topic Re: Anyone else hit the proverbial wall in Credit Cards

Anyone else hit the proverbial wall

morgacj2004 — Fri, 17 Mar 2017 16:25:51 GMT

I guess it really is time to garden for a year or two which for me is the equivalent of attempting to give up coffee. I have been declined recently by AX, CITI and CHASE with one common denominator. Too many recent accounts. The CHASE UW said 12 new accounts in the past 13 months and 15 recent inquiries is too much. I get it and need to show a little more restraint. I will focus on CLI and attempt to avoid new approvals. No guarantee but I really will try this time.

Re: Anyone else hit the proverbial wall

Random_idiot — Fri, 17 Mar 2017 17:24:37 GMT

I am glad that I have not applied for multiple cards.

Before I did, I sat down to figure out what my credit card goals were.. which were to get miles to use and to have a very flexible rewards system.

Chase doing the 5/24 also helped limit my applications.

First got the CSP, then Discover, then AMeX, then FU, and Freedom which put me at 5/24. and then finally the IHG.

It's important to plan these things. So lurkers/noobs, my advice: plan.

Re: Anyone else hit the proverbial wall

AverageJoesCredit — Fri, 17 Mar 2017 17:29:04 GMT

I feel ya morgac. I wanna give up coffee but who am i kidding. Its tuff for sure. But youve seen the fruits of your labor and now your seeing what happens when the blenders lid is left off. I look at it like this. If i could go from 0 credit to almost 100k in credit in about 2 years, this coming from someone with a low income mind you, imagine what i or you could accomplish in 2 years gardening. Can you imagine our next app, great score no recent inquiries, etc. aaol steadily inproving. Can you say(possible) instant approval or better starting limits. I think weve done the hard part in building up our credit profile, now to tweak it and make it strong. I guess fun thing we can do is try to get sp luv and try lowering our apr rates if possible. Best of luck on your continued journey, im sure well aee each other somewhere on this board down the road, lets just hope well be those seasoned vets helping out the next gen rebuilders lol

Re: Anyone else hit the proverbial wall

Anonymous — Fri, 17 Mar 2017 17:35:26 GMT

I never "hit a wall" so much as have had periods of waiting so my AAoA doesn't go all to heck.

Also... 5/24 and I still want 2-3 more Chase cards so I am trying really hard to minimize apps until I can get those next summer (2018, yes over a year away still - it sucks!)

Re: Anyone else hit the proverbial wall

thummel — Fri, 17 Mar 2017 17:44:13 GMT

Iv been on a roll for the last 3 years. Started with 0 avaliable credit and I'm just about to break the 400K line in 3 years, yet still haven't seem to hit a wall yet but I defiently plan to garden soon myself. Having that much credit at 22 years old is a scary thought. I'm sure eventually the approvals are going to slow down. If I were to just garden for two years I would like to think I'd have some solid scores and history.

Re: Anyone else hit the proverbial wall

Anonymous — Fri, 17 Mar 2017 19:21:58 GMT

I've hit the wall once or twice before, sat on my hands for a few mos and got back on the horse for more SUBs and CLI's.

Give your profile some time to breathe.

Re: Anyone else hit the proverbial wall

CreditMagic7 — Fri, 17 Mar 2017 19:25:18 GMT

@Anonymous wrote:
I've hit the wall once or twice before, sat on my hands for a few mos and got back on the horse for more SUBs and CLI's.

Give your profile some time to breathe.

You're entering what i always consider the hardest phase of all.

The sitting it out and letting those jets cool.

Once you make beyond many weeks you can try to start to count the months too and at some point it gets better for you.

Re: Anyone else hit the proverbial wall

mjb59463 — Fri, 17 Mar 2017 20:15:07 GMT

Was thinking about the SPG, but I know that my HP's will probably go up due to apartment hunting soon, I'd better not purposefully add to that damage.

Stay strong, the wait is worth it!

Re: Anyone else hit the proverbial wall

Anonymous — Fri, 17 Mar 2017 20:40:55 GMT

@CreditMagic7 wrote:
@Anonymous wrote:
I've hit the wall once or twice before, sat on my hands for a few mos and got back on the horse for more SUBs and CLI's.

Give your profile some time to breathe.
+1

You're entering what i always consider the hardest phase of all.

The sitting it out and letting those jets cool.

Once you make beyond many weeks you can try to start to count the months too and at some point it gets better for you.

+1+1 It gets easier after a while. Really.

Re: Anyone else hit the proverbial wall

morgacj2004 — Fri, 17 Mar 2017 22:31:10 GMT

Thanks for the support

Re: Anyone else hit the proverbial wall

sarge12 — Fri, 17 Mar 2017 22:53:39 GMT

@morgacj2004 wrote:
I guess it really is time to garden for a year or two which for me is the equivalent of attempting to give up coffee. I have been declined recently by AX, CITI and CHASE with one common denominator. Too many recent accounts. The CHASE UW said 12 new accounts in the past 13 months and 15 recent inquiries is too much. I get it and need to show a little more restraint. I will focus on CLI and attempt to avoid new approvals. No guarantee but I really will try this time.

