topic Re: Appliers Remorse in Credit Cards

Appliers Remorse

Anonymous — Wed, 13 Aug 2014 18:46:12 GMT

I know I cant be the only one thats ever felt this way. Started my credit building journey and got all excited about my first two credit cards. Especially the Freedom woohoo! Then decided to apply for VS and PayPal Connect. Regret both. I havent used the VS card once and I end up using Freedom for the majority of my Ebay purchases since there's an actual benefit to its use. No benefit with the PayPal card at all. Then applied for the Citi ThankYou Preferred (student version) since the requirements seem to be lower for student cards with most companies. Called to check the status and was told they sent a letter for utility bill and ID. Decided yes I want the card but no I dont want the student version bc the sign up bonus is like 20k points less and the starting limit would almost certainly be lower than the regular version. Initiated a chat online and politely requested they cancel the application since it was still in pending status. Representative was pretty awesome, not only did she cancel the application they removed the HP from my EX report. Definitely will apply with them in the future.

So here I am with four cards and I honestly only like 1 out of the 4 Three of these are going to be cancelled or thrown in the sock drawer at the 6 month mark! I dont want to end up with a list of toy limit cards that I dont particularly need just bc I caught the approval bug and went app crazy Maybe its just me but I'm glad I came to this realization early.

Re: Appliers Remorse

PrimeRate — Wed, 13 Aug 2014 19:00:32 GMT

You're OKAY!

You didn't get 6-12 store cards with toy limits. You picked up 2 cards you aren't thrilled with and learned your lesson. I would take this as a win. I've seen some users have way heavier and much more deserved remorse around here, so I'd snatch this lesson up(never forget it) and head to the garden.

I'm sure you'll do your homework on your next app(whenever that may be) and everyone on this board will be there to congratulate you.

Re: Appliers Remorse

navigatethis12 — Wed, 13 Aug 2014 19:00:38 GMT

It seems you've had credit for a short period of time and if that's the case, keep all four cards. Everyone has to start somewhere and there's nothing wrong with low limits. Four cards paid on time looks better than one and in two years you'll be glad you kept them all open.

I'm also not sure I'd believe the representative about the inquiry being removed. Companies don't remove an inquiry just because you cancel the application. If you've actually seen the inquiry is removed, then nevermind. Anyway, you've nothing to gain by closing anything, so please just keep them early.

I've also regretted opening cards after, but since I have about thirty some cards, it's not a big deal.

Re: Appliers Remorse

PlasticOrPlastic — Wed, 13 Aug 2014 19:03:41 GMT

I only regret my comenity cards...huge waste for cards I never use. I regreted my Discover card because I started with such a low limit but its grown well in 6 months and its been a very good card. Like others have said just take it as a lesson learned and make sure future cards are needed and can serve a purpose for you.

Re: Appliers Remorse

Anonymous — Wed, 13 Aug 2014 19:17:25 GMT

Thanks everyone I feel a little better now. Im usually a very practical person that researches everything to death before making a move so idk why I handled this situation differently. Im also one of those people who can be told something a million times but until I come to the realization for myself its going in one ear and out the other. So yes, now I am absolutely confined to the garden and will take this as a learning lesson! Now I have an email folder with a wish list of five cards with all the benefits and information included, if its not on the list I'm not applying for it in the future and dont need it.

The HP was removed today. I received an alert for it. When the representative apologized for Citi not being able to meet my needs at this time and offered to have the HP removed my eyebrow shot up. I didnt bother asking if it was possible bc Id read that it almost never happens. But its gone so that is some pretty fantastic customer service in my book.

Re: Appliers Remorse

RushXTC — Wed, 13 Aug 2014 20:00:07 GMT

I have a couple of cards I regret getting...

TJ Maxx? LOL! I applied there on a bet, My friend and I bet lunch. I won because I got approved ($500) and he got denied. This was back in 2012 =P IT should be closing this year, Because I have never used it (I've never bought anything there, We just went in for that LOL).

