topic Re: Best Course of Action in Credit Cards

Best Course of Action

Comand — Sat, 01 Feb 2020 21:18:35 GMT

Hi everyone,

I am 20yrs old, and I got my first CC at 18, a USAA CC. This past fall I applied for the Discover IT, was approved... and that started my spree. I ended up finding this forum after I had gotten my fourth card (mainly to extend CL for utilization purposes). I am sitting at a total of seven credit cards, one being a store card (Amazon). My question is, what should I be doing now? Gardening? Obviously my AAoA has been shot, but I thought I'd get a head start and establish multiple lines now and let them all age so by the time I'm 30 it'll be around 10 years AAoA.

My dilema is that NFCU usually gives a much better CL after 91days and 3 statements, so I feel the "need" to apply for a second CC from them. But I am already at seven... I was thinking of "gardening" and just focus on requesting CLIs. EQ and TU show 5 / 3 Hard Inqs.

My cards are: USAA Plat Rewards, USAA Rate Adv, NFCU GoRewards, AMEX ED, DISC IT, Cap One Plat, and AMZ Prime Store Card. Total CL of $12K. My FICO as Discover says is at 673.

So, I guess, do you have any advice for what I should do now? I am a student and make $23k a year. Thank you!

Re: Best Course of Action

AllZero — Sat, 01 Feb 2020 21:25:02 GMT

Get the 2nd Navy card if you must. Best to call in to see if you have any prequals.

Do a product upgrade on the Capital One Platinum to QuickSilver. Then, garden for a while.

Re: Best Course of Action

Comand — Sat, 01 Feb 2020 21:26:51 GMT

Thank you for the advice. I actually am not given prequals since I am not yet 21. I think its some law that they can't show prequals to under 21. I will definitly look into PU'ing the Cap!

Re: Best Course of Action

Anonymous — Sat, 01 Feb 2020 21:28:41 GMT

Yes, i'm gonna state teh obvious, by gardening. App sprees are meant to get the cards you want and be done. The reason you're in this spot, is because of those seven new accounts. No one starting out should ever add that many accounts in such a short time. IMO

One should add 2-4 max, then age them before adding another 2-4. Allowing some gaps for when the evident closure of 1 or 2 down the road, that they all don't fall off CB's at teh same time.

Damage is done now though, so you need to garden and allow things to age. Yhen you'll have better luck with CLI etc.

I just hope you find these cards useful enough to hold on to them for 10+ years.

Re: Best Course of Action

AllZero — Sat, 01 Feb 2020 21:33:39 GMT

Here is the upgrade link in case you don't all ready have it. Capital One check for upgrade link

Re: Best Course of Action

Comand — Sat, 01 Feb 2020 21:47:47 GMT

Thank you, I changed it to the QS!

Re: Best Course of Action

AllZero — Sat, 01 Feb 2020 21:47:53 GMT

@Comand wrote:
Thank you for the advice. I actually am not given prequals since I am not yet 21. I think its some law that they can't show prequals to under 21. I will definitly look into PU'ing the Cap!

Keep expectations in line with current credit profile, income, DTI, Navy internal score, etc. 2nd card usually is higher than 1st. However, YEMV Your Experience May Vary.

Re: Best Course of Action

AllZero — Sat, 01 Feb 2020 21:48:55 GMT

@Comand wrote:
Thank you, I changed it to the QS!

Congratulations on your upgrade! Now you can earn 1.5% cash back.

Re: Best Course of Action

Comand — Sat, 01 Feb 2020 21:49:03 GMT

Okay definitely, thank you for the input. I wouldn't mind closing the AMZ card and the USAA Rate Adv. But there wouldn't be a point of me doing that now, since as you said the damage is done?

@Anonymous wrote:
Yes, i'm gonna state teh obvious, by gardening. App sprees are meant to get the cards you want and be done. The reason you're in this spot, is because of those seven new accounts. No one starting out should ever add that many accounts in such a short time. IMO

One should add 2-4 max, then age them before adding another 2-4. Allowing some gaps for when the evident closure of 1 or 2 down the road, that they all don't fall off CB's at teh same time.

Damage is done now though, so you need to garden and allow things to age. Yhen you'll have better luck with CLI etc.
I just hope you find these cards useful enough to hold on to them for 10+ years.

