topic Have 3 credit cards -should I garden or get another? in Credit Cards

Have 3 credit cards -should I garden or get another?

Anonymous — Wed, 19 Jun 2019 18:42:15 GMT

Hi, I’m new here so please bear with me. I am seeking advice. I am in the process of rebuilding my credit history. Years ago I got into trouble with my cards and then just when I was getting back on track with paying off the collections etc. I was in a protracted legal battle (divorce/custody). That is over but I do need to raise funds within the next few mths to pay attny costs and some other stuff. I looked into getting a loan but my utilization on my 1 BOA credit card was really high (95%) so I was not getting good offers.

Before I discovered this site, I made the mistake of contacting BOA to ask for a CLI (denied cause my utilization was 95%). So then I made a payment that got my utilization down to 76%.

I waited until my scores were updated (EX F8 - 679, TX F8 - 673, EQ F8 - 665). Then this past weekend I applied and got approved for Amex Delta Gold ($1K SL) and Chase Freedom ($4500 SL). I also got PayPal Credit ($1500 SL) and thought it wouldn’t be reported but it showed up on EX the next day!!!!

I am now getting pre-approved offers for Discover IT (secured), Capital One Platinum, IKEA and PayPal MC. Also got an email from Chase offering CFU which I don’t think I can apply for too since I just got the CF version.

I have no collections left or installment loans in my reports. I rent so no mortgage costs. My file is thin because I had no credit cards for the past 15 yrs. I got the BoA secured card in 2017 and that was unsecured a few mths later and my limit is now $2500. That’s been my only card until now. I disputed some missed student loan payments from 2010 that were still showing up on my reports.

I need help as to what to do next. I want to increase my available credit to lower my utilization and boost my scores. With the 3 new accounts, I now have a total of $9500 available with $1900 in unpaid balances (all on the BOA card).

Do I garden my accounts? Or try to pre-qualify for another card next mth after the Amex and Chase cards hit my reports in the hope of getting a high SL? With BoA, could I do a PC? The unsecured card is just a basic MC with no rewards or anything. Separately I am looking into joining Alliant CU.

Any advice is greatly appreciated. Tx!

Re: Have 3 credit cards -should I garden or get another?

Remedios — Wed, 19 Jun 2019 19:22:18 GMT

Hi and welcome to the forums @Anonymous

So, you have no negatives on your CR , you just want an advice on how to proceed?

Re: Have 3 credit cards -should I garden or get another?

Anonymous — Wed, 19 Jun 2019 19:23:22 GMT

With 3 new accts you need to garden. It will pay off big. That will also give you time to get your BOA util down for much better results.

Re: Have 3 credit cards -should I garden or get another?

Anonymous — Wed, 19 Jun 2019 19:25:45 GMT

Hi Remedios, yes...all the baddies fell off. At least off of EX and TU. EQ is still showing old info but all my credit issues occurred years ago.

Re: Have 3 credit cards -should I garden or get another?

Remedios — Wed, 19 Jun 2019 19:34:15 GMT

Okay. Seeing how you have no negatives, I am going to ask your thread be moved to credit cards for better exposure.

Re: Have 3 credit cards -should I garden or get another?

Anonymous — Wed, 19 Jun 2019 20:40:14 GMT

I would sit tight w/ the new additions you might raise some eyebrows if they SP your reports and see a blizzard of new accounts appear. Whatever you do don't poke Chase for that pre-app offer at this point. Resist the urge!

Good things come to those are patient. You're on the cusp of getting in the door w/ good terms on major lenders. Pay down the BOA and hit the others for CLI's when they have aged a bit and you should be primed to get some really good approvals again.

Re: Have 3 credit cards -should I garden or get another?

CreditInspired — Wed, 19 Jun 2019 20:44:34 GMT

@Anonymous wrote:
this past weekend I applied and got approved for Amex Delta Gold ($1K SL) and Chase Freedom ($4500 SL). I also got PayPal Credit ($1500 SL) and thought it wouldn’t be reported but it showed up on EX the next day!!!!

Welcome to the forum,

First, congratulations on your three approvals.

Second, since you just got these cards over the weekend, it's time to slow down. Make timely payments, and more than the minimum if possible, and keep your UT low.

Third, I suggest not applying for anything else in the next 6 months (until Jan 2020). Then, it may be a good idea to apply for one card every 6 months. So it's very important to do your research to make sure you are applying for the cards you really want instead of just applying to apply.

GL2U

Re: Have 3 credit cards -should I garden or get another?

Remedios — Wed, 19 Jun 2019 20:50:12 GMT

I just wanted to add, Chase email is marketing that has not caught up to lending. Leave it alone.

I hope you take the advice and slow down, but if you dont, leave Chase alone.

Re: Have 3 credit cards -should I garden or get another?

Anonymous — Wed, 19 Jun 2019 21:03:04 GMT

My advice is to not apply for any more cards. It seems the OP's main goal and reason for applying for cards is to lower [already high] utilization. That's not the reason to apply for cards. All that does is attemot to band-aid or mask the real problem, which is CC debt. Applying for those recent CCs with 76% utilization no doubt resulted in less favorable results ($1k SL, for example) than if utilization was in a good place.

