topic Re: Advice needed in Credit Card Applications

Advice needed

Anonymous — Sun, 19 Mar 2017 12:57:06 GMT

I have been in the rebuilding process and I have been doing very well (I still have student loan baddies that I will just have to wait out) anyhow..my real fico scores (accoring to CCT) are 706, 701, 686. This is amazing considering 3 months ago I was in the 580's (according to FAKO CK) I have learned so much from you. THANK YOU!

Anyhow...my question. I have applied (and been approved for) a new DISCO 13,500, a new Furniture 3,700, my credit union gave me a 5,000 visa and AMEX 1000. I know this is a lot of credit, but I got so excited when I started getting approved. I really want to try the Costco Visa as I shop and spend a lot of money there often. Should I bother with this or should I park my butt in the gaden? Also, do you all think it is too much and I will start seeing CLD

Re: Advice needed

AverageJoesCredit — Sun, 19 Mar 2017 13:42:12 GMT

Even though Costco is a legacy Card from Citi, it seems they are abit more open to approval rates even for those with bk or multiple inquiries. Its always a gamble though with Citi if you have multiple inqs in past 6 months. How many hps do you currently have?

Going from 580's to 700's in 3 months is crazy awesome. Im sure youll be asked how you did that. If the 13.5 k was a starting limit from Disco, youll become instant Fico legend, lol , as we dont see that kind of sl from them often. Great job though so far. I wouldnt worry about too much too soon, just use them responsibly and if all were obtained recently, i would definitly garden abit of time to let them breathe and grow. I would only worry if i had a CLD, Crazy Low Discover , but you're all good with your CHD, crazy high Disco

Re: Advice needed

Anonymous — Sun, 19 Mar 2017 13:54:11 GMT

@AverageJoesCredit wrote:
Even though Costco is a legacy Card from Citi, it seems they are abit more open to approval rates even for those with bk or multiple inquiries. Its always a gamble though with Citi if you have multiple inqs in past 6 months. How many hps do you currently have?

Going from 580's to 700's in 3 months is crazy awesome. Im sure youll be asked how you did that. If the 13.5 k was a starting limit from Disco, youll become instant Fico legend, lol , as we dont see that kind of sl from them often. Great job though so far. I wouldnt worry about too much too soon, just use them responsibly and if all were obtained recently, i would definitly garden abit of time to let them breathe and grow. I would only worry if i had a CLD, Crazy Low Discover , but you're all good with your CHD, crazy high Disco

I don't even know how it happened actually. I don't have any late payments really (except for student loans grrrr), but I did have collections and a judgement that I was able to remove. Maybe they were higher as I was only going through CK scores. I just found out my FICO scores today through CCT. I had posted my disco story somewhere in here (but I can't find it now. ha!). It was nuts. I applied (after being on a high on my furniture approval) and I got a credit limit of 6500. Then I decided I needed to get rid of my Credit One balance and finally close it so I asked for a balance transfer through chat. The guy came back and said "and..good news. your credit limit is now 13,500. I about fell out of my chair. I have checked that card every day to see if it was a mistake. I didn't even ask for a CLI. I was thrilled to have 6500. I have been apping like crazy though...and I really want that Costo card, but I'm afraid I have too much new credit. I have been apping like a crazy person lately though.

Re: Advice needed

newhis — Sun, 19 Mar 2017 15:04:07 GMT

@Anonymous wrote:
I have been in the rebuilding process and I have been doing very well (I still have student loan baddies that I will just have to wait out) anyhow..my real fico scores (accoring to CCT) are 706, 701, 686. This is amazing considering 3 months ago I was in the 580's (according to FAKO CK) I have learned so much from you. THANK YOU!

Anyhow...my question. I have applied (and been approved for) a new DISCO 13,500, a new Furniture 3,700, my credit union gave me a 5,000 visa and AMEX 1000. I know this is a lot of credit, but I got so excited when I started getting approved. I really want to try the Costco Visa as I shop and spend a lot of money there often. Should I bother with this or should I park my butt in the gaden? Also, do you all think it is too much and I will start seeing CLD

If you think you will use the Costco card a lot, then go for it, but make sure this is the last card you get for the next year.

I don't think CLD is in the future, unless you start increasing your balance, max cards or other bad things.

You need to work with Amex, you could be at $9,000 in 8-11 months.

Re: Advice needed

Anonymous — Sun, 19 Mar 2017 15:05:16 GMT

Thank you! What do you suggest I do with AMEX? Use heavily and PIF?

Re: Advice needed

SouthJamaica — Sun, 19 Mar 2017 15:14:06 GMT

@Anonymous wrote:
I have been in the rebuilding process and I have been doing very well (I still have student loan baddies that I will just have to wait out) anyhow..my real fico scores (accoring to CCT) are 706, 701, 686. This is amazing considering 3 months ago I was in the 580's (according to FAKO CK) I have learned so much from you. THANK YOU!

