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Established Contributor
gettnthere
Posts: 912
Registered: ‎06-14-2012
0

YOU GUYS DECIDE!--UPDATED--

[ Edited ]

so i been going back and forth the last few days on APP'ing for the walmart credit card. i want the card bc i know that GE will grow the CL fairly quick and plus id love the free TU FICO score each month and i do a good bit of shopping at ole wall world :smileyhappy:. i just recently got, in june, 3 new cards. CHASE FREEDOM, AMEX ZYNC and BARCLAY REWARDS MASTERCARD. my Freedom card started with a low limit of $600, BARCLAYS at $1000 and ZYNC at NPSL. id also really like another GE card so i can grow my limit since all my other cards have relatively low limits. before i app'ed in june i had a CAP1 card at $300, a HSBC at $450, a GE/American Eagle at $550 a ORCHARD BANK at $300 and a KAYs card at $600. im going insane with these toy limits that really wont grow lol. one of the reasons i am hesitant is that i want to Apply for a CITI card in December, as well as a DISCOVER card and hopefully get a huge CLI on my FREEDOM card. other than that i am set until mid-next year. i just dont want to apply for the walmart card now and it ruin my chances in Dcember for the other cards or to get them but have really small CL's. i expect my scores in December to all be over 700. MY TU FICO IS around 700 RIght now. so what do you guys think? should i wait it out OR pull the trigger now? you guys Decide! :smileywink:

 

(not sure if its important but i also added a $5000 personal loan at the first of june as well) 



Starting Score: EQ 609, EX 633(Fako), TU 700
Current Score: EQ 699, EX 758, TU 733
Goal Score: 720 across the board
Garden Club Member-GC Challenge: App free since 10/31/12 :smileywink:
Moderator
Revelate
Posts: 8,865
Registered: ‎12-30-2011
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Re: YOU GUYS DECIDE!

You're sitting on 8 cards now and looking to add 3 more.

 

Figure out what you actually need, and go from there.  In your case the Wally card makes sense, but I'd look hard at the Discover/Citi apps with the current lineup that you have reward-wise.  Longer term CLI's are from the future Amex revolver you seem to be aiming for, and subsequently a better Chase card with correspondingly higher CL.

 

New approvals of similar credit lines, really aren't going to help you much unless they're aggresive with their CLI policies, which arguably GE-backed cards fall under making Wally a decent selection.... or just getting a secured card and stuffing money into it and shortcutting that way.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Established Contributor
gettnthere
Posts: 912
Registered: ‎06-14-2012
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Re: YOU GUYS DECIDE!


Revelate wrote:

You're sitting on 8 cards now and looking to add 3 more.

 

Figure out what you actually need, and go from there.  In your case the Wally card makes sense, but I'd look hard at the Discover/Citi apps with the current lineup that you have reward-wise.  Longer term CLI's are from the future Amex revolver you seem to be aiming for, and subsequently a better Chase card with correspondingly higher CL.

 

New approvals of similar credit lines, really aren't going to help you much unless they're aggresive with their CLI policies, which arguably GE-backed cards fall under making Wally a decent selection.... or just getting a secured card and stuffing money into it and shortcutting that way.


lol i know it sounds a bit excessive but i forgot to mention that once my limits start improving (probably even before) im closing down the Cap1, ORCHRD and HSBC cards. they stink lol. And you are Exactly right, my long term goal IS to get an AMEX REVOLVER (BCE OR BCP) i just figured i really needed to get my limits up before going after such a card as the BCE, even though i know how AMEX is with their CLI policies. i just dont want them to "frown" upon my low limits or refuse to give me CLI bc of the low limits.

 i am curious as to what you meant about the CITI/DISCOVER apps? you don't think i should?

 



Starting Score: EQ 609, EX 633(Fako), TU 700
Current Score: EQ 699, EX 758, TU 733
Goal Score: 720 across the board
Garden Club Member-GC Challenge: App free since 10/31/12 :smileywink:
Valued Contributor
jamesdwi
Posts: 1,524
Registered: ‎09-16-2011
0

Re: YOU GUYS DECIDE!

Score is good enough but with all the new credit and INQ's along with your low CL history you will get another low limit card. I would try for CLI's on Chase and Barclays in december at your 6 month mark. When your next 4 month CLI for GE American Eagle happens request a CLI. Yes I know that Chase will cause an HP but its a way to get your CLI's up. Untill you do you will be stuck with toy limits. Then after once all CLI's are reporting, it may take till feb.  then apply and pray that Citi gives you a good limit. 

 

 


Cards: Chase Southwest 20k & CSP 10k & Amtrak 4.6k, & Freedom 3.3k & Slate 3.3k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & AMEX Hilton Surpass 7.5k & AMEX Zync NPSL, Sams Club Discover 10k, Paypal Extras MC 6k, CapOne 2.5k, CapOne 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Moderator
Revelate
Posts: 8,865
Registered: ‎12-30-2011
0

Re: YOU GUYS DECIDE!

I don't think you're going to get much in the way of initial limits with either Citi/Discover, if you get even approved at all with the recent spree.

 

Citi I'd wait on, they seem to be pretty generous with initial CL's but I don't know from there.  On the other hand Discover may want to see more history regardless on those new tradelines.    My personal plan in your situation would be to reach out and take the Wally card now, and then just sit on my hands for a while to the BCE/P application which is probably 1/13 for a test app, but likely June or later for approval.

 

After that I'd see about changing up, you only have to establish one nice tradeline to really take advantage of other ones, and Amex really is the best for doing that currently and you're on that track anyway.  Continuing to rack up cards in attempts to gets CLI's on all of them, is more aggressive than needed and may flag you as an outlier as other than readers of this forum and a few others, nobody does that.

