topic Re: SUCCESS! Credit App Spree After Bad Credit in Credit Cards

SUCCESS! Credit App Spree After Bad Credit

bfpengi — Sat, 13 Oct 2012 04:17:46 GMT

Due to terrible circumstances and a giant sob story I will spare you all from, last year my credit score was at an all time low of 527. I lost all my credit cards during this time. I have been painstakingly digging myself out of the giant hole I was in and meticulously repairing my credit. First I worked something out with one of the credit cards that had closed on me. I went on a payment plan to pay off the debt I owed to them. After 12 months of regular payments and getting to a zero balance, they opened the card back up with a $1000 CL. During this time I also saved up $3000. I opened up a secured credit card with it.

I then began monitoring my credit report with Experian. I found a few errors and fixed them. I stayed on top of every payment. This last month's credit pull showed that I had improved my credit score with Experian to 675. My secured card has a 1% cash back reward on it, so we use that to pay for everything and then pay it in full at the end of every month. The $375 we got back this year was fabulous and it made me start researching rewards cards. So over the last couple months I had been drooling over a few rewards cards, but I was terrified to apply for anything. Especially since I know that the best rewards cards (the ones I was most interested in) require great credit.

Finally after weeks of sleepless nights I bit the bullet. Here are the results (in the order I applied):

Citi Forward: Approved for $7000 (5% on restaurants (my biggest weakness), bookstores (which includes Amazon.com) and entertainment, 1% everything else)

American Express Blue Cash Preferred: Approved for $2000 (6% on grocery, 3% on gas and department stores, 1% everything else)

US Bank Cash+: Approved for $3000 (5 - 6.25% on your choice of 2 categories (which include bills!!!), 2% on your choice of gas, grocery or Rx, 1% everything else).

I am EXTATIC! What a beautiful array of reward cards! I will be getting 5 - 6.25% back on pretty much everything that I spend money on. I am most excited about the US Bank one. 6.25% back on my cell phone, cable, internet and utility bills? AWESOME! Citi Forward said my Experian was actually 705 which makes me wonder why when I checked it said 675. Well the App spree dinged my credit score. My Experian now shows me at 664. But that is ok. I'm done with the apps for a long while and these new cards will eventually make my score go up again. And... my score was high enough to unsecure my credit card (which I'm using to pay off a ridiculous 16.99% loan I have) and lower the APR on my auto loan. FABULOUS! Slowly, but surely I am getting back on my feet!

Re: SUCCESS! Credit App Spree After Bad Credit

Epcot — Sat, 13 Oct 2012 04:25:53 GMT

Congrats on the great spread of cards! Time to hit the Garden. :smileylol:

Re: SUCCESS! Credit App Spree After Bad Credit

ninjamike81 — Sat, 13 Oct 2012 04:25:59 GMT

congrats

Re: SUCCESS! Credit App Spree After Bad Credit

jtc411 — Sat, 13 Oct 2012 04:27:43 GMT

bfpengi wrote:
Due to terrible circumstances and a giant sob story I will spare you all from, last year my credit score was at an all time low of 527. I lost all my credit cards during this time. I have been painstakingly digging myself out of the giant hole I was in and meticulously repairing my credit. First I worked something out with one of the credit cards that had closed on me. I went on a payment plan to pay off the debt I owed to them. After 12 months of regular payments and getting to a zero balance, they opened the card back up with a $1000 CL. During this time I also saved up $3000. I opened up a secured credit card with it.

I then began monitoring my credit report with Experian. I found a few errors and fixed them. I stayed on top of every payment. This last month's credit pull showed that I had improved my credit score with Experian to 675. My secured card has a 1% cash back reward on it, so we use that to pay for everything and then pay it in full at the end of every month. The $375 we got back this year was fabulous and it made me start researching rewards cards. So over the last couple months I had been drooling over a few rewards cards, but I was terrified to apply for anything. Especially since I know that the best rewards cards (the ones I was most interested in) require great credit.

Finally after weeks of sleepless nights I bit the bullet. Here are the results (in the order I applied):

Citi Forward: Approved for $7000 (5% on restaurants (my biggest weakness), bookstores (which includes Amazon.com) and entertainment, 1% everything else)
American Express Blue Cash Preferred: Approved for $2000 (6% on grocery, 3% on gas and department stores, 1% everything else)
US Bank Cash+: Approved for $3000 (5 - 6.25% on your choice of 2 categories (which include bills!!!), 2% on your choice of gas, grocery or Rx, 1% everything else).

I am EXTATIC! What a beautiful array of reward cards! I will be getting 5 - 6.25% back on pretty much everything that I spend money on. I am most excited about the US Bank one. 6.25% back on my cell phone, cable, internet and utility bills? AWESOME! Citi Forward said my Experian was actually 705 which makes me wonder why when I checked it said 675. Well the App spree dinged my credit score. My Experian now shows me at 664. But that is ok. I'm done with the apps for a long while and these new cards will eventually make my score go up again. And... my score was high enough to unsecure my credit card (which I'm using to pay off a ridiculous 16.99% loan I have) and lower the APR on my auto loan. FABULOUS! Slowly, but surely I am getting back on my feet!

I hate to burst your bubble, but if you got a credit limit of 3k you did not get approved for the cash+, they did to you what they do to everyone who doesn't qualify and started you off on the platinum rewards card, its a measly 1%. Also, I'm not sure where you are getting the 6.25% on the cash back for that card anyway, it tops out at 5%, and if you have a platinum checking with them you get a 50% bonus(based on the 1%, which adds .5% to both the 2% catagory and 5%), so the most you would accrue is 5.5%. Nevertheless, its a signature card and with 3k limit they didn't approve you for it. Impressive on the other 2 cards though, congrats!

