topic Re: Garden Club Meeting - February 2012 in Credit Cards

Garden Club Meeting - February 2012

tinuviel — Wed, 01 Feb 2012 14:25:59 GMT

Greetings, fellow credit gardeners! It's time to convene this month's Garden Club meeting. A new month, a new thread.

For those who are new to the concept of gardening, it involves refraining from applying for new credit or seeking CLIs that require hard pulls. Soft pulls CLIs, however, are not only acceptable, but are encouraged. The idea is to allow one's current TLs to grow and mature, waiting for inqs to age or fall off, and possibly waiting for "baddies" to be removed or age off. During this time, one tends to one's current accounts and watches their AAoA grow and the new credit ding fade.

So, if you are in the gardening phase of your credit journey, please feel free to join us. If you have not already done so, please pick up your complimentary garden gloves and watering can at the table by the front door -- you can even choose your favorite color. Also, we have a snack table set up. This month, I've brought a combination of hot and mild wings along with celery and blue cheese and ranch dips. There's also a selection of cold beers and soft drinks. Last month, one of our members requested some mini hot dogs in bbq sauce, so we have them available, as well. And, in the corner diagonally across from the front door, there is a fully stocked bar. If needed, there are some anti-itch medications stocked in our supply cabinet near the door -- Lanacaine, Benedryl, etc.

Please come in, grab some refreshment if you desire, and share your gardening experiences.

In particular, I'd like to talk a little bit about gardening goals this month. I think that it helps to have a game plan in place when developing or managing one's credit. Speaking for myself, I'd like to accomplish the following:

Wait for 1 CA and 2 COs to age off of my reports, both of which should happen before the end of this year.
See my FICO scoress cross the 700 threshhold.
When the first two items have occured, app for and hopefully be approved for a prime Visa and MC. In particular, I'd really like the BoA 1-2-3 card that supports my alum association. I'd also like a Wells Fargo Visa, as I bank there and would like to use it for overdraft protection.
If, but only if, offered an Amex preapproval -- I'd like the BCE. The rewards are good and it would backdate to 1987.

Currently, this is what I'm tending to in my garden:

Cap1 Visa Platinum - 6400 CL

Cap1 NHCR MC - 750 CL

Dillard's Amex - 4200 CL

JC Penney - 1800 CL

Kay Jewelers - 5100 CL

Amex Green - NPSL

The Cap1 Visa is from 1999. The Amex backdates to 1987. The remaining cards are from 2010-2011. I also have some old, paid accounts from the late 90s / early 2000s that will stay on my reports for a while. So, my AAoA is between 8-9 years, depending on the CRA.

I've received a pre-qual offer from Wells Fargo for a cash rewards Visa, but I've been successfully ignoring it. I want to wait for the baddies to drop off before making the app. For a little while I had a pretty bad itch, but that's passed. I'm staying focused on my goals.

So, how's everyone else doing? Please share!

Re: Garden Club Meeting - February 2012

nwokcguy — Wed, 01 Feb 2012 14:28:59 GMT

Nice goals!

I'm staying in the garden until I close on a mortgage sometime this year and will most likely stay in the garden until after November. At that time, I'll have 4 INQ fall off between the three reports.

Re: Garden Club Meeting - February 2012

smc733 — Wed, 01 Feb 2012 14:37:14 GMT

Pretty much in the garden for good now, I have all the cards I want, and I will just app for student loans one more time in August.

Working on hard-free CLIs and APR reductions.

Current garden

-BofA 1-2-3, $6,000/10.99

-Citi Dividend, $6,000/12.24

-Discover More, $3,250/12.99

-Chase Sapphire, $7,000/15.24

-Amex BCE, $2,000/16.24 (this needs a CLI)

I want to convert the Citi Dividend card to a no-frills emergency card, but to convert to the standard Platinum Select, the APR goes UP to 13.24%, makes no sense!

Re: Garden Club Meeting - February 2012

nomoore — Wed, 01 Feb 2012 15:11:52 GMT

nomoore walks in, picks up his Feb gloves and watering can (black can, green gloves), and heads over to the snacks. After eyeing all the HFC and GMO products he decides to poison his body another way. He walks over to the bar and pours himself a drink, Coconut Rum and Dublin Dr Pepper (wow, this bar IS well stocked). He then proceeds to think about his goals, which is hard for him because really, goal making is not his strong suit.

So here's my game plan:

Wait for my AAoA to recover more from my new AMEX (08/11)

Slowly talk my wife into the idea of me getting the CITI Forward since we eat out so much

Consider more whether I want a WalMart Discover too (I don't have a discover logo and the TU08 would be nice)

Decide whether I want to get another car or try to fix the one I have (emissions, would fail inspection), since getting a car loan is going to affect my AAoA.

Long-Term goal is getting into the 800 club

My current garden:

Target Visa - $5900CL - opened in 1998

AMEX BCP - $6000CL - opened 08/11 (recent 3x soft CLI)

Getting the AMEX dropped my AAoA by 2 years so I am afraid of what another account would do. I'm currently at 5 years and 11 months AAoA. And a couple of my oldest accounts will drop off the back end soon. Maybe I should just do the math and figure it out.

Re: Garden Club Meeting - February 2012

tcbofade — Wed, 01 Feb 2012 15:36:05 GMT

Howdy, howdy boys and girls.

I won't bother to post my (ridiculous number of) credit cards, but I'm more than 30 days app free, and intend to stay that way until 01 November.

I've got lots of low limit CC's (rebuilders and store cards mostly) and need to wait for inq's to fall off while working on my utilization.

Happy Gardening!

Re: Garden Club Meeting - February 2012

RockinRay — Wed, 01 Feb 2012 15:50:52 GMT

I'm still here and do not plan to app for anything. The "only" exception to this could be if I have to co-sign for a Student Loan for my DD this summer...

