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Regular Contributor
grigorexxxcore
Posts: 223
Registered: ‎08-03-2010
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Re: Who Should I Apply For Next?


amp0804 wrote:
honestly i feel like the best advice i can give you at 20 is to stop applying for cards. you have numerous cards opened in 2011 already. i would sit on those for a one year minimum, use them at the most a couple times, pay your bills on time and i garuntee in a year apply with a major bank you will get an instant approval. i know its hard because you want a high limit card too but patience is 100% a virtue.

I agree, I know that is a big factor but I feel like I might be doing something wrong? 

 

I have peers near my age, some even younger, who we're able to get a Chase Freedom card with a CL of $2,500 as their first card. Though I can't even get Chase to LOOK at my application, haha. But I know time will make it better but it's just difficult to make purchases with my cards. I shop at one store and my card is already maxed out.

Established Contributor
Guava
Posts: 767
Registered: ‎04-08-2011
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Re: Who Should I Apply For Next?

I think you should hold back the impulse to apply for cool ritzy credit cards. You're only 20 and without substaintial income to back it up, being declined for cards like the the Amex Mercedes-Benz is unsurprising. All you need is one good reward card like Chase Freedom, Citi Forward/Dividend, Discover More, or Cap one 1.5% cash back card as I think getting cash back is more practical as this point than the virtual miles/points. That's my opinion.


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grigorexxxcore
Posts: 223
Registered: ‎08-03-2010
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Re: Who Should I Apply For Next?


Guava wrote:

I think you should hold back the impulse to apply for cool ritzy credit cards. You're only 20 and without substaintial income to back it up, being declined for cards like the the Amex Mercedes-Benz is unsurprising. All you need is one good reward card like Chase Freedom, Citi Forward/Dividend, Discover More, or Cap one 1.5% cash back card as I think getting cash back is more practical as this point than the virtual miles/points. That's my opinion.


The thing is though, I have tried for those cards, all of them listed. Even before my impulse application process phase from earlier this year, Chase and Discover were the first ones I had applied for and was denied, and I only apply once a year, that's around Feb. or Mar. after the INQs from last year don't effect my score anymore. But I know INQs stay for 2 years. 

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Guava
Posts: 767
Registered: ‎04-08-2011
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Re: Who Should I Apply For Next?

Then I agree and would go with amp0804's advice. Garden and pay your bills on time. I think what hurts you right now is your average age of your accounts (less than 1 year?) Let them age some more (~1 more year) and you have much more bargaining power.


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Regular Contributor
grigorexxxcore
Posts: 223
Registered: ‎08-03-2010
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Re: Who Should I Apply For Next?


Guava wrote:

Then I agree and would go with amp0804's advice. Garden and pay your bills on time. I think what hurts you right now is your average age of your accounts (less than 1 year?) Let them age some more (~1 more year) and you have much more bargaining power.


I'm going to have to do that then, I need to get out of this horrible credit slump of crappy cards, thank you!

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SevenNEW
Posts: 522
Registered: ‎08-24-2011
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Re: Who Should I Apply For Next?


amp0804 wrote:
honestly i feel like the best advice i can give you at 20 is to stop applying for cards. you have numerous cards opened in 2011 already. i would sit on those for a one year minimum, use them at the most a couple times, pay your bills on time and i garuntee in a year apply with a major bank you will get an instant approval. i know its hard because you want a high limit card too but patience is 100% a virtue.

Great advice. Get into the garden for one year and bring your util below 10%. Then you can probably enter prime-card-land.

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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Who Should I Apply For Next?


grigorexxxcore wrote:

Guava wrote:

Then I agree and would go with amp0804's advice. Garden and pay your bills on time. I think what hurts you right now is your average age of your accounts (less than 1 year?) Let them age some more (~1 more year) and you have much more bargaining power.


I'm going to have to do that then, I need to get out of this horrible credit slump of crappy cards, thank you!


Yeah, it's tough, because it becomes a vicious circle. It often seems that having a lot of low-limit cards gives you a certain "aroma" with other lenders.

 

Another thing that might be working against you on go cards is that you might look like a wild-eyed appaholic, and they don't know what you're after, but with limited income, they don't want to be the ones who get burned.

 

Gritting your teeth and waiting it out might benefit you in multiple ways.

