topic Re: How do I proceed? Garden or do I app for 1 more? in Credit Cards

How do I proceed? Garden or do I app for 1 more?

jeffj25 — Thu, 11 Oct 2012 00:09:24 GMT

Hello all! I need some help with my current situation. I am looking to get into the garden very soon, but I am not sure if there is anything else I should do before entering the garden. I feel like I need one more card and then I will be complete for a while. I plan to garden in order to allow my credit limits to grow and to allow my inquiries fall off. I am currently switching between my freedom card, my discover, and my Amex cards. Would I be approved for any of the Blue cards from Amex or is it too early?

My stats are as follows:

55k+ annual income

7 yrs, 7 months old account

4 years for AAOA

9 inquires in the last six months (I think this may be a problem)

31% utilization

0 baddies

Accounts opened in the past 2 months:

Discover IT, Zync, Amex PRG, Delta Skymiles Gold, Upgrade from Store card Walmart to Discover Walmart

I recently applied for the Chase Amazon Visa, but was denied due to the amount of inquires.

Re: How do I proceed? Garden or do I app for 1 more?

creditnocash — Thu, 11 Oct 2012 00:11:49 GMT

i think thats a sign.

stop while your ahead.

let the cards grow and app for more in a year or two if thats what you want.

Re: How do I proceed? Garden or do I app for 1 more?

nisargshah12 — Thu, 11 Oct 2012 00:12:58 GMT

Yea you should cool down on opening new accounts for atleast a year.

Re: How do I proceed? Garden or do I app for 1 more?

youngandcreditwrthy — Thu, 11 Oct 2012 00:15:27 GMT

Yep... Don't overdo it. I'd say stop for at least 6 mos to a year.

Re: How do I proceed? Garden or do I app for 1 more?

webhopper — Thu, 11 Oct 2012 00:18:55 GMT

Did you recon the amazon card? I would recon chase and then stop. Your utilization is too high for an amex blue series. Wait til January to app for a revolver.

Re: How do I proceed? Garden or do I app for 1 more?

jeffj25 — Thu, 11 Oct 2012 00:23:31 GMT

Seems like the consensus is to wait. I guess I have the app itch, but I just feel like I need 1 more to make my collection complete. Is 31% a very high utilization? I did recon the chase card and was declined. I then recon the recon and was again declined. The lady said try again in 4-6 months when all my new accounts report. *sigh*

Re: How do I proceed? Garden or do I app for 1 more?

Shogun — Thu, 11 Oct 2012 00:26:18 GMT

Go to the garden, take care of those cards. Let them age. Good luck!

Re: How do I proceed? Garden or do I app for 1 more?

Cadillac-XTS — Thu, 11 Oct 2012 00:30:23 GMT

Re: How do I proceed? Garden or do I app for 1 more?

KIPPIE12 — Thu, 11 Oct 2012 01:10:18 GMT

jeffj25 wrote:
Seems like the consensus is to wait. I guess I have the app itch, but I just feel like I need 1 more to make my collection complete. Is 31% a very high utilization? I did recon the chase card and was declined. I then recon the recon and was again declined. The lady said try again in 4-6 months when all my new accounts report. *sigh*

Yeah, 31% is high for a new card generally speaking, you want it in the 1-9% range for optimal scoring points. Anything here on out to 1 year, will more than likely result in denials. Wait till then, work on the util, and grow the lines you have now. Your scores will be better off in the long run, and the inquiries won't count against you after a year FICO wise

Re: How do I proceed? Garden or do I app for 1 more?

jeffj25 — Thu, 11 Oct 2012 01:11:47 GMT

KIPPIE12 wrote:
jeffj25 wrote:
Seems like the consensus is to wait. I guess I have the app itch, but I just feel like I need 1 more to make my collection complete. Is 31% a very high utilization? I did recon the chase card and was declined. I then recon the recon and was again declined. The lady said try again in 4-6 months when all my new accounts report. *sigh*
Yeah, 31% is high for a new card generally speaking, you want it in the 1-9% range for optimal scoring points. Anything here on out to 1 year, will more than likely result in denials. Wait till then, work on the util, and grow the lines you have now. Your scores will be better off in the long run, and the inquiries won't count against you after a year FICO wise

Generally speaking, do creditors care after six months in regards to inquiries?

