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Senior Contributor
Open123
Posts: 4,089
Registered: ‎02-23-2011
0

Re: How do the best gardeners do it?


Revelate wrote:
Given that everything is time dependent in the FICO algorithms, app sprees for cards you can be approved for wind up being better statistically as long as you're applying for cards that actually have a purpose in your finances or in putting lipstick on one's report. Bunch of threads here discussing that.

+1

 

All things being equal, for those with young files or rebuilding, it is far more efficient to start with mulitiple quality TLs (Amex, Discover, National Banks) with HPs and new accounts close together (since they all fall off within this narrow range), than it would to apply for a new TL every year or two.  This will accelerate the building and/or rebuidling much faster than a more tempered pace.

 

Also, early on, it's important to open TLs with the following:  (1) AmEx, for obvious reasons; (2) initial TLs should all be no-annual fee, it possible; and, (3) then, garden for 2 years, with an annual January AmEx app.

 

Before you know it, Fico will be at or near 750.  Voila, then use the credit score for whatever benefits fit your needs, and commensurate to your resources.

Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
0

Re: How do the best gardeners do it?

[ Edited ]

Open123 wrote:

Revelate wrote:
Given that everything is time dependent in the FICO algorithms, app sprees for cards you can be approved for wind up being better statistically as long as you're applying for cards that actually have a purpose in your finances or in putting lipstick on one's report. Bunch of threads here discussing that.

+1

 

All things being equal, for those with young files or rebuilding, it is far more efficient to start with mulitiple quality TLs (Amex, Discover, National Banks) with HPs and new accounts close together (since they all fall off within this narrow range), than it would to apply for a new TL every year or two.  This will accelerate the building and/or rebuidling much faster than a more tempered pace.

 

Also, early on, it's important to open TLs with the following:  (1) AmEx, for obvious reasons; (2) initial TLs should all be no-annual fee, it possible; and, (3) then, garden for 2 years, with an annual January AmEx app.

 

Before you know it, Fico will be at or near 750.  Voila, then use the credit score for whatever benefits fit your needs, and commensurate to your resources.


+2. Also for those who are more "seasoned" with higher scores, it's good "to know your price" regarding signup bonuses. Having a good idea of the minimum it takes for you to jump on an offer will make you think twice about cards that don't meet that standard.

 

 

For cards you intend to keep longer-term, look at not just what that card provides but also how it fits into the bigger picture of your credit portfolio. You should ask yourself the following questions:

 

1. Do I need it?

2. Does it fill a gap in my current lineup, or will it replace a current one because it's superior in some way?

3. Can I afford to take the INQ hit at this time?

4. Am I willing to pay the AF (if any) because the benefits to me outweigh the costs?

 

For cards that you plan to keep over the long-haul, your answer to all 4 questions should be yes.

FICOs: EX: 826, EQ: 817, TU: 810
Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL
Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank American Airlines Executive World Elite MasterCard - $22,500 CL
J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Frequent Contributor
USF813
Posts: 330
Registered: ‎06-04-2013
0

Re: How do the best gardeners do it?

It's all about willpower.
Chapter 7 Discharged 12/2009
FICO EQ: 693 (5/23/14)
FICO TU: 670 (Barclays TU 7/25/14)
FICO EX: 667 (as of 5/23/14)
NFCU GoRewards $7.5k, Barclays US Airways $5k, Chase IHG $2k, DCCU Visa $1.5k.

Valued Contributor
indiolatino61
Posts: 1,455
Registered: ‎11-10-2012
0

Re: How do the best gardeners do it?


USF813 wrote:
It's all about willpower.

Well if that's the case, there is no hope for me...lol!

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Valued Contributor
-Wade-
Posts: 12,561
Registered: ‎08-13-2013
0

Re: How do the best gardeners do it?


indiolatino61 wrote:

USF813 wrote:
It's all about willpower.

Well if that's the case, there is no hope for me...lol!


It's hope for everyone :smileyhappy: and it does take a lot of will power. you need to set you some goals

*** Old user name newportguy*** Current Score: myFico EQ - 806 (04/04/2014) Discover TU Fico - 808 (07/03/2014) myFico EX - 804 ( 07/08/2014 ) ******* Amex - BCP 10 K * Discover - IT 10.5 K * U.S. Bank Cash + Visa Signature 8.8 K * PenFed - Cash Rewards 5 K * Amex - GDSM 5 K ****** FICO 800 Club Member ******* EQ 806 *** TU 808 *** EX 804 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 830's Scores ******
Established Contributor
efranklin23
Posts: 1,537
Registered: ‎11-14-2013
0

Re: How do the best gardeners do it?


tmbr10 wrote:

Treat your inquires like gold. Every time I see the words "App Spree" in a post, I cringe. I have yet to read a justifiable reason for filling out 4 or 5 credit applications in a day.

 

Life isn't fair and credit is even more unfair. It takes time to get your credit where you want it. But only one billing cycle to put it on skid row. Realize this and ask yourself each time you get ready to click "submit"...Is this a need or a want. Your "need" credit cards should far outweigh your "want" credit cards.

 

I'll admit, I have both types of cards. Nothing wrong with that. But keep the bigger picture in mind.


+1

$13.5K$7K6K$15K$5K1K
$5K

EQ-659 TU-676 EX-705 (as of 8-15-14)
Senior Contributor
drkaje
Posts: 3,483
Registered: ‎07-25-2008
0

Re: How do the best gardeners do it?

Focusing my goals more on cash helps, too. A million dollar CL would improve my score but have zero impact on quality of life. :smileyhappy:


Starting Score: 675
Current Score: EX 754 FICO, EQ 732 FICO
Goal Score: 776 FICO


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Regular Contributor
Drew
Posts: 209
Registered: ‎03-27-2007
0

Re: How do the best gardeners do it?

What I've been doing is telling myself that all my current cards have to be at a specific CL before I apply for a new one. That way, my next card will also start with a high CL (I'm guessing). In my case, I want all of my CL's at 20k or more.

American Express Blue Cash Everyday $25000
Capital One Venture World MasterCard $10000
Chase Freedom Visa Signature $10000
Chase Sapphire Visa Signature $15000
Discover IT $8000
GEMB Old Navy Visa $25000

Established Member
bearze34
Posts: 12
Registered: ‎01-24-2014
0

Re: How do the best gardeners do it?

It is tough. There is something really fun about filling out that app, looking over the disclosures, anticipating the outcome, hitting the final "apply" button, and then being approved for a nice CLI. Then, anticipating the arrival of the card and using it for the first time. Of course, being rejected is a bummer.

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