topic Re: App Spree..Sorta... stop or keep going? in Credit Cards

App Spree..Sorta... stop or keep going?

Anonymous — Tue, 26 Jun 2012 00:19:23 GMT

i just closed escrow 3 weeks ago and now trying to app for a few CC's before the mortgage shows up on my CR. So far, I've applied for:

Ashley's Furniture (GEMB) - 5k; 18 months no interest - approved ; applied in-store 6/24/12

Chase Freedom - 6.5k; approved - applied in local branch 6/25/12

I'm planning to apply for US Bank Cash + Visa (attracted me to the great cash rewards) or Barclay's Cash Rewards? Any other cards you can recommend?

Does anyone think this is excessive?

Which card will give me a better chance of getting approved?

After this last card, I'll be in the garden for a while... promise..........

Re: App Spree..Sorta... stop or keep going?

Revelate — Tue, 26 Jun 2012 00:27:16 GMT

Nobody's certain on the Cash+ approval metrics yet, only just got released. FWIW I think it's a fantastic card if you're trying to round out your portfolio and personally I'd just tack on the additional application now for either one. 2 vs 3 inquiries is pretty meaningless in my opinion, and completely so in a year anyway.

Re: App Spree..Sorta... stop or keep going?

webhopper — Tue, 26 Jun 2012 02:00:37 GMT

I did the same thing, I added 4 new revolving account and refinanced my vehicle at a lower rate, before my mortgage reported. In my opinion, get what you want now and they will be aging while you garden Don't go crazy and max them all out fixing up your new home though... moderation is key.

Re: App Spree..Sorta... stop or keep going?

Anonymous — Tue, 26 Jun 2012 02:32:10 GMT

Thanks for the input Revelate and Webhopper.

Since US Bank Cash + is still a new product, I will just hold off on app'ing for them. I'll app for Barclays instead, in case I get denied, they have good recon results. We'll see. orrrr.. Bank of Americard Cash Rewards? Soo torn..

BTW, Webhopper, how did the new acounts affected your scores?

Re: App Spree..Sorta... stop or keep going?

webhopper — Tue, 26 Jun 2012 02:42:28 GMT

@Anonymous wrote:
Thanks for the input Revelate and Webhopper.

Since US Bank Cash + is still a new product, I will just hold off on app'ing for them. I'll app for Barclays instead, in case I get denied, they have good recon results. We'll see. orrrr.. Bank of Americard Cash Rewards? Soo torn..

BTW, Webhopper, how did the new acounts affected your scores?

Before the mortgage, I only had one credit card, Discover More. My AAoA was close to 7 yrs.... but the mortgage was a fiasco because I used my Discover more for work, and the revolving balance always seemed to hit my reports right before I got my reimbursement. I lost my approval twice, and had to switch to a 20 yr mortgage instead of the 30 yr. It all worked out, but I saw from that experience that I really did need additional cards.

I got a auto CLI on Discover in Jan. Closed on house in Jan.

I waited 30 days. In Feb I picked up Amex Zync (which doesn't affect my utilization even if I charge 5k in reimbursable expenses).

I also applied for Chase Amazon Visa, got the 7-10 day message, applied for Amazon store card, approved

Recon on Chase, approved for 5k, I had to explain that all my inquiries were from the mortgage process

In march I joined NFCU after finding out my fiance was a member and his membership was still active. I got refinanced on my truck, went to 4% from 7.5% and pre-approved for NFCU Cash Rewards, approved for 22k limit.

My scores increased by 20-30 points. The inquiries didn't harm me, because I was already maxed out on my threshold of inquiries from the mortgage process.

My AAoA dropped down to 5.7 yrs. Still not bad, and I won't be applying for anything else except maybe a FHA Streamline Refi on my investment property that I owned and lived in before I bought the new house... (i bought a duplex as a owner occupant in 2008)

Re: App Spree..Sorta... stop or keep going?

Ron1 — Tue, 26 Jun 2012 04:39:20 GMT

Deebee,

I think Cash+ is better than Barclays. They are conservative for approval. Not too many people got approved for Cash+ Visa Signature Card. Today, I put everything on one card ( at least six times). I use it on the trip in CA. I'm not at home now. I haven't gotten decline during the trip. I would recommend using the card for everyday use and travel.

Ron.

Re: App Spree..Sorta... stop or keep going?

Anonymous — Tue, 26 Jun 2012 10:47:12 GMT

New home? I would suggest maybe a Home Depot or Lowes card! I know I spent a small fortune at Home Depot when I first bought my home. I love that place!

Re: App Spree..Sorta... stop or keep going?

Anonymous — Tue, 26 Jun 2012 16:03:04 GMT

BigDaddy, I don't really need Home Depot or Lowes since we got the house brand new, we really have nothing to fix.

Re: App Spree..Sorta... stop or keep going?

Anonymous — Tue, 26 Jun 2012 16:26:49 GMT

@Anonymous wrote:

BigDaddy, I don't really need Home Depot or Lowes since we got the house brand new, we really have nothing to fix.

You still may need it for lawn equipment and garden items unless you have no yard, but I know what your saying my house is only 3 years old and very little to fix

Re: App Spree..Sorta... stop or keep going?

Anonymous — Wed, 27 Jun 2012 03:04:07 GMT

Our HOA takes care of yard maintenance.

Anyways, I just apped for Barclays rewards and approved for 1.5k limit. ehhh.

I think I'm done app'ing.. Off to the garden..

I'll be be lurking around here though.

Thanks for all the advise~

Re: App Spree..Sorta... stop or keep going?

Anonymous — Wed, 27 Jun 2012 03:25:09 GMT

@Anonymous wrote:
Our HOA takes care of yard maintenance.

Anyways, I just apped for Barclays rewards and approved for 1.5k limit. ehhh.

I think I'm done app'ing.. Off to the garden..

I'll be be lurking around here though.

Thanks for all the advise~

Congrats on all your approvals.

If you don't mind asking, when you app'd for the Freedom in the branch did the actually bankers make the decision? or did he/she just basically app for you, and you were approved by the system?

Re: App Spree..Sorta... stop or keep going?

webhopper — Wed, 27 Jun 2012 03:34:05 GMT

Congrats on barclays!

Re: App Spree..Sorta... stop or keep going?

Ron1 — Wed, 27 Jun 2012 03:55:00 GMT

Congrats!!! Ron.

Re: App Spree..Sorta... stop or keep going?

Anonymous — Wed, 27 Jun 2012 04:23:57 GMT

Thanks Ron! I chickened out on apping for US Bank Cash +.. hehehe..

Re: App Spree..Sorta... stop or keep going?

Ron1 — Wed, 27 Jun 2012 04:30:04 GMT

That's ok. You might want to apply next year. Congrats on your approval!!!. You might get auto cli after six months of usage. Ron

Re: App Spree..Sorta... stop or keep going?

Anonymous — Wed, 27 Jun 2012 04:33:42 GMT

Hey Kr33ker...

When I applied at my branch, my banker verified some basic info (address, annual income, etc) left to go in some room and came back with some forms and gave me the result. But she said it varies depending on the applicant. I think it's better to apply at the branch, that way you can build a good relationship with the banker and can help you contact corporate, just in case.