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Ahoy there everyone! I am a new member but have followed this site for months on my journey to build a good credit profile.
Let's get right to the point - I am borderline addicted to applying for credit! 12 months ago I had no credit history(1 charg off from 8-9 years ago that no longer shows on report, nothing else.)
CK shows me having 14 inquiries in the past 2 years. 6 of these were in December 2013. The rest have occured randomly since then.
My plan is to get to the garden as fast as possible and attempt an approval for the Chase Slate 0$ BT card some time early next year. It would appear this is the perfect time for me to address my problem!
Would love some direct feedback from users, especially with shorter credit histories that get the excitement of getting a new card, or a new limit.
A quick summary
Total Available Credit - 15000, Utlization - ~22%. All balances are on 0% cards(Chase Freedom - 6/15, and AmexBlueEveryday 4/15, CapOneQuickSilverOne, 12/14).
Personal
CapOne Platinum - $4800
Chase Freedon - $2200
CapOne Quicksilver - $500
AmexBlueEveryday - $1000
Walmart Store Card - $600 (New!)
Amazon Store Card - $600 (New!)
Kohls Store Card - $300 (New!)
Sears/Citi Card - $4000 (secondary user)
Business
CapOne Spark Buisiness - $1000
CK - 671, last TU was 660
@mikedboh wrote:Ahoy there everyone! I am a new member but have followed this site for months on my journey to build a good credit profile.
Let's get right to the point - I am borderline addicted to applying for credit! 12 months ago I had no credit history(1 charg off from 8-9 years ago that no longer shows on report, nothing else.)
CK shows me having 14 inquiries in the past 2 years. 6 of these were in December 2013. The rest have occured randomly since then.
My plan is to get to the garden as fast as possible and attempt an approval for the Chase Slate 0$ BT card some time early next year. It would appear this is the perfect time for me to address my problem!
Would love some direct feedback from users, especially with shorter credit histories that get the excitement of getting a new card, or a new limit.
A quick summary
Total Available Credit - 15000, Utlization - ~22%. All balances are on 0% cards(Chase Freedom - 6/15, and AmexBlueEveryday 4/15, CapOneQuickSilverOne, 12/14).
Personal
CapOne Platinum - $4800
Chase Freedon - $2200
CapOne Quicksilver - $500
AmexBlueEveryday - $1000
Walmart Store Card - $600 (New!)
Amazon Store Card - $600 (New!)
Kohls Store Card - $300 (New!)
Sears/Citi Card - $4000 (secondary user)
Business
CapOne Spark Buisiness - $1000
CK - 771, last TU was 660
All those store cards seem like a waste to me to be honest and they are toy limits. Your first four cards and biz card are all you need. I get what you mean by the excitement of getting a new card, but its called having discipline. I tend to plan out my apps a year in advance and I'm only going for the best cards (or at least the best for my needs). Focusing on building my profile with those specific cards helps encourage me to stay in the garden. From my Jan app cycle I was supposed to stay in the garden in July. I left it twice for specific reasons (but leaving the garden was not on a whim and I have no regrets about doing so as the apps fit in with my overall goals). Join the gardening thread and once you get the first 30 days in under your belt you will start to want to wait to app. There is no need to read threads about other people's approvals. They are not you. If you leave the garden early all you are doing is shooting yourself in the foot and your not going to get any decent cards/limits anyway. The CK score is worthless.
Thanks for the input! My only reason for applying for the 3 recent store cards was from what I have read about GE/Synchro increasing limits substantially if the card is used responsibly. My goal was to quickly increase both my available credit, and my utilization. Surprisingly I just applied for the cards last week and they are already showing a 0 balance on my report. I may or may not keep the store cards long term. One thing that definitely bugged me was seeing my AAoA plummet
Another thing worth mentioning - when I signed up for the amex my score was considerably higher, and I managed to get their lowest APR on the card(12.99). My Chase Freedom on the other hand is a bit more new, and I got the highest APR they offer(22.9 I believe). Hoping to pay down the AmEx to try and get a 3xCLI to go through.