I have never hit that kind of wall, but I have apped enough to lower my AAoA enough to delay my achieving 850. I currently have 15 cards, which is in my opinion too many. Some people here have 2 or 3 times that many. What really worries me about having a large number of cards, is what a hassle it would be if I was a victim of identity theft and had to deal with that many cards. Even being the victim of a pick-pocket would be a major nightmare.

Re: Anyone else hit the proverbial wall

JayTee1 — Sat, 18 Mar 2017 01:14:58 GMT

I hit the wall about a year ago when Chase told me the only reason they couldn't give me a card was the number of new accounts I had, as well as inquiries. I also was planning to apply for a mortgage and knew I had to stop applying.

It was really the mortgage that got me to stop applying. I found a new construction condo a year ago and will, provided everything goes as planned, close and move in next month. That year of going through a really long mortgage qualification and approval process forced me to reevaluate what I was doing with my credit (applying over and over with my fingers crossed with no real plan, just for the thrill of it). I wanted that mortgage more than anything.

I still did lots of soft pull CLIs over the last year, and because of gardening and also fixing a few negatives (a couple disappeared from reports after taking care of them, a couple are just resolved), my score has risen pretty substantially too (mortgage FICOs are all near 700 or over now, and FICO 8s are in my signature).

I've found that I've only got my eye on a couple things after closing: furniture card (maybe, if I don't want to shove the whole thing on Discover) and BCP for groceries and restaurants. The BCP is optional. So is the furniture account, really. I really just don't need any more credit, and if anything, I will be shuffling things around over the next couple years for reward maximization, that's it.

I'm sure there will be certain cards I'll want (Chase comes to mind, Venture before I can qualify chase for the travel bonus), but it doesn't seem to be as much of an addiction as it used to be.

Re: Anyone else hit the proverbial wall

sarge12 — Sat, 18 Mar 2017 01:52:23 GMT

If you are hitting a wall and being denied credit for cards it is a sure sign that you need some long term gardening. Credit cards are a dime a dozen...they have high interest if you are carrying a balance (not recommended). What they do provide is a good means of raising your credit score in the future. The reason for needing a high score should be for the big things in life. With a high credit score you will qualify for the lowest possible mortgage rates and the lowest possible installment rates on a car loan. These things can save you thousands of dollars every year for 30 years. Sadly, many will still be so enticed by the 200 dollar bribes offered by these cards that they keep their AAoA so diluted, they will never qualify for the best rates. So, before anyone chases after these attractive credit card rewards, one should examine their profiles and ask themselves is chasing these one time rewards going to cost me thousands of dollars in extra interest on a mortgage for 30 long years? Is it going to cost me an extra 100 dollars a month on a car loan? Often people can not see the forest for the trees. Please do not allow small victories to cause you to lose the war....end rant!!!!

Re: Anyone else hit the proverbial wall

Anonymous — Sat, 18 Mar 2017 02:16:52 GMT

I have to say if you're starting to get denials it's definitely time to garden. I knew from the beginning of my rebuild when I should stop apping. I feel like at times there is just so much emphasis on apping for cards in the forum, but I am a firm believer in quality and not necessarily quantity. Take some time and grow the cards you currently have. It can be tough, especially with everything we read on here daily, but it is so worth gardening, which will eventually lead you to even better cards if you want them! Good luck with gardening, you got this!

Re: Anyone else hit the proverbial wall

Anonymous — Sat, 18 Mar 2017 03:49:38 GMT

@sarge12 wrote:
If you are hitting a wall and being denied credit for cards it is a sure sign that you need some long term gardening. Credit cards are a dime a dozen...they have high interest if you are carrying a balance (not recommended). What they do provide is a good means of raising your credit score in the future. The reason for needing a high score should be for the big things in life. With a high credit score you will qualify for the lowest possible mortgage rates and the lowest possible installment rates on a car loan. These things can save you thousands of dollars every year for 30 years. Sadly, many will still be so enticed by the 200 dollar bribes offered by these cards that they keep their AAoA so diluted, they will never qualify for the best rates. So, before anyone chases after these attractive credit card rewards, one should examine their profiles and ask themselves is chasing these one time rewards going to cost me thousands of dollars in extra interest on a mortgage for 30 long years? Is it going to cost me an extra 100 dollars a month on a car loan? Often people can not see the forest for the trees. Please do not allow small victories to cause you to lose the war....end rant!!!!

You are taking two completely different dynamics to credit cards and placing them in the same realm when they couldn't be further apart.

