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My Long Term Goals... All Feedbacks Appreciated

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pip3man
Valued Contributor

My Long Term Goals... All Feedbacks Appreciated

Thanks to everyone for your inputs and incredible knowledge shared here. I've been able to restore my credit from the nightmare it used to be and right now I am setting long term financial goals for myself which I would like to share and hopefully get feedbacks from the community. For this post, I'll be referencing my EX data as thats what most creditors seem to pull for me. Well in April through May 2014, I went on a successful app spree which resulted in a majority of the tradelines listed on my signature. However I haven't yet reached my credit/credit card goals so I'm listing them below:

 

Chase Hyatt

Chase Sapphire Preferred

Citi Hilton Honors

GE Care Credit

Sallie Mae Card

NASA Platinum Advantage Card

TD Bank Unsecured Personal Loan

 

I'm looking to acquire the above by December 2014 latest when my new accounts have at least 6-8months of history respectively and then that's it with anything credit cards for the life of me hopefully. Also by the grace of God and if there's life, by the end of 2016 (when these current inquiries falls off) or earlier, depending on how substantial my income increases I will be getting an auto loan of $25,000 max. But here's my stats as of today:

 

9 inqs EX: (last inq 05/06/2014, oldest inq 04/03/2013) [5 inqs EQ & 5 inqs TU]

11 open accounts (most opened between April & May 2014)

AAOA: 7months (oldest open account - 3.5yrs/oldest closed account - 4yrs)

UTIL: of course this always changes and I anticpate to keep it at 8% when im ready for the app spree

Income: $42,000

No charge offs, lates, collections or derogatory info

 

Based on my credit background and all the info I provided, do I have a shot at achieving my goals by December 2014? Are there any tips & strategies that might help me realize them??? And when I wanna kick off the spree what should be the order I should apply?? Thanks alot for any advise Smiley Happy

 

Message 1 of 16
15 REPLIES 15
BluePoodle
Valued Contributor

Re: My Long Term Goals... All Feedbacks Appreciated

Your signature is cut off. What is your current FICO scores?

How many of the TL's were new for this year?

CapOne $7500 | Discover $8500 | Amex ED $25K | Barclay SM $5700 | Chase Disney $500 | Chase Slate $5K | Target $3K | Hilton Amex $2K
Gardening Since 4/3/2017
Message 2 of 16
TRC_WA
Senior Contributor

Re: My Long Term Goals... All Feedbacks Appreciated

I would say you need to garden what you have.

 

Even with scores in the low 700's having 11 new accounts opened in the last 3 months and all the inquiries associated with it as well as an AAoA of 7 months leads me to believe you will see a lot of denials and wasted HP's if you apply for those accounts you have listed.

 

Credit isn't a race... it's a journey.  Smiley Happy

 

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 3 of 16
pip3man
Valued Contributor

Re: My Long Term Goals... All Feedbacks Appreciated


@BluePoodle wrote:

Your signature is cut off. What is your current FICO scores?

How many of the TL's were new for this year?


I'm not sure how my signature appears but it's fully visible to me or maybe I didn't get it right. And I'm not sure how to correct it either. My most current FICO are as follows - EX 684, TU 673, EQ 663. These scores came down lately due to high utilization cos post app spree and all the new accounts reporting I was still in the low 700s (the original scores u see on my sig). All tradelines but for one was opened in April through May this year. By December my AAoA will reach 1 year while the oldest open account will be over 3 years and the closed account 4+ years. My apologies for the late response, totally forgot bout this post.

Message 4 of 16
pip3man
Valued Contributor

Re: My Long Term Goals... All Feedbacks Appreciated


@TRC_WA wrote:

I would say you need to garden what you have.

 

Even with scores in the low 700's having 11 new accounts opened in the last 3 months and all the inquiries associated with it as well as an AAoA of 7 months leads me to believe you will see a lot of denials and wasted HP's if you apply for those accounts you have listed.

