topic Re: I think I am getting too greedy in Credit Cards

I think I am getting too greedy

Anonymous — Thu, 21 Jan 2016 07:14:11 GMT

Recently I have been opening up alot of credit cards. I opened my very first one for citibank with $500 limit.

Last year I opened up Amazonstore card $800 (I never used the amazon, i want to cancel it?) and Wells Fargo $800

This year I applied for Amex everyday $1000, also Regular gold and was accepted for both.

(Before I did the Amex, I tried to apply for CSP but was not instantly approved, need to wait to hear the result in mail)

I actually meant to open premier gold not regular gold, so i called the CS and canceled the regular gold right away, applied for PRG and was accepted instantly.

My credit score is 695, also last night I got my citibank CLI increased to $1300.

Now I want to apply for Citi Premier thank you card, and cancel my old citi and amazon ? or is that bad idea. or is it bad idea to apply for more credit card for now haha

Re: I think I am getting too greedy

Anonymous — Thu, 21 Jan 2016 07:49:57 GMT

Once you are on the game, you just cannot stop it... No problem!

Re: I think I am getting too greedy

takeshi74 — Thu, 21 Jan 2016 13:25:58 GMT

It depends on a number of factors including what your credit profile can support, what you need/want and what you can responsibly manage, among other considerations. The low limits should indicate to you that creditors do have concerns with your credit profile and that your credit profile will be limited in how many new accounts you can add.

If you're just applying for the thrill of the approval, just to get more credit, etc then you may want to step back and reconsider your strategy. You should start with your needs/wants and use that to select specific cards that suit you. Some things you should be considering:

Where is your major spend going? What are your major spend categories? How much noncategory spend do you have? Are you using this information to find rewards cards that maximize rewards for your spend? Don't just look at earn rates. 5% on very little spend is very little rewards. Find where your money is going and maximize rewards on that spend.
Are you running the numbers for your spend for any rewards card that you're considering? For rewards programs like Membership Rewards (Gold, PRG & Everday), Ultimate Rewards (CSP), Thank You (Citi Prestige) do you have sufficient spend to redeem rewards in a timely fashion or is it going to take you years to accrue enough points to redeem? What methods of redemption can use you use with each rewards program and how does it impact the value of rewards?
Are you considering total cost/benefit (again, running numbers for your spend) or just looking at AF's?
Do you have sufficient spend for multiple rewards programs like MR, UR and TY? Just one of these typically takes a large amount of spend.

That's not an exhaustive list by any means. Make sure you have a strategy and that each card you app for serves a specific purpose. Don't just app and don't expect to be able to continually app. Don't just app until denied.

@Anonymous wrote:

My credit score is 695

Where is this score from? What model? What CRA? You don't have just one score. There are many scoring models used by creditors. For most models you have a score with each of the 3 major CRA's. You cannot rely on just one score. The score that matters is the score that a given creditor will pull for you so you need to consider the relevance of a particular model & CRA for a given creditor. If a creditor uses a TU FICO 8 then you need to pull a TU FICO 8 if you want to know what number they will be looking at. Any other model and/or CRA will not be relevant to that creditor. You cannot use a score generated by one model to determine a score generated by a different model.

@Anonymous wrote:
Now I want to apply for Citi Premier thank you card, and cancel my old citi and amazon ? or is that bad idea. or is it bad idea to apply for more credit card for now haha

Even without more information I'd say it's a bad idea. As for closing cards, take a look at the Closing Credit Cards thread linked in the Helpful Threads sticky in the Credit Cards subforum. You need to be much more careful with apping. Even if you close right away you've already reduced your AAoA, incurred a hard pull and added a new account. These are all risk factors that add up quickly for a credit profile like yours.

Before apping for anything else, read up and educate yourself so you can spot these red flags before you get yourself in trouble instead of after.

Re: I think I am getting too greedy

myjourney — Thu, 21 Jan 2016 20:56:42 GMT

@Anonymous wrote:
Recently I have been opening up alot of credit cards. I opened my very first one for citibank with $500 limit.
Last year I opened up Amazonstore card $800 (I never used the amazon, i want to cancel it?) and Wells Fargo $800

This year I applied for Amex everyday $1000, also Regular gold and was accepted for both.
(Before I did the Amex, I tried to apply for CSP but was not instantly approved, need to wait to hear the result in mail)

I actually meant to open premier gold not regular gold, so i called the CS and canceled the regular gold right away, applied for PRG and was accepted instantly.

My credit score is 695, also last night I got my citibank CLI increased to $1300.

Now I want to apply for Citi Premier thank you card, and cancel my old citi and amazon ? or is that bad idea. or is it bad idea to apply for more credit card for now haha

I'll be honest and you may not want to hear it but its the truth...

Just look at the highlighted sections and read how it displays

!st thing I see is you need to garden a LONG LONG TIME

2nd thing I see is what the CCC's are showing you......