 

In the process, since you got a lot of these at pretty much the same time, you might start thinking about closing the ones that are complete duds. You posted that you have:

American Express Zync - Feb. 2011 (Love this card)

$300 Secured BofA - Feb. 2011

$750 Capital One Plat. - July 2010

$750 Capital One Journey - Feb. 2011

$320 First Prem. Bank - Jan. 2010

$420 Orchard - Jan. 2010

$500 Hooters - Feb. 2011

$700 Wells Fargo - Feb. 2011

$750 Walmart - Feb. 2011

$1,300 Citi - July 2009 (Closed by Citi)

$3,000 Nordstrom - Jan. 2010

 

Among the obvious candidates for eventual closure are First Preemie and Hooters, which are probably not going to go anywhere. Time will tell what Cap One does with Orchard, but then you'll have three Cap One cards, oh boy. Don't know much about Wells Fargo cards and their growth potential. Certainly, you would want to stay with AmEx, BofA, and Nordstrom, and maybe WallyWorld, if GEMB does its CLI thing, and if you actually shop there. Just think about which banks you want to have in your life for the next few years, and when the time comes to go for the real cards, you'll make better choices.

 

If you're unsure of the effect of closing some, check out fused's "Closing Credit Cards" in my siggy below. Many people close cards for dumb reasons, but there are also perfectly good reasons. :smileywink:

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FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Regular Contributor
grigorexxxcore
Posts: 223
Registered: ‎08-03-2010
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Re: Who Should I Apply For Next?


haulingthescoreup wrote:

grigorexxxcore wrote:

Guava wrote:

Then I agree and would go with amp0804's advice. Garden and pay your bills on time. I think what hurts you right now is your average age of your accounts (less than 1 year?) Let them age some more (~1 more year) and you have much more bargaining power.


I'm going to have to do that then, I need to get out of this horrible credit slump of crappy cards, thank you!


Yeah, it's tough, because it becomes a vicious circle. It often seems that having a lot of low-limit cards gives you a certain "aroma" with other lenders.

 

Another thing that might be working against you on go cards is that you might look like a wild-eyed appaholic, and they don't know what you're after, but with limited income, they don't want to be the ones who get burned.

 

Gritting your teeth and waiting it out might benefit you in multiple ways.

 

In the process, since you got a lot of these at pretty much the same time, you might start thinking about closing the ones that are complete duds. You posted that you have:

American Express Zync - Feb. 2011 (Love this card)

$300 Secured BofA - Feb. 2011

$750 Capital One Plat. - July 2010

$750 Capital One Journey - Feb. 2011

$320 First Prem. Bank - Jan. 2010

$420 Orchard - Jan. 2010

$500 Hooters - Feb. 2011

$700 Wells Fargo - Feb. 2011

$750 Walmart - Feb. 2011

$1,300 Citi - July 2009 (Closed by Citi)

$3,000 Nordstrom - Jan. 2010

 

Among the obvious candidates for eventual closure are First Preemie and Hooters, which are probably not going to go anywhere. Time will tell what Cap One does with Orchard, but then you'll have three Cap One cards, oh boy. Don't know much about Wells Fargo cards and their growth potential. Certainly, you would want to stay with AmEx, BofA, and Nordstrom, and maybe WallyWorld, if GEMB does its CLI thing, and if you actually shop there. Just think about which banks you want to have in your life for the next few years, and when the time comes to go for the real cards, you'll make better choices.

 

If you're unsure of the effect of closing some, check out fused's "Closing Credit Cards" in my siggy below. Many people close cards for dumb reasons, but there are also perfectly good reasons. :smileywink:


Thank you so much for all that info!

 

I totally agree, it's been set in stone that I plan on giving FPB and Orchard bank the boot soon, but I couldn't decide if I should close them before or after trying for a prime card?

 

I will for sure have to read that post about "Closing Credit Cards" out!

Frequent Contributor
raenys
Posts: 387
Registered: ‎08-25-2011
0

Re: Who Should I Apply For Next?

i would close the duds now.

Also, you had the Walmart card for more than 6 months. You should hit the CLI button. I believe it is only a soft pull.

 

Regular Contributor
amp0804
Posts: 112
Registered: ‎08-21-2009
0

Re: Who Should I Apply For Next?

Yeah it's true some cards really do scare lenders. I also know what you mean about shopping at one store and your card being maxed out. Remember, we were all there once and the point of this forums is to pass on what works and what doesn't. I was 100% in the same boat. I ruined my credit when in was 18-22. Im 26 now. When I got my Acura almost 2 years ago my score was around 760. I have 2 citi cards at 10k and my Amex blue is at 6k. Plus multiple other high limit cards that are sock drawrered.

So my point is time does work wonders. Be patient.

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