First off, Yeah. Your average credit card user is more than likely to carry a balance and if not right away, eventually paying high interest. This could be due to any number of reasons including "poor budgeting skills", "impulsive or compulsive shopping", "bridging the gap", "job loss", etc.

Secondly, You have what are known as bonus churners, such as myself. Think of it as a transactor on overdrive switching cards as bonuses are met and utilizing bonus categories in between SUB's. It takes discipline and knowing to the dollar what's going out and coming back in. As for "$200 bribes", my average SUB value comes out to approximately $850.

Re: Anyone else hit the proverbial wall

sarge12 — Sat, 18 Mar 2017 04:33:36 GMT

@Anonymous wrote:
@sarge12 wrote:
If you are hitting a wall and being denied credit for cards it is a sure sign that you need some long term gardening. Credit cards are a dime a dozen...they have high interest if you are carrying a balance (not recommended). What they do provide is a good means of raising your credit score in the future. The reason for needing a high score should be for the big things in life. With a high credit score you will qualify for the lowest possible mortgage rates and the lowest possible installment rates on a car loan. These things can save you thousands of dollars every year for 30 years. Sadly, many will still be so enticed by the 200 dollar bribes offered by these cards that they keep their AAoA so diluted, they will never qualify for the best rates. So, before anyone chases after these attractive credit card rewards, one should examine their profiles and ask themselves is chasing these one time rewards going to cost me thousands of dollars in extra interest on a mortgage for 30 long years? Is it going to cost me an extra 100 dollars a month on a car loan? Often people can not see the forest for the trees. Please do not allow small victories to cause you to lose the war....end rant!!!!
You are taking two completely different dynamics to credit cards and placing them in the same realm when they couldn't be further apart.

First off, Yeah. Your average credit card user is more than likely to carry a balance and if not right away, eventually paying high interest. This could be due to any number of reasons including "poor budgeting skills", "impulsive or compulsive shopping", "bridging the gap", "job loss", etc.

Secondly, You have what are known as bonus churners, such as myself. Think of it as a transactor on overdrive switching cards as bonuses are met and utilizing bonus categories in between SUB's. It takes discipline and knowing to the dollar what's going out and coming back in. As for "$200 bribes", my average SUB value comes out to approximately $850.

Nixon...I am in no way critisizing chasing bonuses if you can do so and still manage to keep a score that is high enough to still qualify for the best rates on mortgages and auto loans. My comments were more directed toward those that are sacraficing the credit score to do so. I've done my fair share of churning, while maintaining over 800 scores. I also never plan to buy another house and can pay cash for a car. With 0% interest offers and such, some can definately make money off of carrying a balance also. I have 15 credit cards myself, so I am obviously not against credit cards either. I'm just urging people to look at the big picture.

Re: Anyone else hit the proverbial wall

Anonymous — Sat, 18 Mar 2017 05:02:10 GMT

You eventually do reach a point known as "critical mass" where no amount of 800+ FICO, High Income, Pristine payment history (internal and external alike) will abate a denial. This is what "Hitting the wall" is, and depending on how hard you hit it recently is usually proportional to how much time you must wait it out. This is why I stress having a core set of high earner cards and periodic calls to retentions for bonus offers for when the wells run dry temporarily.

Re: Anyone else hit the proverbial wall

sarge12 — Sat, 18 Mar 2017 05:07:33 GMT

@Anonymous wrote:
You eventually do reach a point known as "critical mass" where no amount of 800+ FICO, High Income, Pristine payment history (internal and external alike) will abate a denial. This is what "Hitting the wall" is, and depending on how hard you hit it recently is usually proportional to how much time you must wait it out. This is why I stress having a core set of high earner cards and periodic calls to retentions for bonus offers for when the wells run dry temporarily.

I would imagine you would need to cool your jets for a couple of years before going for a mortgage also...but I do not know this to be true. I know I would not like my chances with 20 inqueries.

Re: Anyone else hit the proverbial wall

Anonymous — Sat, 18 Mar 2017 05:10:50 GMT

I worry not about the inquiries but will be cleaning house (hunker down and travel off the ridiculous point and mile balances I've acquired so far with no new SUB) and consolidating limits into aggregates before pursuing any mortgage.

Re: Anyone else hit the proverbial wall

Anonymous — Sat, 18 Mar 2017 09:54:39 GMT

The only 2 cards left I want that I don't have are Chase Freedom and Citi D.C.

Citi hates me..... so I can't apply with them till my last negative falls off my EX in the fall.

Chase I need to get under 5/24 or get a preapproval and I have yet to get any Preapprovals from any company except those crappy bad credit credit card offers in the mail.

So it helps me be restrained-but I am with @wandering... I won't be st 5/25 until spring of 2018. I probably won't make it.
Just being honest.

My name is Daniel and I am a cardappaholic.