A) you're borderline with low CL's approvals and or denials

B) you have no history with 5k limits but you want and IMHO the waste of good HP's CSP and premier

3rd thing I see is you don't do research on what suits your needs you just apply.....(Amazon)

I'm sorry but sometimes people need to sit on their hands and do nothing but

Age accounts

Pay bills

And most importantly research before pulling the trigger

Re: I think I am getting too greedy

Anonymous — Thu, 21 Jan 2016 22:07:52 GMT

Get on chat with amazon and request 25k CLI asap. Last april I had the same credit limit, in 90 days it was at 3-6k easily. There is something with your profile that is spooking the lenders. I would figure out if there is anything on there. How many inquiries do you have ?

Good info in the above posts. Make sure the card makes you money. Dont give in to the looks and such and apply thats what banks want you to do. And if I were a betting man, Id gamble you arent even transferring your MR points from your ED to delta, and if you arent, then that card is really not worth it.

I would review your spending in about 6 months or a year and find the best cash back cards from the link in my signature.

Also when you amex is at least a few months old request a 3x CLI if approved repeat 6 months later. Gotta build your limits you have so you dont keep getting such low limit cards.

Credit union may be the best place to go to in about 6 months.

Re: I think I am getting too greedy

Anonymous — Fri, 22 Jan 2016 02:11:14 GMT

@Anonymous wrote:
Recently I have been opening up alot of credit cards. I opened my very first one for citibank with $500 limit.

For Citi CLIs, Be careful, and look for it to say that it will not be a hard inquiry. In my opinion, Citi CLI is not worth a hard pull.

@Anonymous wrote:
Last year I opened up Amazonstore card $800 (I never used the amazon, i want to cancel it?)

Try never to apply for cards that aren't beneficial to you. Call Credit Solutions for Synchrony bank and request a $25,000 CLI. It will be a soft pull.

@Anonymous wrote:

(Before I did the Amex, I tried to apply for CSP but was not instantly approved, need to wait to hear the result in mail)

CSP is a Visa Signature and requires a minimum $5,000 CL. Your other cards don't support them giving you a $5,000 limit, so it's likely a denial.

@Anonymous wrote:

Now I want to apply for Citi Premier thank you card, and cancel my old citi and amazon ? or is that bad idea. or is it bad idea to apply for more credit card for now haha

All of your credit is very new, and you have a lot of inquiries now. You really need to garden and let your current accounts age and build up soft pull only CLI's. Why do you want these new cards? If there's no perks or specific value in getting them, you should hold off as you'll be borderline approval and get the highest APRs.

Re: I think I am getting too greedy

NRB525 — Fri, 22 Jan 2016 02:55:05 GMT

You have a good start, some good cards from good CCC.

Stop apping for a long while.

Keep the Citi card open. Work it hard, pay in full, and watch the Citi pre qualification tool. Only consider applying if you get a single APR, not a range, on the Premier, and even then you probably want to wait until that APR improves even more.

Read up on the AMEX 3X CLI steps, you will need to wait for a while before starting that, but it can grow your CL.

Dont close no-AF cards until you have several years of credit history, and even then only after thinking three times about why you might want to close it.

If if you want the CSP, read up on the Chase 5/24 rule. You can't have 5 new cards in the last 24 months and get instant approval (perhaps not any approval) so it is another motivator to stop apping, to not even app for the Citi Premier until after CSP.

Re: I think I am getting too greedy

Anonymous — Fri, 22 Jan 2016 15:43:54 GMT

What's your annual income? I'm asking coz you have toy limits and your score is not bad enough to get such low limits. Also, just chill like others said and age the accounts. No point in applying for cards when the limits are so low. See what's holding you back and change your app strategy.

Re: I think I am getting too greedy

Anonymous — Fri, 22 Jan 2016 18:44:28 GMT

@takeshi74 wrote:
It depends on a number of factors including what your credit profile can support, what you need/want and what you can responsibly manage, among other considerations. The low limits should indicate to you that creditors do have concerns with your credit profile and that your credit profile will be limited in how many new accounts you can add.

If you're just applying for the thrill of the approval, just to get more credit, etc then you may want to step back and reconsider your strategy. You should start with your needs/wants and use that to select specific cards that suit you. Some things you should be considering:

Where is your major spend going? What are your major spend categories? How much noncategory spend do you have? Are you using this information to find rewards cards that maximize rewards for your spend? Don't just look at earn rates. 5% on very little spend is very little rewards. Find where your money is going and maximize rewards on that spend.
Are you running the numbers for your spend for any rewards card that you're considering? For rewards programs like Membership Rewards (Gold, PRG & Everday), Ultimate Rewards (CSP), Thank You (Citi Prestige) do you have sufficient spend to redeem rewards in a timely fashion or is it going to take you years to accrue enough points to redeem? What methods of redemption can use you use with each rewards program and how does it impact the value of rewards?
Are you considering total cost/benefit (again, running numbers for your spend) or just looking at AF's?
Do you have sufficient spend for multiple rewards programs like MR, UR and TY? Just one of these typically takes a large amount of spend.
That's not an exhaustive list by any means. Make sure you have a strategy and that each card you app for serves a specific purpose. Don't just app and don't expect to be able to continually app. Don't just app until denied.

