Frustration

[LS2982]

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@android01 wrote:

One definition of insanity is doing the same thing over and over again and expecting different results.  This applies to the vicious circle many find themselves in with application after application, and either getting rejected outright or getting stuck with another small limit card that they'll likely not want or ever use, all the while damaging their credit scores for quite some time to come.  Frankly, it's a pointless exercise, and does more harm than good.  There is NO substitute for history - We MUST meet the lenders criteria for demonstrating good credit habits, which primarily consists of time managing various types of credit and good payment history.  

So, Appbar, I suggest you try to put this in its proper perspective, and learn from the experience of others because it applies to you as well.  I understand that the (probable majority) of people disregard a more cautious approach and need to learn for themselves instead of heeding the advice of others, but I hope you'll take a serious look at how you are approaching credit and listen to what people are telling you.  Remember, your credit files and history follow you for a lifetime.  Build it slowly and cautiously and you'll begin to see the results in due time.  Probably sooner than you think! 

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Well spoken post!!!

[afbar1114]

Ok so ill try my hardest to wait a year and at that point ill do a pc from slate to freedom, Cli on 123 card and freedom and app for csp or bce/bcp

[TapDancer324]

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@afbar1114 wrote:

I am frustrated because all my cards have low limits. I would like higher limits but I guess I need to wait for at least six months  in order to get  either a CLI or a new card ie freedom…. Or something else like discover… but I hate waiting. My FICO scores are EX: 671 EQ: 657 TU: 643. I guess I have good scores maybe a little low because of higher UTL but still confused because scores went up since bal’s posted on the cards that reported $0 last month and one went  from $0 to $357 and score didn’t move… my UTL last month was around 20% this month its around 30%. O I guess try to get it down and then ask for a CLI on 123 card and then get a freedom or discover… is that my best move? But I am going to try to wait until 3/13 to app for new cards if I can. 

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Yes - I suggest waiting a while. You can do iiiiit! I've learned that this forum is great for gaining information and advice, but the caveat is our potential reaction to all of the success stories.  Within the last 3 weeks, I've purchased a new vehicle (which I HAD to do) and obtained a new cc and a charge card.  Previously, I had not applied for a CC or loan in almost 5 years, so I kind of felt like I was on a roll. Now, I have snapped back to reality and back to planning.  The next thing (financially) that I should do is refinance my "underwater" mortgage loan, if possible. IMO, the high revolving CLs will come IF we nurture and appreciate what we have. I'm preaching to myself now. LOL

I'm going to spend the next year enjoying my new ride, getting to know Amex and its perks and working on becoming healthier by eating better and exercising more. I'll still come to this forum, but I've applied the mental handcuffs to prevent app'ing.

Good luck!!!

[afbar1114]

Should i not get any clis and wait for a full year for them as well?

[webhopper]

Maybe if you stop apping they will reward you with a cli automatically

[Open123]

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@drkaje wrote:

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@Open123 wrote:

In my view, patience along with having the right cards matters more than just patience per se.

No amount of patience is going to matter if all you have are subprime cards, such CapOnes, BBRZs, and some store cards.  10 years from now, those cards will still have the low limits they do today.

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Some of the reasons people end up stuck with low limit cards is too many apps and short history.

"Prime" cards are cool but really may not reflect one's actual financial management.

I just feel true rebuilding takes time. What's the point of 20 (I'll say Amex) cards if your poop isn't together?

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I certainly agree the main reason for being stuck with low limit cards is apping too frequently and often for...well...low limit cards.  

In my view, there's a world of difference having patience with Amex, BofA, Chase, and Citi.  Building a relationship and taking the time grow CL organically makes sense with these issuers.  

However, the point I was trying to make is that being "patient" in of it's own with the wrong cards has a minimal effect.  With the lowest CapOne and BBRZ 300 CL card, what is the point of patience?  To have a 100 CL every year?

I agree that prime cards refect very little of one's financial acumen.  All things being equal, would you say a person has "better" financial management skills with 20 Amex cards, or 20 FP and Orchard low limit cards?

[Open123]

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@tinuviel wrote:

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@Open123 wrote:

In my view, patience along with having the right cards matters more than just patience per se.

No amount of patience is going to matter if all you have are subprime cards, such CapOnes, BBRZs, and some store cards.  10 years from now, those cards will still have the low limits they do today.

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Yes, but afbar already has Chase, BoA and Amex Zync. These are not Cap1 or HSBC type of cards. In my view, these are lenders that are worth taking the time with building a history.

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Couldn't agree with you more.

It makes absolute sense to be patient and garden with Chase, BofA, and Amex.  While it makes much less sense to garden with low limit starter cards that will never grow.  The sooner one gets the "Chase, BofA, Citi, and Amex" type TLs and build a relationship with them, the better he will be off in the long run.

[afbar1114]

im starting to realize what cards i need and what ones i want. i dont need anymore cards at this point and once some cards are paid to $0 they will be closed. i dont think its necsery to have 5 credit cards. i think my 123, zync, and slate (will be pc'd to freedom at 13 month), kohls will be fine for me...maybe in 1-2 years ill see if i NEED a new credit card. i think with that set up it will get me everything i need with the 5% thing from chase and the 3% cash back for gas. 

ETA: although i may app for CSP at somepoint as i am traveling more now. 

[webhopper]

You have some great cards and your BB store card is way better than mine!

[drkaje]

@ Open123,

Yeah. Some cards just stink.