Also Bloomingdales, I got approved for $1,500 and never purchased anything... I do want to start shopping there though. I'm tired of wearing "Boys" clothes. =/

Edit: Actually, I regret getting the Chevron card too... It only had a benefit for the first three months and then nothing.

Re: Appliers Remorse

p- — Wed, 13 Aug 2014 20:14:19 GMT

Hang in there; the Freedom will grow with you, and the spend categories make it a pretty good cashback card. Capital One will grow as well. Both have been my highest limit as my credit improved. If you use the other two once a year or so, and don't pay an annual fee, they can only help you.

Re: Appliers Remorse

techiegirl — Wed, 13 Aug 2014 20:21:56 GMT

I regret getting my Bloomingdales Amex card. We were buying a large purchase and wanted the 15% discount. I'll never get a store card for discount again. It's not worth the trouble.

Re: Appliers Remorse

Closingracer99 — Wed, 13 Aug 2014 20:27:10 GMT

BestBuy Store card... I wanted the MC version but got the store card

Re: Appliers Remorse

heyitsyeh — Wed, 13 Aug 2014 21:16:11 GMT

I currently have Applier's Remorse for the Barclaycard Arrival, only because they switched to World Elite a month after I received the standard World card. Although this was completely out of my control, and they are working on upgrading everyone to World Elite eventually.

Re: Appliers Remorse

BluePoodle — Wed, 13 Aug 2014 21:26:59 GMT

@CallaLilyLover wrote:
I know I cant be the only one thats ever felt this way. Started my credit building journey and got all excited about my first two credit cards. Especially the Freedom woohoo! Then decided to apply for VS and PayPal Connect. Regret both. I havent used the VS card once and I end up using Freedom for the majority of my Ebay purchases since there's an actual benefit to its use. No benefit with the PayPal card at all. Then applied for the Citi ThankYou Preferred (student version) since the requirements seem to be lower for student cards with most companies. Called to check the status and was told they sent a letter for utility bill and ID. Decided yes I want the card but no I dont want the student version bc the sign up bonus is like 20k points less and the starting limit would almost certainly be lower than the regular version. Initiated a chat online and politely requested they cancel the application since it was still in pending status. Representative was pretty awesome, not only did she cancel the application they removed the HP from my EX report. Definitely will apply with them in the future.

So here I am with four cards and I honestly only like 1 out of the 4 Three of these are going to be cancelled or thrown in the sock drawer at the 6 month mark! I dont want to end up with a list of toy limit cards that I dont particularly need just bc I caught the approval bug and went app crazy Maybe its just me but I'm glad I came to this realization early.

To add to what others have stated, do not disregard the Cap1 Card. Is it a student card or a fresh steps card? My first card was $500 platinum that went to $750 by the time I got the card in the mail (they upped my limit for some reason) then within 6 months I got a cli of $3k. I PC'd the card around 8 months to the QS card and eventually got another CLI to my final CL today. Plus they PC'd the card from a MC to a World MC. So use the card as much as possible and you will see growth.

Also, keep in mind that CLI requests do not require a HP but they do with Chase.

Your on the right track!

Re: Appliers Remorse

BluePoodle — Wed, 13 Aug 2014 21:28:21 GMT

@heyitsyeh wrote:
I currently have Applier's Remorse for the Barclaycard Arrival, only because they switched to World Elite a month after I received the standard World card. Although this was completely out of my control, and they are working on upgrading everyone to World Elite eventually.

Why is World Elite a negative?

Re: Appliers Remorse

Anonymous — Wed, 13 Aug 2014 21:50:57 GMT

Noted Blue! I think heyitsyeh is saying that they would have preferred simply applying for the World Elite version if they had known about the upcoming change rather than choosing Arrival? I think....

Re: Appliers Remorse

maiden_girl — Wed, 13 Aug 2014 22:07:47 GMT

@BluePoodle wrote:
@heyitsyeh wrote:
I currently have Applier's Remorse for the Barclaycard Arrival, only because they switched to World Elite a month after I received the standard World card. Although this was completely out of my control, and they are working on upgrading everyone to World Elite eventually.
Why is World Elite a negative?

