topic Re: Someone stop me!!! in Credit Cards

Someone stop me!!!

BGMWPD320 — Sat, 23 Aug 2008 16:23:13 GMT

I am starting to go app crazy! I just applied for and received a Best Buy CC (2.2k CL) and a Home Depot CC (1.5k CL).

I am a little disappointed in the CL for Home Depot but it is nice knowing that more than likely I'll be approved when I apply for credit! I guess an extra 3.7k in credit isn't bad especially since they are helping raise my average CL.

I need to stop because I already have too many new accounts this year (now 4 CCs and an auto loan).

Message Edited by BGMWPD320 on 08-23-2008 09:23 AM

Re: Someone stop me!!!

Anonymous — Sat, 23 Aug 2008 16:21:53 GMT

please stop.

Re: Someone stop me!!!

haulingthescoreup — Sat, 23 Aug 2008 16:35:27 GMT

Stop, come up for air, and do what should have been done first: set some long-term goals for where you want your credit to be, figure how you're going to get there, and then write it down.

I don't know what your other two cards are, but if the Best Buy is the store card rather than the MC, you now have a store card with a good limit, an account with Citi, an auto loan, and whatever else. This is a great base to work from. See how what you have fits into the long-term picture, and take care of the stuff you have now.

Re: Someone stop me!!!

BGMWPD320 — Sat, 23 Aug 2008 16:48:41 GMT

The BB is the store card. My other two "new" cards are BoA and Capital One.

I am trying to get my "stable" of cards where I want them for the present and future. I think I am pretty much set now. I've been wanting/needing a store card to throw in the mix and now I have that. I've paid my util down to 9ish %.

Now I need to be patient and let my accounts to age so I can be 700 across the board!

Re: Someone stop me!!!

Anonymous — Sat, 23 Aug 2008 16:50:42 GMT

You need to have a plan- and stick to it.

I wish I would have stuck 100% to my plan -

Re: Someone stop me!!!

haulingthescoreup — Sat, 23 Aug 2008 16:51:31 GMT

I think you're in a great place right now! Have you played "what if" with the sims yet? I'll bet that in six months, you're going to be looking really good.

(Thanks for not minding my speech! I'm feeling particularly "mom-ish" today. )

Re: Someone stop me!!!

BGMWPD320 — Sat, 23 Aug 2008 18:55:30 GMT

If anyone wanted to know: Home Depot pulled EX and BB pulled EQ

One way to make yourself stop is look at what the APRs

Madison — Sat, 23 Aug 2008 19:00:10 GMT

they are charging you. You would be better off with fewer CC's that you PIF each month. You will be surprise on how much money you will save each year in interest.

Re: One way to make yourself stop is look at what the APRs

BGMWPD320 — Sat, 23 Aug 2008 19:09:44 GMT

Madison wrote:
they are charging you. You would be better off with fewer CC's that you PIF each month. You will be surprise on how much money you will save each year in interest.

I almost always PIF each month. I have around 1k in a BT that is 0% for a year. I had never paid attention to the interest rate on my Dell Financial Account until I started working on my credit. I had 1.5k balance with them at 28.99% which is why I tranferred the balance.

Re: One way to make yourself stop is look at what the APRs

Anonymous — Sat, 23 Aug 2008 19:32:17 GMT

28.99 - Ouch indeed.

It sounds like despite your impulses you are doing a great job. Just remember that average age is a necessary component for a great FICO score, so just let those nice new accounts age a bit before you consider applying for anything new.

Enjoy your new cards - responsibly as always!