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New credit cards: Please advise

New credit cards: Please advise

Hello, I just had a few questions. I've been waiting for the right time to apply for several credit cards. I refrained from doing so as I had one small collection still left on my credit history. I wanted to pay it off before I did anything. Not entirely sure how much of a difference it would have made. Anyways, in the last 24 hours, I applied for 5 cards and was approved for 4 of them. I am to assume I didn't get the BankAmericard.

 

Chase Freedom - $500 CL

Discover it - $1,500 CL

CitiBank Diamond Preferred - $2,000 CL

American Express Blue - $8,100 CL

 

What I would like to figure out is, how has opening these new lines of credit helped and hindered me. Before opening them, I only had a $500 Capital One credit card WITH an annual fee of $39. Aside from trying to get away from the annual fees and actually take advantage of some of the benefits from these new credit cars I am now wondering if it may have been a mistake to open them. I say that because I read that some people that opened an account for a Barclaycard had CLD's as a result of opening other cards. I am extremely happy to be accepted for the credit cards I'm hopefully getting next week, but at the same time, I would be disappointed if they randomly changed the terms and decided to lower all my CL's because of other accounts.

 

I pay my balance every month and have never paid interest on my Capital One credit card. I plan to use all of these credit cards, but I won't be using them for large amounts unless I already have the funds to support it. The way I figure, if I'm going to buy something, put it on the card and just pay the balance in full rather than use my debit card.

 

Any information or questions would be greatly appreciated. I'm steadily trying to build my credit up and I'm willing to do anything positive.

 

I haven't checked my Equifax or Experian scores in a long while as I had cancelled their services several months ago. I had paid for all 3 services but decided to just keep TransUnion after I had really turned my credit around. But this is what I can provide as of now.

 

TransUnion as of today: 717

Equifax as of 2/14/13: 677

Experian as of 2/14/13: 663

 

All scores were rought 550ish when I first had a look at my reports. After several disputes and taking care of other business, and 1.5 years later, here I am.

 

Goal is to have all of them over 700, but I don't plan to stop there if I can go higher. I am hoping that having these new lines of credit and consistently using them month to month might help me?

 

Sorry for the long post and again, any adivce or questions is greatly aprpeciated. I need to head in the right direction

Message 1 of 17
16 REPLIES
Super Contributor

Re: New credit cards


AllusiveGold wrote:

Hello, I just had a few questions. I've been waiting for the right time to apply for several credit cards. I refrained from doing so as I had one small collection still left on my credit history. I wanted to pay it off before I did anything. Not entirely sure how much of a difference it would have made. Anyways, in the last 24 hours, I applied for 5 cards and was approved for 4 of them. I am to assume I didn't get the BankAmericard.

 

Chase Freedom - $500 CL

Discover it - $1,500 CL

CitiBank Diamond Preferred - $2,000 CL

American Express Blue - $8,100 CL

 

What I would like to figure out is, how has opening these new lines of credit helped and hindered me. Before opening them, I only had a $500 Capital One credit card WITH an annual fee of $39. Aside from trying to get away from the annual fees and actually take advantage of some of the benefits from these new credit cars I am now wondering if it may have been a mistake to open them. I say that because I read that some people that opened an account for a Barclaycard had CLD's as a result of opening other cards. I am extremely happy to be accepted for the credit cards I'm hopefully getting next week, but at the same time, I would be disappointed if they randomly changed the terms and decided to lower all my CL's because of other accounts.

 

I pay my balance every month and have never paid interest on my Capital One credit card. I plan to use all of these credit cards, but I won't be using them for large amounts unless I already have the funds to support it. The way I figure, if I'm going to buy something, put it on the card and just pay the balance in full rather than use my debit card.

 

Any information or questions would be greatly appreciated. I'm steadily trying to build my credit up and I'm willing to do anything positive.

 

I haven't checked my Equifax or Experian scores in a long while as I had cancelled their services several months ago. I had paid for all 3 services but decided to just keep TransUnion after I had really turned my credit around. But this is what I can provide as of now.

