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Valued Member
jeffj25
Posts: 28
Registered: ‎08-20-2012
0

How do I proceed? Garden or do I app for 1 more?

[ Edited ]

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. 

 

Starting Score: TU - 684 EQ- 639
Current Score: TU- 701 EQ- 715 EX- 701 from AMEX
Goal Score: 750 across the board
In my Wallet: Chase Sapphire Preferred - 5K, Chase Freedom - 4.5K, 1FBUSA - 2.4K, Walmart Discover -3K, Blue Sky Amex - 2K, Citi CashReturns - 1.5K, American Express PRG and Zync - NPSL, Delta Skymiles Amex - 1K, Discover More - 1.5K,ValuCity Furniture - 3.5K, CareCredit - 2.3K, A and F - 1.2K, Capital one - 1.25K and $750.
Valued Contributor
creditnocash
Posts: 2,255
Registered: ‎07-23-2012
0

Re: How do I proceed? Garden or do I app for 1 more?

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. 

 

Current: Discover Fico 701 10/14 Walmart Fico 689 9/14

Inquiries (24 Months): EQ 3 TU 0 EX 0 | Most Recent: 09/26/2014


2014 Goals:
Lower Utility
47%(OUCH!!)
Freedom Signature

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
New Member
nisargshah12
Posts: 18
Registered: ‎09-23-2012
0

Re: How do I proceed? Garden or do I app for 1 more?

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

Senior Contributor
youngandcreditwrthy
Posts: 6,242
Registered: ‎08-16-2012
0

Re: How do I proceed? Garden or do I app for 1 more?

Yep... Don't overdo it. I'd say stop for at least 6 mos to a year.
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: How do I proceed? Garden or do I app for 1 more?

[ Edited ]

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.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Valued Member
jeffj25
Posts: 28
Registered: ‎08-20-2012
0

Re: How do I proceed? Garden or do I app for 1 more?

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* 

Starting Score: TU - 684 EQ- 639
Current Score: TU- 701 EQ- 715 EX- 701 from AMEX
Goal Score: 750 across the board
In my Wallet: Chase Sapphire Preferred - 5K, Chase Freedom - 4.5K, 1FBUSA - 2.4K, Walmart Discover -3K, Blue Sky Amex - 2K, Citi CashReturns - 1.5K, American Express PRG and Zync - NPSL, Delta Skymiles Amex - 1K, Discover More - 1.5K,ValuCity Furniture - 3.5K, CareCredit - 2.3K, A and F - 1.2K, Capital one - 1.25K and $750.
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: How do I proceed? Garden or do I app for 1 more?

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


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Established Contributor
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012
0

Re: How do I proceed? Garden or do I app for 1 more?

+1

Established Contributor
KIPPIE12
Posts: 620
Registered: ‎05-09-2009
0

Re: How do I proceed? Garden or do I app for 1 more?


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* 


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

Current Score: EQ: 807 TU: 811 EX: 813 (Fico) 8/14
Goal Scores: 760 Across all 3-Finally


Citi TY Premier 36k| Discover 15.6k|BOA WMC 30.5k|Barclays Juniper Rewards 15k|Barclays Amex 20k| CapOne 15K|Chase Freedom VS 19.3k|Citi Dividend WMC 25k|FNBO 15.5k|CSP 22.1K|Chase Marriott 31.3k|Citi TYP 20K|Citi DP 16.5k|Sams Discover 10k|Chase IHG Select Visa 26k|Macys 5k|Sams MasterCard 10k|Barclay Arrival Plus WEMC 10k|Chae IHG WMC 26k|Citi Double Cash 10k|Chase MileagePlus Explorer 14k
Valued Member
jeffj25
Posts: 28
Registered: ‎08-20-2012
0

Re: How do I proceed? Garden or do I app for 1 more?

 

KIPPIE12 wrote:

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* 


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


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

Starting Score: TU - 684 EQ- 639
Current Score: TU- 701 EQ- 715 EX- 701 from AMEX
Goal Score: 750 across the board
In my Wallet: Chase Sapphire Preferred - 5K, Chase Freedom - 4.5K, 1FBUSA - 2.4K, Walmart Discover -3K, Blue Sky Amex - 2K, Citi CashReturns - 1.5K, American Express PRG and Zync - NPSL, Delta Skymiles Amex - 1K, Discover More - 1.5K,ValuCity Furniture - 3.5K, CareCredit - 2.3K, A and F - 1.2K, Capital one - 1.25K and $750.

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