne LOC 5/2009 $0/$500
CITI 5/2005 $0/$25000 i'm an authorized user on this card
WalMart 04/2012 $0/$700
HSBC 06/2007 $0/$900
NFCU Cash Rewards 04/2012 $3500/$10000
Target 11/2008 $0/$1000
USAA Amex 08/1992 $0/$12000 i'm an authorized user on this card
USAA Amex 04/2012 $0/$3000
USAA 02/2008 $2300/$25000 im an authorized user on this card
Discover More 04/2012 $0/$2000
AMEX Zync (just approved a few days ago)
AMEX Blue Preferred (just approved a few days ago)

Now the three AU cards I'm on seem to count towards my FICO scores even though the new models aren't supposed to count them. All of my FICO scores went up after they were added (DCU Equifax and WalMart TU). Just got my Experian score from my AMEX approvals. My current scores are in my signature. I have 3 inquiries on Experian (1 over a year old) and 0 on TU and Equifax. I have a 30 day late on two closed accounts which will fall off this september. What would you guys suggest? Ask for any CLIs, closures, etc? Any new CUs? Thanks!

[BobWang]

You've already got a lot of cards, now it's time to plan long term.

I would try joining PenFed, just shares & checking, no credit cards.

Chase would be on my list after you take a breather.

[BDK]

^

[muss08]

Thank you both. Do you think I should close any of the cards listed? Obviously the HSBC card is now CapOne so that is two CapOne cards I have. The HSBC was a direct rewards platinum and the other is just a generic Visa.

Do you think its safe to join PenFed now? Will they be worried about all the new cards or the Chex inquiries from DCU and Alliant?

Edited by muss08, 02 June 2012 - 06:39 AM.

[BobWang]

Just keep old lines unless they have an annual fee.

When you hit 30 cards, you can start pruning.

PenFed won't like all the activity, but the earlier you get in, the sooner you get pre-approvals.

[muss08]

Okay. Discover and the 2 AMEX cards have yet to post to my CR. Should i apply to PenFed before they do? Do you think I'll get approved based on my scores, inquiries and 30 day lates?

Edited by muss08, 02 June 2012 - 10:09 AM.

[BobWang]

Apply ONLY for PenFed membership, just the share account.

Now that I think about it, don't apply for checking.

The worst that happens is they deny you for membership with Equifax & Chex inquiries.

[BDK]

Okay. Discover and the 2 AMEX cards have yet to post to my CR. Should i apply to PenFed before they do? Do you think I'll get approved based on my scores, inquiries and 30 day lates?

Well, right now you do have the 2 (USAA, NFCU) brand new accounts from 4/12 reporting, but showing 0 EQ inqs. If you didn't have any lates reporting, I'd think you stand a good chance of PenFed CC approval. You still might anyways, IDK.

Personally, based on my experience, I'd WAIT to even app for share savings until lates are not reporting anymore. PenFed likes a clean file, and if you open an account now, they'll see those lates. Clean file, and no new accounts within 1 year.

I pulled the trigger with PenFed way too soon, and been waiting for almost 2 years now with NO SIGN of any pre-approvals.

[BDK]

Apply ONLY for PenFed membership, just the share account.

Now that I think about it, don't apply for checking.

The worst that happens is they deny you for membership with Equifax & Chex inquiries.

Or, approve for membership but never get pre-approvals. Muss doesn't have any EQ inqs...

[BobWang]

I pulled the trigger with PenFed way too soon, and been waiting for almost 2 years now with NO SIGN of any pre-approvals.

Good point, I forgot that PenFed also has 2nd class members.

[BDK]

I pulled the trigger with PenFed way too soon, and been waiting for almost 2 years now with NO SIGN of any pre-approvals.

Good point, I forgot that PenFed also has 2nd class members.

[muss08]

I pulled the trigger with PenFed way too soon, and been waiting for almost 2 years now with NO SIGN of any pre-approvals.

Good point, I forgot that PenFed also has 2nd class members.

Thanks guys! I think I'll wait until I'm able to get all the lates removed from my CR. Bob how long should I wait to go for Chase?

[BobWang]

Chase is Experian in my state, so I would wait for a pre-approval from them.

[muss08]

I'm opted out. Does that keep me from getting pre-approvals? Should I opt back in?

Also what are your thoughts on the SallieMae 5% cash back card? I was denied last month at the same time I got my first AMEX denials. My TU score is now 60+ points higher than it was then. Or should I just continue to wait?

Edited by muss08, 02 June 2012 - 12:56 PM.

[BobWang]

Opt back in, you're missing out on offers.

I don't know much about the Sallie Mae card, if you've already been denied once, I'd wait at least 3 months.