 

Credit isn't a race... it's a journey.  Smiley Happy

 


I truly value your opinion however I've read numerous post of people here who got approved for new accounts in addition to recently opened ones plus major derogatory reporting which I don't even have. By December my AAoA will be a year and I would have had at least 6months of good history on those new accounts which is the threshold for most lenders but Chase that requires up to a year. Moreover I've heard once u in with Chase, approvals for more and higher cards limits are easy so if not for anything else hopefully I can get the Hyatt and CSP cards. In addition my inquiry count isn't too bad in comparison to the number of new accounts - 5 across each CB and 9 total in EX. But thank u so much tho, I appreciate your feedback. God bless

Message 5 of 16
edcb
Contributor

Re: My Long Term Goals... All Feedbacks Appreciated

If you want to do it and don't care what anyone says...why even ask?

 

CSP was at the top of your list.  It's the top of my list as well and our scores are similar.  I got a 2k Freedom when I apped 2 months ago...a $500 limit is not really "in." 

 

I know that honestly, I got a Freedom bc of my substantial banking relationship with Chase, not my scores, and that is why I got a decent limit.  I'm not even considering app for CSP for quite a while....for what it is worth.  If they give me a big CLI, or pre-approve me, or I hit 750....those are all things that will cause me to app for CSP. 

In the garden until October 2015!

Journey began 12/13
My wallet: Cap1 Journey (12/13) $4,800 - Cap1 QS (3/14) $1,500 - Chase Freedom (5/14) $3,000 - Chase CSP (12/14) $8,000

Closed on my primary home and income property in December 2014!
Message 6 of 16
jamie123
Valued Contributor

Re: My Long Term Goals... All Feedbacks Appreciated


@pip3man wrote:

@TRC_WA wrote:

I would say you need to garden what you have.

 

Even with scores in the low 700's having 11 new accounts opened in the last 3 months and all the inquiries associated with it as well as an AAoA of 7 months leads me to believe you will see a lot of denials and wasted HP's if you apply for those accounts you have listed.

 

Credit isn't a race... it's a journey.  Smiley Happy

 


I truly value your opinion however I've read numerous post of people here who got approved for new accounts in addition to recently opened ones plus major derogatory reporting which I don't even have. By December my AAoA will be a year and I would have had at least 6months of good history on those new accounts which is the threshold for most lenders but Chase that requires up to a year. Moreover I've heard once u in with Chase, approvals for more and higher cards limits are easy so if not for anything else hopefully I can get the Hyatt and CSP cards. In addition my inquiry count isn't too bad in comparison to the number of new accounts - 5 across each CB and 9 total in EX. But thank u so much tho, I appreciate your feedback. God bless


Yeah, I agree with mister-endowed. The cards you want to app for have some strict underwriting standards and IMHO I don't think you will meet them by December.

 

Even if your scores rebound into the low 700s by December the lack of managing at least 2 cards for at least 1 year and the fact that you have so many new accounts will scare lenders like Chase away. I say you might get those cards at this time next year at the earliest.


Starting Score: EQ 653 6/21/12
Current Score: EQ 817 3/10/20 - EX 820 3/13/20 - TU 825 3/03/20
Message 7 of 16
TRC_WA
Senior Contributor

Re: My Long Term Goals... All Feedbacks Appreciated


@jamie123 wrote:

@pip3man wrote:

@TRC_WA wrote:

I would say you need to garden what you have.

 

Even with scores in the low 700's having 11 new accounts opened in the last 3 months and all the inquiries associated with it as well as an AAoA of 7 months leads me to believe you will see a lot of denials and wasted HP's if you apply for those accounts you have listed.

