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

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SarcasticComputer
Valued Member

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

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. 

 

Message 1 of 14
13 REPLIES 13
creditnocash
Valued Contributor

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: Fico ScoresEQ~706 TU~719 EX 709 4/28/23

Inquiries (24 Months): EQ 0 TU 0 EX 0| Most Recent: A LONG WHILE
Over 12 Months:0


2023 Goals:
Buy A Home
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$7,400
Citi DC $10,000
Citizens Mastercard$7,000

Message 2 of 14
Anonymous
Not applicable

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.

Message 3 of 14
youngandcreditwrthy
Senior Contributor

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| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 4 of 14
webhopper
Moderator Emeritus

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

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.

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 5 of 14
SarcasticComputer
Valued Member

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* 

Message 6 of 14
Shogun
Moderator Emeritus

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!

June 2017 update: All scores over 820, just pure gardening now.
Message 7 of 14
Cadillac-XTS
Established Contributor

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

+1

Message 8 of 14
KIPPIE12
Established Contributor

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


@SarcasticComputer 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: 828, EX: 833, TU: 820 Citi TY Premier WEMC 46.5, (Since 1983)Discover 15.6k|BOA WMC 30.5k|Barclays Juniper Rewards 15k|Barclays Amex 20k| Cap One QS WMC 15K|Chase Freedom VS 19.3k|Citi Dividend WEMC 25k|FNBO 15.5k|CSP 22.1K|Chase Marriott 31.3k|Citi TYP 20K|Citi DP 16.5k|Macys 5k|Sams MasterCard 15k|Barclay Arrival Plus WEMC 18.7k|Chase IHG WMC 26k|Citi Double Cash 10k|Chase MileagePlus Explorer 14k|Amex Everyday 16.2|BBVA Amex 22.5k|Total Rewards VS 12.5k|SGV 10K|Venture 12k|BOA Virgin Atlantic WEMC 11.2K|MB Amex 9.5k
Message 9 of 14
SarcasticComputer
Valued Member

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

 

@KIPPIE12 wrote:

@SarcasticComputer 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? 

Message 10 of 14
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