topic Re: path to disaster/ getting flagged? in Credit Cards

path to disaster/ getting flagged?

Anonymous — Sat, 18 Jul 2015 07:24:33 GMT

hi!

so i've been kinda sorta on an app spree and i need to cool down, here's my history

discover it (dec 2013) at $1.8k now

citi thankyou preferred college (july 2014) at $2.4k now

amex everyday (oct 2014) at $18k now

chase freedom (dec 2014) $2k

~~citi aadvantage (feb 2015) $3.2k~~ CLOSED because i had so many problems with the card

amex delta gold (april 2015) $5k

and within the past two weeks....

amex prg and barclay arrival plus at $5k

i'm 19 and a student, could these recent approvals look sketchy to my cc companies?

am i at risk for CLDs, etc...?

thanks for your input guys, cooling off from applying for AT LEAST a year, visiting family across the country multiple times a year this year and going to hawaii in january, and these cards will/ have helped me not pay a cent in airfare

ps- i'm on the east coast, so all of my inquiries except for barclays have been experian

Re: path to disaster/ getting flagged?

elim — Sat, 18 Jul 2015 08:37:39 GMT

id'e say your safe. take your year off and grow your current limits (and enjoy your trip)

Re: path to disaster/ getting flagged?

Imperfectfuture — Sat, 18 Jul 2015 10:00:25 GMT

What comes, comes. I've learned not to stress too much. PS, for future reference, this isn't an approval thread, should go in main CC forum.

Re: path to disaster/ getting flagged?

kdm31091 — Sat, 18 Jul 2015 13:42:50 GMT

I'd definitely chill and garden. Lots of new accounts can signal risk and set off alarms. If you just leave it alone now and let them age, you should be fine. No one has a crystal ball though.

However it's just credit cards. If it gets taken away so be it. Not the end of the world. Just enjoy them and whatever happens happens. I would certainly garden though.

Re: path to disaster/ getting flagged?

Anonymous — Sat, 18 Jul 2015 13:54:53 GMT

@kdm31091 wrote:
I'd definitely chill and garden. Lots of new accounts can signal risk and set off alarms. If you just leave it alone now and let them age, you should be fine. No one has a crystal ball though.

However it's just credit cards. If it gets taken away so be it. Not the end of the world. Just enjoy them and whatever happens happens. I would certainly garden though.

I agree...

Re: path to disaster/ getting flagged?

Anonymous — Sat, 18 Jul 2015 14:00:44 GMT

@Anonymous wrote:
@kdm31091 wrote:
I'd definitely chill and garden. Lots of new accounts can signal risk and set off alarms. If you just leave it alone now and let them age, you should be fine. No one has a crystal ball though.

However it's just credit cards. If it gets taken away so be it. Not the end of the world. Just enjoy them and whatever happens happens. I would certainly garden though.
I agree...

Re: path to disaster/ getting flagged?

Jerry45 — Sat, 18 Jul 2015 15:35:10 GMT

Nice job on the Amex everyday. 18k is a great limit

Re: path to disaster/ getting flagged?

NRB525 — Sat, 18 Jul 2015 17:14:28 GMT

@Anonymous wrote:
hi!
so i've been kinda sorta on an app spree and i need to cool down, here's my history
discover it (dec 2013) at $1.8k now
citi thankyou preferred college (july 2014) at $2.4k now
amex everyday (oct 2014) at $18k now
chase freedom (dec 2014) $2k
~~citi aadvantage (feb 2015) $3.2k~~ CLOSED because i had so many problems with the card
amex delta gold (april 2015) $5k
and within the past two weeks....
amex prg and barclay arrival plus at $5k
i'm 19 and a student, could these recent approvals look sketchy to my cc companies?
am i at risk for CLDs, etc...?
thanks for your input guys, cooling off from applying for AT LEAST a year, visiting family across the country multiple times a year this year and going to hawaii in january, and these cards will/ have helped me not pay a cent in airfare
ps- i'm on the east coast, so all of my inquiries except for barclays have been experian

Are you prepared to pay these annual fees when they come due? Or is your plan to dump the cards prior to AF?

