Credit Cards

[Duncanrr]

My limits on run were good. NPSL, 1.8k Walmart discover, 2k on both delta ad Chase Amazon visa. It would probably help my 61 day cli with delta if I laid off.

[Jazzzy]

I agree that you should take a couple of deep breaths and step away from apping.

I have read here in the past where people kept up a string of successful apps, and then all of a sudden one of the first cards approved was closed by the cc company with no advance notice. The reason given was the ongoing increase in credit (read: ongoing increasing risk).

Don't undo the great work that you've done. Good credit is fine. GREAT credit takes patience.

[maiden_girl]

Oh wow. Really helpful advise. Needed this badly!

[SportBike4Life]

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djrez4 wrote:

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LTomBerry wrote:

Does the itch get worse when you read this board? You might need to step away for a while if it's part of the problem.

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This is, sadly, some of the best advice I've read here.

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Agreed

[TeeandDee]

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bichonmom wrote:

I remember how good it felt to finally get approvals after so many years of not being able to get credit. One thing that stopped me was listening to the advice of people who had been on the forum longer than me. I didn't want a bunch of low-limit CCs. I wanted some really good, high CL cards. So, I waited. And it paid off big time.

So far, you're not seeing a drop in your FICO from your new CCs, but who knows if the next one will be the one that causes a nosedive. Seriously, I keep that in mind every time I app. I dropped 14 pts earlier this year when I upgraded from ON store card to Visa and really wished that I hadn't done it.

Another thing to keep in mind is the time and energy it takes to manage all of the CCs. Frankly, it's more work than I had anticipated. You pretty much need to make purchases on all of them so they don't get CLD or closed for inactivity (even if it's a monthly recurring bill). And then you have to remember all of the due dates and/or stmt dates. I'm constantly paranoid that I'm going to forget a date. At this point, I feel like I have enough CCs, or possibly even too many. And yet, I still feel the urge to app when I see the approvals others are getting here.

There have been times when I've been away from the forum for a few months -- partially because the urge to app is much greater when I'm on here and read about so and so getting such and such card, great CLIs, rewards, etc. It's intoxicating like a drug. I recently started posting again and frankly found the urge to app come back almost immediately. I hadn't had any urge (well, practically none) when I wasn't on here. As another poster suggested, you might want to take a break from the forum.

I think you're really better off letting your new CCs age for at least 6 mos before considering any new CCs. If you keep apping, at some point, you're either going to get denied or just start getting really low CLs, and your FICO will drop eventually. Then you'll be kicking yourself for not stopping sooner.

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I totally agree!!!! and this is EXCELLENT ADVICE!!!!!

[Duncanrr]

So, reading between the lines, y'all want me to stop posting on the boards. /wink

[searchingfor67]

Stop while you are ahead! I came out of the rebuilders garden about a year ago, and have been approved for everything in my sig in the past year....13 for 13. It's very addictive, especially when like you said, you were previously use to getting denied.  My aaoa and credit score have taken a significant plunge though. I'm currently sitting at 3,5 years aaoa and a 717 Fico, down from 772 ....

[Wolf3]

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Duncanrr wrote:
So, reading between the lines, y'all want me to stop posting on the boards. /wink

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Of course not.

I am usually declined for some of my apps during an app spree.   How else would I know how I am doing if I don't push the limit a bit.

Come on.   5 for 5??

[LS2982]

Lol @ Wolf

Were trying to tame the itch!

[Duncanrr]

Wolf is throwing itching powder at me. Run away. Just posted this on rebuild forum but I'll double post it here.------ "Got my letter from Amex re my Delta APR and it had my TU score listed (a little pissed it didn't have EX score but I'll call the CB Team at Amex on Monday and see if I can get). I was approved for 2k limit at 17.24% (their middle tier APR interest rate). My TU score listed 702!!!!! Hurray. The five negatives I have are: 1. Serious delinquency, 2. Proportion of loan balances to loan amounts too high (student loan), 3. Time since delinquency too recent (last late in March) 4. Too few accounts currently paid as agreed (don't get this one as every account on my CR is paid as agreed; and 5. Too many inquiries (had 2 before this pull)."