wayman
Engineer
I don't have the AGR credit card yet, but I'd like to get one. Thing is, I don't know much about credit scores/histories and wanted to see if anyone here has a clue about whether I might be better off waiting a while before applying as opposed to applying now. So what follows isn't exactly on-point for AGR discussion, but I'm hoping someone might still have advice.
I have one Mastercard (11 months old), one store charge card (5 months old), and one store charge card (3 years old); additionally, my bank apparently ran a credit check on me five months ago when I opened a new checking account with them. I got this information from Equifax just now (free annual credit report). I paid extra to get the credit score, and it's not bad, but not great either (695). Factors in my favor: perfect payment-in-full history on all three cards. Factors apparently lowering my score: short age of accounts; number of inquiries in past twelve months; most recent account opening is "very recent".
Obviously, waiting until January to apply would knock the Mastercard over the one-year-old point (reducing "inquiries in past year" from three to two) and the most-recent store card over the six-month-old point (maybe six months is the dividing line between "very recent" and not?). That might make my application look better (or it might not make much difference, I don't know).
Basically, I don't know if the factors working against me are enough to make applying for the card now a bad idea or not; I really don't care if I get a low ($500?) credit limit, since I've got another card and I really just want this one (for now) for getting the extra AGR on Amtrak tickets. But obviously I don't want to either be denied or have this make some sort of negative impact on my credit score.
Applying (and getting a card now) would let me charge about $500 in Amtrak travel between now and the end of the year on the new card--that's what makes it particularly tempting now as opposed to just waiting a couple months. (Otherwise, I'd just wait without question.)
Anyone here know more about this, from either the banking or life-experience side of things? Obviously, I'm fairly new to the world of credit. Thanks!
I have one Mastercard (11 months old), one store charge card (5 months old), and one store charge card (3 years old); additionally, my bank apparently ran a credit check on me five months ago when I opened a new checking account with them. I got this information from Equifax just now (free annual credit report). I paid extra to get the credit score, and it's not bad, but not great either (695). Factors in my favor: perfect payment-in-full history on all three cards. Factors apparently lowering my score: short age of accounts; number of inquiries in past twelve months; most recent account opening is "very recent".
Obviously, waiting until January to apply would knock the Mastercard over the one-year-old point (reducing "inquiries in past year" from three to two) and the most-recent store card over the six-month-old point (maybe six months is the dividing line between "very recent" and not?). That might make my application look better (or it might not make much difference, I don't know).
Basically, I don't know if the factors working against me are enough to make applying for the card now a bad idea or not; I really don't care if I get a low ($500?) credit limit, since I've got another card and I really just want this one (for now) for getting the extra AGR on Amtrak tickets. But obviously I don't want to either be denied or have this make some sort of negative impact on my credit score.
Applying (and getting a card now) would let me charge about $500 in Amtrak travel between now and the end of the year on the new card--that's what makes it particularly tempting now as opposed to just waiting a couple months. (Otherwise, I'd just wait without question.)
Anyone here know more about this, from either the banking or life-experience side of things? Obviously, I'm fairly new to the world of credit. Thanks!
