topic Re: My evil little CC plan/goal is working... in Credit Cards

My evil little CC plan/goal is working...

pizza1 — Tue, 02 Feb 2016 05:23:21 GMT

Not too long ago, early last year...I had at one point...42cc's. (10-major, and 32-retail/store) and $300k in avail credit, with only $76k of that in majors. Yep, sure did......BUT...

I had a dream/goal/vision/plan.......an evil one at that!. Everyone thought I was nuts for my rebuild, and how aggressive I was, but I knew what I wanted. ...Once my rebuild part was over with it was time to change it all up again.....I wanted those numbers switched around, and the number of cc's paired down.

Its working!!! Im now at.......21cc's total... (13-major, and 8-retail/store) and $237k avail credit, with $135k in majors. Things are definitely turning around.

My continued goal/plan/dream/vision for 2016/2017 is to close 5 more store cards, and 2 majors, and end with 14 cc's (with only 3 store cards that i will keep), and bring the avail credit to around $175k, with 95% of that in majors. Hoping this plan will lead me to my goal cards....so far its all working out as planned, so time will tell.

Goal cards for late 2017/2018: (Im expecting to recon these due to my BK, but hopeful!!)...........

Chase Freedom- (was IIB..and also w/ the 5/24 rule...i need to garden anyways)

Penfed Promise- (so conservative, and if I want a shot, Ive got to pair down the cards and avail credit more).

Amex ED (2018)- (was not IIB, had the green card before, left in good standing. Just waiting out the 5yr post BK mark).

Now, if only I can stay in the garden long enough to implement the rest of my evil plan, LOL...

Re: My evil little CC plan/goal is working...

Imperfectfuture — Tue, 02 Feb 2016 05:29:25 GMT

Just a thought, but would paying off Chase help any?

Re: My evil little CC plan/goal is working...

NRB525 — Tue, 02 Feb 2016 05:39:41 GMT

Sounds like a good plan.

Have you applied to PenFed yet? I tried in September and October 2014, denied for the credit card, balances still too high, but I was able to use the HP to get the PenFed secured card for $500. Worked that lightly for a year then just recently decided to app and got the Promise card.

Re: My evil little CC plan/goal is working...

pizza1 — Tue, 02 Feb 2016 05:39:45 GMT

@Imperfectfuture wrote:
Just a thought, but would paying off Chase help any?

Im sure it could, but why? I almost had an approval last year with Chase on recon, but I applied for the wrong card, and the UW told me if I had applied for the freedom instead he would have considered starting me with a $500cl. Told me to let the accts age, and the INQ and try back again. He told me the BK was in the past, and they go from here. Complimented me too on my rebuild, and I know he just pretty much in shock, LOL...

Re: My evil little CC plan/goal is working...

pizza1 — Tue, 02 Feb 2016 05:42:57 GMT

@NRB525 wrote:
Sounds like a good plan.
Have you applied to PenFed yet? I tried in September and October 2014, denied for the credit card, balances still too high, but I was able to use the HP to get the PenFed secured card for $500. Worked that lightly for a year then just recently decided to app and got the Promise card.

I have membership, and of course Ive tried twice for the CC...LOL..denied for pyramiding debt naturally, then the usual..too many inq/accts etc...

Never thought about asking to recon for a secure card.mmmm....I know they use the same credit report for 90 days right?? Does the secure card graduate?

Re: My evil little CC plan/goal is working...

NRB525 — Tue, 02 Feb 2016 05:44:25 GMT

@pizza1 wrote:
@NRB525 wrote:
Sounds like a good plan.
Have you applied to PenFed yet? I tried in September and October 2014, denied for the credit card, balances still too high, but I was able to use the HP to get the PenFed secured card for $500. Worked that lightly for a year then just recently decided to app and got the Promise card.
I have membership, and of course Ive tried twice for the CC...LOL..denied for pyramiding debt naturally, then the usual..too many inq/accts etc...

Never thought about asking to recon for a secure card.mmmm....I know they use the same credit report for 90 days right?? Does the secure card graduate?

I don't think it graduates. I still have the secured card, will perhaps close it in a few months, but it's kind of a Fun Size at $500. Makes it easy to test out various Utilization Percentage theories.

