topic Re: How do you guys... in Credit Cards

How do you guys...

Anonymous — Mon, 22 Dec 2008 21:04:04 GMT

Apply for all these CCs without hurting your credit? Just wondering..

Re: How do you guys...

MidnightVoice — Mon, 22 Dec 2008 21:12:55 GMT

I have not applied for a credit card for 378 days

Re: How do you guys...

Anonymous — Mon, 22 Dec 2008 21:25:15 GMT

LOL, well how about those that HAVE applied...

Re: How do you guys...

laz98 — Mon, 22 Dec 2008 22:24:32 GMT

in my case, getting some cards with higher limits than what i had outweighed the cost of the inquiries.

Re: How do you guys...

Anonymous — Mon, 22 Dec 2008 22:35:23 GMT

In my case, the new higher limit card I got was triple the credit limit that Amex took away. So despite the inquiry, my overall utilization was lower. I only lost about 5 points for opening the new account.

Re: How do you guys...

Anonymous — Tue, 23 Dec 2008 00:13:54 GMT

Flooding my credit with good credit to counter all the bad credit raised my score 150 points (450 to 600) I can live with all the inquiries for a few years, it was worth it

Re: How do you guys...

Anonymous — Tue, 23 Dec 2008 01:16:16 GMT

that's amazing guys...show me the way lol

Re: How do you guys...

haulingthescoreup — Tue, 23 Dec 2008 01:20:24 GMT

I did something similar to fender. I lowered my scores 20-30 points, but I needed to diversify and upgrade my overall credit profile, so I took a bullet for a year. Starting in Feb 2009 and finishing in April 2009, my scores should take a nice hop back up. I haven't app'd since April.

Re: How do you guys...

Anonymous — Tue, 23 Dec 2008 01:48:38 GMT

I came here and found good reasons NOT to apply. Different people need different maintenance to build their profiles depending on their history.

Re: How do you guys...

Anonymous — Tue, 23 Dec 2008 03:32:53 GMT

I might be the poster child for what not to do, but here goes.

A year ago I had:

1 mtg x 75k -- age 2 years (had refi'd from orig mtg in '02)

5 store cards (1k, 1k, 940, 500, 300)

2 SLs totalling around 62k

Target Visa 1k

Travelocity MC 2k

HSBC Discover 1k

HSBC Union Plus MC 4.6k

Amex Delta Gold 1k

1 paid car lease

90% util

Scores between 580 and 610, AAoA 6, Oldest TL 17 yrs

AU on TLs totalling 6.1k

And now...

1 mtg x 75k (now a rental prop)

1 mtg x 130k

store cards (1k went to 2.5k, 1k went to 1.9k, 940 went to 1340, 300 went to 800 and cancelled the 500 dollar Care Credit card)

opened AmGenFin/furniture acct for 4k

opened GEMB/Ikea for 2.8k

Target Visa went to 7k

HSBC Disc went to 1.5k

HSBC UPC MC went to 6k

Trav MC went to 3k

Amex was CLD'd to 500, switched to Delta Options

opened BofA Amex 2k went to 5k

opened Disc More 1.1 k went to 3.5k

opened Cap1 MC 3k went to 5.25k

opened Amazon Visa 4k

opened Amex Green (5k exposure limit)

leased and PIF 08 Saturn Vue

PIF 2k SL

still have 60k SL

lost my wallet therefore 3 newer accts are duplicates, thus further reducing AAoA

30% util

scores between 650 and 685

AAoA 4yrs4mo

AU on TLs totalling 31.1k

Now, am I forgetting anything? LOL!

--Sure enough, forgot my favorite card -- Amazon Visa!

I think the only thing that saved me was my AAoA and the fact that the youngest baddies turned 3 during the year. Prior to the new MTG hitting I kept util under 3 and scores were between 680 and 700. Everything was opened prior to the mtg except for the Amex Green and Ikea.

Message Edited by WhirledPeasPlease on 12-22-2008 10:32 PM