Re: Best Course of Action

Comand — Sat, 01 Feb 2020 21:49:55 GMT

Yeah for sure, I will. Hopefully its at least double than my current. And thanks!

@AllZero wrote:
@Comand wrote:
Thank you for the advice. I actually am not given prequals since I am not yet 21. I think its some law that they can't show prequals to under 21. I will definitly look into PU'ing the Cap!
Keep expectations in line with current credit profile, income, DTI, Navy internal score, etc. 2nd card usually is higher than 1st. However, YEMV Your Experience May Vary.

Re: Best Course of Action

M_Smart007 — Sat, 01 Feb 2020 23:43:00 GMT

@Comand wrote:
Thank you, I changed it to the QS!

Congrats on the upgrade!

Re: Best Course of Action

Anonymous — Sun, 02 Feb 2020 00:04:11 GMT

@Comand wrote:
Okay definitely, thank you for the input. I wouldn't mind closing the AMZ card and the USAA Rate Adv. But there wouldn't be a point of me doing that now, since as you said the damage is done?

That's a personal choice really, doesn't make much difference when it's done. Although I'd think an Amazon card would be fairly useful to just about anyone these days, with Internet buying and all.

Also, you really don't know how well a card works for you until you use it. So might as well find out which ones will be more beneficial.

Re: Best Course of Action

Anonymous — Sun, 02 Feb 2020 03:33:10 GMT

Can you request a prequal?

Re: Best Course of Action

AllZero — Sun, 02 Feb 2020 03:44:57 GMT

^ Yes.

Re: Best Course of Action

kerplunk — Sun, 02 Feb 2020 03:48:24 GMT

I think you should focus on improving your credit scores. This means no more new accounts, grow your limits, pay your bills on time, don't carry balances, let your credit age increase... all of the usual stuff.

Re: Best Course of Action

elixerin — Sun, 02 Feb 2020 17:48:25 GMT

you have a lot of cards and only 5 inquiries, pretty opposite of me with 18 inquiries in like 3 cards. I think you’re still in a position to close out whatever card you think you won’t need, age everything you DO need currently, play the CLI game, then circle back in 5-6 months or when it makes sense for you to need another card.

CL isn’t everything, in fact it really is nothing if the cards you have regardless of the CL isn’t benefitting you in the long run. to play the utilization game(what i did with my $500-$1000 limits) pay down under 30% before your statement cuts so you have a pretty snapshot month to month, and you don’t have to do this forever probably a year at most and the limits you have will pretty much grow themselves

Re: Best Course of Action

Anonymous — Sun, 02 Feb 2020 17:54:32 GMT

@Comand wrote:
Hi everyone,
I am 20yrs old, and I got my first CC at 18, a USAA CC. This past fall I applied for the Discover IT, was approved... and that started my spree. I ended up finding this forum after I had gotten my fourth card (mainly to extend CL for utilization purposes). I am sitting at a total of seven credit cards, one being a store card (Amazon). My question is, what should I be doing now? Gardening? Obviously my AAoA has been shot, but I thought I'd get a head start and establish multiple lines now and let them all age so by the time I'm 30 it'll be around 10 years AAoA.

My dilema is that NFCU usually gives a much better CL after 91days and 3 statements, so I feel the "need" to apply for a second CC from them. But I am already at seven... I was thinking of "gardening" and just focus on requesting CLIs. EQ and TU show 5 / 3 Hard Inqs.
My cards are: USAA Plat Rewards, USAA Rate Adv, NFCU GoRewards, AMEX ED, DISC IT, Cap One Plat, and AMZ Prime Store Card. Total CL of $12K. My FICO as Discover says is at 673.
So, I guess, do you have any advice for what I should do now? I am a student and make $23k a year. Thank you!

In terms of looking down the road a few years, you're already set up to have excellent credit just by paying on time (never be late) and keeping utlilization low. You don't really have to do anything special for the long term except those two things.

Re: Best Course of Action

sparecredit — Tue, 04 Feb 2020 16:25:28 GMT

THANK YOU for reminding me about this link. I have tried it multiple times over the past two years and never have any offers. Checked just now and I was able to upgrade my QS1 to QS! Progress is progress!!

Re: Best Course of Action

AllZero — Tue, 04 Feb 2020 18:19:36 GMT

Congratulations on your PC!