topic Re: Need Advice in Credit Cards

Need Advice

KA14 — Thu, 24 Jul 2014 22:04:46 GMT

Okay, okay, I'm going into the garden!

I may have went on a stupid app spree last night. I got a card offer email from PayPal, and I couldn't resist the urge. I applied and was instantly approved for $2,500. This was my highest limit. I got excited and applied for the CSP, Chase Freedom, AMEX BCP, AMEX PRG, Sallie Mae, Journey Student Card, and Quicksilver.

I was approved for the Chase Sapphire Preferred with a $5,000 limit and the Journey Student Rewards for $500. I was declined for everything else. I attempted to recon with no success.

At this point, I know I shouldn't apply for anything else, and I intend to garden for the next 6 to 12 months. What should I do about the Journey card? I don't really want it, and the credit line isn't really large enough for it to be of any real use to me. Should I cancel it or just leave it in the sock drawer? Any other words of advice are also welcome.

Thanks in advance!

Re: Need Advice

chrisw1968uk — Thu, 24 Jul 2014 22:34:39 GMT

you took the hit for it - buy a tank of gas a month with it and PIF and call it good

Re: Need Advice

CreditRookie22 — Thu, 24 Jul 2014 22:40:18 GMT

If there's no af, I would keep it. My $.02

Re: Need Advice

hizzaah — Thu, 24 Jul 2014 22:46:02 GMT

Did you try to recon for a higher limit on it?

You already took the hit, so I agree. SD it..

Re: Need Advice

KA14 — Thu, 24 Jul 2014 23:39:06 GMT

What happens to a card if you just don't use it? Say I use my CSP full time and only use one or two of the others, what happens to the rest? Do they close from inactivity? Should I use them once every couple of months? I need to make the $3,000 spend so I'll be using the CSP for all of my bills for the next two months.

Re: Need Advice

KA14 — Thu, 24 Jul 2014 23:40:05 GMT

Also, what counts as activity? Any charges? Or only what posts when the statement cuts?

Re: Need Advice

j_casteel — Thu, 24 Jul 2014 23:42:38 GMT

why'd you apply for it if you didn't even want it?

I agree just keep it, and use it everyone once in a while. Keep it for a couple years then get rid of it.

Re: Need Advice

KA14 — Thu, 24 Jul 2014 23:52:49 GMT

I wasn't using my better judgement. I wanted a card to use on everyday purchases that would give me back more than 1%. This is the card that was suggested to me as well as the Quicksilver and some of the other cards that I was declined for. Considering my lowest reporting card was $700, I did NOT think it would be a credit line of $500.

Re: Need Advice

j_casteel — Thu, 24 Jul 2014 23:55:12 GMT

@KA14 wrote:
I wasn't using my better judgement. I wanted a card to use on everyday purchases that would give me back more than 1%. This is the card that was suggested to me as well as the Quicksilver and some of the other cards that I was declined for. Considering my lowest reporting card was $700, I did NOT think it would be a credit line of $500.

you live you learn...time to garden for a year

Re: Need Advice

Creditaddict — Fri, 25 Jul 2014 00:02:20 GMT

If you really want Freedom, you could ask that $500 or all of your amazon visa be moved to open the freedom.

you couldn't get barclay to recon? what was TU score?

cap1 journey is the complete wrong card to apply for if you are getting CSP!

Re: Need Advice

Creditaddict — Fri, 25 Jul 2014 00:03:20 GMT

How long have you had the BofA? I would ask for CLI online to $10k and get counter.

Re: Need Advice

Transmogrifying_Bee — Fri, 25 Jul 2014 00:03:24 GMT

I have no useful comments regarding the Capital One card beyond what others have been advising you so far.

However, as to your newly acquired PayPal Extras MC, maybe you can call Credit Solutions and see if you can get that CL increased to at least 5K, if not more? I know Credit Solutions can be very generous in regards to CLI's. My PayPal MC had an initial CL of 2K which I had increased to 5K and then 15K. I told them I need the higher credit line in order to handle my potential purchases in eBay, which is true. Many members of these Forums will advise you to ask for a higher CL and then see if Credit Solutions agrees or makes a counter offer. In your case, especially with a new card, target 5K for now. Maybe much higher limits will follow after you use the card for awhile.

