09-11-2010 09:56 PM
OK well I checked my FICO score for Equ Last month and it was 699 with 3 hard Inquiries. I was accepted for 2 cards ( Zync, Diamond Preferred Rewards) within the same month. I thought what the heck might as well go app for another one, so I did. I applied for Bank of America® Accelerated Rewards® American Express® Card and I got an instant decision that I was not anticipating for. " Please call our number for an instant decision or wait 30 day and you will recieve a mail with a response". This can either go great or bad. For my last two cards, I had to follow the same procedure but luckily I was approved. Unfortunately, I don't feel as lucky as before. Only reason I apped for this because of the great rewards point, 1.25 points for every dollar spent. I already have a Bankamericard and I love it. PRAY FOR ME =]
09-11-2010 11:53 PM
09-12-2010 10:37 PM
I'm scared to call
09-12-2010 10:40 PM - edited 09-12-2010 10:43 PM
Well, good luck on this one!
Once the dust settles, you might want to draw up a plan as to which cards you want to apply for, and why, and what it will take to qualify for that card, getting the best rate.
If you genuinely want to improve your credit profile and your FICO scores, your best bet for now might be to pull out of the app world and let your current cards create a trail of healthy usage and repayment. As I recall from your other posts, you have a pretty nice hand in terms of credit cards.
Continuing to draw, hoping to hit a full house, might not be the smartest thing to do right now.
eta: sorry, looks like you posted while I was typing away. Anyway, at this point, unless you have a specific credit niche that is not currently being filled by the cards you have, I'd advise holding off for now. You will look infinitely more attractive to CCC's, and you'll get much better deals, if you back off for a bit, build up more history, and work from a position of power, than continuing to apply for anything that catches your attention right now.
When it comes to credit apps, you want to be the one being chased, rather than the one doing the chasing!
09-12-2010 10:57 PM - edited 09-12-2010 10:57 PM
You're absolutely correct, I guess I need to pull the plug for now. Only reason I kept applying because applying for credit card is addicting, and I wanted to see if I would still be approved or rejected. Sadly, I don't feel as confident this time because I was approved for 3 cards consecutively one after another. My FICO was 699 at the time and probably 732 based on the FICO calculation. Probably I was being accepted because 3 revolving, 1 Charge and a installation loan that has never been late or a higher than a 30% usage. Well, Thanks for the advise. I'll make these companies chase me *Ahem " American express Centurion" *Ahem.
09-12-2010 11:04 PM - edited 09-12-2010 11:06 PM
Of course it's addictive! It's like any other form of hunting. Learn the habits of your prey, stalk and hunt, wait, and shoot. With luck, you go home with something strapped on your car roof. And the more you do it, the better you get, and the bigger the rush from succeeding.
Then you find that one of the hardest things to do is to realize when it's time to stop hunting and to pull back for a while.
You'll have CCC's chasing you instead of vice versa once you've pulled back and built up your history.
It's scarily like the dating scene. The more you look like you're hungry, the less likely you are to (ummm) get lucky. But the more you look like you're doing just fine and you don't give a damn, the more you'll see lenders falling all over themselves to bring you on board.
Sometimes I think that life is all about 7th grade...
eta: cna't splel...
09-12-2010 11:28 PM
Haha absolutely right. Thanks for the advise, I will definately take it into consideration and be more wise about it.
09-13-2010 11:51 AM
As I waited patiently over the weekend, I finally had the opportunity to call the 1-800 # to see if I was either Declined or Accepted. Well, it’s good and bad news. They accepted my application; however, they said they are not capable of giving me anymore credit. That’s when I thought to myself. Why did they even bother accepting my application for then right? I have a current Visa Bankamericard($4000 limit) with them at this moment. BofA wants me to take some of that credit and put it towards the new one. So then I did… I took $1000 from the initial $4000 on the Visa credit card and put it towards the New Accelerated American Express Rewards. So now I have $3000 on Visa and $1000 on the new AMEX( They are both BofA credit cards). The reason they wanted me to do this because they said I’m student with insufficient income. They also said “ask for higher credit increase when you finish with school”…. I guess I’ll just establish credit on the new AMEX and have a utilization of 10% or less and hopefully they will give me CLI based on my payments. I’m done applying for credit cards for now. Sucks being a poor 20 year old college student
Here are my credit cards:
BofA Bankamericard : $3000
BofA Accelerated Rewards American Express: $1000
American Express Zync: No Pre-Set
Citi Diamond Preferred Rewards : $1200
Best Buy Store Card : $800
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