 

Credit isn't a race... it's a journey.  Smiley Happy

 


I truly value your opinion however I've read numerous post of people here who got approved for new accounts in addition to recently opened ones plus major derogatory reporting which I don't even have. By December my AAoA will be a year and I would have had at least 6months of good history on those new accounts which is the threshold for most lenders but Chase that requires up to a year. Moreover I've heard once u in with Chase, approvals for more and higher cards limits are easy so if not for anything else hopefully I can get the Hyatt and CSP cards. In addition my inquiry count isn't too bad in comparison to the number of new accounts - 5 across each CB and 9 total in EX. But thank u so much tho, I appreciate your feedback. God bless


Yeah, I agree with mister-endowed. The cards you want to app for have some strict underwriting standards and IMHO I don't think you will meet them by December.

 

Even if your scores rebound into the low 700s by December the lack of managing at least 2 cards for at least 1 year and the fact that you have so many new accounts will scare lenders like Chase away. I say you might get those cards at this time next year at the earliest.


You mean you agree with me?

 

Smiley Happy

 

Yep.... OP needs to garden.  December is too early.... 1 year AAoA with 6 months history on all those NEW accounts isn't enough.

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 8 of 16
Creditaddict
Legendary Contributor

Re: My Long Term Goals... All Feedbacks Appreciated


@pip3man wrote:

 

Chase Hyatt

Chase Sapphire Preferred

Citi Hilton Honors

GE Care Credit

Sallie Mae Card

NASA Platinum Advantage Card

TD Bank Unsecured Personal Loan

 

 


I think at 6 months with all your new accounts you would be good for a 2nd spree in the order you actually have them typed above unless 1 of these is WAY more important in the list order.  

Chase loves to give additional cards once they see a little history on current cards, so I would use your freedom as much as you can to get your chase internal score up.  citi seems okay about giving additional cards but not sure they have internal score like chase.

GE Care Credit will be easy because you already have GE cards, just a matter how huge of a CL you get when you apply... just remember you apply and then 2 days later call in through automated system and request CLI to $25k and the system will instantly counter back probably more than original approval.

Sallie Mae is going to be iffy because they like history but I think when you are over your 6 month you will be just find, just a matter if you get under $5k with them or not.

 

Message 9 of 16
pip3man
Valued Contributor

Re: My Long Term Goals... All Feedbacks Appreciated


@Creditaddict wrote:

@pip3man wrote:

 

Chase Hyatt

Chase Sapphire Preferred

Citi Hilton Honors

GE Care Credit

Sallie Mae Card

NASA Platinum Advantage Card

TD Bank Unsecured Personal Loan

 

 


I think at 6 months with all your new accounts you would be good for a 2nd spree in the order you actually have them typed above unless 1 of these is WAY more important in the list order.  

Chase loves to give additional cards once they see a little history on current cards, so I would use your freedom as much as you can to get your chase internal score up.  citi seems okay about giving additional cards but not sure they have internal score like chase.

GE Care Credit will be easy because you already have GE cards, just a matter how huge of a CL you get when you apply... just remember you apply and then 2 days later call in through automated system and request CLI to $25k and the system will instantly counter back probably more than original approval.

Sallie Mae is going to be iffy because they like history but I think when you are over your 6 month you will be just find, just a matter if you get under $5k with them or not.

 


I do appreciate your feedback CreditAddict. I was really thinking the same about Chase cos my situation with them applies to 90% of post I've read from other members. I guess some people dont know they are a bit lenient in approving additional high limit cards than the original card u get with them. As a matter of fact, the Chase Hyatt is much more important to me than the CSP although it would be nice to have that with my Freedom. As for Sallie Mae I ain't crazy about it.... I'm only considering it cos I plan on returning to college this Fall or Spring latest so the cashback category on textbooks will be very useful. Will probably be the last card I will apply for. The Chase Hyatt, Citi Hilton, GE Care Credit and NASA FCU are the most important cards I wanna get. The rest are just to satisfy my desires.... btw u just enlightened me with GE CLI process, if I had known I woulda done that when I first got approved for my GE Sony but it's all good I still got Care Credit to apply for so at that point I'll do just what u suggested. I got a question for u, by chance would it be best to apply for the loan or do the credit app spree first?? Thanks much buddy

Message 10 of 16
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