My only CONCERNS are that your recent multiple apps may raise a flag with Credit Solutions. I don't know how "touchy" they are regarding inquiries when it comes to CLI requests.. Also, waiting until your CSP (with its 5K CL) posts on your credit reports might help strengthen your request? Still, pending additional feedback from others, I feel you have nothing to loose by calling Credit Solutions right now to see if they will double that 2.5K limit!

Congratulations on getting the PayPal and CSP cards! Unfortunately you succeeded in getting only 3 cards out of 8 apps! There's an important lesson to be learned there!

Re: Need Advice

KA14 — Fri, 25 Jul 2014 00:10:36 GMT

CSP will be here tomorrow. It was definitely the wrong card but I was sad after seeing the denials from the cards that I actually wanted and could use... so I figured I'd go for an "easy approval". TU was 715 with utilization at 3% on one card and zero on others. Tons of inquiries due to recent vehicle purchase. Oldest account is 1 year, and AAoA is 6 months.

I recon'd Amex and they all but laughed. Capital One said they can't do anything on their end but I can apply for an increase when I get my card and it'll be a soft pull online. Barclay said I have way too many inquiries. Chase said too many recent approved applications/new accounts in one month. Would it be worth calling again tomorrow to split the Amazon CL between the two? How is Chase with auto CLI?

Re: Need Advice

Creditaddict — Fri, 25 Jul 2014 00:15:25 GMT

@KA14 wrote:
CSP will be here tomorrow. It was definitely the wrong card but I was sad after seeing the denials from the cards that I actually wanted and could use... so I figured I'd go for an "easy approval". TU was 715 with utilization at 3% on one card and zero on others. Tons of inquiries due to recent vehicle purchase. Oldest account is 1 year, and AAoA is 6 months.

I recon'd Amex and they all but laughed. Capital One said they can't do anything on their end but I can apply for an increase when I get my card and it'll be a soft pull online. Barclay said I have way too many inquiries. Chase said too many recent approved applications/new accounts in one month. Would it be worth calling again tomorrow to split the Amazon CL between the two? How is Chase with auto CLI?

chase isn't really known for great auto CLI's, although I have been seeing a lot lately so who knows.

depends how much you use your amazon visa and how much you would use the 5% with freedom.

id try a 2nd time with barclay and say you would be willing to take a small line to show that the inq's are car related and you have good cards with other banks but really want this one... maybe you find the one rep that goes against the bank and the inq issue and approves it.

capital one, you have to wait for credit steps at 6 months, you can't get increase before that without going through EO

Re: Need Advice

KA14 — Fri, 25 Jul 2014 00:17:47 GMT

@Creditaddict wrote:
How long have you had the BofA? I would ask for CLI online to $10k and get counter.

One year. The BoA was a secured card that started at $300. Utilization was always low, and paid in full. The card graduated early in December but no CLI. I applied for the $2,000, got the pending message, and had to call to get it approved but it was no issue. I got that increase and PC this month. When could I apply for the CLI to $10k? Should I wait for the CSP to report? My income is $45k with about $15k in an account with them.

Re: Need Advice

Creditaddict — Fri, 25 Jul 2014 00:19:42 GMT

@KA14 wrote:
@Creditaddict wrote:
How long have you had the BofA? I would ask for CLI online to $10k and get counter.
One year. The BoA was a secured card that started at $300. Utilization was always low, and paid in full. The card graduated early in December but no CLI. I applied for the $2,000, got the pending message, and had to call to get it approved but it was no issue. I got that increase and PC this month. When could I apply for the CLI to $10k? Should I wait for the CSP to report? My income is $45k with about $15k in an account with them.

yes wait for csp to report.

Re: Need Advice

SunriseEarth — Fri, 25 Jul 2014 00:23:35 GMT

@j_casteel wrote:
why'd you apply for it if you didn't even want it?

I agree just keep it, and use it everyone once in a while. Keep it for a couple years then get rid of it.