@Anonymous wrote:

My credit score is 695

Where is this score from? What model? What CRA? You don't have just one score. There are many scoring models used by creditors. For most models you have a score with each of the 3 major CRA's. You cannot rely on just one score. The score that matters is the score that a given creditor will pull for you so you need to consider the relevance of a particular model & CRA for a given creditor. If a creditor uses a TU FICO 8 then you need to pull a TU FICO 8 if you want to know what number they will be looking at. Any other model and/or CRA will not be relevant to that creditor. You cannot use a score generated by one model to determine a score generated by a different model.

@Anonymous wrote:
Now I want to apply for Citi Premier thank you card, and cancel my old citi and amazon ? or is that bad idea. or is it bad idea to apply for more credit card for now haha
Even without more information I'd say it's a bad idea. As for closing cards, take a look at the Closing Credit Cards thread linked in the Helpful Threads sticky in the Credit Cards subforum. You need to be much more careful with apping. Even if you close right away you've already reduced your AAoA, incurred a hard pull and added a new account. These are all risk factors that add up quickly for a credit profile like yours.

Before apping for anything else, read up and educate yourself so you can spot these red flags before you get yourself in trouble instead of after.

OP, You should thoroughly research what product you want/need before you app. Opening new CC's should be done so with careful consideration and thought. It's not something that should be taken lightly. While adding new trade lines should help your util (assuming your debt stays at or around the same), your CS will take hits for the inquiries and AAoA.

Re: I think I am getting too greedy

Anonymous — Fri, 22 Jan 2016 18:57:44 GMT

@myjourney wrote:
@Anonymous wrote:
Recently I have been opening up alot of credit cards. I opened my very first one for citibank with $500 limit.
Last year I opened up Amazonstore card $800 (I never used the amazon, i want to cancel it?) and Wells Fargo $800

This year I applied for Amex everyday $1000, also Regular gold and was accepted for both.
(Before I did the Amex, I tried to apply for CSP but was not instantly approved, need to wait to hear the result in mail)

I actually meant to open premier gold not regular gold, so i called the CS and canceled the regular gold right away, applied for PRG and was accepted instantly.

My credit score is 695, also last night I got my citibank CLI increased to $1300.

Now I want to apply for Citi Premier thank you card, and cancel my old citi and amazon ? or is that bad idea. or is it bad idea to apply for more credit card for now haha
I'll be honest and you may not want to hear it but its the truth...
Just look at the highlighted sections and read how it displays
!st thing I see is you need to garden a LONG LONG TIME

2nd thing I see is what the CCC's are showing you......
A) you're borderline with low CL's approvals and or denials
B) you have no history with 5k limits but you want and IMHO the waste of good HP's CSP and premier

3rd thing I see is you don't do research on what suits your needs you just apply.....(Amazon)

I'm sorry but sometimes people need to sit on their hands and do nothing but
Age accounts
Pay bills
And most importantly research before pulling the trigger

Re: I think I am getting too greedy

Anonymous — Fri, 22 Jan 2016 19:25:54 GMT

Like it's been said before. Determine where your major spending categories are, and apply accordingly. Personally I have cash back cards (Chase Freedom, Discover, Amazon with Prime), and want a dining and travel card since I would like to do a lot of both (Chase Sapphire Preferred) and a Gas and Groceries plus general spending card that offers incentives for everyday use (Amex Everyday Preferred). After I get a house in the future I'll probably add a Lowe's card, After that I'll stop since it'll be everything I need.

Re: I think I am getting too greedy

Anonymous — Fri, 22 Jan 2016 20:03:15 GMT

@Anonymous wrote:
Like it's been said before. Determine where your major spending categories are, and apply accordingly. Personally I have cash back cards (Chase Freedom, Discover

Note the (slight) issue here, and one of the reasons I REALLY don't like rotating category cards. I can examine my current spending and estimate future spending, and attempt to apply for the cards that maximize rewards there. But for Freedom/Discover/Dividend, I can't sensibly decide. Maybe one or more of the 5% categories will be useful this year, or maybe not.

Re: I think I am getting too greedy

Anonymous — Fri, 22 Jan 2016 22:18:06 GMT

my annual income is 32,000 a year for someone that asked before, with not that long of a credit history.

I think I got applying for cards little over my head, now I am calm again lol and I will continue to build good history and keep it how it is now

Re: I think I am getting too greedy

CraigHwk — Sat, 23 Jan 2016 03:17:36 GMT

I feel your pain. All the credit cards in my sig (except CareCredit and Barclays rewards) have been opened in the past year. I keep telling myself there's nothing left I want, but something out there always entices me. I think I'm done now though!

yah right!

I really need to cut down some of these cards though. Most of them are in the sock drawer and I'm mostly using them to build AAoA.