topic Re: Another kid on the block asking for advice !!! in Credit Cards

Another kid on the block asking for advice !!!

Anonymous — Tue, 29 Sep 2015 02:15:47 GMT

Hi there,

This is my first but definitely not the last one, really great info here, Thank you.

A bit about me: New in the country, Dec 2014 I opened a BoA checking/saving account and applied for a secure cc, got approved for $500, on May I was offered at the bank a secure cc, applied and got approved for $500 (HP here), never have any late payment and always paid in full. Well found this forum trying to get my FICO scores (703 at the time - now 692 and probably go down more in few weeks), here my Journey: Done within a month period

- Called BoA and converted my secure cc to unsecured and increased my limit to $1500 (asked for $5000), i was denied for the unsecured (not enough time, just 4 months)

- Applied for AMEX cc (got denied reason was, need at least 725 score, called recon and the same) -

- Applied for Capital one cc (pre-approved for both, got approved for Platinum $1000 and QS1 $2000 - both will auto CLI after the 6 statement) -

- Applied for Chase Freedom (Approved for $4500), saw the offer and same day applied for Chase SW and got approved for $5000. -

- Applied for Discover it (got approved for $1000 - buy on Amazon and Aveda (wife) a lot so I get discount/points). -

- Applied for Walmart (got store cc for $150, called recon and get $2000) -

- Applied for SAM'S (got store cc for $870, called recon and no-go) -

- Applied for banana republic cc (got store cc for $300, called recon and no-go)

I shop a lot on these places, BR for clothes and SAM'S for monthly groceries, Walmart not much though, later found out that I can use Walmart card on SAM'S so thinking in closing SAM'S account in about (-+) 6 months so I can establishing my score first (CLI is way better on Walmart than SAM'S based on my reading here in the forum).

Well, I know what I did was completely wrong and I am very aware this will come back to me at some point, I have been applying for credit like crazy in a short period and that definitely is not the way to go but well now I get it and need to keep going, at the moment I have NO plans applying for more cc's, my plan is make them grow and let the HP goes away, I am not buying a house for now so I will have enough time to fix this before start thinking on it.

Now I need some advice from you guys,

1- I read here: http://ficoforums.myfico.com/t5/Credit-Cards/Chase-Freedom-over-the-limit/td-p/4251244 This person got a chase freedom and a southwest cc merged into one with a high limit: -- "I called in to Chase, and merged my available $8500 on the southwest card onto my Freedom card, all within the same day of applying. So now I had a $11,700 limit Freedom card." -- I have read about this in this forum and some of them says you can’t and other the opposite (see post), I am interested in doing this, if I am allow it of course , which one will I keep?, don’t care about reward, never use southwest airline and never will, applied because is a premier signature and there is no foreign transaction (I am from Canada so I can use it there), but I will love not to pay fees as well lol, I really need your inputs here guys, will be this possible?, which one will grow more? , which one at long run will give me more based on your experiences? (every case is different but just to have a start point and go from there).

2- Close BoA $500 cc for good and only keep one (both are cash rewards), for what I read here, every time you ask for CLI you have a HP and beside that, at this point do I really need two BoA cc?, I needed before to start building credit and get me at the door, well I already there so, what do you guys think?

3- Should I keep my SAM’S store card?, I do a lot of shopping there, I have the plus membership ($100 annually) that give me $10 for every $500 spend there, well I have $120 in rewards already and still 4 months to go, I prefer SAM’S over Walmart for this reason but its kind a hard get CLI, what do you guys think?

Well really appreciate you help on these question and thank you in advance.

I am trying to edit this but for some reason i cant, i apologize for this and hope someone fix it and make it easier to read lol.

Re: Another kid on the block asking for advice !!!

happypill — Mon, 28 Sep 2015 19:17:22 GMT

Holy wall of text Batman! If you use some paragraphs and spacing in your post, someone might actually be able to read it then give you some advice.

Re: Another kid on the block asking for advice !!!

Anonymous — Mon, 28 Sep 2015 20:21:25 GMT

Hi I am trying to edit this but for some reason it wont let me, perhaps my browser ??, i will try again, my apologies.

Re: Another kid on the block asking for advice !!!

axlm — Mon, 28 Sep 2015 20:53:00 GMT

Personally, I would leave both BofAs open, they have no AF and maybe you could combine them or convert one to Travel Rewards or BetterBalance down the road. And to the best of my knowledge, it's very easy to combine limits with Chase.

Hope my reply relate to part of your questions, some spacing would be great!

Re: Another kid on the block asking for advice !!!

gdale6 — Mon, 28 Sep 2015 21:29:07 GMT

@Anonymous wrote:
Hi I am trying to edit this but for some reason it wont let me, perhaps my browser ??, i will try again, my apologies.

I paragraphed it for you OP. Welcome to posting at myFico

Re: Another kid on the block asking for advice !!!

Anonymous — Mon, 28 Sep 2015 22:54:24 GMT

I'll take the Chase question. My understanding of your question is that you want to combine Freedom and Southwest but don't know which to move the limit to. Argument for SW is no FTF, argument against SW is you don't fly SW.

Why do you want to combine them? Do you need that large of a CL? Or just want one just because? I'd keep things the way they are and only use SW when you need no FTF but otherwise use Freedom.

Re: Another kid on the block asking for advice !!!

Anonymous — Tue, 29 Sep 2015 02:17:40 GMT

i was trying to do it from work and couldn't, now i am at home and it seens that is working, Thank you.

Re: Another kid on the block asking for advice !!!

Anonymous — Tue, 29 Sep 2015 10:53:03 GMT

I don't mind the initial spree. Once those inqs fall off in two years, you're going to have a solid file to work with, and only a minor impact to AAoA for any new apps.

For Canada, I would go with your QS1. 1.5% cash back and no foreign transaction fees both beat Freedom.

Re: Another kid on the block asking for advice !!!

Creditaddict — Tue, 29 Sep 2015 14:53:22 GMT

1. Ask for Credit Line increases on both Capital One Cards after just 3 months.

2. Keep SAMS, they will increase soon, I'd ask monthly through credit solutions until they give it to you! Same with Walmart and Banana Republic (it's not a hard pull and 1 may give it to you 1 month and the others may not, they are odd but giving at random times!)

3. 725 amex? what kind of lying crap is that! wait a couple months and you can get it now that you have more history with other cards.

4. Id keep the BofA maybe another 6 months and then do CLI on both and combine them!

Re: Another kid on the block asking for advice !!!

Anonymous — Thu, 01 Oct 2015 16:30:02 GMT

Thank you guys for all your comments, looking at them i think i will do this:

1- Will keep my BoA card for a little longer and use it (for now) to just reporting a balance to the CBs, that will keep my utilization between 1-9%, as axlm says, perhaps i can combine them down the road.

For Canada, I would go with your QS1. 1.5% cash back and no foreign transaction fees both beat Freedom.

2- I think i will follow this, sound like a plan, thank you Petrovius for the head up

3- Thank you Creditaddict, i will follow your advice but not quite sure about AMEX, i dont think i will apply for one of their card anytime soon, i will wait a solid year and then go when my score meet their requirements lol, (over 850-900) and go for a high balance card, i am pleased with what i have right now.

Thank you guys, really appreciate your comments, now i have to lear how to avoid tentations lol,