 

TransUnion as of today: 717

Equifax as of 2/14/13: 677

Experian as of 2/14/13: 663

 

All scores were rought 550ish when I first had a look at my reports. After several disputes and taking care of other business, and 1.5 years later, here I am.

 

Goal is to have all of them over 700, but I don't plan to stop there if I can go higher. I am hoping that having these new lines of credit and consistently using them month to month might help me?

 

Sorry for the long post and again, any adivce or questions is greatly aprpeciated. I need to head in the right direction


Welcome to the forum 

You have done a wonderful in getting great cards CONGRATS 

Question I don't see were you applied for a barclay card or did you have it already? You also said something I like to hear using the cards as if its a debit card and PIF

Wooo Hooo 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 17
Frequent Contributor

Re: New credit cards: Please advise

What message did you get with the bofa card?

I think you did a good job on with the cards you picked up especially the Amex. In the short term when the new accounts hit your reports it will lower your AAoA a little bit,not long because of the INQs and obviously the new cards. Within 6 months your score will bounce back.

What I would do is work those cards for the rest of the year and garden.

Starting Score: 620 FAKO
Current Score: FICO TU 715 (wal-mart) FICO EQ 692
Goal Score: 700


Take the FICO Fitness Challenge
Message 3 of 17

Re: New credit cards


myjourney wrote:

Welcome to the forum 

You have done a wonderful in getting great cards CONGRATS 

Question I don't see were you applied for a barclay card or did you have it already? You also said something I like to hear using the cards as if its a debit card and PIF

Wooo Hooo 


 

Thank you very much and thank you for your reply. I haven't applied for a Barclaycard yet, it was an interest of mine. I tend to try and look in on things before making a final decision. For instance, I always ask if they have pre-approvals because if it's OBVIOUS I'm going to get declined, I'd rather not take the hit. But after reading that about the Barclay, I started to wonder if other companies would do that as well.

 

Thanks again!

Message 4 of 17
Super Contributor

Re: New credit cards


AllusiveGold wrote:

Welcome to the forum 

You have done a wonderful in getting great cards CONGRATS 

Question I don't see were you applied for a barclay card or did you have it already? You also said something I like to hear using the cards as if its a debit card and PIF

Wooo Hooo 



Thank you very much and thank you for your reply. I haven't applied for a Barclaycard yet, it was an interest of mine. I tend to try and look in on things before making a final decision. For instance, I always ask if they have pre-approvals because if it's OBVIOUS I'm going to get declined, I'd rather not take the hit. But after reading that about the Barclay, I started to wonder if other companies would do that as well.

 

Thanks again!


Oh I see now no you should be fine Barclay is one of those lenders you app last and then garden for 6 months. So if you don't plan on any more app's and want to make them your last it fine.

The stories you read about closure was mostly due to app's after them. BRAVO on doing your homework you have done well

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 5 of 17

Re: New credit cards: Please advise


mauwow0682 wrote:
What message did you get with the bofa card?

I think you did a good job on with the cards you picked up especially the Amex. In the short term when the new accounts hit your reports it will lower your AAoA a little bit,not long because of the INQs and obviously the new cards. Within 6 months your score will bounce back.

What I would do is work those cards for the rest of the year and garden.

Well the guy on the phone said that he "might possibly" be able to tell me if I'm approved today, and if not I would receive mail within 7-10 days telling me whether or not I was approved. I took it upon myself to assume that if he couldn't tell me right then and there, it was obvious I was declined as that's the only experience I've ever had.

 

Sorry for my lack of knowing all the terms but what is AAoA? And what do you mean when you say garden?

 

Also, if I just use these cards for my regular expenses and pay them off each month, that should be good enough? Sorry for the noob questions, lol.

 

Thanks again for your reply and advice!

Message 6 of 17
Super Contributor

Re: New credit cards: Please advise

http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 7 of 17

Re: New credit cards: Please advise

Thank you!

Message 8 of 17
Super Contributor

Re: New credit cards: Please advise


AllusiveGold wrote:

Thank you!


Very welcome

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 9 of 17
Moderator Emerita

Re: New credit cards: Please advise

Your new line up is impressive! I think you have an excellent shot at BoA!

Welcome to the forum too!
Message 10 of 17