Credit Cards

[jeffj25]

Hello all! I need some help with my current situation. I am looking to get into the garden very soon, but I am not sure if there is anything else I should do before entering the garden. I feel like I need one more card and then I will be complete for a while. I plan to garden in order to allow my credit limits to grow and to allow my inquiries fall off. I am currently switching between my freedom card, my discover, and my Amex cards. Would I be approved for any of the Blue cards from Amex or is it too early?

My stats are as follows:

55k+ annual income

7 yrs, 7 months old account

4 years for AAOA

9 inquires in the last six months (I think this may be a problem)

31% utilization 

0 baddies

Accounts opened in the past 2 months:

Discover IT, Zync, Amex PRG, Delta Skymiles Gold, Upgrade from Store card Walmart to Discover Walmart

I recently applied for the Chase Amazon Visa, but was denied due to the amount of inquires. 

[creditnocash]

i think thats a sign. 

stop while your ahead. 

let the cards grow and app for more in a year or two if thats what you want. 

[nisargshah12]

Yea you should cool down on opening new accounts for atleast a year.

[youngandcreditwrthy]

Yep... Don't overdo it. I'd say stop for at least 6 mos to a year.

[webhopper]

Did you recon the amazon card? I would recon chase and then stop. Your utilization is too high for an amex blue series. Wait til January to app for a revolver.

[jeffj25]

Seems like the consensus is to wait. I guess I have the app itch, but I just feel like I need 1 more to make my collection complete. Is 31% a very high utilization? I did recon the chase card and was declined. I then recon the recon and was again declined. The lady said try again in 4-6 months when all my new accounts report. *sigh* 

[Shogun]

Go to the garden, take care of those cards.  Let them age.  Good luck!

[Cadillac-XTS]

+1

[KIPPIE12]

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jeffj25 wrote:

Seems like the consensus is to wait. I guess I have the app itch, but I just feel like I need 1 more to make my collection complete. Is 31% a very high utilization? I did recon the chase card and was declined. I then recon the recon and was again declined. The lady said try again in 4-6 months when all my new accounts report. *sigh* 

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Yeah, 31% is high for a new card generally speaking, you want it in the 1-9% range for optimal scoring points.  Anything here on out to 1 year, will more than likely result in denials.  Wait till then, work on the util, and grow the lines you have now. Your scores will be better off in the long run, and the inquiries won't count against you after a year FICO wise

[jeffj25]

KIPPIE12 wrote:

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jeffj25 wrote:

Seems like the consensus is to wait. I guess I have the app itch, but I just feel like I need 1 more to make my collection complete. Is 31% a very high utilization? I did recon the chase card and was declined. I then recon the recon and was again declined. The lady said try again in 4-6 months when all my new accounts report. *sigh* 

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Yeah, 31% is high for a new card generally speaking, you want it in the 1-9% range for optimal scoring points.  Anything here on out to 1 year, will more than likely result in denials.  Wait till then, work on the util, and grow the lines you have now. Your scores will be better off in the long run, and the inquiries won't count against you after a year FICO wise

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 Generally speaking, do creditors care after six months  in regards to inquiries?