when to stop apps/ whats considered risky behavior

[jamesdwi]

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@Anonymous wrote:

Most of those cards have Not posted yet and the ones that has posted posted with a 0 balance so  I have a grace period to pay them before next statement cuts.

The mortage also just posted on my credit and my score went up  by 5 .hopefuly my first payment will boost stuff

i Dont get it though.. My last Missed payment was 4-5 yrs ago i dont see why Adverse action should kick in !

I Think i got overboard in my Spree

i Promise to garden for the rest of the next 1 yr. So Help Me God.

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It's not the spree, its the balances on the cards, I recomend paying as much as possible before statements are generated, currently only each lender knows the state of the cards, but once they hit your report, it will set off a few redflags and draw attention. People who use more than 50% of multiple cards in a short period plus maxing out other cards, trigger allerts of possible bankruptcy looming and other major problems. Lenders especially new ones, preffer to shut down cards and wait for you to call them and explain your reasons.  

[Anonymous]

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@Anonymous wrote:

Most of those cards have Not posted yet and the ones that has posted posted with a 0 balance so  I have a grace period to pay them before next statement cuts.

The mortage also just posted on my credit and my score went up  by 5 .hopefuly my first payment will boost stuff

i Dont get it though.. My last Missed payment was 4-5 yrs ago i dont see why Adverse action should kick in !

I Think i got overboard in my Spree

i Promise to garden for the rest of the next 1 yr. So Help Me God.

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It's not always just about missed payments and othe things like that. Lenders take a lot into consideration when making decisions both for approvals, denials and others. It's not just about the score either. Yuo can have a high score and a thin file. I do not know your entire profile but if it is thin, going on a crazy app spree, charging up these cards (even though they are not reported yet, you have a variety a cards from a variety of lenders). If you were to apply for another card and get approved, some lenders will do soft pulls for a few months after approving you for credit, and if they see something that they deem "RISKY", they will take action accordingly.

[Anonymous]

Thanks folks... I Appreciate your input. the next one month is going to be dedicated to paying off the cards .i dont have any more house stuff to buy so it should be easier to know off most of these ..

the plan going forward is as shown below (I am an excel fanatic)

AAOA Currently stands at 5.8 yrs before all these accounts kick In  

Card	Credit	Balances	Date opened	Comments	payment due date	Utilization	pay off target
American express	5000	2470	Apr-15	App spree	19-May	49%	End of May
RBFCU	5000	2925	Jan-15	CLI increase	8-May	59%	By June statement
Barcalys	1300	600	Apr-15	App spree	N/A	46%	By June statement
lowes	1800	1750	Apr-15	App spree	23-May	97%	BY 23th May
Capital one Platinum	1500	1395	Aug-13	same	7-May	93%	By June statement
Capital one Platinum	800	672	Aug-13	same	7-May	84%	By June statement
Home Depot	2500	529	Apr-15	App spree	N/A	21%	End of May
pen fed	2500	0	Apr-15	App spree	N/A	0%	July statement
Nebraska	1500	1500	Apr-15	App spree	N/A	100%	next week
Jc Penny	550	147	Dec-13	No change	16-May	27%
Total Credit	22450	11988			Utilization	53%
Number of inquries	TU
TU	4
EQ	9
EXP	8

[Anonymous]

That's a good plan.

[getrdone1]

From my own experiences, i would think that paying down all CC's to under the 80% first, then paying off low balances to have "0" balances reporting, then paying down the rest would be faster and more fico as well as possible AA friendly....after all.. why have credit if you can't use it, as I am sure some of those accounts have a 0% for a period of time offers...take advantage of some of those offers and reap some of the reward points as well...just my 2 cents...

[Anonymous]

Mash them with a personal loan?

