topic Re: App spree to the extreme in Credit Cards

App spree to the extreme

Anonymous — Sat, 23 Jun 2012 18:41:47 GMT

I am new to this forum, but have been in the process of repairing previous issues. I have held 4 starter cards for 3 years with 0 lates and then switched to NFCu an to my surprise they pre approved me for rewards card. Applied an they have me a cl of 14,000 . Keep in mind my total cl prior was for 1,700. I decided to apply for a few better cards with lower interest rates.
Chase freedom initially denied - recon 1000
Barclay initially denied-recon 2500
Cap 1 approved 2000
Discover more denied
Bank of a denied
Asked for limit increase on best buy reward hard pull and denied.

Did I completely destroy my 660ish Fico scores??????

Re: App spree to the extreme

Anonymous — Sat, 23 Jun 2012 18:45:20 GMT

Time heals all wounds. Layoff the apps for at least a year. If you are not looking for loans in that time it won't mean much at all and the added limits and lines with aaoa increasing over time with multi accounts will strengthen your credit in the long run. Go forth and app no more.

Re: App spree to the extreme

Anonymous — Sat, 23 Jun 2012 18:47:15 GMT

Would it be worth while to try to recon on bank of America and discover?

Re: App spree to the extreme

JusdoNit — Sat, 23 Jun 2012 18:53:45 GMT

NFCU didn't give you a good rate?

Re: App spree to the extreme

laboi_22 — Sat, 23 Jun 2012 18:54:21 GMT

Maybe. BofA would listen to you at least. In the end they might decline your application however they would be the ones that would listen to you as to why you deserve reconsideration. Discover on the other hand, good luck. They will listen, but will remain firm as to why you were declined. They are very nice about it though. I've been declined before, called for a recon, they were nice but a no go. Later I applied and was approved.

Re: App spree to the extreme

Anonymous — Sat, 23 Jun 2012 18:58:11 GMT

Navy gave me 14% my intention in applying for the others was to get rid of the starter cards that I have. How badly will closing my 3 year old starter cards and only having new accounts hurt me?

Re: App spree to the extreme

Anonymous — Sat, 23 Jun 2012 19:00:30 GMT

NCFU is very generous. On some level, I think the high limits occasionally give members an unrealistic impression of their progress in rebuilding.

Just lay off the apps for a while and keep rebuilding. Other companies will show love but not anywhere near NCFU until at upper tier credit with perfect history.

Re: App spree to the extreme

JusdoNit — Sat, 23 Jun 2012 20:20:31 GMT

Do they have annual fees? If so, it may be in your good interest to go ahead and take the hit.

Re: App spree to the extreme

-Cain- — Sat, 23 Jun 2012 20:30:02 GMT

@Anonymous wrote:
Navy gave me 14% my intention in applying for the others was to get rid of the starter cards that I have. How badly will closing my 3 year old starter cards and only having new accounts hurt me?

Closing your starter cards will not hurt you much right now. Your NFCU card will cover your closed CLs for util purposes, and your accounts should continue to report positive for another 10 years, at which point their age falling off might ding your AAoA. The only hurt right now will be the small ding for the INQs and the effect these new TLs have on your existing AAoA.

Re: App spree to the extreme

Anonymous — Sat, 23 Jun 2012 20:33:07 GMT

What are your starter cards?

Re: App spree to the extreme

Anonymous — Sat, 23 Jun 2012 20:47:17 GMT

@Anonymous wrote:
I am new to this forum, but have been in the process of repairing previous issues. I have held 4 starter cards for 3 years with 0 lates and then switched to NFCu an to my surprise they pre approved me for rewards card. Applied an they have me a cl of 14,000 . Keep in mind my total cl prior was for 1,700. I decided to apply for a few better cards with lower interest rates.
Chase freedom initially denied - recon 1000
Barclay initially denied-recon 2500
Cap 1 approved 2000
Discover more denied
Bank of a denied
Asked for limit increase on best buy reward hard pull and denied.

Did I completely destroy my 660ish Fico scores??????

was your navy card already reporting when you apped or when you got the approval did you go apps gone wild? 14% isnt too shabby of a rate given your score but i would def ask for apr decrease once you hit 700 range. do you have a baddie reporting on eq? what rates were you approved with chase, barclays, and cap one? as far as recons you already wasted the pull with discover and bofa so go for it.

Re: App spree to the extreme

webhopper — Sun, 24 Jun 2012 00:24:30 GMT

NFCU will decrease your rate every six months... I agree with other posters that you have significantly harmed your AAoA and you should stop applying for at least a year. In a yr you can look at opening other NFCU products if interested in having multiple cards with them. They offer NavCheck which is a line of credit that reports as a revolving account, they also have other cards with good reward structures.

Re: App spree to the extreme

Anonymous — Sun, 24 Jun 2012 00:26:46 GMT

Starter cards consist of

Bestbuy reward zone $600

Creditone $500

Orchard Bank $300

Secured Cap 1 $200

WIll it kill me to get rid of them since they have low limits and large annual fees?

Re: App spree to the extreme

webhopper — Sun, 24 Jun 2012 00:28:34 GMT

@Anonymous wrote:
Starter cards consist of
Bestbuy reward zone $600
Creditone $500
Orchard Bank $300
Secured Cap 1 $200

WIll it kill me to get rid of them since they have low limits and large annual fees?

No, I would dump everything with a large annual fee or a monthly fee... Credit One is first to go! If youve got anything in there with no annual fee, you could simply sock drawer it.

Re: App spree to the extreme

-Cain- — Sun, 24 Jun 2012 00:34:03 GMT

@Anonymous wrote:
Starter cards consist of
Bestbuy reward zone $600
Creditone $500
Orchard Bank $300
Secured Cap 1 $200

WIll it kill me to get rid of them since they have low limits and large annual fees?

I'd axe all of those myself. Does your BB card carry an AF?

Re: App spree to the extreme

Anonymous — Sun, 24 Jun 2012 00:35:09 GMT

Even if those are my oldest accounts? Everything else is very recent. Please advise the best course of action. I really appreciate all of the help

Re: App spree to the extreme

-Cain- — Sun, 24 Jun 2012 00:36:43 GMT

They will still report for 10 years, you are GTG. Which card is your oldest?

Re: App spree to the extreme

Anonymous — Sun, 24 Jun 2012 00:37:12 GMT

BB has a $74 Annual Fee.

Re: App spree to the extreme

Anonymous — Sun, 24 Jun 2012 00:38:17 GMT

I should add that I now have about $20k in available credit with only 1k on my NFCU card, I dont know if tat maes any difference, but evertyhing else is $0

Re: App spree to the extreme

Anonymous — Sun, 24 Jun 2012 00:42:31 GMT

All whitin a month of each other. So I can just cancel them and be done with the low limits and fees?