topic Re: how important is to wait a full year between Apps? in Credit Cards

how important is to wait a full year between Apps?

4yearsin — Fri, 10 Feb 2023 02:07:37 GMT

so about exactly 6 months ago

i was approved for 5 new accounts

after rebuilding in the gardern with 3 subprime cards for 4+ years

when apply i still had a neg, so my scores just under 700.

So the cards were mostly charge cards and not great for rewards.

Today i got a message that my only negative has fallen off.

Somy FICO8 score are 750-780

I finally want Prime cards so i can rotate for best possible rewards.

For the best CL and rates, should I wait for a full year in the garden

or will 6-7 months since last 5 accounts be enough. I have

added 3 AU accnts with 11-17yr history

So profile looks like 4 indivial cc's 3 -5yr old 5 - 6-7 mo old 3AU - 11-17yr 3- self loan paid and closed 3 to 5yrs old

AAOA- 5.6yrs TUFICO8 757 inq-3 1- 30 day late 4 yrs old

will this be enough for PENFED- DISCOVER- DCU - TRUIST - CITI -- AMAZON CC?? or other banks better for my profile

or are other banks better

Re: how important is to wait a full year between Apps?

NoMoreE46 — Fri, 10 Feb 2023 02:18:39 GMT

Welcome @4yearsin.

If you got 5 new cards in the past 6 about exactly months, you should wait.

Not really important here but is English a challenge for you?

Re: how important is to wait a full year between Apps?

4yearsin — Fri, 10 Feb 2023 02:18:21 GMT

no ,but has been last 5 years

Re: how important is to wait a full year between Apps?

NoMoreE46 — Fri, 10 Feb 2023 02:23:08 GMT

Ok thank you @4yearsin.

Re: how important is to wait a full year between Apps?

NoMoreE46 — Fri, 10 Feb 2023 02:28:58 GMT

It would be helpful if you could list all of your cards with their credit limits, balances and dates opened.

Re: how important is to wait a full year between Apps?

4yearsin — Fri, 10 Feb 2023 02:47:40 GMT

okay.

BOA(secured to unsecured)

0/500cl 4yr 3mo

Indigio MC (99 annual fee) dont want to lose history

0/300cl- 4yr 1mo

Citi Secured MC

0/200cl- 4yr 7mo (hopefully they will graadute when they review this time

LOWES- 2000/25000cl 7mo

PAYPALMC 0/300 6mo

Overstock- 0/1700 6mo

AVANT -0/2000 6mo

BIGLOTS -0/1000 6mo

3 Separate 12mo Self Loans paid and closed

550 balances 3 - 4+yr old

KOHLS AU -

0/3000cl 16yr 6mo

MACYS AU -

0/6500cl 17yr

DISCOVER AU-

0/14000 11yr

FICO8-768 INQ-3 AAOA 5.6yr AOOA- 17yr (AU )

I have preapproval for amex BCP and Discover IT

I just want 3 or 4 prime cards to rotate for rewards

but i also dont want to be stuck with 1000-2000 cl approvals?

is it gonna that much better waiting 4-5 months

also would it help if i got my cl's up thru cli's

im sure lowes would approve to 35K(they offered in past)

Re: how important is to wait a full year between Apps?

4yearsin — Fri, 10 Feb 2023 03:37:25 GMT

ok here is the detailed history

CITI SECURED MC -

0/200cl 4yr 6mo

INDIGO MC - 99 annual fee ( worried to lose history)

0/300cl 4yr 4mo

BOA MC SEC to UNsecured

0/500cl 4yr 1mo

3 separate 12mo self loans/paid and closed 3-4yr+ old

LOWES

2200/25000cl 7mo

PAYPAL MC

0/300cl - 6mo

OVERSTOCK Store card

0/1700cl - 6mo

AVANT

0/2000cl - 6mo

BIGLOTS

0/1000cl - 6mo

AU's Accounts

KOHLS 0/3000cl 16yr+ old - MACYS - 0/6500cl 17yrs+old

DISCOVER 0/14000 8+yrs old - USBANK-0/900cl 11yrs

TUFICO8 - 768 inq-3 AAOA 6.4yr AOOA 17yr1mo (AU )

TUFICO8 last month was 704 last collection fell off 4 day ago

I just want to get a SAMS CLUB MC, DISCOVER IT, AMAZON CC

for rewards but dont want to get stuck with low CL's.