It isn't. heyitsyeh is saying that they wish they had known Barclaycard was going to be a World Elite otherwise they would have waited to apply

Re: Appliers Remorse

maiden_girl — Thu, 14 Aug 2014 01:09:01 GMT

OP, don't worry about your credit profile so much now. Everyone has to start somewhere. Not saying go on a app spree or close the cards you were able to get. Credit isn't a race. It takes time to build it up to where it should be. Just be careful and mindful of your decisions

Re: Appliers Remorse

shane82388 — Thu, 14 Aug 2014 02:54:34 GMT

@p- wrote:
Hang in there; the Freedom will grow with you, and the spend categories make it a pretty good cashback card. Capital One will grow as well. Both have been my highest limit as my credit improved. If you use the other two once a year or so, and don't pay an annual fee, they can only help you.

Man, wish my Freedom would grow with me...started at $500 and am only up to $1200 in about 3 years...in that time ive got a CLI on pretty much every other card and approvals for up to $7500...not seeing Chase as a grower really...sadly.

Re: Appliers Remorse

navajomyst2003 — Thu, 14 Aug 2014 02:58:24 GMT

I have applier's remorse for Amex Blue Sky. May PC to BCE in Nov at 13 month mark.

Re: Appliers Remorse

Closingracer99 — Thu, 14 Aug 2014 03:10:44 GMT

@navajomyst2003 wrote:
I have applier's remorse for Amex Blue Sky. May PC to BCE in Nov at 13 month mark.

you know you don't have to wait 13 months with Amex right? I actaulyl chatted with Amex about if I can PC my BCE which I got in November about a week ago and they said yes to the Blue sky card. I said no thanks but was way before a year

Re: Appliers Remorse

SunriseEarth — Thu, 14 Aug 2014 07:37:16 GMT

@CallaLilyLover wrote:
I know I cant be the only one thats ever felt this way. Started my credit building journey and got all excited about my first two credit cards. Especially the Freedom woohoo! Then decided to apply for VS and PayPal Connect. Regret both. I havent used the VS card once and I end up using Freedom for the majority of my Ebay purchases since there's an actual benefit to its use. No benefit with the PayPal card at all. Then applied for the Citi ThankYou Preferred (student version) since the requirements seem to be lower for student cards with most companies. Called to check the status and was told they sent a letter for utility bill and ID. Decided yes I want the card but no I dont want the student version bc the sign up bonus is like 20k points less and the starting limit would almost certainly be lower than the regular version. Initiated a chat online and politely requested they cancel the application since it was still in pending status. Representative was pretty awesome, not only did she cancel the application they removed the HP from my EX report. Definitely will apply with them in the future.

So here I am with four cards and I honestly only like 1 out of the 4 Three of these are going to be cancelled or thrown in the sock drawer at the 6 month mark! I dont want to end up with a list of toy limit cards that I dont particularly need just bc I caught the approval bug and went app crazy Maybe its just me but I'm glad I came to this realization early.

To some degree, I also regret my VS. I basicaly took it because it was offered. It's my lowest CL at $550 and I only use it at BBW. I'll likely close it at the two year mark

Re: Appliers Remorse

chalupaman — Thu, 14 Aug 2014 09:59:10 GMT

I have appliers remorse for basically opening the Target and Old Navy cards in the first place but thankfully I've closed both of those and got way better cards anyway and kept the store cards that have actually grown in their CLs which for me have been all GE stuff. Fingerhut not as much though they were only useful for me for a couple of months until I realized how overpriced their stuff was and how I was only really buying socks from that place just to keep it active so that one ended up being closed too. I will give them credit for giving my first ever auto CLI though.

Also me even bothering with Chase in the first place, especially without over a year's worth of credit history and plenty of inquiries and newly opened accounts. That's about it. Other than that, I'm pretty happy with how far I've come on my credit journey and being able to learn from my mistakes along the way and knowing that the majority of the cards I have now are useful for me in different ways. I also have a very good idea of which lenders really want my business the most so I'm just gonna stick to those and let my relationships with them grow as well.