I took out a $4500 personal loan to take care of some teeth and pay off about $2700 in CC debt that was a little all over the place, quite like yours, last year.  The company i went with LAGS on reporting, which is bad for credit builders, but GOOD for "credit hiders!" I enjoyed 2.5 months of history of paid off cards which bumped my score 40 points across the board. When the loan caught up, my score didnt really dip as an installment loan doesn't count as bad as revolving CC debt. In other words a 15.99% peronal loan is better than a 5.99% credit card interest rate in my book if you can kill some off at once and never use them again! Check out lendingclub, avant, prosper and so on. Just throwing that out there from my experience. You do pay  more in interest on paper per se, but eliminating 5+ minimum payments going nowhere is a  climbupwards.

Since we are just a number, the jump from 640 to 700 can literally happen in a month. 700-710 takes all summer haha

[lg8302ch]

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@Anonymous wrote:

Secretazure

whats pryamid ** ?

I needed the cards for new house purchases.I will pay them off within next few months.

Card	Credit	Balances	Date opened	Comments
American express	5000	2500	Apr-15	App spree
RBFCU	5000	2900	Jan-15	CLI increase
Barcalys	1300	529	Apr-15	App spree
lowes	1800	1622	Apr-15	App spree
Capital one Platinum	1500	1390	Aug-13	same
Capital one Platinum	800	672	Aug-13	same
Home Depot	2500	500	Apr-15	App spree
pen fed	2500	0	Apr-15	App spree
Nebraska	1500	1500	Apr-15	App spree
Jc Penny	550	147	Dec-13	Same
Total Credit	22450	11760		Utilization	52%

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Time to stop and head to the garden. Lenders also look at the number of new accounts compared to the total number of accounts. This combined with high util is not ideal. Just head to the garden and pay down before looking for new credit.  Just my 2cents.

[Anonymous]

I think when you have to start reconning every single card, and CSR's start to chime in on your card portfolio, that's when you should probably cool it.

[Anonymous]

when you get a denial! 

[bobbay]

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@SecretAzure wrote:

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@Anonymous wrote:

Secretazure

whats pryamid ** ?

I needed the cards for new house purchases.I will pay them off within next few months.

Card	Credit	Balances	Date opened	Comments
American express	5000	2500	Apr-15	App spree
RBFCU	5000	2900	Jan-15	CLI increase
Barcalys	1300	529	Apr-15	App spree
lowes	1800	1622	Apr-15	App spree
Capital one Platinum	1500	1390	Aug-13	same
Capital one Platinum	800	672	Aug-13	same
Home Depot	2500	500	Apr-15	App spree
pen fed	2500	0	Apr-15	App spree
Nebraska	1500	1500	Apr-15	App spree
Jc Penny	550	147	Dec-13	Same
Total Credit	22450	11760		Utilization	52%

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"lenders scan cc apps for pyramiding debt.  The term pyramiding debt means two things: Too many credit cards/too much credit available.  Lenders see pyramiding debt as a potential scheme to spread credit over all the credit cards, keeping specific balances low, but spending more than their incomes."  - namvet

Yeah, if I were you I'd not apply for anything recently. You're definately at that point of risky. MyFico actually tells you your risk (if you have an account with them) 

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this really depends on your file.  If it new yes, If it has no mortgage, autoloans just CC velocity yes.  There are so many variables it is hard to say.  If that was me though I would get 1 more card=11 and pay 5 cards to $0 bal this would make < 1/2 of your cards carrying a balance.  The balances you have should be some sort of promo or beneficial terms for carrying a balance(In an ideal world).  Amex is at 50% I would pay $1 off right now to show <50% of line used, RBFCU is close to but above 50%, I would pay $401 off now = <50% util on that card as well.  Little things like this and 50% or more of CC's with $0bal will go a long way to stave off AA for the same profile.  Some people would say this is not a game but in some senses it is and you dont want to loose cause loosing sucks!  Just my thoughts as to how to do the same stuff but look less risky to a computer.  Reading Scoring threads will cover lots of this stuff.