topic Too much new credit? in Credit Cards

Too much new credit?

jamevfan — Mon, 23 May 2016 22:26:04 GMT

Im currently in the garden but may have over app'd last week (if thats a term) i had 2 apps still pending which 1 called today and advised i was approved

for the

Victoria Secret card with a 250SL

Last week i already appd and recieved several denials but was approved for

CO QS1-500SL

Walmart store card- 500SL

Firestone- 800SL

Kays Jeweler- 1650SL with 20% down

Possibly a Kohls card thats still pending

I already had the

CO secured CC-200CL (4 months old)

and Fingerhut acct thats 8 months old (my oldest most positive line)

I dont think i will end up keeping the Firestone just because of how i hear it reports (or doesnt report) to the bureau...

however after the 2 yr mark i plan on phasing out the fingerhut, possibly the Kays and the Firestone card if I dont get rid of it sooner...

for store cards indefinitley wanted the walmart, paypal, and best buys cards but will deal mostly with Regular credit cards with better rates and terms when my file matures, Victoria Secret is a must have for me as well and Kohls if im approve for store cards so this was a learning experience for me as well as my first ever app spree.

Re: Too much new credit?

jeffery581 — Mon, 23 May 2016 22:33:06 GMT

Maybe not to much credit.

If you are rebuilding (and it sounds like you are) I would just let your accounts age and later down the road enjoy the fruits of you labor.

Re: Too much new credit?

jamevfan — Mon, 23 May 2016 22:38:18 GMT

i am rebuilding but didnt want to have too to where i cant manage them all, but apping can be so addicting. I will garden what i have for the next 6-12 months and see how my scores and files improve. Im also disputing some key things that are currently hurting my score and will just focus on that from here on.

Thanks

Re: Too much new credit?

Anonymous — Tue, 24 May 2016 02:18:13 GMT

Based on your approval amounts and the cards you went for it'll be easy to get out of the addicting stage. App for citi. Sometimes a denial helps.

You have enough new accounts and I wouldn't rush your process.

Re: Too much new credit?

Anonymous — Tue, 24 May 2016 05:02:16 GMT

@Anonymous wrote:
Based on your approval amounts and the cards you went for it'll be easy to get out of the addicting stage. App for citi. Sometimes a denial helps.

You have enough new accounts and I wouldn't rush your process.

lol I'm so glad you posted this... on such a role lately I keep getting itches to snag an Amex and give BofA one more try for a Cash Rewards but...must....resist!

Re: Too much new credit?

Anonymous — Tue, 24 May 2016 07:17:17 GMT

I have the Firestone card, and it reports to the credit bureaus monthly. As a matter of fact, it started reporting my bal before I even got the card, because I took the approval print out to the repair/tire shop the day after my approval.

So I definitely would hold onto it for any repairs or tires you may need in the future. Because that can be a lifesaver. Better than paying out of pocket. Or charging your other credit cards.

Re: Too much new credit?

grillandwinemaster — Tue, 24 May 2016 07:19:52 GMT

@Anonymous wrote:
Based on your approval amounts and the cards you went for it'll be easy to get out of the addicting stage. App for citi. Sometimes a denial helps.

You have enough new accounts and I wouldn't rush your process.

Wow!! That's some serious, slap me in the face and sucker punch me tough love!! "App for Citi." Lol

But I get what your saying. :-)

Re: Too much new credit?

grillandwinemaster — Tue, 24 May 2016 07:32:01 GMT

@jamevfan wrote:
Im currently in the garden but may have over app'd last week (if thats a term) i had 2 apps still pending which 1 called today and advised i was approved
for the

Victoria Secret card with a 250SL
Last week i already appd and recieved several denials but was approved for

CO QS1-500SL
Walmart store card- 500SL
Firestone- 800SL
Kays Jeweler- 1650SL with 20% down
Possibly a Kohls card thats still pending

I already had the
CO secured CC-200CL (4 months old)
and Fingerhut acct thats 8 months old (my oldest most positive line)

I dont think i will end up keeping the Firestone just because of how i hear it reports (or doesnt report) to the bureau...
however after the 2 yr mark i plan on phasing out the fingerhut, possibly the Kays and the Firestone card if I dont get rid of it sooner...

for store cards indefinitley wanted the walmart, paypal, and best buys cards but will deal mostly with Regular credit cards with better rates and terms when my file matures, Victoria Secret is a must have for me as well and Kohls if im approve for store cards so this was a learning experience for me as well as my first ever app spree.

You may want to consider keeping Kay's and Firestone. Here's why:

Kay's grows with you. My Kay's has grown to 6,000 credit limit. I don't EVER see myself using that much at Kay's, so it becomes a great uti buffer.