OP, I'd recommending keeping it, try for a CLI in 6 months and maybe see if you can PC the card later. You took the HPs for it, so it makes no sense to close.

Re: Need Advice

KA14 — Fri, 25 Jul 2014 00:44:48 GMT

@Transmogrifying_Bee wrote:
I have no useful comments regarding the Capital One card beyond what others have been advising you so far.

However, as to your newly acquired PayPal Extras MC, maybe you can call Credit Solutions and see if you can get that CL increased to at least 5K, if not more? I know Credit Solutions can be very generous in regards to CLI's. My PayPal MC had an initial CL of 2K which I had increased to 5K and then 15K. I told them I need the higher credit line in order to handle my potential purchases in eBay, which is true. Many members of these Forums will advise you to ask for a higher CL and then see if Credit Solutions agrees or makes a counter offer. In your case, especially with a new card, target 5K for now. Maybe much higher limits will follow after you use the card for awhile.

My only CONCERNS are that your recent multiple apps may raise a flag with Credit Solutions. I don't know how "touchy" they are regarding inquiries when it comes to CLI requests.. Also, waiting until your CSP (with its 5K CL) posts on your credit reports might help strengthen your request? Still, pending additional feedback from others, I feel you have nothing to loose by calling Credit Solutions right now to see if they will double that 2.5K limit!

Congratulations on getting the PayPal and CSP cards! Unfortunately you succeeded in getting only 3 cards out of 8 apps! There's an important lesson to be learned there!

I called to increase the limit from $2.5k to $5k, and the request was declined. =(. Would it be a hard pull if I try again when the CSP starts reporting?

Re: Need Advice

KA14 — Fri, 25 Jul 2014 00:49:56 GMT

@Creditaddict wrote:
If you really want Freedom, you could ask that $500 or all of your amazon visa be moved to open the freedom.
you couldn't get barclay to recon? what was TU score?
cap1 journey is the complete wrong card to apply for if you are getting CSP!

I called the backdoor number and ask for $500 to be moved over to the new card, and the CSR explained to me that I have reached the maximum number of cards that can be opened in a 30 day period and that is why she couldn't open it. She said that I do have a valid reason for wanting the Freedom in conjuction with the CSP and under other circumstances she would approve my request but at this time she could not and to apply again in 30 days. Is it worth trying to recon again? Or should I just garden for a year and then apply again? There are just a couple cards left that I want. The Discover It, Sallie Mae, Amex BCP, Amex PRG, and the Freedom. Then I'm done until after we purchase a home.

Re: Need Advice

Transmogrifying_Bee — Fri, 25 Jul 2014 02:04:53 GMT

@KA14 wrote:
@Transmogrifying_Bee wrote:
I have no useful comments regarding the Capital One card beyond what others have been advising you so far.

However, as to your newly acquired PayPal Extras MC, maybe you can call Credit Solutions and see if you can get that CL increased to at least 5K, if not more? I know Credit Solutions can be very generous in regards to CLI's. My PayPal MC had an initial CL of 2K which I had increased to 5K and then 15K. I told them I need the higher credit line in order to handle my potential purchases in eBay, which is true. Many members of these Forums will advise you to ask for a higher CL and then see if Credit Solutions agrees or makes a counter offer. In your case, especially with a new card, target 5K for now. Maybe much higher limits will follow after you use the card for awhile.

My only CONCERNS are that your recent multiple apps may raise a flag with Credit Solutions. I don't know how "touchy" they are regarding inquiries when it comes to CLI requests.. Also, waiting until your CSP (with its 5K CL) posts on your credit reports might help strengthen your request? Still, pending additional feedback from others, I feel you have nothing to loose by calling Credit Solutions right now to see if they will double that 2.5K limit!

Congratulations on getting the PayPal and CSP cards! Unfortunately you succeeded in getting only 3 cards out of 8 apps! There's an important lesson to be learned there!
I called to increase the limit from $2.5k to $5k, and the request was declined. =(. Would it be a hard pull if I try again when the CSP starts reporting?

To my knowledge, requests through Credit Solutions are always a soft pull!