topic Apporama 2024 in Credit Card Applications

Apporama 2024

drchaos — Tue, 23 Jan 2024 18:19:58 GMT

Paid down credit cards have now been reported to rating agencies. Plan to apply for more cards within the next 48 hours.

My goal is to obtain several high balance 0% purchase and 0% balance transfer credit cards.

Any help regarding which cards to apply for or any potential mistakes that I could avoid would be greatly appreciated.

I live in the NYC area and am self employed.

I am hoping for suggestions but in order the list below includes the cards I want to apply for:

1. Chase Slate Edge

2. American Express Cash Magnet Card

3. TD Flex Pay Credit Card

4. Bank Americard Credit card

5. PenFed Gold Visa® Card

6. Navy Federal Credit Union CashRewards

7. AARP® Essential Rewards Mastercard® from Barclays

8. US Bank Business Platinum Credit Card

9. Capital One VentureOne Rewards Credit Card

10. Fifth Third 1% Cash/Back card

11. Citi Custom Cash® Card

12. PNC points® Visa® Credit Card

Two items that I do not expect to have much impact:

1. PENFED car loan which started at $25K and has now been paid down to 10K after three years

2. Edward Jones CC paid down to $0 from $22K last month (limit 25K) as it does not show up on credit reports

3. Depending on which credit agency you look at I have 2 or 3 hard inquiries dating back to 2022

After paying down the existing cards on December 29th of last year I made additional payments to pay the cards down further last week. The following payments have not yet been reported by the CC companies yet:

Discover Card - paid off remaining $1,495 balance (29% of limit)

Wells Fargo - Paid card down from 29% of limit to 21% of limit

Citizens - Paid card down from 29% of limit to 21% of limit

US Bank - Paid card down from 29% of limit to 21% of limit

Existing Cards:

$8,927.22 Bank of America ($48,000 limit = 18.6% used) 0% card is due in May 2024

$4,070.00 Wells Farfo ($19,000 limit = 21.4% Used) 0% card is due Oct 2024

$2,882.00 Citizens Credit Card ($13,500K limit = 21.35% Used) card is due in Jun 2024

$2,396.00 US Bank Platinum Visa ($11,300 limit = 21.20% Used) card is due Jun 2024

$500.00 TD Bank Business Solutions ($10,500 limit) spender paid off every month

$300.00 BJ's Capital One Mastercard ($12,500 limit) spender paid off every month

$300.00 PENFED Platinum Rewards Card ($33,000 limit) spender paid off every month

$100.00 AMEX Everyday Card ($25,000 limit) spender paid off every month

$63.00 Bank of America Customized Cash Rewards Visa Signature Card ($2,000 limit) spender paid off every month

$27.00 Alliant Visa Platinum W/Rewards Plan Card ($10,000 limit) spender paid off every month

$27.00 Citi Double Cash® Card ($9,500 limit) spender paid off every month

$0.00 US Bank U.S. Bank Cash+ Visa Signature® Card ($15,000 limit) 0% card paid off last month

$0.00 Navy Federal Credit Union Visa Platinum Card ($7,100 limit) 0% card paid off last month

$0.00 Discover IT Garnet Card ($6,000 limit) 0% card paid off this month

$0.00 Citi ThankYou® Preferred Card ($4/800 limit) spender paid off every month

$19,492.11 combined balance ($243,600 = 8% of limit excluding JD Edwards limit)

Thanks in advance.

Re: Apporama 2024

pizzadude — Tue, 23 Jan 2024 18:22:29 GMT

Moving to credit card applications for better visibility

Re: Apporama 2024

drchaos — Tue, 23 Jan 2024 18:26:32 GMT

Thanks for your help moving the thread.

Re: Apporama 2024

SouthJamaica — Tue, 23 Jan 2024 18:59:44 GMT

@drchaos wrote:
....

I am hoping for suggestions but in order the list below includes the cards I want to apply for:

1. Chase Slate Edge
Will get too small a starting limit. Useless afterwards.
2. American Express Cash Magnet Card
Many find this card to be mediocre.
3. TD Flex Pay Credit Card
I have found TD unpleasant to deal with. Have never been able to get assistance online or by phone.
4. Bank Americard Credit card
5. PenFed Gold Visa® Card
6. Navy Federal Credit Union CashRewards
7. AARP® Essential Rewards Mastercard® from Barclays
8. US Bank Business Platinum Credit Card
9. Capital One VentureOne Rewards Credit Card
10. Fifth Third 1% Cash/Back card
11. Citi Custom Cash® Card
12. PNC points® Visa® Credit Card
.......
I would suggest getting another credit union, non-rewards, no-balance-transfer-fee, platinum card, similar to your NFCU Platinum card.