Because that relates to your long term strategy which, at 19, is not best handled with closing cards just yet

If you are prepared to pay the AF, then you have a number of quality cards here that will grow your file for the long term. Even paying one year of the AF when they come due, to extend this wallet further, will be helpful.

Your plans to not app anymore should be your action. No apps. You are not likely to get AA if you don't abuse the cards, and even if you do, as noted it is only credit and you have enough other cards, they won't all get AA, and you will be fine.

Re: path to disaster/ getting flagged?

Anonymous — Sat, 18 Jul 2015 19:51:26 GMT

sorry! i grouped it under "recent approvals" but now i know!

Re: path to disaster/ getting flagged?

Anonymous — Sat, 18 Jul 2015 19:53:36 GMT

i am for the prg, i was thinking of pcing the delta and arrival/ asking for a retention offer when the time comes.

the signup bonus for the delta card saved me about $1000 on airfare so i may just keep it.

Re: path to disaster/ getting flagged?

Anonymous — Sat, 18 Jul 2015 19:54:05 GMT

thank you!

thank you for your tips, everyone.

Re: path to disaster/ getting flagged?

ddemari — Wed, 22 Jul 2015 18:44:25 GMT

@Anonymous wrote:
@kdm31091 wrote:
I'd definitely chill and garden. Lots of new accounts can signal risk and set off alarms. If you just leave it alone now and let them age, you should be fine. No one has a crystal ball though.

However it's just credit cards. If it gets taken away so be it. Not the end of the world. Just enjoy them and whatever happens happens. I would certainly garden though.
I agree...

I double agree, that amount of cards you will be fine with. I'd only fear AA if you used the credit lines to their max. And at 19, its impressive you were able to get those cards in todays world of credit cards. So that is an accomplishment. When I was 19, i opened so many credit cards and used used used them and of course didnt have the income to support it so I messed up.

Just use those cards, let them age and you will be fine.

Like KDM said, its just cards and its not the end of the world if it gets shut down. I was having anxiety attacks for the past week about some BOA AA, but now im over it and it is what it is.

Re: path to disaster/ getting flagged?

morgacj2004 — Wed, 22 Jul 2015 21:44:24 GMT

There are people on this forum with 90-110 CC. However in my opinion that is just too much and I for one would have a hard time keeping track of all of those accts. I think there comes a time that enough is enough and you have to really sit down see what you have and then determine if there is anything out there that might benefit your portfolio. If not it is time to garden.

Re: path to disaster/ getting flagged?

Anonymous — Wed, 22 Jul 2015 21:48:20 GMT

Agree with what everyone else has said. I mean I could go for a couple of other bonuses but do I really need them..nope.

Re: path to disaster/ getting flagged?

taxi818 — Wed, 22 Jul 2015 22:57:14 GMT

@morgacj2004 wrote:
There are people on this forum with 90-110 CC. However in my opinion that is just too much and I for one would have a hard time keeping track of all of those accts. I think there comes a time that enough is enough and you have to really sit down see what you have and then determine if there is anything out there that might benefit your portfolio. If not it is time to garden.

They don't have 90-110 cards because they use them and they need to keep track of them. Its simply a collection and a game as to how many can one get. nothing more. the only ones you need to keep track of are the ones you use. If you pay it off. There is nothing to keep track of. I could easily manage 20 as well as 90. no big difference. even out of 20. i have balance on say. 4?. thats pretty simple. keep paying what i do have a balance on . and look at statements on what i don't to prevent any fraud or unknown activity.

Re: path to disaster/ getting flagged?

kdm31091 — Thu, 23 Jul 2015 00:36:05 GMT

@taxi818 wrote:
@morgacj2004 wrote:
There are people on this forum with 90-110 CC. However in my opinion that is just too much and I for one would have a hard time keeping track of all of those accts. I think there comes a time that enough is enough and you have to really sit down see what you have and then determine if there is anything out there that might benefit your portfolio. If not it is time to garden.
They don't have 90-110 cards because they use them and they need to keep track of them. Its simply a collection and a game as to how many can one get. nothing more. the only ones you need to keep track of are the ones you use. If you pay it off. There is nothing to keep track of. I could easily manage 20 as well as 90. no big difference. even out of 20. i have balance on say. 4?. thats pretty simple. keep paying what i do have a balance on . and look at statements on what i don't to prevent any fraud or unknown activity.

