topic Re: Got greedy and finally got denied... in Credit Cards

Got greedy and finally got denied...

spritezero1017 — Fri, 13 Jun 2014 00:51:36 GMT

After a whirlwind 3 months of credit card approvals beyond my wildest expectations I finally hit one too many Submit buttons and got my first straight-up denial.

In trying to accrue all possible reward miles, points, bonuses, etc. to put toward a large family vacation next summer I applied for, and recieved, in March:

Citi AAdvantage - 7.5K (50K miles)

Barclay Arrival - 3K (40K miles/points)

Chase Sapphire Preferred - 8K (40K miles/points)

Capital One Venture - 5K (20K miles/points)

Discover it (3K)

AmEx Blue Everyday - 1K (10K points)

Also received in the same spree a DCU card offered with a new car loan (7.5K) and a Wells Fargo card offered just for being a longtime customer (9K). But those aren't related to this travel scheme.

I just finished all my minimum spends on all the cards, all those cards are just about at zero balance and have been credited with all of those miles and points. So despite it only being three months since those approvals, I went for another round. I was approved for:

1. Barclays US Air - 7.5K (40K miles) - surprised by this one with Barclay's reputation for additional cards and me only 11 weeks with my Barclay Arrival

2. Chase British Airways - 5K (50K miles)

3. AmEx Starwood Preferred - 2K (30K miles transferable to other programs)

4. Citi Thankyou Premier - 6.2K (50K points transferable to other programs)

5. Chase Southwest Premier - 5K (25K miles) - Had to recon this one but was approved

3 months, 12 prime cards, 66.7K in new credit lines. You'd think I could appreciate and quit. But the bug got me. I looked for one more travel rewards card and went for it before all the other inq. hit my report. Bank of America TravelRewards card. Sumbit. Spin. Denial. Ack! Totally didn't expect it but totally deserve it.

I may recon since I'm taking the hit anyway but lesson learned.

My lesson: Be patient, keep the goal (if you have a goal) in mind, resist the temptaation, and be appreciative of success I've had because there are zillions of people who would give a lot to have my credit building success.

Re: Got greedy and finally got denied...

fot1 — Fri, 13 Jun 2014 00:55:02 GMT

That is how I know it is time to lay low when I get the denial for too many new accounts...

Re: Got greedy and finally got denied...

ExplicitElicit — Fri, 13 Jun 2014 01:06:52 GMT

Wow, nice run and congrats to your previous cards though! You did good!!

Re: Got greedy and finally got denied...

eddie84 — Fri, 13 Jun 2014 02:11:33 GMT

Definitely! Great cards you've accumulated so far... now off to the garden you go!

Re: Got greedy and finally got denied...

B335is — Fri, 13 Jun 2014 02:18:17 GMT

You had a great run and to get the bonuses plus balances to $0 is quite an accomplishment! If you decide to recon BoA, yeah they're going to ask haha. Point out your good credit and wanting to get the most for the money you spend and explain how you track your balances daily and set up auto pay, etc... It's worked for me 2 times with them.

Re: Got greedy and finally got denied...

gen-specific — Fri, 13 Jun 2014 03:27:25 GMT

Sumbit. Spin. Denial.

I like roulette too

Re: Got greedy and finally got denied...

ChargeItPlease — Fri, 13 Jun 2014 04:57:38 GMT

Congrats on the approvals.

Re: Got greedy and finally got denied...

Knk8188 — Fri, 13 Jun 2014 06:28:04 GMT

Wow congrats on all of those approvals. I am also in a spree, but I was a bit worried if I was going to far with it. Nope! You definitely set a new record! Starting April LOC with Wells Fargo. Then late May a CapOne VentureOne CC 3k, refinanced car and increased checking account line of credit all in one day. A week later new CC with TFCU 8k. I was told that it's probably best to apply for credit within the same time frame so it wont hurt your AAoA so much, versus getting one CC every year. And to think I was worried about applying for one more CC....Wish I was as bold as you are!!

Re: Got greedy and finally got denied...

spritezero1017 — Fri, 13 Jun 2014 11:31:38 GMT

Thanks all.... I appreciate the kind words and support. it's been a fun few months in aquiring lots of new and prime credit but it's time to pack it in for a while and let it all grow on its own.

I spent two years in a re-building phase. I had an avg. FICO of 580 in March 2012, spent two years paying down a lot of credit card debt while behaving more responsibly with the building cards I had. This slowly changed things and my score grew to an avg. FICO of 720 in March of this year. So a 140 point climb in two years. In March I was approved for a new car loan through DCU as well as a credit card with them with a 7.5K CL. I sensed a window and taking some advice to strike while the iron was hot, as they say, and before the inquiries reported... I did the first round will 100% success. Then the second with all success ecxpet the BoA card.

My scores are now 731, 742 & 757 - Avg. of 743.

In 27 months I raised my score 163 points, aquired a dozen prime cards with almost 67K in credit lines and will soon have accumulated 280K miles & points for travel which will pay for approximately half of a large and expensive European vacation for me and my two sons next summer (I'm a full-time single dad). The other half of the trip with be paid with cash (well, run through cards and then PIF) that we're saving every week.

I feel good about all that.

Re: Got greedy and finally got denied...

Anonymous — Fri, 13 Jun 2014 14:56:42 GMT

Wow! What a haul. Congrats on all the approvals!

Re: Got greedy and finally got denied...

navajomyst2003 — Fri, 13 Jun 2014 15:10:48 GMT

I know the feeling. I have been on a spree (and rewards points accumulation) on and off since last October and went from 2 cards with a total CL of $5500 to 12 cards with over $140,000. After snagging another NFCU Visa yesterday, I finally hit the denial wall with PenFed.. Time to lay low for a long time. Congrats on your credit building and getting some great cards.

Re: Got greedy and finally got denied...

Knk8188 — Sun, 15 Jun 2014 01:45:22 GMT

Uh oh! I think that is a sign for me to finally stop with my app spree. I was just approved another NFCU CC yesterday and I am satisfied with it, but for some reason I was still comtemplating about PenFed. I will pass on that! I heard enough! I'm done! Off to the garden I go!!

Thanks for sharing!!

Re: Got greedy and finally got denied...

navajomyst2003 — Sun, 15 Jun 2014 01:50:05 GMT

Spoke to soon. Amex PRG is in the mail.

Re: Got greedy and finally got denied...

mongstradamus — Sun, 15 Jun 2014 01:53:47 GMT

@navajomyst2003 wrote:
Spoke to soon. Amex PRG is in the mail.

Did you get 50k sign up bonus ? I was hoping to get that 😢

Re: Got greedy and finally got denied...

navajomyst2003 — Sun, 15 Jun 2014 02:00:47 GMT

I don't think so. I am replacing my Green.

Re: Got greedy and finally got denied...

Anonymous — Sun, 15 Jun 2014 03:59:29 GMT

@spritezero1017 wrote:

4. Citi Thankyou Premier - 6.2K (50K points transferable to other programs)

Just wondering, what is Premier transferrable to? Hilton, or is it more now?