Re: Apporama 2024

drchaos — Tue, 23 Jan 2024 19:32:34 GMT

South Jamaica:

Thanks for the prompt reply to my inquiry.

I am very happy with my mix of spenders and the cash back rewards they have.

As I have many business expenses and want to push out paying them until next year I have the opportunity to get lots of cash back rewards (from the business expenses) and will be able to invest my revenues into stocks and inventory instead of paying up front for everything.

That is why I will not apply for any credit cards this month unless they have 0% interest on either purchases or balance transfers.

I have my main checking account with TD Bank (I love that I can see a person in their branch on Saturday or Sunday) so I have a good relationship with them.

My expectation with both Chase and Bank of America is that if I get a new card with a low balance I can move some or all of the limit from an existing card to the new card.

As for AMEX I really don't care much about the rewards, I just want a card that will allow me to spend money or do a balance transfer that I do not have to pay back for 15-18 months (or longer).

My goal with this thread is the following:

1. Find other credit cards with 0% cards to apply to

2. To find better cards from the companies currently on my list (to apply to instead)

3. To get feedback regarding the pecking order of the cards and which ones to apply to first

4. While I think I have paid the cards down enough with the cash flows I have available any general advice regarding the debt ratios or timing of the applications would be appreciated.

Re: Apporama 2024

drchaos — Wed, 24 Jan 2024 14:47:32 GMT

Applied for 10 of the 12 cards this morning, here are the results:

1. Chase Slate Edge - Declined

2. American Express Cash Magnet Card - Approved, do not know limit yet

3. TD Flex Pay Credit Card - Aprroved $25,000 limit

4. Bank Americard Credit card - Declined

5. PenFed Gold Visa® Card - Declined

6. Navy Federal Credit Union CashRewards - Pending

7. AARP® Essential Rewards Mastercard® from Barclays - Did not apply, 0 % BT offer now has 5% fee, no 0% on purchases

8. US Bank Business Platinum Credit Card - Pending

9. Capital One VentureOne Rewards Credit Card - Declined

10. Fifth Third 1% Cash/Back card - Could not apply, lady on the phone said they only cover Midwestern States

11. Citi Custom Cash® Card - Declined

12. PNC points® Visa® Credit Card - Pending

Very surprised by some of the rejections.

Chase was the first card I applied for, I didn't think there was any way they would say no.

Re: Apporama 2024

drchaos — Wed, 24 Jan 2024 15:18:10 GMT

Just notified by PENFED that they approved my card application with a $1,000 limit.

PNC and US Bank still pending.

Are there any other cards I should apply for today before these inquiries show up on my credit report?

Re: Apporama 2024

drewricomakeubu — Wed, 24 Jan 2024 15:57:59 GMT

@drchaos wrote:
Just notified by PENFED that they approved my card application with a $1,000 limit.

PNC and US Bank still pending.

Are there any other cards I should apply for today before these inquiries show up on my credit report?

If they hard pulled your credit the inquiries are already being reported to your credit.

Re: Apporama 2024

drchaos — Wed, 24 Jan 2024 16:28:11 GMT

Just realized there was no discover card on my list.

A few minutes ago I applied for the Discover It Balance Transfer card and was rejected.

Re: Apporama 2024

drchaos — Wed, 24 Jan 2024 16:38:25 GMT

Called Navy Federal Credit Union to see if I could combine my new cards so the new card would get a limit of $8,100 instead of $1,000.

They said that the only way it could happen is if I do a balance transfer from another card to the new card.

At that time they would need to evaluate and approve the transaction.

Re: Apporama 2024

drchaos — Wed, 24 Jan 2024 16:43:53 GMT

E-mail from Capital One had a link to the rejection letter.

I have included an exerpt below:

The reason(s) for our decision are:
• Based on your credit report from one or more of the agencies on the back of this letter, number of
bank cards tradelines opened in the last 24 months
• Based on your credit report from one or more of the agencies on the back of this letter, there have
been too many recent inquiries
• Based on your credit report from one or more of the agencies on the back of this letter, there are
too many revolving accounts
I

Re: Apporama 2024

youngandcreditwrthy — Wed, 24 Jan 2024 23:35:27 GMT

What's your current score?

I know you've done well with the cards and what not, but one obstacle you may encounter is "too many accounts with balances" even if your overall utilization is perfect 8%.

The BankAmericard I LOVED when I was constantly bouncing 0% debt around. The Slate Edge limit was always way too **bleep** low. Its almost like Chase hates approving the Slate card. THey approved me for 1000 while my Marriot had 25, CSP 10k, and CF OG was 5k.

That said, with the BankAmericard.. many times you can even use their blank checks to write for cash to yourself and even refinance debt you have with them PLUS it seems like they keep track internally of when you haave aBT expiring so they always have new offers coming in the mail for like 2.9% no fee 14 months or 3% fee 0% for 16 months. Stuff like that.

