By the way just to let everyone I also posted my recent FR from Amex which i still have yet to hear back from.........
Length of credit history - 1 year 7 months
AAOA: 8 months
I am 22
Had a BOA secured card - $10,000 limit ( fell to $3,000 after graduating in 11/2011)
Capital one - $500 ( now $750)
Care Credit - $1000
Lord & Taylor - $1200 ( now $3,000)
Macys & Bloomingdales
2011 - ( In Nov 2011 added 11 new accounts) Now have:
BOA Plantinum Plus - 3000 ( the card that unsecured from a $10,000 limit)
BOA CASH rewards - 2000
BOA Accelerated Amex- 2000
Penfed Promise - 9000
PNC Bank - 1500
Chase Slate - 3000
Wells Fargo Plat - 1500
Affinity CU - 1000
Barclays - 1300
walmart - 700
I have been PIF since NOV 2011, and have used up the entire limit on most cards. In otherwords with my BOA cards in specific I have charged $2990 on the PLat and the the other two $1990 every month so far, but pay off the bill before the statement cuts. I want to hit the lov button so bad but dont think I will get approved.
Current score - 663 ( have about $8,000 in debt reporting Penfed - 5000 & Amex SPG ( 3,000), but will Pay off when the bill will come. I am waiting for the two new BOA cards to hit six months first and then request CLI, but wanted to know do you think it would be wise to request a CLI for the graduated card. I have the longest history with this card and had a $10,000 when it was secured. As of right now all my BOA cards together only have a 7,000 limit which is nothing. My brother and I use the cards for our business and charged almost $75K since NOV 2011 and paid off in full the entire amount..
Any suggestions ??
WOW. I'm surprised you were approved for that many cards without being declined over inquiries. I wouldn't lay low I'd bury myself to stay out of view with that many new accounts. At the same time you bring me some comfort knowing I didn't go overboard with my applications and new accounts.
I applied for 12 credit accounts and got approved on october 2012.they closed 2.The accounts closed was barcley and us bank
All the accounts that remain opened was a GE accounts 6 of them with a total limit of 15k
I calld the backdoor number 2 months later for cli and was approved for 3k more
fico currently due to new accounts 684
fico previously before new accounts 715
fico impacted due to a walmart discover card been close to the limit utl
fico was impacted 15 points due to the new accounts and aaoa(average account age)
Lenders do not like to see to many credit cards opened at once but if u manage to keep them opened they will help your score alot and each account will help your score by 2 points a month so many accounts will help the credit score in a long run(6months history)
It is absolutely time to lay low, under the garden, Lord of the Rings Hobbit Middle Earth style... With new accts and lots of cash flow some creditors get nervous just from the possibility that there might be money laundering activity. IMO it is time to consider getting a business credit card. They are not that difficult to obtain, and leaving large balances on them don't affect your PERSONAL credit score. Not sure about your bank, but Chase offers some cards, (Ink Business).
Congrats.. Good luck with your business!!!!