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Established Contributor
FICO_Focused
Posts: 905
Registered: ‎05-09-2007
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Wife and I had CC Shredding spree this weekend...

So my wife and I have been on an app spree that has lasted almost two full months and we netted some pretty good results. There were tons of INQs we have both suffered through, but in time it will all be OK. We just recently got $5k CCCU, $10K Amex Blue, $3k Amex Delta, $1k Amex Delta, $3k Hooters, $1750 Juniper USAirways and since November Capital One, First Premiere, Orchard, BofA 99/500, Kay Jewelers, Bestbuy Mastercard, Macy's, American Eagle Outfitters, Dell, Gateway... I think I listed them all here.
 
ANYWAYS, we paid all but 3 to $0 on Saturday and CUT THEM ALL TO PIECES!!!:smileyvery-happy::smileyvery-happy:
 
All but the Blue Cash, CCCU and Juniper... These have a combined balance of ~ $2500:smileyvery-happy:
 
We are going to put away our app pen for now and wait for 6 months or so, and see what happens. Should be a great net effect!
 
Rob
Established Contributor
FICO_Focused
Posts: 905
Registered: ‎05-09-2007
0

Re: Wife and I had CC Shredding spree this weekend...

^^^ I missed $4500 Blue Sky Points... Hasn't arrived in the mail yet. So it will be used and then thrown to the landfill for recycling!
 
Rob
Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007
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Re: Wife and I had CC Shredding spree this weekend...

Wow FF!  That is a lot of credit.  What kind of scores are you all working with?  Did you apply for them all at one time or one by one, like every month or so applied for new credit?  Does this hurt your fico score?
Contributor
onmyway3161
Posts: 111
Registered: ‎05-13-2007
0

Re: Wife and I had CC Shredding spree this weekend...

Why would you cut them up? Shouldn't you have kept them to build good TL's? I think I would have kept them even if I were not going to use them just for the TL's.
Regular Contributor
Bruiser
Posts: 211
Registered: ‎04-11-2007
0

Re: Wife and I had CC Shredding spree this weekend...

personally,..i would have kept them
if they aren't charging you an annual fee or costing you money, no reason to get rid of them
 
unless you or your wife know it will be too tempting to charge the hell out of them, then that would be an ok reason to cut them up
 
i've learned from my mistakes, and it had to take a bk to imprint that in my mind and use credit wisely
3 or 4 years ago, i would have went crazy with those cards without much thinking
now i would keep them and charge maybe $5-$10 a month on each one
Moderator Emeritus
fused
Posts: 16,374
Registered: ‎03-12-2007
0

Re: Wife and I had CC Shredding spree this weekend...



FICO_Focused wrote:
So my wife and I have been on an app spree that has lasted almost two full months and we netted some pretty good results. There were tons of INQs we have both suffered through, but in time it will all be OK. We just recently got $5k CCCU, $10K Amex Blue, $3k Amex Delta, $1k Amex Delta, $3k Hooters, $1750 Juniper USAirways and since November Capital One, First Premiere, Orchard, BofA 99/500, Kay Jewelers, Bestbuy Mastercard, Macy's, American Eagle Outfitters, Dell, Gateway... I think I listed them all here.
 
ANYWAYS, we paid all but 3 to $0 on Saturday and CUT THEM ALL TO PIECES!!!:smileyvery-happy::smileyvery-happy:
 
All but the Blue Cash, CCCU and Juniper... These have a combined balance of ~ $2500:smileyvery-happy:
 
We are going to put away our app pen for now and wait for 6 months or so, and see what happens. Should be a great net effect!
 
Rob


Now this is what I call smart and you really got yourself some very nice cards.:smileyhappy:
Credit Profile -
FICO 08 Scores (09-16-2014): EQ 824, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Established Contributor
FICO_Focused
Posts: 905
Registered: ‎05-09-2007
0

Re: Wife and I had CC Shredding spree this weekend...

We didn't cancel ANY OF THEM... Just cut them up so that we would not use them...
 
Our Scores were
 
Me: 668 TU / EX 612 / EQ 598
Wife 680 TU / EX 659 / EQ 692
 
Don't misunderstand, we haven't canceled any accounts, EXCEPT First Premiere Not mentioned in th OP (monthly fees) we just cut them up... I'll be canceling the Orchard in June '08 (annual Fee date) but otherwise they all stay for Hx Matrix.
 
Rob
Established Contributor
FICO_Focused
Posts: 905
Registered: ‎05-09-2007
0

Re: Wife and I had CC Shredding spree this weekend...

We applied for the majority in the last two months... I am currently in an F/R with Amex, but ONLY ME... NOT WIFE. Delta Skymiles $1k is mine, but I asked for a $10k CLI on activation and applied for HHI, Starwood and Blue Cash in the same week. Lesson Learned.


onmyway3161 wrote:
Why would you cut them up? Shouldn't you have kept them to build good TL's? I think I would have kept them even if I were not going to use them just for the TL's.



New Contributor
creditworthyagain
Posts: 71
Registered: ‎04-29-2007
0

Re: Wife and I had CC Shredding spree this weekend...

Please excuse me for writing in longhand. I have to get used to the lingo and abbrevs. It is nice to know that I am not alone w/ the cc app spree. I have not had a cc in 12 yrs and felt like it was time. I have worked on improving my score and it has pd off.  I started w/one card, then another, then another and ended up w/2 visas, 1 m/c and discover. I also applied for macy's and lowe's was a fluke, had not planned on that one. Now I will make sm purchases, pay in full and watch my rates. I have a few questions: If I call my customer svc will they tell me which CRA they pulled my report from and will they tell me when they report chgs to the CRAs? Not sure what my current FICO score is but in 4/07 it was 656. However, my Experian score is now 745, even  after these inquiries. I am expecting to buy a car next year and hope that after a year of paying off the CCs in full I will be able to get a decent interest rate. Any thoughts, anyone?
Established Contributor
FICO_Focused
Posts: 905
Registered: ‎05-09-2007
0

Re: Wife and I had CC Shredding spree this weekend...

Sounds like you're quoting FAKO scores, you should pull your FICOs to give yourself an accuate picture of your personal credit profile... But I'd wager a guess and say that your 745 VANTAGE score is an indicator that you could go out and buy a car at a good rate today.
 
Your FICO will continue to climb with consistent on time payments... I cut my cards up so that I wouldn't need to keep my eye on so many balls. But the end result is the same as the advice I offered above... Stay current, keep your balances low and your score will be a useful tool when you apply for more substantial types of credit (home loan, car loan, Personal Lines of Credit)
 
Nice work!

Rob

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