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Established Contributor
Posts: 634
Registered: ‎07-07-2011
0

Credit Card Application Addiction?

Ok so I admit-I'm addicted to applying for credit cards. That wave of euphoria that takes hold of you once you are approved, the eager anticipation for the card to arrive, and the activation and online account setup process afterwards; it's all an amazing addiction. My credit story/history is one that is riddled with love and hate tugs of war. I obtained my first credit card at the ripe old age of 18. I immediately ran it up, didn't pay on it, and ordered another one of which I was approved instantly via the internet in 1998. I obtained credit where ever I could get it just to mess it all up. Then one day, by the time I reached 20, I found that I needed my credit but committed to a life without any. From 2000 up until 2010, I patiently waited for my credit report to clear. My last baddie was removed in 2009. I got a home mortgage shortly after, then began the credit card rebuilding phase. Now my credit is great. I've learned my lesson. I don't apply for credit cards to run them up, rather I apply for them just because they look nice or have catchy television commercials. Now I have a rash of credit cards that I'm not sure what to do with. Which leads up to my question. I'm seeking advice here. I'm trying to garden but it's hard. At the same time I don't need anymore credit cards. I don't know what is good anymore. Below is my profile of credit cards in the order they've been obtained. Please tell me what I should be doing with these and which has the best rewards. I still just use my bank account/debit cards to pay bills and make everyday purchases. Should that change? Should I use these cards and if so how and which ones will reap the most rewards?

 

Orchard Bank CL $300 - $0 balance AF=$39 (should I close it's my first ever and my oldest 1 year)

Captial One CL $500 - $0 balance $0 AF - 25.99% APR

Bank of America - just PC'd to the 1-2-3 Cash Rewards Visa Signature - APR 0% first year - $0AF = $5,000 CL $0 balance

Chase Freedom - CL $1000 0% APR for 6 mths - 22% after $0 balance

Gap Card - $200 CL but now at $650 $0 balance

JC Penny - $300 CL $0 balance

Walmart - $700 CL $0 balance

America Express Green - $0 balance - 0%APR (charge card of course) $95 AF

 

TU 709 9/1/11 - EQ 700 EX - 713

 

Any advice appreciated!

Current Scores: EX - 728 FICO (5/11/13) TU - 771 FICO (7/02/13) EQ ??

Current Cards: Chase Freedom $5,000, CSP $5,700, BofA Visa Signature $15,000, AMEX BCE $6,000, Walmart $4,150, Gap Visa $10,000, JC Penny $5,800, Lowes $8,500, Dillard's AMEX $8,000, AMEX Hilton HHonors - $2,000, Chase United $12,000, Citi AAdvantage & Simplicity $6,000/$6,000, SPG AMEX $1,000
Senior Contributor
Posts: 3,491
Registered: ‎07-25-2008
0

Re: Credit Card Application Addiction?

Opt out and go cold turkey from applying. After a year or two you'll have great credit and qualify for much better limits.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


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Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: Credit Card Application Addiction?

I suggest you start using the CC rather than debit becuase you have much better consumer protection with CC.  You really need to use the credit to develop a good credit history.

 

That is not a lot a cards really, but it is plenty for now.   The Orchard card will become Cap1 in the spring, so you probably don't need to keep it.

Established Contributor
Posts: 634
Registered: ‎07-07-2011
0

Re: Credit Card Application Addiction?

Which one should get the most use? Which rewards programs are the best? Should I pay my montly bills automatically with these cards each month then PIF? If so which one?

Current Scores: EX - 728 FICO (5/11/13) TU - 771 FICO (7/02/13) EQ ??

Current Cards: Chase Freedom $5,000, CSP $5,700, BofA Visa Signature $15,000, AMEX BCE $6,000, Walmart $4,150, Gap Visa $10,000, JC Penny $5,800, Lowes $8,500, Dillard's AMEX $8,000, AMEX Hilton HHonors - $2,000, Chase United $12,000, Citi AAdvantage & Simplicity $6,000/$6,000, SPG AMEX $1,000
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Credit Card Application Addiction?


laboi_22 wrote:

Which one should get the most use? Which rewards programs are the best? Should I pay my montly bills automatically with these cards each month then PIF? If so which one?


I like paying the monthly bills automatically via CC.   Pick on with a good CL so you don't get close to CL. 

 

You should generally PIF every month to avoid the interest.   Carrying a 0%APR balance is OK, but many end up not paying it off in time and have big interest payments.   That is the whole point of the 0% offers.  Don't get caught in that trap.

 

I would split my usage among the cards and develop a positive history with each bank that you want to keep doing business with.

 

Which rewards are best depends on your spending and what you want in rewards, so it is hard to say which is best for you.   

 

 

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