Right, I think the point was more like "what is the point of having 100 cards when you only use 5 or 6 of them regularly?"

I get the whole collect cards thing and to each their own. However when someone with 100 credit cards goes for a mortgage or auto loan, all of these unsecured credit card accounts show up on the report. Being used or not doesn't matter. It is all potential debt and risk. Credit limit vs income. The mortgage/auto loan lender will evaluate the max debt you could accumulate with your cards and will take this into account. With 100 cards, that is going to be a huge number.

It may not matter for everyone, but the point is credit isn't a game and there are downsides for those who treat it as a game or a "collect them all!" activity.

Re: path to disaster/ getting flagged?

Anonymous — Thu, 23 Jul 2015 00:38:43 GMT

@kdm31091 wrote:
@taxi818 wrote:
@morgacj2004 wrote:
There are people on this forum with 90-110 CC. However in my opinion that is just too much and I for one would have a hard time keeping track of all of those accts. I think there comes a time that enough is enough and you have to really sit down see what you have and then determine if there is anything out there that might benefit your portfolio. If not it is time to garden.
They don't have 90-110 cards because they use them and they need to keep track of them. Its simply a collection and a game as to how many can one get. nothing more. the only ones you need to keep track of are the ones you use. If you pay it off. There is nothing to keep track of. I could easily manage 20 as well as 90. no big difference. even out of 20. i have balance on say. 4?. thats pretty simple. keep paying what i do have a balance on . and look at statements on what i don't to prevent any fraud or unknown activity.
Right, I think the point was more like "what is the point of having 100 cards when you only use 5 or 6 of them regularly?"

I get the whole collect cards thing and to each their own. However when someone with 100 credit cards goes for a mortgage or auto loan, all of these unsecured credit card accounts show up on the report. Being used or not doesn't matter. It is all potential debt and risk. Credit limit vs income. The mortgage/auto loan lender will evaluate the max debt you could accumulate with your cards and will take this into account. With 100 cards, that is going to be a huge number.

It may not matter for everyone, but the point is credit isn't a game and there are downsides for those who treat it as a game or a "collect them all!" activity.

It is assumed that the credit card collector game is for those who are established deeply creditwise, i.e. mortgage already squared away, auto financing, have general spend CC's with high limits already.

Re: path to disaster/ getting flagged?

taxi818 — Thu, 23 Jul 2015 00:46:51 GMT

@Anonymous wrote:
@kdm31091 wrote:
@taxi818 wrote:
@morgacj2004 wrote:
There are people on this forum with 90-110 CC. However in my opinion that is just too much and I for one would have a hard time keeping track of all of those accts. I think there comes a time that enough is enough and you have to really sit down see what you have and then determine if there is anything out there that might benefit your portfolio. If not it is time to garden.
They don't have 90-110 cards because they use them and they need to keep track of them. Its simply a collection and a game as to how many can one get. nothing more. the only ones you need to keep track of are the ones you use. If you pay it off. There is nothing to keep track of. I could easily manage 20 as well as 90. no big difference. even out of 20. i have balance on say. 4?. thats pretty simple. keep paying what i do have a balance on . and look at statements on what i don't to prevent any fraud or unknown activity.
Right, I think the point was more like "what is the point of having 100 cards when you only use 5 or 6 of them regularly?"

I get the whole collect cards thing and to each their own. However when someone with 100 credit cards goes for a mortgage or auto loan, all of these unsecured credit card accounts show up on the report. Being used or not doesn't matter. It is all potential debt and risk. Credit limit vs income. The mortgage/auto loan lender will evaluate the max debt you could accumulate with your cards and will take this into account. With 100 cards, that is going to be a huge number.