Also want to get a nice 5 year SSL loan?

which CU would be best, I have a DCU membership or is

PENFED offering one, maybe a CC and SSL with one hard pull?

would waiting 4-5 months make that much of a difference?

Re: how important is to wait a full year between Apps?

FireMedic1 — Fri, 10 Feb 2023 08:57:11 GMT

Welcome @4yearsin

What are you rebuilding from 4 yrs ago? That will help with which way to go. PENFED and NFCU are the SSL CU's.

Re: how important is to wait a full year between Apps?

coldfusion — Fri, 10 Feb 2023 17:27:03 GMT

I'd probably stick with a cadence for now of 1 CC application every 6 months.

Scratch DCU off your list of potential credit cards, in general they're a good CU other than it being almost impossible to talk to someone without a lengthy wait when you call in but their card offerings are mediocre.

See if you can prequalify for a Discover IT unsecured card as it's a 2% non-category/10% category cashback card for the 1st 12 months. The Penfed Power Cash Rewards might be an alternative for right now or possibly your next card in 6 months that you can use for unstructured spend.

You mentioned NFCU as a possible SSL target; are you a member currently or know that you qualify for membership?

Re: how important is to wait a full year between Apps?

4yearsin — Fri, 10 Feb 2023 23:54:18 GMT

I started building 4+ years ago. because i had 2 medical collections and one comcast collection for $197 that a roommate opened after i moved out and i didnt know till I saw it on my report.

I've disputed and even sent a police report but didnt help last 2 years but it fell off 6-7months ago and hasnt showed back up (maybe because my state has a 3 year SOL. and it was about 4 years old. The other 2 medical collections i was able to PFD. and the last one that was 5k+ finally did a deal for PFD and was deleted 4 days ago. bringing my score up 90+points

so now i just have a single 30 late 3 years ago on INDIGIO accnt. ( will my score approve anymore as it ages or i just have to wait another 4 years?(when do issuers not view it as bad?

I'm still worried about the comcast showing back up ( even tho I have all the ID theft papers to send in if it shows up again but they are very stubborn last time i spoke with them.

That's why I also want to apply for atleast 2 good reward cards incase it shows up

and i have to go back and forth for another year.

My plans for applying is 1 every 6-12 months after these apps.

Ive have preapprovals for amex plat and gold. also BCperfereed and Blue Magnet

Also preapproval for discover it BT for 8%15mo

I'm thinking of applying for

DISCOVER IT and SAMS CLUB MC since sync has been good to me with lowes

OR DISCOVER and AMEX BCP or DISCOVER AND AMAZON PRIME CC)

After these 2 cards, I will garden for 1 year then 1-2 cards a year

unless i get into NFCU in next 3-4 months

then that will be the only execption for a new card.

Should I try asking for CLI with paypal and lowes b4 applying for another

synch card. or should i stay away with them, even tho ive built 7 months of

history with them on 2 cards. Is Amazon CC a chase or commentity card?

Thanks for all the help guys, without this fourm i wouldnt be at this mileston

For Gas and Groceires, what other card then Discover would be good

for my profile. If i got a Penfed CC, can I get a SSL loan and CC with one inquiry?

I'm just happy to be in 750+ after 4 years of trying and reading all the myfico fourms i could.

Re: how important is to wait a full year between Apps?

NoMoreE46 — Sat, 11 Feb 2023 01:04:46 GMT

Good job on bringing your scores this high to date @4yearsin.

