02-07-2013 04:22 PM
You see a lot of post about app sprees but no post about apping without the spree.
Before 2011, I was not very well educated with credit. I knew my credit wasn't good. I only had BOA world point card opened in '93 w/ a $3K limit. And a Walmart store card w/ a $1K limit that was opened in 2011. I used it once when I opened it to buy a TV. Late 2011, I started apping. Here is the result of my apping to recent.
Nov 2011 - Cap 1 $3,000 limit
April 2012 - CSP $5000 limit. Increased to $10,000 in May (at my request)
May 2012 - Sam's Discover $10,500 limit
July 12 - CareCredit $6400 limit
Nov 2012 - NFCU $14000 limit
Jan 2013 - PSECU $20000 limit
My apping span over a year. I don't know that had I apped for these cards in a spree that I would get the limits that I got or not. When I apped for the Cap1 card, according to the paper they sent, my EQ score was 653. I think this score is different from the actual Equifax site. In February, I opened an account with Equifax with a score of 697. (I'm not sure if the scores given by Cap1 and what's on the EQ sites are the same). A 44 points difference in 3 months is odd. When I applied for the CSP it was around 700(ish). Throughout these apps, my score was no higher than 726. Currently it's at 720 after PSECU inquiry hit. It hasn't reported the card yet.
02-07-2013 04:25 PM
Very nice. Now that I see your progress I kind of regret opening 6 cards with 2000-3000 limits recently.
I should post back in a year and tell you whether or not I can get a 20,000 card in a year in a half.
02-07-2013 05:14 PM
people on this forum over react when they hear inquiries and credit limits etc. Sure it's nice to have high limits but definately not a must, and for inquiries and AAOA it doesn't hurt your score much and caps out after 10 or so anyways. People apply for 20+ cards a year and still have no problem getting most cards they apply for. As long as you have no baddies and a low debt ratio it's not hard to maintain a good score. There are people who apply for even upto 60 cards in a single year and never drop below a 760.
02-07-2013 06:53 PM
By apping 1 at a time, it gives me time to strategize. At first, I wasn't sure which cards to go for. Over time, I started to understand which cards are right for me. I'm not worried at all about inquiries and when they fall off. After a couple of apps, I realized that I didn't just want cards with high limits but cards with good limits but the lowest APR that I can get. I don't want to carry balances but sometimes it just happens and I'd like to have a card with low APR to use. I got that with the PSECU card with 9.90% APR. I also wanted the least amount of cards but at the same time have decent over all limit among all the cards that I have. I didn't want to be managing 15 or so cards. I write down every card that I use that month and always make a note to pay them but there's always that feeling that I'm missing a card. So I log on and check them.
I think I'm about done apping. I don't need anymore cards for a while. I really don't think that people needs to app for multiple cards at once. This seems to work for me. I handle my wife's cards. She's new to credit as well. I apply the same method for her and she's getting decent results too.
02-07-2013 06:57 PM - edited 02-07-2013 06:58 PM
Your missing the point of why people get so many credit cards lmao
my collection =) jk
try to figure out why people do this
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.