Re: SUCCESS! Credit App Spree After Bad Credit

nenuco — Sat, 13 Oct 2012 04:53:31 GMT

Nice journey. Congrats!

Re: SUCCESS! Credit App Spree After Bad Credit

bfpengi — Sat, 13 Oct 2012 05:37:53 GMT

Bubble not bursted. With US Bank, I applied directly through a rep because there were a few concerns I had in regards to the card. I was worried that since it was the third card I applied for, my credit rating already had taken a hit and I should wait on applying. My main concern was that I did not want the downgrade if I was not approved. I was instantly approved and the rep assured me that it was for the Cash+ and not the downgrade.

I get the 6.25 based on the fact that if you cash out in increments of $100, they give you a bonus of $25. With a base of 5%, that increases your cash back to 6.25%.

Re: SUCCESS! Credit App Spree After Bad Credit

jtc411 — Sat, 13 Oct 2012 05:44:26 GMT

OK, I get you on the 6.25% with the redeemed bonus. Someone else can chime in if they'd like, but I am pretty sure you were mislead. The Cash+ is a signature card which requires a 5k min CL. I hope for your sake it ends up being the Cash+

Re: SUCCESS! Credit App Spree After Bad Credit

Cadillac-XTS — Sat, 13 Oct 2012 06:12:54 GMT

Congrats

Re: SUCCESS! Credit App Spree After Bad Credit

shakalaka — Sat, 13 Oct 2012 11:03:58 GMT

Congrats

Re: SUCCESS! Credit App Spree After Bad Credit

CruzImperial — Sat, 13 Oct 2012 13:42:15 GMT

CONGRATS!!! Ive never seen a cash + with less than 5k limit but given previous cards at 1k and 3k, I guess approval for 3k is possible now?

Would like confirmation when account is set up.

Re: SUCCESS! Credit App Spree After Bad Credit

roxy382 — Sat, 13 Oct 2012 13:47:09 GMT

From US Banks website... "4. Should your application for the U.S. Bank Cash+ Visa® Signature Card be denied, submitting this application constitutes your application for a U.S. Bank Cash Rewards Visa® Card. The U.S. Bank Cash Rewards Visa Card does not earn 5% or 2% cash back." Aren't all visa sigs minimum 5k?

Re: SUCCESS! Credit App Spree After Bad Credit

migliogiorni — Sat, 13 Oct 2012 14:51:19 GMT

siggy's start at 5k. anybody have the cash with less than 5k, this is the first I've heard of this.

Re: SUCCESS! Credit App Spree After Bad Credit

beb86 — Sat, 13 Oct 2012 14:54:58 GMT

Congrats but the score you get from EX is not a FICO

Re: SUCCESS! Credit App Spree After Bad Credit

youngandcreditwrthy — Sat, 13 Oct 2012 14:58:01 GMT

Congrats!!!!! Gah... Why is everyone being ao negative blah blah blah...

Of course, it is always good to make sure you are getting what you think you're getting. Sounds like you did your hw though!!!

Next goal: try to get to 700!!!!:-D

Re: SUCCESS! Credit App Spree After Bad Credit

searchingfor67 — Sat, 13 Oct 2012 14:59:52 GMT

youngandcreditwrthy wrote:
Congrats!!!!! Gah... Why is everyone being ao negative blah blah blah...

Of course, it is always good to make sure you are getting what you think you're getting. Sounds like you did your hw though!!!

Next goal: try to get to 700!!!!:-D

+1...Congrats! Diligence does by off, I know.

Re: SUCCESS! Credit App Spree After Bad Credit

youngandcreditwrthy — Sat, 13 Oct 2012 15:13:56 GMT

Thanks :-)

Re: SUCCESS! Credit App Spree After Bad Credit

tinuviel — Sat, 13 Oct 2012 18:37:22 GMT

Congratulations, that's wonderful! You received some very nice cards and limits! :)

The reason that your Experian scores don't match is that Experian does not sell FICO scores to the public. You have been given an Experian Plus score, which is not the same thing. The lender provided you with an actual FICO score, so you should feel very good that it's in the 700s. :)

Once again, congrats -- such a good comeback!

Re: SUCCESS! Credit App Spree After Bad Credit

shadow2k — Sat, 13 Oct 2012 19:20:20 GMT

migliogiorni wrote:
siggy's start at 5k. anybody have the cash with less than 5k, this is the first I've heard of this.

I used to have a BofA Visa Sig. It was initially approved at $5k. I had a CSR move some lines around to where it dropped that line to $2.5k for many months. At some point they auto CLI'd it back to $5k. I don't know if that was out of the kindness of their hearts, or if they realized they'd screwed up and that the Sig cards should be $5k or more.

I've not heard of anyone else getting a Visa Sig below $5k.

Re: SUCCESS! Credit App Spree After Bad Credit

Dustink — Sat, 13 Oct 2012 19:25:41 GMT

I thought Cash+ required a $5,000 minimum credit limit.

Re: SUCCESS! Credit App Spree After Bad Credit

Dustink — Sat, 13 Oct 2012 19:27:28 GMT

I hate to burst your bubble, but if you got a credit limit of 3k you did not get approved for the cash+, they did to you what they do to everyone who doesn't qualify and started you off on the platinum rewards card, its a measly 1%. Also, I'm not sure where you are getting the 6.25% on the cash back for that card anyway, it tops out at 5%, and if you have a platinum checking with them you get a 50% bonus(based on the 1%, which adds .5% to both the 2% catagory and 5%), so the most you would accrue is 5.5%. Nevertheless, its a signature card and with 3k limit they didn't approve you for it. Impressive on the other 2 cards though, congrats!

I agree. Probably did not get approved for Cash+. If he has a package checking account, he will get the 6.25%.