Focus on paying off your CC debt and get your reported utilization down to a single-digit number. At that point you'll see better scores. From there, if there's a card you see benefit in (you'd use it now and see yourself using it 5+ years from now) apply for it because it would suit your needs, not because it would pad your utilization.

Re: Have 3 credit cards -should I garden or get another?

Remedios — Wed, 19 Jun 2019 21:21:46 GMT

While that's all true, mounting debt is also hard to overcome without some external help.

Sure, utilization is high, but if they continue paying it down, in 3-6 months they could conceivably get a decent BT card. It's hard to lower utilization when dealing with huge APRs.

With a little luck, now that they have Amex, Everyday could be a possibility for BT card.

It would save them money, that's what the BT cards are for

Re: Have 3 credit cards -should I garden or get another?

HeavenOhio — Wed, 19 Jun 2019 21:30:45 GMT

With the new accounts, now is a lousy time to apply for anything. After a few months of gardening, it'll become a great time to apply, provided your utilization is in check. I believe that your current utilization is the likely reason for the low limit on your AMEX card.

You can certainly have both a Chase Freedom and Chase Freedom Unlimited card. The "restriction" is that it's a bad idea to apply for two Chase cards within a short period of time.

Re: Have 3 credit cards -should I garden or get another?

Anonymous — Thu, 20 Jun 2019 03:34:07 GMT

Thank you everyone for the advice. Looks like I will be gardening the next 6 mths at least. I actually am so happy I got approved for Amex and Chase! I wanted an Amex for so long and didn’t think I would be approved.

Question for everyone - has anyone had any experience with BoA PC from a unsecured starter card to one of their rewards cards? I’m a long time BoA (and Chase) customer so I’m hoping that when I contact then when I have paid down the card they will be generous with a CLI and the PC.

Re: Have 3 credit cards -should I garden or get another?

Anonymous — Fri, 21 Jun 2019 00:54:39 GMT

@Remedios wrote:
While that's all true, mounting debt is also hard to overcome without some external help.
Sure, utilization is high, but if they continue paying it down, in 3-6 months they could conceivably get a decent BT card. It's hard to lower utilization when dealing with huge APRs.
With a little luck, now that they have Amex, Everyday could be a possibility for BT card.
It would save them money, that's what the BT cards are for

I agree with what you're saying above, although my impression wasn't that the $1900 in CC debt that the OP was looking at was all too taxing in terms of being overcome in a relatively short period of time.

Re: Have 3 credit cards -should I garden or get another?

SouthJamaica — Fri, 21 Jun 2019 03:35:57 GMT

@Anonymous wrote:
Hi, I’m new here so please bear with me. I am seeking advice. I am in the process of rebuilding my credit history. Years ago I got into trouble with my cards and then just when I was getting back on track with paying off the collections etc. I was in a protracted legal battle (divorce/custody). That is over but I do need to raise funds within the next few mths to pay attny costs and some other stuff. I looked into getting a loan but my utilization on my 1 BOA credit card was really high (95%) so I was not getting good offers.

Before I discovered this site, I made the mistake of contacting BOA to ask for a CLI (denied cause my utilization was 95%). So then I made a payment that got my utilization down to 76%.

I waited until my scores were updated (EX F8 - 679, TX F8 - 673, EQ F8 - 665). Then this past weekend I applied and got approved for Amex Delta Gold ($1K SL) and Chase Freedom ($4500 SL). I also got PayPal Credit ($1500 SL) and thought it wouldn’t be reported but it showed up on EX the next day!!!!

I am now getting pre-approved offers for Discover IT (secured), Capital One Platinum, IKEA and PayPal MC. Also got an email from Chase offering CFU which I don’t think I can apply for too since I just got the CF version.

I have no collections left or installment loans in my reports. I rent so no mortgage costs. My file is thin because I had no credit cards for the past 15 yrs. I got the BoA secured card in 2017 and that was unsecured a few mths later and my limit is now $2500. That’s been my only card until now. I disputed some missed student loan payments from 2010 that were still showing up on my reports.

I need help as to what to do next. I want to increase my available credit to lower my utilization and boost my scores. With the 3 new accounts, I now have a total of $9500 available with $1900 in unpaid balances (all on the BOA card).

Do I garden my accounts? Or try to pre-qualify for another card next mth after the Amex and Chase cards hit my reports in the hope of getting a high SL? With BoA, could I do a PC? The unsecured card is just a basic MC with no rewards or anything. Separately I am looking into joining Alliant CU.

Any advice is greatly appreciated. Tx!

I think you know the answer. You need to garden for awhile.

Re: Have 3 credit cards -should I garden or get another?

Anonymous — Fri, 21 Jun 2019 03:53:22 GMT

@Anonymous wrote:
BoA PC from a unsecured starter card to one of their rewards cards?

Just give them a call and it should be painless.

CLI's are painless as well... SP