Got approved for BOA 99/500 what else should I app for?

[jschaffer]

Hello,

I just got approved for the 99/500 BOA partially secured card. It's on it's way to me in the mail.

My question is, since I took a hard hit, what else should I app for right now? Obviously I can't go trying for a AMEX or some other prime card...

I just now closed one of my First Premier cards that I completely intended on dropping once I got this card.

I also currently already have:

Shell Gas Card - $600 CL (from citibank) 

Target Red (not visa yet) - $200 CL

Orchard Bank - $300 CL

Cap1 Platinum MC - $500 CL

Cap1 Platinum Visa - $500 CL

First Premier MC 1 - $250 CL

First Premier MC 2 - $300 CL (just closed it today)

First National Legacy Visa  - $350 CL

and then of course the 99/500 BOA card that's on it's way in the mail.

Contemplating calling back and keeping the First Premier and closing the Legacy Visa instead due to the interest rate amount. 

Any and all suggestions welcome. 

Thanks,
Joe 

[Anonymous]

i'm not advocating going app crazy, but i don't see any credit union cards listed. just a thought.

[jschaffer]

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@Anonymous wrote:
i'm not advocating going app crazy, but i don't see any credit union cards listed. just a thought.

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Actually that's the one I forgot to list. I have a Randolph-Brooks Federal Credit Union Platinum MasterCard CC with a $1000 CL

 

Should I try other CU's? Navy, Nasa et. al.? 

[Anonymous]

if you have a navy in, that would have been my first app. nasa likes to pull all 3 now and penfed can be quirky. justice was a good one, but i think they just became overwhelmed and are overun some days.

[orky626]

I have a Fst. Prem. that I'm thinking about closing too.  Its completely worthless in my opinion.  I obtained it 2 years ago to help rebuild my credit that was way in the tanks.  It's did it's job but the limit is only $250.  I have no balance so I'm just paying that crappy monthly service fee of $6.50.  I just  sent my BOfA 99/500 application off in the mail today.  I was denied a secured card too but they countered me.  I hear many good things about the card.  Just trying to figure out if I should toss my fst. prem 

Message Edited by orky626 on 12-15-2008 04:38 PM

[haulingthescoreup]

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jschaffer wrote:

Hello,

I just got approved for the 99/500 BOA partially secured card. It's on it's way to me in the mail.

My question is, since I took a hard hit, what else should I app for right now? Obviously I can't go trying for a AMEX or some other prime card...

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Hi, Joe, if I can ask, why do you feel like you need to keep going? I'm unclear on the link between having taken a hard inq (presumably on EX) for this card and getting something else.

I'm guessing that you want to start heading for higher-limit cards (understandably.) How many new accounts have you opened in 2008? How many inqs do you have on each of the three CRA's? What's your util, and do you carry balances?

This might be time to come up for air, minimize your util, and allow the magic of time and continued good payments to all improve your scores. There's always a time-out period in credit rebuilding, to allow scores and histories to recover.

You're going to be a whole lot more attractive to better CCC's/ banks if you have a nice period of few or no apps. That will increase your chances of getting a good card with a good CL with your first app.

If you have a number of new accounts from this year, with their accompanying inqs, I would suggest focusing on paying down and off any balances, accumulating more and more clean months of history, and judiciously closing some of the low-limit, high fee cards. Don't close things until your util is very low, though, as losing that available CL will increase your total util.

[orky626]

reasonable advice, haulingthescoreup.  I plan to sit back and let things marinate for the next 12 months to recover from lates (30 days june '08 - 2) and inquiries.

[jschaffer]

You bring up good points, and I probably should slow down a little bit. This year alone I've opened 4 cards. I did carry balances but have paid them all off, so my utilization is actually more like 2% on all my credit cards. 

I also bought a 2nd vehicle this year so that's another TL on my report. However all of my credit is in good standing minus 3 really old baddies that are close to falling off. 

To your point though during my last app spree for above said vehicle I got back a few denials citing a rapid increase in new TL's as a reason instead of bad credit. So apparently I'm making people nervous by apping, even though they seem to be ok with my credit file otherwise. 

You are absolutely correct that I want to start aiming for more prime cards. I guess my rationale was if I take the hard inquiry hit, I might as well see what else I can get. That and I really want to start getting rid of my annual fee cards.

I've had the sub cards for about 2 to 3 years now and I guess I'm just tired of feeling like I'm not getting any progress with my cards.

BTW... I just now got approved for a Direct Rewards HSBC Discover Card. Anyone know anything about it? 

Thanks,
Joe

P.S. after looking over what I have, maybe I should just be grateful, and sit on everything for 24 months before trying again.

[haulingthescoreup]

4 or 5 months ago, I would have said to cool your jets for 6 months. Now, with creditors running scared, 12 months sounds like a smarter deal.

I lost between 50 and 75 points on my scores (varied by CRA) last February-March from a mostly well-planned apping spree. I'm not doing a thing until everything has gone over 12 months. My AAoA (average age of accounts) will still be hurting, but at least I'll be out from under the "new accounts" ding, and the inqs won't count any more. The inqs will still display on the full reports for a second year, but they won't affect my scoring, which is more my concern.

It appears that, as the CCC's/ banks are frantically running around, trying to get any credit they can find, they don't look kindly on our doing the same!

[jmbfl]

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@jschaffer wrote:

You bring up good points, and I probably should slow down a little bit. This year alone I've opened 4 cards. I did carry balances but have paid them all off, so my utilization is actually more like 2% on all my credit cards. 

I also bought a 2nd vehicle this year so that's another TL on my report. However all of my credit is in good standing minus 3 really old baddies that are close to falling off. 

To your point though during my last app spree for above said vehicle I got back a few denials citing a rapid increase in new TL's as a reason instead of bad credit. So apparently I'm making people nervous by apping, even though they seem to be ok with my credit file otherwise. 

You are absolutely correct that I want to start aiming for more prime cards. I guess my rationale was if I take the hard inquiry hit, I might as well see what else I can get. That and I really want to start getting rid of my annual fee cards.

I've had the sub cards for about 2 to 3 years now and I guess I'm just tired of feeling like I'm not getting any progress with my cards.

BTW... I just now got approved for a Direct Rewards HSBC Discover Card. Anyone know anything about it? 

Thanks,
Joe

P.S. after looking over what I have, maybe I should just be grateful, and sit on everything for 24 months before trying again.

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Don't expect too much too soon. The highlighted items above are all reasons to haul in the reigns. Give it a rest for about a year if you can. Let those baddies fall off, let the new accounts and inquiries age and you will look a lot better when you next app.