GEMB Application Spree....WOW got a little to happy ....

[Anonymous]

So,

I just bought a house thanks to MyFico! I went on an application spree and got the following cards and now I am scared. Maybe I did to much to fast. I already had

Credit 1 $300

First Premier $350

I plan ditching these shortly but using these for the limits

Now on my application spree I was given the following

Dillards $200

Old Navy $200

Walmart $400

Lowes $400

Chevron $500

Pay Pal buyer Credit $500 (I have the debit card so I can use this as back up finding thus making it a credit card of sorts)

Capital One $500

The logic behind this mad application spree was I originally wanted a gas card, a Lowes card (for the house), walmart, (groceries electronics) old navy/ Dillards because those are my favorite stores lol.

So far I went and bought a flatscreen for my kitchen on my Walmart card spent a total of $340.00, paid for my dentist appointment with my Pay pal card spent about $400. Question is should I pay these off this month or break it in half ect? What is the best way to use the cards so they dont slash the limits?

I have socked drawered all other cards until these two are paid;

Oh side note: My First premier I used to pay my light bill and I paid it off right after it posted by accident. I am sure my scores will tank until they update. *Sigh* So should even carry a balance on the Walmart & pay pal card because of this?

Went from Zero Credit to Credit Newbie....and now I am scared. lol

[marty56]

The best way to keep your CCs safe is to PIF them and not go over your limit.  Also applying for any new credit could cause AA on your other accounts, even ones that you PIF.  IMHO your Cap One card will probably never get a CL but Walmart and Chevron will as long as you treat them right.  GEMB is a great CCC, as long as you do right by them, they will do right by you.  It takes time.

PIF'ing makes you AA proof and interest rate neutral. 

[Anonymous]

What is AA proof?

[Datx]

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@Anonymous wrote:

What is AA proof?

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Adverse Action proof

[Anonymous]

So and AA would be like a credit slash or closing? Oh No! I did not know anything about that!

[tray]

Congratulations, and I say wow !!! 7 accounts at one time, I applied for one account today and I feel I went over  the edge just with that one. 

[haulingthescoreup]

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@Anonymous wrote:

So and AA would be like a credit slash or closing? Oh No! I did not know anything about that!

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Well, that's kind of what you were asking about initially, right? How to keep from getting any of your CL's cut.

marty has it right --use 'em and PIF 'em. Don't carry balances, don't think that you have to give them interest to make them happy. There are plenty of other consumers who will do that.  

Sure, CCC's like interest income, but they also like responsible use, to where they don't have to start wondering if they're ever going to get their money back.

Just consider these credit cards to actually be somewhat pokey debit cards. Use them with the expectation that when the charges pop up on your online account, you can pay them off then and there, or at any rate with extra money from your next paycheck.

Congrats on your house AND your new batch-o-plastic! Now stop. 

[Anonymous]

Yes seven cards was a bit much but the plan is to drop the First Premier and Credit One as soon as possible but if I do that will kill the Average Age of Accounts. I really would like one or two high balance cards and go from there but it we have to take baby steps. There is so much to learn when it comes to credit. I like the concept that store cards are basically debit cards. That makes sense to me! Thanks for all the help!

[MarineVietVet]

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@Anonymous wrote:

Yes seven cards was a bit much but the plan is to drop the First Premier and Credit One as soon as possible but if I do that will kill the Average Age of Accounts. I really would like one or two high balance cards and go from there but it we have to take baby steps. There is so much to learn when it comes to credit. I like the concept that store cards are basically debit cards. That makes sense to me! Thanks for all the help!

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That's not true fortunately. Simply closing a card will not affect the AAoA or credit length history. Here is a great thread about Closing Credit Cards.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".