Garden Club Meeting for April 2011

[tinuviel]

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@FicoScore626 wrote:

Received the Discover card today.

Today I also received the credit line increase that I requested on my NASA Visa classic card.

I got declined for a Citibank card.

But no matter. Between Chase Slate, Discover and my NASA card, I have no real reason for applying for anything else this year. So, it looks like I'll be gardening from here on out.

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Congrats on the Discover approval and the NASA CLI! Allow me to hand you a watering can; welcome to the club!

[Datx]

I have been a bad boy. Need to show up to the garden club meetings more often.

[Smerri1029]

So tempted to apply for the Citi AA card but my only saving grace is I may be applying for a mortgage over the next few months so I want my AAoA to do nothing but grow and keep the reports clean of recent inquiries.

[tinuviel]

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@MyCreditStinks wrote:

I have been a bad boy. Need to show up to the garden club meetings more often.

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What's done is done. Focus on now and the future. From this point forward, remind yourself that you are in gardening mode. Is there a goal that you can set for yourself?

[tinuviel]

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@Smerri1029 wrote:

So tempted to apply for the Citi AA card but my only saving grace is I may be applying for a mortgage over the next few months so I want my AAoA to do nothing but grow and keep the reports clean of recent inquiries.

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It sounds to me like you have a goal, and a worthy one at that. Keep focusing on that mortgage! After you're settled into your new house you can turn your thoughts back to any credit cards that you might have your eye on.

[DI]

I just about fell off the garden wagon.  The freeze on my credit reports saved me.  The creditor couldn't access my reports.  Ha!

[Datx]

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@tinuviel wrote:

.What's done is done. Focus on now and the future. From this point forward, remind yourself that you are in gardening mode. Is there a goal that you can set for yourself?

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My goal was to not apply for anything else until the end of the year. I planned on going app free in 2011 or at least til December, but failed. I don't know what got to me. Everytime I see my credit improving and my scores rising, I get curious on what I can apply and get approved for. Then I get approved for toy limit cards, and then have regrets. I realized Im doing more damage to my credit than good when applying. I should be in the mid to higher 600's by now, but instead im in the lower to mid 600s. Too many new accounts are killing my scores. I froze all my reports a couple of weeks ago, to help prevent me for applying for anything else. Im going to go back to gardening and going back to send out GW requests for some lates on my CR in 08.

All I have to show for the mini app I did was a Cap One Sony Visa and a Chevron gas card (Applied for the Chevron Visa) from GEMB. Both with small limits of $500. Only good thing about the two cards is no AF. ARGGHHH . I just need to keep reminding myself that any new app is going to hurt my credit. Since I failed at my original goal, new goal is to not apply for anything until at least next year in May...my birthday. That is just a bit more than 12 months from now. By then my accounts and INQs would have aged and I would have gotten rid of some of my smaller limit cards. 

[Anonymous]

I really want to start gardening for the next 2 1/2 years, however, I have much better credit now than I did just 6 months ago (583) now 700's and above across the board, I have 5 CC's and 1 store card. I now have a AmEx Blue Cash (finally a prime card 2000CL) and I was able to have it backdated to 91 and I'm AU on my Fathers AmEx Platinum Optima (opened in 84 16,000CL) and the other 3 CC's I have are just starter cards that will most likely never grow with me.

I really want just one more prime CC and I am thinking of apping for another AmEx CC (not sure which one yet) for 3 reasons.....

1: They only pull form EX

2: I can have it backdated to 91

3: It will be my second prime card

I feel having 2 prime cards is plenty for now, then this way I can sit back and tend to the garden for the next 2 1/2 years and weed out 1 or 2 of these starter cards that have an AF and will most likely never see a CLI no matter how perfect my pymt history with them and how much my scores go up.

My goal is to start looking for a home in about 2 1/2 years, by then I should have met my goal score of 775 and will have a perfect Credit File.

Does this sound like a good plan? Should I app for one more AmEx since I can have it backdated to 91 and its only 1 inq on EX? ( I have 3 now) my latest 3/26/11 AmEx, this way in 2 1/2 years from now I will have 0 inq's all across the board and by then my new Blue Cash should have a much better CL and so would the other AmEx if I apped for it now.

Any suggestions? Garden for now, or app for one more AmeX?