Penfed might accuse you of debt pyramiding. My profile was similar to yours at one point and penfed always used that stupid reason.

back to BOA, they might only approve you for 5-10k instantly online BUT you can easily get a CLI. I got mine to I think it was nearly 25/30k before I even got the card with another HP. BOA will also offer you BTs over the phone. sometimes give you an extra month of 0% and literally deposit the cash from a BT offer directly into your checking account so its then cash and you can use to pay off any card (even theirs!)

I think it would serve you well to really research credit unions. Ive heard baxter is a good one, BMO has great offers or has had in the past few months.

You might also have more luck with pefed since you have an auto loan with them. You might even considering cleaning up some of those smaller balances and paying them in full completely and letting them report so you dont risk getting denied for "too many accounts with too many balances" or something stupid like that.

Good luck :-) I paid off 150k in debt with 0% credit card BTs and my credit score is actually lower a few years after lol

Re: Apporama 2024

drchaos — Thu, 25 Jan 2024 17:52:24 GMT

Looks like AMEX card has a $10K limit.

Still waiting to hear from US Bank and PNC Bank.

Re: Apporama 2024

drchaos — Thu, 25 Jan 2024 19:51:30 GMT

Just got off the phone with AMEX.

I was hoping to move part of the limit from my existing card ($25K) to the new card but they said no.

They did say that I could charge up to $25K on the new card but that I could only carry $10K at 0% and would have to pay off the remainder in addition to my minimum payment the following month.

Re: Apporama 2024

Brian_Earl_Spilner — Thu, 25 Jan 2024 20:23:37 GMT

Us bank will probably be a denial if they see all your hard pulls. As for chase, they're going to pull your reports again within the next 2 months. If they deem all your inquiries and new accounts as excessive credit seeking, they may close the slate.

Best of luck with your apps.

Re: Apporama 2024

drchaos — Thu, 25 Jan 2024 22:04:25 GMT

Chase already said no.

PNC and US Bank are the question marks.

Re: Apporama 2024

youngandcreditwrthy — Mon, 29 Jan 2024 16:51:44 GMT

US Bank will prob be a no, they were conservative on new accounts even when were in a deflationary environment in 2008.

I hate this "too many new accounts' "too many balances" garbage.

You really should have paid off all those little baby balances that were reporting (if in fact they were reporting as I interpreted from your og post). I've gotten to the point where I don't even like $19 report on my stupid target card.

This is only when applying for credit ofc.

and that stupid slate card is MUCH MORE difficult to get than people think as is BOA. Boa is great once you're in though!

and what's up with Amex limiting you BT amount? Never heard of them doing that crazy ish.

do you know what your scores are now? I'd like to know for data point purposes what BOA had your score at and what they're denial reason(s) were? @drchaos

Re: Apporama 2024

AJ67 — Wed, 31 Jan 2024 18:07:02 GMT

@drchaos wrote:
Applied for 10 of the 12 cards this morning, here are the results:

1. Chase Slate Edge - Declined
2. American Express Cash Magnet Card - Approved, do not know limit yet
3. TD Flex Pay Credit Card - Aprroved $25,000 limit
4. Bank Americard Credit card - Declined
5. PenFed Gold Visa® Card - Declined
6. Navy Federal Credit Union CashRewards - Pending
7. AARP® Essential Rewards Mastercard® from Barclays - Did not apply, 0 % BT offer now has 5% fee, no 0% on purchases
8. US Bank Business Platinum Credit Card - Pending
9. Capital One VentureOne Rewards Credit Card - Declined
10. Fifth Third 1% Cash/Back card - Could not apply, lady on the phone said they only cover Midwestern States
11. Citi Custom Cash® Card - Declined
12. PNC points® Visa® Credit Card - Pending

Very surprised by some of the rejections.

Chase was the first card I applied for, I didn't think there was any way they would say no.

I'm thinking to apply for the TD Flex...do you know what score/credit bureau they used?

Re: Apporama 2024

drchaos — Wed, 31 Jan 2024 18:22:52 GMT

Not sure which credit bureau is used by TD Bank.

i have gotten my rejection letters from at least three more companies which I will be posting when I have a chance.

My new AMEX card arrived in the mail today.

Citi and Discover were two of the last cards I applied for (fairly low balances from them in the past) so both had too many inquiries among the reason for rejection as I had already applied to ten cards before Discover and eight ot nine before Citi.

Years ago you could apply for a dozen all at once and they usually wouldn't get wise for at least a week.

Those days are sadly over.

Re: Apporama 2024

AJ67 — Wed, 31 Jan 2024 18:38:16 GMT

Thanks. I read on the forum that they pulled Exp.