topic Re: Possible App Spree? Help with card app suggestion. in Credit Cards

Possible App Spree? Help with card app suggestion.

Anonymous — Tue, 01 Jan 2019 19:01:34 GMT

Currently paid off all my cc debt with an installment loan last month. All of my cards are low limit. On Sunday I applied for chase southwest card and received instant approval
Of 13k. I’ve been wanting a high limit NFCU card so applied for their flagship card and received 24 hr notice. Have not heard from them but I’m assuming the holiday has something to do with that. I then applied for Amex platinum charge (not sure how that shows up on report, no preset SL but checked 10k spending power and was approved - and Amex SPG and got approved for both SPG with a low LOW limit of 1,000. These new apps have brought my inquiries up to 5. I don’t know if I will be approved for NFCU - is there another card anyone can suggest with high limits or should I Just stop where I’m at? Really looking to get a good 25k or more card. Current TU is 701 and EQ 697. Utilization at 20%

Re: Possible App Spree? Help with card app suggestion.

Brian_Earl_Spilner — Tue, 01 Jan 2019 19:06:37 GMT

Do you have the income to hit all the SUBs? If not, you should stop. Amex has a 1 SUB per lifetime rule, so if you can't hit it, it'll be wasted.

Re: Possible App Spree? Help with card app suggestion.

Anonymous — Tue, 01 Jan 2019 19:09:37 GMT

Sorry I’m brand new here and not familiar with what a SUB is

Re: Possible App Spree? Help with card app suggestion.

Anonymous — Tue, 01 Jan 2019 19:13:06 GMT

Sorry. Yes i do.

Re: Possible App Spree? Help with card app suggestion.

AverageJoesCredit — Tue, 01 Jan 2019 21:24:35 GMT

I would stop. Spreeing in todays credit environment can back fire , especially if you are involving Chase.

Re: Possible App Spree? Help with card app suggestion.

SBR249 — Tue, 01 Jan 2019 22:09:59 GMT

Chase has been known SP your CR after they approve you. If they see a bunch of new accounts hit your CR after they gave you a card they sometimes will close your account with no warning. I'd take a breather for at least 3 months before getting another card. Also, assuming you get the NFCU card, you are now at least 4/24 with Chase if you haven't gotten a new card before then in the past 24 months. If you want another Chase card at all in the next 2 years I would consider very carefully how you want to use that last slot.

Re: Possible App Spree? Help with card app suggestion.

Anonymous — Tue, 01 Jan 2019 22:17:42 GMT

Thank you so much! I appreciate the feedback. Exactly the info i was looking for. Do you know how Amex platinum charge card shows up on CR? That one really confuses me. Thanks a bunch!

Re: Possible App Spree? Help with card app suggestion.

UncleB — Tue, 01 Jan 2019 22:24:47 GMT

@Anonymous wrote:
Sorry I’m brand new here and not familiar with what a SUB is

Hi @Anonymous, and welcome to myFICO!

Here's a link to a thread that lists common abbreviations used on myFICO: http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458

Re: Possible App Spree? Help with card app suggestion.

HeavenOhio — Wed, 02 Jan 2019 00:06:32 GMT

@Anonymous wrote:
Thank you so much! I appreciate the feedback. Exactly the info i was looking for. Do you know how Amex platinum charge card shows up on CR? That one really confuses me. Thanks a bunch!

It shows up as a non-revolving charge card.

For FICO scores other than the Experian FICO 98 family, the balance is ignored when computing utilization. With FICO 98, utilization is computed by using the card's highest balance in lieu of a limit.

For all versions of FICO, the AMEX charge counts as an account with a positive balance (if the balance isn't zero).

Re: Possible App Spree? Help with card app suggestion.

red259 — Wed, 02 Jan 2019 00:25:28 GMT

You are looking for a card with a credit line of 25K+ and you do not have any high limit credit cards. You were just approved for an Amex and they gave you a 1k credit line. I don't see this happening for you in the immediate future. Also further apps could make you look like an agressive credit seeker and ups the risk of adverse action on the cards you have already been approved for.

Re: Possible App Spree? Help with card app suggestion.

CreditInspired — Wed, 02 Jan 2019 00:29:11 GMT

Welcome OP and congrats on your approvals.

Now is a good time to go to the garden and let your cards age. Also don’t forget to request 3X CLI on AmX on day 61.

Re: Possible App Spree? Help with card app suggestion.

Anonymous — Sat, 05 Jan 2019 12:05:43 GMT

The same thing happened to me though. I was naive when I applied for mine Platinum and bam, got it. Spending power: up to 50k? It was a while ago. But then I thought let's take this out for a spin. Every Day and Blue Cash, bam bam -- 1k limit each, and that's where they've sat. I don't know what I did that day to upset ol' AmEx but she has never been kind to me since. I am rather eager to get rid of Amex altogether now.

I have never been able to get them to raise the limit on either one of those cards from the initial 1k SL. The 3X CLI didn't work either.