Re: How do I proceed? Garden or do I app for 1 more?

tmbr10 — Thu, 11 Oct 2012 03:58:52 GMT

jeffj25 wrote:

KIPPIE12 wrote:
jeffj25 wrote:
Seems like the consensus is to wait. I guess I have the app itch, but I just feel like I need 1 more to make my collection complete. Is 31% a very high utilization? I did recon the chase card and was declined. I then recon the recon and was again declined. The lady said try again in 4-6 months when all my new accounts report. *sigh*
Yeah, 31% is high for a new card generally speaking, you want it in the 1-9% range for optimal scoring points. Anything here on out to 1 year, will more than likely result in denials. Wait till then, work on the util, and grow the lines you have now. Your scores will be better off in the long run, and the inquiries won't count against you after a year FICO wise
Generally speaking, do creditors care after six months in regards to inquiries?

The short answer is "yes".

Look... I read what you have listed in your wallet and I counted 12 cards? I may have double counted 1 or 2. What other card /category/vendor is there for you to app for?

Your AAofA is not all that high and you util is rather high. I may be wrong but I'm assuming that you are looking for that one card with a huge credit line (i.e. 10k+). Unfortunately, you dont have the numbers to justify that right now. Take a breather and enjoy the garden for a while (its actually a cool place to be). A few posters here have advised to take a year off. I would actually advise longer. You will be thankful in the future.

Re: How do I proceed? Garden or do I app for 1 more?

youngandcreditwrthy — Thu, 11 Oct 2012 04:03:23 GMT

That's arguable... I don't think they care as much after six months, but ideally you'd want all your inqs to fall off.

Re: How do I proceed? Garden or do I app for 1 more?

jeffj25 — Thu, 11 Oct 2012 04:06:09 GMT

tmbr10 wrote:
jeffj25 wrote:

KIPPIE12 wrote:
jeffj25 wrote:
Seems like the consensus is to wait. I guess I have the app itch, but I just feel like I need 1 more to make my collection complete. Is 31% a very high utilization? I did recon the chase card and was declined. I then recon the recon and was again declined. The lady said try again in 4-6 months when all my new accounts report. *sigh*
Yeah, 31% is high for a new card generally speaking, you want it in the 1-9% range for optimal scoring points. Anything here on out to 1 year, will more than likely result in denials. Wait till then, work on the util, and grow the lines you have now. Your scores will be better off in the long run, and the inquiries won't count against you after a year FICO wise
Generally speaking, do creditors care after six months in regards to inquiries?
The short answer is "yes".

Look... I read what you have listed in your wallet and I counted 12 cards? I may have double counted 1 or 2. What other card /category/vendor is there for you to app for?
Your AAofA is not all that high and you util is rather high. I may be wrong but I'm assuming that you are looking for that one card with a huge credit line (i.e. 10k+). Unfortunately, you dont have the numbers to justify that right now. Take a breather and enjoy the garden for a while (its actually a cool place to be). A few posters here have advised to take a year off. I would actually advise longer. You will be thankful in the future.

Honestly. You are correct. I think I knew this, but NEEDED to hear it. So the plan is: Garden, soft pull CLI when I can, and go from here. Thanks everyone. Sometimes you just need to hear what you already know.

Re: How do I proceed? Garden or do I app for 1 more?

Dustink — Thu, 11 Oct 2012 05:15:37 GMT

jeffj25 wrote:
Hello all! I need some help with my current situation. I am looking to get into the garden very soon, but I am not sure if there is anything else I should do before entering the garden. I feel like I need one more card and then I will be complete for a while. I plan to garden in order to allow my credit limits to grow and to allow my inquiries fall off. I am currently switching between my freedom card, my discover, and my Amex cards. Would I be approved for any of the Blue cards from Amex or is it too early?

My stats are as follows:

55k+ annual income
7 yrs, 7 months old account
4 years for AAOA
9 inquires in the last six months (I think this may be a problem)
31% utilization
0 baddies

Accounts opened in the past 2 months:
Discover IT, Zync, Amex PRG, Delta Skymiles Gold, Upgrade from Store card Walmart to Discover Walmart

I recently applied for the Chase Amazon Visa, but was denied due to the amount of inquires.

No more new accounts for atleast 6 months. Too many INQ's and your utilization high.