After this last splurge I'm seriously trying to avoid any apps at all for 6+ months. My goal is at least January 2015(if nothing changes!)
*update!* I noticed a typo in my original post. I had mentioned a CK of 771 but it is actually 671! And TU was 660*
@mikedboh wrote:Thanks for the input! My only reason for applying for the 3 recent store cards was from what I have read about GE/Synchro increasing limits substantially if the card is used responsibly. My goal was to quickly increase both my available credit, and my utilization. Surprisingly I just applied for the cards last week and they are already showing a 0 balance on my report. I may or may not keep the store cards long term. One thing that definitely bugged me was seeing my AAoA plummet
Another thing worth mentioning - when I signed up for the amex my score was considerably higher, and I managed to get their lowest APR on the card(12.99). My Chase Freedom on the other hand is a bit more new, and I got the highest APR they offer(22.9 I believe). Hoping to pay down the AmEx to try and get a 3xCLI to go through.
After this last splurge I'm seriously trying to avoid any apps at all for 6+ months. My goal is at least January 2015(if nothing changes!)
*update!* I noticed a typo in my original post. I had mentioned a CK of 771 but it is actually 671! And TU was 660*
If you can help it, I'd garden for at least one year. The fact that you got the highest APR with Chase is also worrisome when it comes to a Slate approval. Concentrate on paying down balances so that you won't need to get the BT card. Best of luck and patience!
@red259 wrote:
@mikedboh wrote:Ahoy there everyone! I am a new member but have followed this site for months on my journey to build a good credit profile.
Let's get right to the point - I am borderline addicted to applying for credit! 12 months ago I had no credit history(1 charg off from 8-9 years ago that no longer shows on report, nothing else.)
CK shows me having 14 inquiries in the past 2 years. 6 of these were in December 2013. The rest have occured randomly since then.
My plan is to get to the garden as fast as possible and attempt an approval for the Chase Slate 0$ BT card some time early next year. It would appear this is the perfect time for me to address my problem!
Would love some direct feedback from users, especially with shorter credit histories that get the excitement of getting a new card, or a new limit.
A quick summary
Total Available Credit - 15000, Utlization - ~22%. All balances are on 0% cards(Chase Freedom - 6/15, and AmexBlueEveryday 4/15, CapOneQuickSilverOne, 12/14).
Personal
CapOne Platinum - $4800
Chase Freedon - $2200
CapOne Quicksilver - $500
AmexBlueEveryday - $1000
Walmart Store Card - $600 (New!)
Amazon Store Card - $600 (New!)
Kohls Store Card - $300 (New!)
Sears/Citi Card - $4000 (secondary user)
Business
CapOne Spark Buisiness - $1000
CK - 771, last TU was 660
All those store cards seem like a waste to me to be honest and they are toy limits. Your first four cards and biz card are all you need. I get what you mean by the excitement of getting a new card, but its called having discipline. I tend to plan out my apps a year in advance and I'm only going for the best cards (or at least the best for my needs). Focusing on building my profile with those specific cards helps encourage me to stay in the garden. From my Jan app cycle I was supposed to stay in the garden in July. I left it twice for specific reasons (but leaving the garden was not on a whim and I have no regrets about doing so as the apps fit in with my overall goals). Join the gardening thread and once you get the first 30 days in under your belt you will start to want to wait to app. There is no need to read threads about other people's approvals. They are not you. If you leave the garden early all you are doing is shooting yourself in the foot and your not going to get any decent cards/limits anyway. The CK score is worthless.
Excellent Advice!
when you have decent scores and are not rebuilding and lenders give you low limits it means your credit is borderline and they can't yet tell which way you are going. your best bet is to GARDEN as your post suggest to increase limits.
