Credit Cards

[VEEnVEGAS]

Received my new US Bank card in the mail yesterday...8k 7.9% 0%BT for 12 mths. Last week I received my new Citi card 5K  and the week before Discovery More Card, also 5K. and both with 0% purchase (6mths) 0% BT (12 mths)

.These were my first 3 applications in over a year and reduced my AAoA to just under 7 yrs.  I'm all done apping, hopefully for years to come. 

My main reason for this spree was the change of my 2 Wamu cards to Chase...I really don't trust Chase enough to let them have so much control over my credit future. 

Second reason was seeing here what has been happening to others credit APRs and CLs. Scary stuff. 

Third reason is so that I feel I have enough available credit in case I feel the need to close any card I feel I need to because of their actions.  

Not sure yet how this will affect my credit scores..my TU score actually increased 27 points when Discover showed up almost immediately on my reports. Pretty sure when the other 2 cards report I will have some of those points taken away. 

[concorduser]

Congrats.....

[haulingthescoreup]

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VEEnVEGAS wrote:

Received my new US Bank card in the mail yesterday...8k 7.9% 0%BT for 12 mths. Last week I received my new Citi card 5K  and the week before Discovery More Card, also 5K. and both with 0% purchase (6mths) 0% BT (12 mths) 

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Nice work! Three great cards, diversified among three banks, and you didn't kill your AAoA too badly.

And that's a really good point about getting stuck with so many Chase cards. Or too many cards from any one bank, in fact. It's been pretty enlightening (in a horrifying way) to read about those with multiple cards from AmEx and HSBC recently.

[VEEnVEGAS]

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haulingthescoreup wrote:

Nice work! Three great cards, diversified among three banks, and you didn't kill your AAoA too badly.

And that's a really good point about getting stuck with so many Chase cards. Or too many cards from any one bank, in fact. It's been pretty enlightening (in a horrifying way) to read about those with multiple cards from AmEx and HSBC recently.

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Thanks Concord and HTSU.

The AmEx and HSBC threads here were the deciding factor for me...also reading some of the threads about how well US Bank and Discover was treating you guys. 

[billsfan14]

What were you scores for the US Bank card?  

Congrats on the new accounts! 

[VEEnVEGAS]

Thanks! I was really excited to receive this card.

They pulled EX..my EX FICO on Feb.13 was 740..I had 1 inquiry showing. My util. then was 18-22%

Message Edited by VEEnVEGAS on 03-22-2009 11:29 AM

Message Edited by VEEnVEGAS on 03-22-2009 11:30 AM

[MsKiwi]

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VEEnVEGAS wrote:

Received my new US Bank card in the mail yesterday...8k 7.9% 0%BT for 12 mths. Last week I received my new Citi card 5K  and the week before Discovery More Card, also 5K. and both with 0% purchase (6mths) 0% BT (12 mths)

.These were my first 3 applications in over a year and reduced my AAoA to just under 7 yrs.  I'm all done apping, hopefully for years to come. 

My main reason for this spree was the change of my 2 Wamu cards to Chase...I really don't trust Chase enough to let them have so much control over my credit future. 

Second reason was seeing here what has been happening to others credit APRs and CLs. Scary stuff. 

Third reason is so that I feel I have enough available credit in case I feel the need to close any card I feel I need to because of their actions.  

Not sure yet how this will affect my credit scores..my TU score actually increased 27 points when Discover showed up almost immediately on my reports. Pretty sure when the other 2 cards report I will have some of those points taken away. 

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In light of what's going on in the world of cc's. I think you did the right thing for the right reasons. Good banks, good cl's...........very smart move, IMO.

[VEEnVEGAS]

Thanks Ms.Kiwi...Chase has my 2 largest limit cards and I'm about done with Cap One so this made sense to me,

[urgent_help_needed]

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VEEnVEGAS wrote:

Received my new US Bank card in the mail yesterday...8k 7.9% 0%BT for 12 mths. Last week I received my new Citi card 5K  and the week before Discovery More Card, also 5K. and both with 0% purchase (6mths) 0% BT (12 mths)

.These were my first 3 applications in over a year and reduced my AAoA to just under 7 yrs.  I'm all done apping, hopefully for years to come. 

My main reason for this spree was the change of my 2 Wamu cards to Chase...I really don't trust Chase enough to let them have so much control over my credit future. 

Second reason was seeing here what has been happening to others credit APRs and CLs. Scary stuff. 

Third reason is so that I feel I have enough available credit in case I feel the need to close any card I feel I need to because of their actions.  

Not sure yet how this will affect my credit scores..my TU score actually increased 27 points when Discover showed up almost immediately on my reports. Pretty sure when the other 2 cards report I will have some of those points taken away. 

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I'm confused about why your TU went up 27 points. Just because your available credit went up and thus utilization went down? Or some other reason? I thought app sprees would damage scores at least 30 points.

[VEEnVEGAS]

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urgent_help_needed wrote:

I'm confused about why your TU went up 27 points. Just because your available credit went up and thus utilization went down? Or some other reason? I thought app sprees would damage scores at least 30 points.

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I was more than a little surprised when I saw that also. Yes, my utilization went from something like 22% down to 15% when Discover reported...TU seemed to punish me more for utilization than either EX or EQ.

At the same time my AAoA only went down a few months...still above 7 yrs.

I still expect to lose points when the other two new accounts post...hopefully not many as my AAoA will still be above 6 yrs. I'll keep you posted when it all clears!