Re: My evil little CC plan/goal is working...

pizza1 — Tue, 02 Feb 2016 05:48:19 GMT

@NRB525 wrote:
@pizza1 wrote:
@NRB525 wrote:
Sounds like a good plan.
Have you applied to PenFed yet? I tried in September and October 2014, denied for the credit card, balances still too high, but I was able to use the HP to get the PenFed secured card for $500. Worked that lightly for a year then just recently decided to app and got the Promise card.
I have membership, and of course Ive tried twice for the CC...LOL..denied for pyramiding debt naturally, then the usual..too many inq/accts etc...

Never thought about asking to recon for a secure card.mmmm....I know they use the same credit report for 90 days right?? Does the secure card graduate?
I don't think it graduates. I still have the secured card, will perhaps close it in a few months, but it's kind of a Fun Size at $500. Makes it easy to test out various Utilization Percentage theories.

I think Ill sit tight, and forget the secure card. Hopefully in a few years I can get one with them.

Re: My evil little CC plan/goal is working...

NRB525 — Tue, 02 Feb 2016 06:12:31 GMT

The other method to consider with PenFed is to open a checking account ( if it is free ) and route some portion of cash through there every month, such as funds that will go to pay credit card statements. It's the method I'm using with Golden1, on the chance that I likely will app their rewards card someday. It's just another method to let them get a peek at your finances.

Re: My evil little CC plan/goal is working...

willwar14 — Tue, 02 Feb 2016 07:16:06 GMT

This might sound corny but..... You go girl!!!!! I think your are such an inspiration for people rebuilding and you have done an amazing job!!

Re: My evil little CC plan/goal is working...

Anonymous — Tue, 02 Feb 2016 13:55:02 GMT

Great job on the rebuild! Looks like we are tracking to get the same cards around the same time 😀

PenFed let me in with 2 CC's after reporting a couple balances and no inquiries for about 90 days. I really think they want to see usage on what you have. Try parking a little bit of money in there as well. Let them see you want to use the accounts. Just a thought, not sure if it really helped me or not but I'm in. Maybe one day I'll even get a quarterly offer.

Re: My evil little CC plan/goal is working...

Anonymous — Tue, 02 Feb 2016 15:07:50 GMT

Pizza1,

NRB525 mentioned about maybe opening a checking account, throwing some money in there, showing Penfed "Hey, I'm interested in your products and company as a whole." This is what my DH did. He got in and this is how he did it. His timeline:

Chapter 7 Bk d/c 7/14

Credit Cards presently - Venture Sig $17K, Venture Sig $11K, and Venture One Sig $8.5K

Penfed Defender Visa Sig $5K and Promise $2.5K

Amazon $5K

Cabelas $3K

Kohl's $3K

Marathon $2.3K

DH started off with Cap One Platinum and Quicksilver1. App'd for first Venture six months after d/c. App'd for the other Venture and Venture One a couple months later. App'd for additional Cap One cards, but decided to close the first starter cards and the more recent cards that he had just app'd for). Has three now but only reports a balance on one of the cards. Utilization never more than 3 or 4%. Got Amazon, Kohl's and Marathon seven months after d/c. Has done very well with CLI.

In December, 2015 opened up a savings plan with Penfed. Immediately app'd for the Promise card. Denied. Reason - too recent delinquency. Must have been the bk. Two weeks into January opened up a checking account plus the overdraft protection. Same hp used. Got both. Set up automatic deposits into both accounts, savings daily and checking twice weekly. Decided to app for the promise again. Not an instant approval but pending. On Jan 27 approved for the Promise. No questions asked, no paperwork to be submitted, no phone calls. Then, last weekend app'd for the Penfed Defender Visa Sig. Not instant but pending. Within hours approved for the card.

DH has quite a few inquiries. Only pays attention to Equifax, has 13 now. His overal utilization is usually around 2%. He had balances reporting on two cards, with one card showing a very small balance.

Pizza1, my DH is in. And this is what he did. His income is $88.6K. He will continue banking with Chase, but Penfed will be his number one bank. I really think you can get your Promise card before two years!

Re: My evil little CC plan/goal is working...

Anonymous — Tue, 02 Feb 2016 15:12:36 GMT

Oh, and his Penfed nexgen score is 668 while his Equifax Fico 8 score is 693, per a report and score that he purchased last week.