[tinuviel]

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@MyCreditStinks wrote:

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@tinuviel wrote:

.What's done is done. Focus on now and the future. From this point forward, remind yourself that you are in gardening mode. Is there a goal that you can set for yourself?

---

My goal was to not apply for anything else until the end of the year. I planned on going app free in 2011 or at least til December, but failed. I don't know what got to me. Everytime I see my credit improving and my scores rising, I get curious on what I can apply and get approved for. Then I get approved for toy limit cards, and then have regrets. I realized Im doing more damage to my credit than good when applying. I should be in the mid to higher 600's by now, but instead im in the lower to mid 600s. Too many new accounts are killing my scores. I froze all my reports a couple of weeks ago, to help prevent me for applying for anything else. Im going to go back to gardening and going back to send out GW requests for some lates on my CR in 08.

All I have to show for the mini app I did was a Cap One Sony Visa and a Chevron gas card (Applied for the Chevron Visa) from GEMB. Both with small limits of $500. Only good thing about the two cards is no AF. ARGGHHH . I just need to keep reminding myself that any new app is going to hurt my credit. Since I failed at my original goal, new goal is to not apply for anything until at least next year in May...my birthday. That is just a bit more than 12 months from now. By then my accounts and INQs would have aged and I would have gotten rid of some of my smaller limit cards. 

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I can certainly understand the curiosity factor. When rebuilding, it can be very tempting to see what you might be able to be approved for. There's a Citi card that, according to financeglobe.com, should be within my score range. I have a hard time believing I'd actually be approved, but the curiosity can be a killer at times.

But, it sounds to me like you do have a goal, and it's the same one that I have... to get scores up to the upper 600s (maybe 700!) and be approved for better cards. I, myself, did app for a couple of cards this months, for reasons outlined elsewhere. It killed me to know that my scores were going to take a hit. That thought and the knowledge that my AAoA will be affected are enough to keep me from satisying any curiosity from here on out. You and I both need to wait before attempting to get any prime cards.

So, you and I can both focus on watching our scores rise, knowing that eventually we will get there. I pull my scores on the first of the month. Yes, it costs a little bit, but tracking my scores has turned into something of a hobby, and it's one that will pay off in the long run. Watching my scores rise helps to keep me motivated. Perhaps doing the same would help you as well? Or you might be able to find some other way of staying focused on your goal; everyone is different, after all. And keep in mind -- next May you should be able to reach your goal of having better scores and then apply -- and hopefully! -- receive a prime card! Wouldn't that be a wonderful gift to give yourself!

[tinuviel]

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@Anonymous wrote:

I really want to start gardening for the next 2 1/2 years, however, I have much better credit now than I did just 6 months ago (583) now 700's and above across the board, I have 5 CC's and 1 store card. I now have a AmEx Blue Cash (finally a prime card 2000CL) and I was able to have it backdated to 91 and I'm AU on my Fathers AmEx Platinum Optima (opened in 84 16,000CL) and the other 3 CC's I have are just starter cards that will most likely never grow with me.

I really want just one more prime CC and I am thinking of apping for another AmEx CC (not sure which one yet) for 3 reasons.....

1: They only pull form EX

2: I can have it backdated to 91

3: It will be my second prime card

I feel having 2 prime cards is plenty for now, then this way I can sit back and tend to the garden for the next 2 1/2 years and weed out 1 or 2 of these starter cards that have an AF and will most likely never see a CLI no matter how perfect my pymt history with them and how much my scores go up.

My goal is to start looking for a home in about 2 1/2 years, by then I should have met my goal score of 775 and will have a perfect Credit File.

Does this sound like a good plan? Should I app for one more AmEx since I can have it backdated to 91 and its only 1 inq on EX? ( I have 3 now) my latest 3/26/11 AmEx, this way in 2 1/2 years from now I will have 0 inq's all across the board and by then my new Blue Cash should have a much better CL and so would the other AmEx if I apped for it now.

Any suggestions? Garden for now, or app for one more AmeX?

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IMO, this sounds like a reasonable plan. If your goal is to buy a home in about 2 1/2 years, the inquiry will have fallen off, and with the backdating, your AAoA won't take a hit.  I would consider this particular app to be a "seed" that you're planting in your garden!