Otherwise, app free for me!

Re: Garden Club Meeting - February 2012

CS800 — Wed, 01 Feb 2012 15:55:46 GMT

Checking in the garden in Feb. Still app free

Just got my 3X CLI from AMEX today. Great start :)

Re: Garden Club Meeting - February 2012

nomoore — Wed, 01 Feb 2012 15:59:29 GMT

CS800 wrote:
Checking in the garden in Feb. Still app free

Just got my 3X CLI from AMEX today. Great start :)

Congratulations on the 3x CLI! Soft CLIs are a great feeling. It makes you feel like you're doing something right.

Re: Garden Club Meeting - February 2012

tinuviel — Wed, 01 Feb 2012 16:52:22 GMT

CS800 wrote:
Checking in the garden in Feb. Still app free

Just got my 3X CLI from AMEX today. Great start :)

I just saw your thread about the CLI. Fantastic! Now THAT'S watching a tradeline grow!!!!! :D

Re: Garden Club Meeting - February 2012

RockinRay — Wed, 01 Feb 2012 16:54:24 GMT

tinuviel wrote:
CS800 wrote:
Checking in the garden in Feb. Still app free

Just got my 3X CLI from AMEX today. Great start :)

I just saw your thread about the CLI. Fantastic! Now THAT'S watching a tradeline grow!!!!! :D

For sure! 6 months from now, $25k will happen! :smileywink:

Re: Garden Club Meeting - February 2012

LS2982 — Wed, 01 Feb 2012 16:58:43 GMT

I'm here!!!

3 Weeks app free!!!:smileyhappy:

Locked down in here for sure until July. Then trying for Discover again!

Then i'm back in for 6 more months!

And then Reviisit AMEX....

Re: Garden Club Meeting - February 2012

drsmith — Wed, 01 Feb 2012 17:09:42 GMT

I'm gardening until my only 2 EX apps fall off in May.

I'd really like to open a Citi 21 months 0% card for my honeymoon, and I'd also really like a sapphire preferred. However I've recently started thinking about buying a home. I'm not really sure where to go from here.

Re: Garden Club Meeting - February 2012

Linuss — Wed, 01 Feb 2012 17:10:58 GMT

Have no intention of applying for anything anytime soon, just watching things grown.

AMEX BCE $6,000 (still another month or so from next CLI)

USAA Visa $8,000

Also have my Chase Amazon just chilling there, 2 years at $1,000...

I've debated going for the Walmart card just to get the free FICO, but my TU has NO INQ on it and therefor it really doesn't matter for me :P

Re: Garden Club Meeting - February 2012

insidious28 — Wed, 01 Feb 2012 18:22:30 GMT

I'm in gardening mode starting today:smileyhappy:. Got all I want in terms of credit. Just gonna try for soft CLI's from here on for the next 2 years and see if I can get in the 800 club. I want all my inquiries to fall off before I even app for anything else. When I do decide to app I'm gonna stick with Amex cause of their backdating to 2000 for me. Don't wanna lose my AAoA:smileywink:

Re: Garden Club Meeting - February 2012

dharalex — Wed, 01 Feb 2012 18:32:05 GMT

Im officially back in the garden! I only want 1 more card, USAA, then my wallet will look absolutely the way I want it. I have 3 EQ inq, 2 of which will fall off in 8/2011. I plan to get the USAA in 9/2011. So from now until then, NO apps! I will nourish my cards, and they may be fertilized with CLI, but only if it's a soft pull. I will keep checking in just to stay on track...

Re: Garden Club Meeting - February 2012

Tropikal — Wed, 01 Feb 2012 18:56:13 GMT

Hello Gardeners,

I'm fairly new to gardening and I'm looking for some fertilizing advice..

Im my garden so far..

1-Discover More -1700 (New just from few days ago)

2-Cap 1 Platinum - 1300 (Almost 3 years, don't want to grow much.. That's why the new additions)

3-HSBC - 1000 (New just from few days ago)

By the end of 2012 ALL my INQ will fall off , except the two new above, My score took 2 points ding at least on EQ by those two INQ's, I guess I could live with that. But I need to be aware of the limits, It took me long time to get here post BK7.

Question: Can someone elaborate on the "Soft Pulls" is there a way that I can control those? I know the CC will automatically review your account for that every so often, is there a way I could initiate a CLI and be a Soft Pull? Not planning to do so now, since there are just planted, but for future reference.

Question: How many INQ I or someone could do, without hurting your scores too much and without looking riskier?

Thanks

Re: Garden Club Meeting - February 2012

jla84 — Wed, 01 Feb 2012 19:14:12 GMT

Still in the garden! I went a little crazy with the shopping over Christmas and last month, so I'm reigning it in and paying down my balances. I should be all set by April, and in May I can app for Citi Forward and AmEx BCP.

Re: Garden Club Meeting - February 2012

patternofstars7 — Wed, 01 Feb 2012 19:17:53 GMT

Trying to purchase house end of year so keeping myself app free till 2013. Letting AAoA build and inquiries fall off. Maybe closing some small limit rebuilder cards before AF hits.

Re: Garden Club Meeting - February 2012

discernment — Wed, 01 Feb 2012 19:20:31 GMT

Still down on my knees gardening away and praying for a good FICO score to be generated.

Re: Garden Club Meeting - February 2012

RockinRay — Wed, 01 Feb 2012 19:29:19 GMT

I think I have decided I am going to really work my Discover card hard this year to see where that might get me. I have some great limits on other cards, but Discover just does not seem to like me. So, I'll take it back out of the SD and use it where I can to see if I can get it to grow. Right now, the CL is $1500 and most of the other cards range from $5 to $25k.

One year and if no luv, I will close it out. :smileymad: