topic Re: Get into the Garden? or App for something else? in Credit Cards

Get into the Garden? or App for something else?

mjb59463 — Sun, 12 May 2013 20:11:16 GMT

Hey everyone,

I've been a long time lurker on here, and have posted a thread or two since the date I joined. This forum has been very helpful in terms of giving good advice regarding cards and credit management.

My Equifax Score is 673, up from 610 when I joined. I'm paying my balances in full, and I plan to keep doing so. Transunion is in the 700's.

Card Question:

I've been debating about applying for cards, particularly a Visa Signature. I applied for the US Bank Flexperks Travel Rewards Card last week, and got approved for the Flexperks Select Rewards card instead, because apparently I didnt meet the qualifications for the Signature. I plan to wait a year, and then ask for consideration to move up. I do like the Chase Sapphire Preferred as well, but from what I've read, it is sort of difficult to get. My goal is to have a few good cards to use, with nice rewards and nice limits.

Anyway: I'll list my credit profile for you, and if someone could recommend any cards I should take a look at, or has a plan of action for me to get into a Signature card, that would be much appreciated. Also, if there is any card you think I should cancel, please let me know.

Citi Forward: 300 balance/3000 limit (every-day card)

Chase Freedom: 24/500 (Dont use frequently because of low limit, denied CL increase 2 months ago)

Sears Mastercard: 100/1000 (Only use for my Gym Membership and Netflix/Hulu)

Amex Gold Delta Skymiles: 300/2200 (every-day card)

US Bank Visa Platinum: 200/400 (Lowest limit, denied increase, but I use it for MyFico and other cheap online stuff. Also my longest standing credit card)

US Bank Visa Flexperks Select Rewards: 15/3000 (I want this to become my Main Card)

Best Buy Card: 25/400 (2nd longest standing credit card, debating closing because I rarely use it)

Total Balances: $964

Total Amount of Credit: $10,500

Long Term Credit Management:

A lot of people on here are adults, at least older than me, and have plenty more experience when it comes to life and credit, so another one of my questions for you is this: For a kid at 21 with a good job that I'm fortunate to have, it sort of seems like I have too many cards. I want to be in a good credit situation for the rest of my life, and I don't want to get myself in trouble with debt and spending what I cant afford to spend. So far, it seems like I have been good with that. However, I know that circumstances change, desires change and sometimes impulsiveness can get the better of me in regards to buying things.

With the list of cards I have on here, are there some I should cancel in order to remove the temptation to spend? Or is it more about learning self control? If you were in my shoes, with the experience you have now, what would you do with my credit situation?

I realize that this is a short novel, not a post haha. But any advice you can give is much appreciated.

Hope everyone is having a good Sunday/Mother's Day.

Thanks,

Mike

Re: Get into the Garden? or App for something else?

Anonymous — Sun, 12 May 2013 20:26:51 GMT

I don't know how long you've had your cc's but I am assuming a few years. You've established an excellent base of cc's and I wouldn't suggest closing any of them. IMO if you've been denied twice for auto cli's with Chase, chances are the CSP is out for now. I don't necessarily think history with a $5k Cli is mandatory but there is something in your file that they do not want to extend anymore now. Income maybe? That being said, lets not worry about the CSP let's look at your other options.
Discover It I would definitely app for and maybe an Amex revolver.

As far as overspending, that is self control and only charging what you can PIF or within a reasonable time frame - I hate to pay interest.

How are you using your cc's mow? Bills, groceries, travel?

Depending on your spending habits Sallie Mae is another one too.

Re: Get into the Garden? or App for something else?

Anonymous — Sun, 12 May 2013 20:29:37 GMT

Well man I'm 21 and I just got approved for my 6th credit card. Now it's definitely time to garden. It is definitely about self control. Knowing when to spend, when not to. Making sure you keep track of all the due dates and never be late!! Also, knowing when to garden. Do you plan to buy a car or even a house in the near future? These are all considerations when applying for new cards! All that being said, with you score and current limits a Visa Signature may be hard to get depending on who it's with. I have a 670 and at the time I had 4 cards, $2,500 being my highest limit. Even after recon I was denied because the minimum limit on a Visa Signature is $5,000 and they said my credit history doesn't support giving me a limit that high. So ill just garden with what I have for the next year or so and get some sp CLI from AMEX and maybe some auto love from the others.

Re: Get into the Garden? or App for something else?

dodgerslv — Sun, 12 May 2013 20:29:52 GMT

@Anonymous wrote:
I don't know how long you've had your cc's but I am assuming a few years. You've established an excellent base of cc's and I wouldn't suggest closing any of them. IMO if you've been denied twice for auto cli's with Chase, chances are the CSP is out for now. I don't necessarily think history with a $5k Cli is mandatory but there is something in your file that they do not want to extend anymore now. Income maybe? That being said, lets not worry about the CSP let's look at your other options.
Discover It I would definitely app for and maybe an Amex revolver.

As far as overspending, that is self control and only charging what you can PIF or within a reasonable time frame - I hate to pay interest.

How are you using your cc's mow? Bills, groceries, travel?

Depending on your spending habits Sallie Mae is another one too.

I agree with Lexie about maybe applying for Discover. And you can try another AMEX revolver as if they do denied tha application its only a SP (just make sure you are logged in when you app). Barclays is another since they seem to mostly pull TU and are recon-friendly.

Re: Get into the Garden? or App for something else?

mjb59463 — Sun, 12 May 2013 21:13:57 GMT

Thanks for the replies!

Dodgerslv- I use my cards mostly for gas, my cell phone bill, groceries, restaurants, movies, my gym membership, netflix and hulu. WIth large purchases, I usually just save until I can pay cash. I was always raised to do that whenever I wanted something growing up, and it's sort of become a habit.

My folks leased a Toyota Camry last year for me under their names for around $240 per month, which is taken out of my bank account by Toyota Financial Services. Thats all I can think of regarding my regular spending habits.

With AmEx: Another card like the BCP or BCE would be good to have, but aren't they somewhat difficult to get as well? Also, I had my AmEx for about 7 months and I tried the 3xCLI increase about a month ago over the automated system, and was denied for that as well. I've never carried a huge balance on that card and always paid on time, but apparently they dont want to give me more of a credit line. Kind of made me mad at the time.

Haha, regarding Discover: I did forget to mention that I do have a Discover More Student Card with a credit limit of 600. I've had it for a while now. I actually have never made a purchase on the card before, but they enable fraud protection for something like $5 dollars per month, so I just pay that every month and think nothing of it. The reason I have never used this card is because at the time, I didnt want to add another card to the rotation and the limit was/is low. This one I really would like to cancel.

Re: Get into the Garden? or App for something else?

Anonymous — Sun, 12 May 2013 21:11:44 GMT

The AMEX BCE seems like a good card to get especially seeing that you use it a lot for groceries and gas!!! I got instanty approved for a Blue Sky with an Experian of 707. Go for it, like previously stated, even I you're denied it's only a sp so what do you have to lose?

Re: Get into the Garden? or App for something else?

dodgerslv — Sun, 12 May 2013 21:13:19 GMT

@mjb59463 wrote:
Thanks for the replies!

Dodgerslv- I use my cards mostly for gas, my cell phone bill, groceries, restaurants, movies, my gym membership, netflix and hulu. WIth large purchases, I usually just save until I can pay cash. I was always raised to do that whenever I wanted something growing up, and it's sort of become a habit.

My folks leased a Toyota Camry last year for me under their names for around $240 per month, which is taken out of my bank account by Toyota Financial Services. Thats all I can think of regarding my regular spending habits.

With AmEx: Another card like the BCP or BCE would be good to have, but aren't they somewhat difficult to get as well?

Haha, regarding Discover: I did forget to mention that I do have a Discover More Student Card with a credit limit of 600. I've had it for a while now. I actually have never made a purchase on the card before, but they enable fraud protection for something like $5 dollars per month, so I just pay that every month and think nothing of it. The reason I have never used this card is because at the time, I didnt want to add another card to the rotation and the limit was/is low. This one I really would like to cancel.

Well when i got my BCP i had 2 paid collections on my EX (who they pulled). I also have one paid and one unpaid credit card chargeoffs from 2007. I got approved with my EX fico score of 686. So not as hard as people think. No harm done if you get denied. Will only be a SP and will not show up on your CR. If approved it will be a HP eventually. Like the BCP cuz it gives you 6% on groceries. Its a 75 AF (if it does not bother you).

Re: Get into the Garden? or App for something else?

mjb59463 — Sun, 12 May 2013 21:16:02 GMT

The reason I'm hesitating on another AmEx is because of my current one. I've had my AmEx Delta Skymiles for about 7 months and I tried the 3xCLI increase about a month ago over the automated system, and was denied for that as well. I've never carried a huge balance on that card and always paid on time, but apparently they dont want to give me more of a credit line. Kind of made me mad at the time.

If they dont give me a CLI on my existing card, which I've always managed with care, what are the odds they'll approve on another card entirely?

Re: Get into the Garden? or App for something else?

Anonymous — Sun, 12 May 2013 21:17:32 GMT

@mjb59463 wrote:
Thanks for the replies!

Dodgerslv- I use my cards mostly for gas, my cell phone bill, groceries, restaurants, movies, my gym membership, netflix and hulu. WIth large purchases, I usually just save until I can pay cash. I was always raised to do that whenever I wanted something growing up, and it's sort of become a habit.

My folks leased a Toyota Camry last year for me under their names for around $240 per month, which is taken out of my bank account by Toyota Financial Services. Thats all I can think of regarding my regular spending habits.

With AmEx: Another card like the BCP or BCE would be good to have, but aren't they somewhat difficult to get as well? Also, I had my AmEx for about 7 months and I tried the 3xCLI increase about a month ago over the automated system, and was denied for that as well. I've never carried a huge balance on that card and always paid on time, but apparently they dont want to give me more of a credit line. Kind of made me mad at the time.

Haha, regarding Discover: I did forget to mention that I do have a Discover More Student Card with a credit limit of 600. I've had it for a while now. I actually have never made a purchase on the card before, but they enable fraud protection for something like $5 dollars per month, so I just pay that every month and think nothing of it. The reason I have never used this card is because at the time, I didnt want to add another card to the rotation and the limit was/is low. This one I really would like to cancel.

You should definitely call discover and switch the discover more card to the discover IT card. And while that's happening, you can inquire about a credit limit increase.

As for the AMEX blue everyday or preferred, I think you can go for it. If you get denied, its only a soft pull. Its only a hard pull if you're approved.

Re: Get into the Garden? or App for something else?

Anonymous — Sun, 12 May 2013 21:19:46 GMT

+1 for Laugh's post! Spot on!

Re: Get into the Garden? or App for something else?

dodgerslv — Sun, 12 May 2013 21:23:00 GMT

@mjb59463 wrote:
The reason I'm hesitating on another AmEx is because of my current one. I've had my AmEx Delta Skymiles for about 7 months and I tried the 3xCLI increase about a month ago over the automated system, and was denied for that as well. I've never carried a huge balance on that card and always paid on time, but apparently they dont want to give me more of a credit line. Kind of made me mad at the time.

If they dont give me a CLI on my existing card, which I've always managed with care, what are the odds they'll approve on another card entirely?

I think being denied for a CLI on an existing doesnt factor into applying for another product. (unless i am wrong). I am eligible for the 3x CLI on my BCP come June 1st and i will find out then if getting approved for the Costco TE will affect it. Have only charged up to 500 max on my BCP so havent used it much. Just go for it and you get denied for the same reasons then you will definitely know its because they consider that is enough credit for you. Again, will be a SP if denied.

Re: Get into the Garden? or App for something else?

Anonymous — Sun, 12 May 2013 21:27:37 GMT

Before applying for a Cli, you should make sure your balance is pif or close to it. Amex doesn't really like balances even if your history is good.

I agree, PC that More and req a Cli and and apr reduction.

Good luck