Re: My evil little CC plan/goal is working...

pizza1 — Tue, 02 Feb 2016 16:22:16 GMT

@Anonymous wrote:
Pizza1,

NRB525 mentioned about maybe opening a checking account, throwing some money in there, showing Penfed "Hey, I'm interested in your products and company as a whole." This is what my DH did. He got in and this is how he did it. His timeline:

Chapter 7 Bk d/c 7/14
Credit Cards presently - Venture Sig $17K, Venture Sig $11K, and Venture One Sig $8.5K
Penfed Defender Visa Sig $5K and Promise $2.5K
Amazon $5K
Cabelas $3K
Kohl's $3K
Marathon $2.3K

DH started off with Cap One Platinum and Quicksilver1. App'd for first Venture six months after d/c. App'd for the other Venture and Venture One a couple months later. App'd for additional Cap One cards, but decided to close the first starter cards and the more recent cards that he had just app'd for). Has three now but only reports a balance on one of the cards. Utilization never more than 3 or 4%. Got Amazon, Kohl's and Marathon seven months after d/c. Has done very well with CLI.

In December, 2015 opened up a savings plan with Penfed. Immediately app'd for the Promise card. Denied. Reason - too recent delinquency. Must have been the bk. Two weeks into January opened up a checking account plus the overdraft protection. Same hp used. Got both. Set up automatic deposits into both accounts, savings daily and checking twice weekly. Decided to app for the promise again. Not an instant approval but pending. On Jan 27 approved for the Promise. No questions asked, no paperwork to be submitted, no phone calls. Then, last weekend app'd for the Penfed Defender Visa Sig. Not instant but pending. Within hours approved for the card.

DH has quite a few inquiries. Only pays attention to Equifax, has 13 now. His overal utilization is usually around 2%. He had balances reporting on two cards, with one card showing a very small balance.

Pizza1, my DH is in. And this is what he did. His income is $88.6K. He will continue banking with Chase, but Penfed will be his number one bank. I really think you can get your Promise card before two years!

Thanks for the info!! I do have the savinggs acct, and plan on making bi-weekly/monthly contributions to it. I wonder if that has the same effect?? Right now...I need a minimum of 1 yr in the garden first, and to close a few more cards, I think that would help me more than anything, LOL..

I have a couple of months to decide and open a checking acct with them...they can use the same report from a previous denial app for 90 days right? Got the pyramiding debt denial app, and not surprised at all. I might get the checking as long as its not another HP, and just a little money in there every month or so.

Re: My evil little CC plan/goal is working...

pizza1 — Tue, 02 Feb 2016 16:23:10 GMT

@willwar14 wrote:
This might sound corny but..... You go girl!!!!! I think your are such an inspiration for people rebuilding and you have done an amazing job!!

Thank you willwar!

Re: My evil little CC plan/goal is working...

ddemari — Tue, 02 Feb 2016 16:25:02 GMT

Wow, Im impressed you trimmed down to 21 cards!!! that is awesome!

I am seriously trying to do the same, I have way to many store cards myself.

In regards to PenFed, I had my account for about 15 months just a Regular Share Account that I would push some money into every couple of months. They never gave me any hints or actual pre-approvals but last summer when my EQ inquiries were at their highest, I applied for two cards and was instantly approved with a NextGen Fico of 660.

I really do see PenFed in your seeable future. Keep up the gardening for 3 months and in May, apply for a card and see if you get the same jaw dropping response i did. I do have a high income though, not sure what you report as your net.

PenFed I thought was so CONSERVATIVe, in the same ranks as US Bank, but they have really opened up to people with good credit and some blemishes that they can now overlook. They are so good to work with. And if you get denied, seriously send them like an email or fax asking for recon and even if they can only give you a small limit, blah blah. If the secured card doesnt graduate, forget it. In regards to checking account, I have Access America Checking with a line of credit, they will do a hard pull for that. So if you want to establish a checking history with them, then you may as well roll the dice on a card too.

their checking is actually top-notch, i thought it was confusing at first but then got used to their platform and its great.