Firestone reports like all the other major credit cards. You may be reading some old outdated info about Firestone when they used to report "usage" as high credit limit. That's no longer accurate info. Also, they ALWAYS have a 0% promo same as cash when you spend $299 or more for 6 months. So you can pay for a new set of 4 tires over 6 months. Pretty cool if you ask me:-)

Your cards are VERY similar to what I started out with. I already closed most of the cards you mentioned. Garden and you will have an excellent credit future.

Best credit wishes to you:-)

Re: Too much new credit?

jamevfan — Tue, 24 May 2016 11:19:09 GMT

Thanks everyone! Great advice and insight from you all, it will help me decide where to go from here. I will stay in the garhden and just see where what i have takes me, i was reading a lot on kays and firestone after i appd and was approved and the complaints scared me lol. I will test the wayers and be diligent and report back on my journey

Re: Too much new credit?

Anonymous — Tue, 24 May 2016 11:22:49 GMT

Good advice here. Yes, come join us in the garden and use your accounts wisely. Everything will get better.

Re: Too much new credit?

jamevfan — Tue, 24 May 2016 11:29:28 GMT

Thats the plan. Maybe one day i will give advice as good as yours.

Re: Too much new credit?

Anonymous — Tue, 24 May 2016 11:32:11 GMT

@jamevfan wrote:
Thats the plan. Maybe one day i will give advice as good as yours.

Kind of you to say. Many of us here have been through the fires of "credit hell" and come out on the other side and want to help support others in their journey.

Re: Too much new credit?

Anonymous — Tue, 24 May 2016 13:06:42 GMT

And we are the ones that didn't make it. Tender...

Re: Too much new credit?

driftless — Tue, 24 May 2016 13:10:46 GMT

I would add a CO Platinum card to the mix instead of CO secured card. Many of us started with CO QS1 and Platinum cards if you use the cards and PIF they will grow. Your CO secured will not grow.

Re: Too much new credit?

takeshi74 — Tue, 24 May 2016 13:13:52 GMT

@jamevfan wrote:
Im currently in the garden but may have over app'd last week (if thats a term)

Whether it is or not it's certainly possible to have too many new accounts and too much credit seeking activity for a given credit profile.

@jamevfan wrote:
CO QS1-500SL
Walmart store card- 500SL

Limits like this indicate serious concerns over your credit profile and are a sign that you shouldn't be spreeing and/or that you've spreed too much. Your credit profile and income determine the limits that you qualify for. New accounts are certainly a consideration as well as credit seeking activity but make sure you're carefully reviewing your profile to identify and work on addressing major issues. Don't just rely on the passage of time and gardening and spreeing.

Re: Too much new credit?

kdm31091 — Tue, 24 May 2016 13:15:10 GMT

@Anonymous wrote:
@Anonymous wrote:
Based on your approval amounts and the cards you went for it'll be easy to get out of the addicting stage. App for citi. Sometimes a denial helps.

You have enough new accounts and I wouldn't rush your process.
lol I'm so glad you posted this... on such a role lately I keep getting itches to snag an Amex and give BofA one more try for a Cash Rewards but...must....resist!

You've added many cards in a short period. It's best to slow down. Like xterror stated, sometimes a slap in the face with a denial is what one really needs. No one should rush the process of building but sometimes the only way to convince yourself of that is to be denied. We can all tell someone to "slow down" but if they want to app they're going to continue to do it.

Re: Too much new credit?

jamevfan — Tue, 24 May 2016 14:29:27 GMT

takeshi honestly since the spree my scores havent changed but 2-4 points.. so my credit profile was a bit damaged prior which leads to my low scores. Over the course of the past 4 months I have had plenty of credit file changes (positive). My scores were a lot lower and at this stage of repairing my credit I felt could benefit from adding the new credit, Ive had 15 removals over the 3 bureaus in 4 months and currently still aggresivley working on my file. i may not have needed to apply for as much but i know im headed in the right direction.

Re: Too much new credit?

Anonymous — Thu, 26 May 2016 05:43:39 GMT

@jamevfan wrote:
Thanks everyone! Great advice and insight from you all, it will help me decide where to go from here. I will stay in the garhden and just see where what i have takes me, i was reading a lot on kays and firestone after i appd and was approved and the complaints scared me lol. I will test the wayers and be diligent and report back on my journey

If I were u I'll try for a few more credit card. With ur EX being 655 you might get approved for an Amex with a 1-2k starting limit

Re: Too much new credit?

jamevfan — Thu, 26 May 2016 14:04:38 GMT

i have the inquiries tho. I tried for Barclays and was denied thats when i stopped

Re: Too much new credit?

Anonymous — Thu, 26 May 2016 15:44:27 GMT

Good starters! Work them over for awhile and come back for some upper tier cards.