 

My thoughts anyway, but I'm a lot more conservative than most folks in this respect.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Koop10010
Posts: 731
Registered: ‎02-15-2012
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Re: YOU GUYS DECIDE!

I would recommend just picking 3, maybe 4, cards that you really like and putting all your usage on them and asking for CLIs at the right time.  If you just keep applying for more and more you'll get yourself stuck in "toy limit hell".  The Zync is a great way to get a high limit; with moderate usage your internal limit will go up quickly.  Then apply for a credit card after atleast 6-9 months.  Even if they don't start you off with a decent limit (Amex generously exceeded my existing revolving credit limits when I got a credit card after two years of charge card usage) you can get rapid CLIs with soft pulls from Amex.

 

Once you take the time to grow 3 or so cards to nice credit limits, then you can go off and apply for a couple more cards you might want.  If you really want a Walmart card and think you can grow it, then go ahead and apply.  But after that, I'd recommend no new appllcations for awhile.  Your first new app after that ought to be an amex credit card that you can easily grow.

FICOs (2/24/12): EX 752, EQ 740
Chase Sapphire Preferred, Freedom; American Express PR Gold, Blue Cash Everyday
Established Contributor
gettnthere
Posts: 912
Registered: ‎06-14-2012
0

Re: YOU GUYS DECIDE!


Revelate wrote:

I don't think you're going to get much in the way of initial limits with either Citi/Discover, if you get even approved at all with the recent spree.

 

Citi I'd wait on, they seem to be pretty generous with initial CL's but I don't know from there.  On the other hand Discover may want to see more history regardless on those new tradelines.    My personal plan in your situation would be to reach out and take the Wally card now, and then just sit on my hands for a while to the BCE/P application which is probably 1/13 for a test app, but likely June or later for approval.

 

After that I'd see about changing up, you only have to establish one nice tradeline to really take advantage of other ones, and Amex really is the best for doing that currently and you're on that track anyway.  Continuing to rack up cards in attempts to gets CLI's on all of them, is more aggressive than needed and may flag you as an outlier as other than readers of this forum and a few others, nobody does that.

 

My thoughts anyway, but I'm a lot more conservative than most folks in this respect.


i more than appreciate your thoughts AND conservatism lol. ACtually reading what you said makes sense, it does seem better to hold off on the CITI/DISCOVER apps like you said. i def. dont want to get stuck with low limits. i really do want to go after a CLI with CHASE in DECEMBER though. do you think if i go ahead and app for the wally card that it will diminish that chance?  what are your thoughts on that idea?      im not sure what the sentence in red means, ive never heard of it before if you dont mind, you care to explain it to me( im sure it makes sense, its just dont registering right yet lol:smileywink:. thanks REVELATE!!!



Starting Score: EQ 609, EX 633(Fako), TU 700
Current Score: EQ 699, EX 758, TU 733
Goal Score: 720 across the board
Garden Club Member-GC Challenge: App free since 10/31/12 :smileywink:
Established Contributor
gettnthere
Posts: 912
Registered: ‎06-14-2012
0

Re: YOU GUYS DECIDE!

[ Edited ]

Koop10010 wrote:

I would recommend just picking 3, maybe 4, cards that you really like and putting all your usage on them and asking for CLIs at the right time.  If you just keep applying for more and more you'll get yourself stuck in "toy limit hell".  The Zync is a great way to get a high limit; with moderate usage your internal limit will go up quickly.  Then apply for a credit card after atleast 6-9 months.  Even if they don't start you off with a decent limit (Amex generously exceeded my existing revolving credit limits when I got a credit card after two years of charge card usage) you can get rapid CLIs with soft pulls from Amex.

 

Once you take the time to grow 3 or so cards to nice credit limits, then you can go off and apply for a couple more cards you might want.  If you really want a Walmart card and think you can grow it, then go ahead and apply.  But after that, I'd recommend no new appllcations for awhile.  Your first new app after that ought to be an amex credit card that you can easily grow.


 i Appreciate the Advice. it seems i didnt have the best idea in the world with the other cards. thank you for showing me that. what your saying really makes sense and im thinking thats what im gonna do instead of the original plan i had. thanks for your reply!


Starting Score: EQ 609, EX 633(Fako), TU 700
Current Score: EQ 699, EX 758, TU 733
Goal Score: 720 across the board
Garden Club Member-GC Challenge: App free since 10/31/12 :smileywink:
Established Contributor
CruzImperial
Posts: 867
Registered: ‎07-04-2012
0

Re: YOU GUYS DECIDE!

Maybe apply for the bcp in 1/13 and get the x3cli should be on that list. When it comes to citi, id go for it now if you have few enough inquiries. I may want to wait on the discover app till you have higher cl lines(it would save you a hp for the cli).
As said before, with the right usage, you can grow a couple of cards(including the walmart). If you want the discover version, you may need to garden for it.
Fico Scores: . Walmart TU 748 . Garden 8/19 2014 .

Cap One Journey 500 | Discover IT 500 | GE Home Design 5.6k | GE HHGREGG 5k | Amex Zync NPSL | Amex BCE 6k | Citi Forward 4.2k | Citi Dividend 3k | GE BrandsMart 1k | GE Lowes 8.5k | Discover Walmart 7.5k | Barclays Apple 2.5k | BoA CR 2.7k | CSP 7.2k | Platinum Prestige 5k | IT Chrome 4k | Slate 2.3k |
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: YOU GUYS DECIDE!

I would go for Walmart then jump in the garden for a year, focus on getting CLI's. The Walmart card will grow with good usage.




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