Anyhow...my question. I have applied (and been approved for) a new DISCO 13,500, a new Furniture 3,700, my credit union gave me a 5,000 visa and AMEX 1000. I know this is a lot of credit, but I got so excited when I started getting approved. I really want to try the Costco Visa as I shop and spend a lot of money there often. Should I bother with this or should I park my butt in the gaden? Also, do you all think it is too much and I will start seeing CLD

I think you should garden.

Re: Advice needed

newhis — Sun, 19 Mar 2017 18:22:17 GMT

@Anonymous wrote:
Thank you! What do you suggest I do with AMEX? Use heavily and PIF?

Some people do use it heavily and PIF. I just use it regularly and PIF, I don't like to use my cards for more than 30%, if I have to, then I pay 2 times that month.

Re: Advice needed

Anonymous — Sun, 19 Mar 2017 18:51:36 GMT

@Anonymous wrote:
@AverageJoesCredit wrote:
Even though Costco is a legacy Card from Citi, it seems they are abit more open to approval rates even for those with bk or multiple inquiries. Its always a gamble though with Citi if you have multiple inqs in past 6 months. How many hps do you currently have?

Going from 580's to 700's in 3 months is crazy awesome. Im sure youll be asked how you did that. If the 13.5 k was a starting limit from Disco, youll become instant Fico legend, lol , as we dont see that kind of sl from them often. Great job though so far. I wouldnt worry about too much too soon, just use them responsibly and if all were obtained recently, i would definitly garden abit of time to let them breathe and grow. I would only worry if i had a CLD, Crazy Low Discover , but you're all good with your CHD, crazy high Disco
I don't even know how it happened actually. I don't have any late payments really (except for student loans grrrr), but I did have collections and a judgement that I was able to remove. Maybe they were higher as I was only going through CK scores. I just found out my FICO scores today through CCT. I had posted my disco story somewhere in here (but I can't find it now. ha!). It was nuts. I applied (after being on a high on my furniture approval) and I got a credit limit of 6500. Then I decided I needed to get rid of my Credit One balance and finally close it so I asked for a balance transfer through chat. The guy came back and said "and..good news. your credit limit is now 13,500. I about fell out of my chair. I have checked that card every day to see if it was a mistake. I didn't even ask for a CLI. I was thrilled to have 6500. I have been apping like crazy though...and I really want that Costo card, but I'm afraid I have too much new credit. I have been apping like a crazy person lately though.

Wow! Even $6500 is a great SL with Disco and they clearly like your profile to up it to $13500! Congratulations! And congrats on closing Credit One, I consider closing it a rebuilders rite of passage!

I can tell you from experience that if there is a card you really want, it can be very hard to garden. The way I kind of look at it is if you go for the Citi Costco and get approved, it will be easier, and if you get denied then, well, obviously you have to stay in the garden for a while to get it down the road.

Good luck with whatever you decide to do!

Re: Advice needed

oldman425 — Sun, 19 Mar 2017 19:15:48 GMT

Try gardening for 6 months to a year.

Re: Advice needed

Anonymous — Sun, 19 Mar 2017 19:31:20 GMT

You guys are great! I think I am going to garden awhile. (Who knows though...I might end up losing self control as I have so often lately!)

Thanks for the advice on the AMEX. I am hoping to see a 3x CLI, but I am worried because I read a post earlier where someone said that when they start you off that low, it doesn't usually get the 3x. Thank you again for all of the replies!

Re: Advice needed

Gidgetmom — Sun, 19 Mar 2017 21:06:04 GMT

Great job on your rebuild! I'm hopeful to hit 700 on TU and EQ this month and I've been rebuilding for a year and a half!

Good luck, whatever you decide to do!

Re: Advice needed

oldman425 — Sun, 19 Mar 2017 22:28:21 GMT

@Anonymous wrote:
You guys are great! I think I am going to garden awhile. (Who knows though...I might end up losing self control as I have so often lately!)
Thanks for the advice on the AMEX. I am hoping to see a 3x CLI, but I am worried because I read a post earlier where someone said that when they start you off that low, it doesn't usually get the 3x. Thank you again for all of the replies!

I have had my AMEX now for almost a year with a $1K SL with no CLIs approved. Don't get discouraged, at least your foot is in the door.

Re: Advice needed

newhis — Sun, 19 Mar 2017 22:34:17 GMT

@Anonymous wrote:
You guys are great! I think I am going to garden awhile. (Who knows though...I might end up losing self control as I have so often lately!)
Thanks for the advice on the AMEX. I am hoping to see a 3x CLI, but I am worried because I read a post earlier where someone said that when they start you off that low, it doesn't usually get the 3x. Thank you again for all of the replies!

Every profile is different, a friend started with Amex and Disco at $1,000. 3 months later they are at $3,000 and $2,500. I told him just to get those 2 to start building, then wait until the summer for his next app.