I have 1 year of experience with Credit in general myself and went on an App spree that i believe is over ( Might go for a mastercard somewhere) and with $21,850 Credit available to me:
Amazon Visa: $500
Amazon Store: $850
Discover it: $1,000
Amex BCE: $3,000
Chase Freedom: $3,500 ( New)
Amex Everyday: $4,000 ( New)
Citi Thank you: $4,000 (New)
Chase sapphire: $5,000 ( New)
Also apped for increases for the Amex and Amazon store card and got approved
I started the store card with a $400 limit and got it to $700 then $850 and this is all before it is a year old. While it is a toy limit It has been getting Steady CLI so i see it growing more then the other cards i own with the exception of the Amex cards.
Credit Karma FAKO score of 736
Discover FICO score of 700
Citi thank you reported an Equifax score of 682
Experian has about 23 app's
TU i guess says 12 and Equifax has 14
@red259 wrote:All those store cards seem like a waste to me to be honest and they are toy limits. Your first four cards and biz card are all you need. I get what you mean by the excitement of getting a new card, but its called having discipline.
Good advice. My last card (BECU) was approved in December. I haven't applied for any more cards because I haven't needed to. My 2 inquiries this year were both BECU... an auto refi and a CLI from $7000 to $8500.
@mikedboh wrote:Thanks for the input! My only reason for applying for the 3 recent store cards was from what I have read about GE/Synchro increasing limits substantially if the card is used responsibly.
I've got $9200 in credit across 4 cards that I've had for 9 months and all they've done for me is substantially increase my Walmart card from $600 to $700.
I'm at the point where I quit asking... every time they give me a cookie cutter denial with a SP credit report dated 4-6 months ago.
Maybe you'll have better luck with GE.
@mikedboh wrote:Ahoy there everyone! I am a new member but have followed this site for months on my journey to build a good credit profile.
Let's get right to the point - I am borderline addicted to applying for credit! 12 months ago I had no credit history(1 charg off from 8-9 years ago that no longer shows on report, nothing else.)
CK shows me having 14 inquiries in the past 2 years. 6 of these were in December 2013. The rest have occured randomly since then.
My plan is to get to the garden as fast as possible and attempt an approval for the Chase Slate 0$ BT card some time early next year. It would appear this is the perfect time for me to address my problem!
Would love some direct feedback from users, especially with shorter credit histories that get the excitement of getting a new card, or a new limit.
A quick summary
Total Available Credit - 15000, Utlization - ~22%. All balances are on 0% cards(Chase Freedom - 6/15, and AmexBlueEveryday 4/15, CapOneQuickSilverOne, 12/14).
Personal
CapOne Platinum - $4800
Chase Freedon - $2200
CapOne Quicksilver - $500
AmexBlueEveryday - $1000
Walmart Store Card - $600 (New!)
Amazon Store Card - $600 (New!)
Kohls Store Card - $300 (New!)
Sears/Citi Card - $4000 (secondary user)
Business
CapOne Spark Buisiness - $1000
CK - 671, last TU was 660
Work the SP CLI method to get your "fix". Frankly if those scores are correct, you are going to be borderline for any "prime" cards, and even if approved it's going to be with a low starting limit and high APR.
As you know GE/Synch will consider a CLI every 4 statements (you need at least one transaction in order for them to generate a statement). AMEX you can do the 3x 61day CLI. Cap One is always a soft pull and you are eligible every 6 months. If not satisfactory or you'd like to do it more often, you can also work the well discussed Cap One EO.
No more store cards unless it's really somewhere you shop on a regular basis. As others have said, it's best to hold off on anything new for at least 12 months.
I understand the temptation...I went on a MAJOR spree a few months ago, and am batting a thousand with approvals (8/8 with credit cards and 1/1 with new car). But my last approval (Arrival +), I received only a $3K limit and their highest APR, which was a sign I needed to stop and smell the garden! I probably could have kept going until I finally got denied. But I have more than enough credit to meet my needs, so it would be pointless (not to mention push back my score recovery date).
You have some nice cards that will grow if you work them. My bet is in 9-12 months, your scores will be stronger than before and you can app at your leisure with confidence.
Good luck!