You know that have too many low limit cards but need to realize that you already have opportunities on-hand to improve. IMHO you need to wait a minimum 12 months and focus your traditional spending on the better cards. Otherwise, your next approval will be like < $1,000 again. (I won't be addressing the AU lines as they are not relevant to building your profile.)

Suggestions:

Build up your Paypal MC and BoA cards with organic use. These cards can get to $10,000 or more.

As you are > 5/24, it will probably No for the Chase Amazon Card for now. In 12 months, you could try for the Amazon Synchrony Store card. (You did not specify which Amazon card.) If you plan on the latter, then I would refrain from any CLI requests from all of your Synchrony (PayPal and Lowes) issued cards.

Stop applying for anything more from Comenity (Big Lots & Overstock.)

You can and should close that $99 AF Indigo. History will continue to report for many years so close the Indigo and probably the Avant.

55 months is too long for a card to be secured even for Citi. Is there anything you could add to explain why?

Again, wait 12 months.

Re: how important is to wait a full year between Apps?

4yearsin — Sat, 11 Feb 2023 01:23:27 GMT

I feel having at least one prime card with rewards even if it comes

with a limit of 1-2k choosing a Discover IT which has provided me a preapproval.

i'm fine with settling with just one card since discover have given me a approved me

but i couldnt because of a fraud alert with old cell phone on report.

So with Discover a grower with SP it would be good to with 12 months with

so i would have a higher CL by then

My only other option is not having a loan reporting which had been

reasons of denial for approval in past.

If i went with PENFED instead can i get a CC and SSL loan with one inqury

and what report will they pull and what are chances of approval with UTI under 8% but

new accounts 7 months ago? So either Discover or Penfed with CC and 5yr SSL? then

garden one year. Also before applying i plan of doing CLI with lowes,paypalmc, boa before applying thru SP.

Re: how important is to wait a full year between Apps?

NoMoreE46 — Sat, 11 Feb 2023 20:07:19 GMT

@4yearsin wrote:
so about exactly 6 months ago
i was approved for 5 new accounts
after rebuilding in the gardern with 3 subprime cards for 4+ years
when apply i still had a neg, so my scores just under 700.
So the cards were mostly charge cards and not great for rewards.
.
.
.

@4yearsin- important distinction on terminology here.

Charge cards are ones like American Express Green, Gold Platinum and etc. They have no preset limits* and will require you to pay the Entire balance at the end of their cycle for the most part. Credit cards, on the other hand, do have preset limits but only require certain minimum payments. Both have rewards.

Re: how important is to wait a full year between Apps?

4yearsin — Sun, 12 Feb 2023 03:27:40 GMT

im sorry when i said charge cards i was reffering to was store cards.

The only cards i regret from my last apps

were the Big Lots store card ( i thought i might get mc version) (biggest regret)

But know i hear the store card CL maxes out a 2k, already have 1k

and the AVANT mc card, even tho it does have 2k and might go up to 3k.

The overstock, I got for utilz padding, which im sure will grow in time. (i hear 20-30kcl not hard)

Same with Lowes ( i did need applicances but i knew its would grow to 35K) currently 25kcl

I think with my jump in score i should be fine with AA

espicially since i will avoid a new synchorny

I just want to request CLI on Lowes to 35k and PAYPAL sp cli, also with overstock.

Then as soon as it shows on report. apply for the two cards.

I will apply for DISCOVER IT and FNBO since theres preapproved

and FNBO shows 9600 CL. I think im gonna leave the SSL loan

alone since I might be getting a auto loan in next 12 months.

I figure its better to let a few prime cards age then wait

that way i can garden for 12 months and a have a solid list

of accounts with 2+ years on mostly all accounts.

It seems that way i can go for chase trifiecta in 12 months from now, since

ill be 2/24 with these two accounts in 12-16 months.

So even being in the garden for a year then i will have 3-5 cards that

can grow thru SP to a decent CL, rather then mostly subprime cards i have now.