In regards to Chase, if you do want back in with them and you may have already done this, you should call backdoor analyst and ask them to connect to you to a department that deals with your situation and ask them what you could do in order to gain them back as a lender. I know you arent afraid of the phone

Re: My evil little CC plan/goal is working...

pizza1 — Tue, 02 Feb 2016 16:25:24 GMT

@Anonymous wrote:
Great job on the rebuild! Looks like we are tracking to get the same cards around the same time 😀

PenFed let me in with 2 CC's after reporting a couple balances and no inquiries for about 90 days. I really think they want to see usage on what you have. Try parking a little bit of money in there as well. Let them see you want to use the accounts. Just a thought, not sure if it really helped me or not but I'm in. Maybe one day I'll even get a quarterly offer.

I have a ton of credit with usage...thats not my problem. Its the ton of avail credit which is my problem, LOL.. heck, I started my rebuild day of DC in 2013...I have a Venture with $47k CL, Navy with $20.5k CL...the list goes on and on and on, lol....

Re: My evil little CC plan/goal is working...

pizza1 — Tue, 02 Feb 2016 16:32:29 GMT

@ddemari wrote:
Wow, Im impressed you trimmed down to 21 cards!!! that is awesome!

I am seriously trying to do the same, I have way to many store cards myself.

In regards to PenFed, I had my account for about 15 months just a Regular Share Account that I would push some money into every couple of months. They never gave me any hints or actual pre-approvals but last summer when my EQ inquiries were at their highest, I applied for two cards and was instantly approved with a NextGen Fico of 660.

I really do see PenFed in your seeable future. Keep up the gardening for 3 months and in May, apply for a card and see if you get the same jaw dropping response i did. I do have a high income though, not sure what you report as your net.

PenFed I thought was so CONSERVATIVe, in the same ranks as US Bank, but they have really opened up to people with good credit and some blemishes that they can now overlook. They are so good to work with. And if you get denied, seriously send them like an email or fax asking for recon and even if they can only give you a small limit, blah blah. If the secured card doesnt graduate, forget it. In regards to checking account, I have Access America Checking with a line of credit, they will do a hard pull for that. So if you want to establish a checking history with them, then you may as well roll the dice on a card too.

their checking is actually top-notch, i thought it was confusing at first but then got used to their platform and its great.
In regards to Chase, if you do want back in with them and you may have already done this, you should call backdoor analyst and ask them to connect to you to a department that deals with your situation and ask them what you could do in order to gain them back as a lender. I know you arent afraid of the phone

Thank you D!!!

I apped again for their Promise last month, and was denied for Pyramiding debt (not a surprise there at all!!!)..This was after I had gardened for 7 months too, and next gen score was 664 per them. But when you have 80 INQ on EQ, and like 30 new accts....Im not surpised at all. I really think Ill have better luck in a yr or so after the new accts (especially the new 8 I just got), and INQ age....keeping throwing in $ to my savings acct, and try again later, with probably better results. I had also applied too before I closed my 18 CC . SOOOO....I a yr or so, Im in no hurry right now...I think Ill be a little more favorable even for a recon, because they will see nothing new for a yr or more on my reports, and all those accts closed, adn my avail credit lower as well.

Re: My evil little CC plan/goal is working...

odd_dog — Tue, 02 Feb 2016 16:42:26 GMT

Nice turn-around with those numbers Pizza.....I love when a (EVIL) plan comes together....MAAAAHHHHHHWAAHHHH LOL congrats!

Re: My evil little CC plan/goal is working...

Anonymous — Tue, 02 Feb 2016 16:50:15 GMT

Yes, the same hp is good for 90 days. I think regular deposits to your savings and getting a checking with checks (the first set are free) and putting some money in there and maybe even using that checking account would be good activity. Beware if you decide to get the overdraft protection, because this account will be reported to the CA as an account.

You've done great!

Re: My evil little CC plan/goal is working...

pizza1 — Tue, 02 Feb 2016 16:53:50 GMT

@Anonymous wrote:
Yes, the same hp is good for 90 days. I think regular deposits to your savings and getting a checking with checks (the first set are free) and putting some money in there and maybe even using that checking account would be good activity. Beware if you decide to get the overdraft protection, because this account will be reported to the CA as an account.

You've done great!

Thanks for the info! Does it show as line of credit on the CRA?