It may not matter for everyone, but the point is credit isn't a game and there are downsides for those who treat it as a game or a "collect them all!" activity.
It is assumed that the credit card collector game is for those who are established deeply creditwise, i.e. mortgage already squared away, auto financing, have general spend CC's with high limits already.

Exactly. A collector is not for the faint of heart. hehehe. They are not caring about mortgage. Car loans can still be got. In the entire fico community there are only 4-10 people that are serious collectors. The rest are just pretenders. hehehe. Ive seen some with 39. 45. 63. cards. But the serious ones are well over 100 cards. I think at that point it is not the number of cards. but i beleive most are trying to join the $$$$million Dollar Club. as i have asked on many occasions for sure. I have 20. and only want 1 more. any Boa card. in fact i want to cut the fat. But at the same time i don't want to appear like im a churnner. So the cards i don't use. a few store cards. i will let the lender close when they feel like it. I will not do it. if they can stay opened. 3 years great. I could care less if it says Closed by lender. mostly for non usage. But i feel you for stating that they are not using. They have a rotation system for their card usage. at that point. for sure.

Re: path to disaster/ getting flagged?

Anonymous — Thu, 23 Jul 2015 02:57:00 GMT

@taxi818 wrote:
@Anonymous wrote:
@kdm31091 wrote:
@taxi818 wrote:
@morgacj2004 wrote:
There are people on this forum with 90-110 CC. However in my opinion that is just too much and I for one would have a hard time keeping track of all of those accts. I think there comes a time that enough is enough and you have to really sit down see what you have and then determine if there is anything out there that might benefit your portfolio. If not it is time to garden.
They don't have 90-110 cards because they use them and they need to keep track of them. Its simply a collection and a game as to how many can one get. nothing more. the only ones you need to keep track of are the ones you use. If you pay it off. There is nothing to keep track of. I could easily manage 20 as well as 90. no big difference. even out of 20. i have balance on say. 4?. thats pretty simple. keep paying what i do have a balance on . and look at statements on what i don't to prevent any fraud or unknown activity.
Right, I think the point was more like "what is the point of having 100 cards when you only use 5 or 6 of them regularly?"

I get the whole collect cards thing and to each their own. However when someone with 100 credit cards goes for a mortgage or auto loan, all of these unsecured credit card accounts show up on the report. Being used or not doesn't matter. It is all potential debt and risk. Credit limit vs income. The mortgage/auto loan lender will evaluate the max debt you could accumulate with your cards and will take this into account. With 100 cards, that is going to be a huge number.

It may not matter for everyone, but the point is credit isn't a game and there are downsides for those who treat it as a game or a "collect them all!" activity.
It is assumed that the credit card collector game is for those who are established deeply creditwise, i.e. mortgage already squared away, auto financing, have general spend CC's with high limits already.
Exactly. A collector is not for the faint of heart. hehehe. They are not caring about mortgage. Car loans can still be got. In the entire fico community there are only 4-10 people that are serious collectors. The rest are just pretenders. hehehe. Ive seen some with 39. 45. 63. cards. But the serious ones are well over 100 cards. I think at that point it is not the number of cards. but i beleive most are trying to join the $$$$million Dollar Club. as i have asked on many occasions for sure. I have 20. and only want 1 more. any Boa card. in fact i want to cut the fat. But at the same time i don't want to appear like im a churnner. So the cards i don't use. a few store cards. i will let the lender close when they feel like it. I will not do it. if they can stay opened. 3 years great. I could care less if it says Closed by lender. mostly for non usage. But i feel you for stating that they are not using. They have a rotation system for their card usage. at that point. for sure.

Yes, but when you start rotating, you really do have to start keeping track, which might make 90 harder to manage than 20. But I agree with your original point, those with 100+ cards are not just extreme cases of those with 20, they are playing a different game.

Re: path to disaster/ getting flagged?

Anonymous — Thu, 23 Jul 2015 04:46:21 GMT

thank you!

i read up as much as i could about credit/ scores/ etc. and learned a lot from this forum.

i never ever carry a balance and only spend what i can pay each month.

people i know much older than me spend recklessly and never learn that it's a losing battle when you don't live within your means.

i hope i'm never in that situation one day.