topic Re: Need To Quit Applying! in Credit Cards

Need To Quit Applying!

Anonymous — Wed, 15 Oct 2014 15:45:22 GMT

Started with a Discover IT secured card about 6 months ago, and decided to start applying for new cards based on the advice of a BoA employee. To my shock, I was getting approved back to back for new unsecured cards from Chase, Capital One, GE, etc. Now I'm in a dillema. I obviously got credit happen and opened a lot of new lines of credit, and I'm kind of hooked. I need to stop applying for each card. At this point opening about 6-7 new accounts in one month (my first accounts), how long should I realisticly stop before I apply for any more cards? Should I even bother applying for more? Just wait for increases? I have more than enough in limits to meet my monthly income. But it's so addicting, not because I'm actually even using the credit cards, it just feels like an accomplishment! I'm sure many of you have all felt this way at some point.

Re: Need To Quit Applying!

baller4life — Wed, 15 Oct 2014 15:47:33 GMT

Freeze those bureaus.

Re: Need To Quit Applying!

Anonymous — Wed, 15 Oct 2014 15:49:52 GMT

@Anonymous wrote:
Started with a Discover IT secured card about 6 months ago, and decided to start applying for new cards based on the advice of a BoA employee. To my shock, I was getting approved back to back for new unsecured cards from Chase, Capital One, GE, etc. Now I'm in a dillema. I obviously got credit happen and opened a lot of new lines of credit, and I'm kind of hooked. I need to stop applying for each card. At this point opening about 6-7 new accounts in one month (my first accounts), how long should I realisticly stop before I apply for any more cards? Should I even bother applying for more? Just wait for increases? I have more than enough in limits to meet my monthly income. But it's so addicting, not because I'm actually even using the credit cards, it just feels like an accomplishment! I'm sure many of you have all felt this way at some point.

Have you gotten denied yet?

Re: Need To Quit Applying!

AvadaKedavra — Wed, 15 Oct 2014 15:55:35 GMT

@Anonymous wrote:
Started with a Discover IT secured card about 6 months ago, and decided to start applying for new cards based on the advice of a BoA employee. To my shock, I was getting approved back to back for new unsecured cards from Chase, Capital One, GE, etc. Now I'm in a dillema. I obviously got credit happen and opened a lot of new lines of credit, and I'm kind of hooked. I need to stop applying for each card. At this point opening about 6-7 new accounts in one month (my first accounts), how long should I realisticly stop before I apply for any more cards? Should I even bother applying for more? Just wait for increases? I have more than enough in limits to meet my monthly income. But it's so addicting, not because I'm actually even using the credit cards, it just feels like an accomplishment! I'm sure many of you have all felt this way at some point.

Whoa! 6-7 new cards in one month is a whole lot! I was JUST like you a few months ago. I was successful in rebuilding my credit and kept getting approved for everything and it was like a drug! I told myself after my AMEX's I would stop since that was my goal. But then the whole NASA thing happened and I couldn't give up a 5 digit CL so I went for it and told myself that is all! It's really difficult and everyone deals with it a certain way, but I'm finally comfortable with what I have.

I tell myself it's better to wait because all these new accounts will become a reg flag to any new CCCs. Though my credit is excellent now, the more new accounts I have, the lower my AAoA gets and CCCs will start denying me. In the mean time I stay away from the Approval threads and just continue helping and sharing my experience with others on here. I create spreadsheets to track my current cards and sometimes the act of organizing what I currently have fixes my app itch. Some also actively post in the Garden thread for support.

Generally accounts are no longer "new" after 6-8 months. I'd wait until then before you start apping again...and only app again if you absolutely need it. Otherwise, stick with what you have. The good news it, in about 6 months you'll be eligible for CLIs on new accounts so that may even itch your "need" to apply for new apps. Personally, my goal is a CSP and I'm waiting until March/April to app for that because Chase will deny me with all these new accounts/inqs. The desire for the CSP is what's helping me not apply for anything else.

Hope that helps.

Re: Need To Quit Applying!

Anonymous — Wed, 15 Oct 2014 15:55:33 GMT

you probably need to stop applying for cards for at least 6 months. getting approved might be addicting but it might get you into trouble for few different things. let the credit cards you have grow little bit, and get your credit score up, and apply later with higher credit score and get approved for huge limit credit cards with prime lenders than many cards with tiny limits.

Re: Need To Quit Applying!

Anonymous — Wed, 15 Oct 2014 15:56:27 GMT

@Anonymous wrote:
you probably need to stop applying for cards for at least 6 months. getting approved might be addicting but it might get you into trouble for few different things. let the credit cards you have grow little bit, and get your credit score up, and apply later with higher credit score and get approved for huge limit credit cards with prime lenders than many cards with tiny limits.

Heh.

I got approved for 5 cards in the last two months as well.

Re: Need To Quit Applying!

lisat009 — Wed, 15 Oct 2014 16:05:20 GMT

@Anonymous wrote:
Started with a Discover IT secured card about 6 months ago, and decided to start applying for new cards based on the advice of a BoA employee. To my shock, I was getting approved back to back for new unsecured cards from Chase, Capital One, GE, etc. Now I'm in a dillema. I obviously got credit happen and opened a lot of new lines of credit, and I'm kind of hooked. I need to stop applying for each card. At this point opening about 6-7 new accounts in one month (my first accounts), how long should I realisticly stop before I apply for any more cards? Should I even bother applying for more? Just wait for increases? I have more than enough in limits to meet my monthly income. But it's so addicting, not because I'm actually even using the credit cards, it just feels like an accomplishment! I'm sure many of you have all felt this way at some point.

Lol me and you both! It is very addicting until i get to the point that I got declined. I really wanted the Amex bce but nadaaaa declined I should have just waited and folow my instinct to not apply for now. For now, I will let my account age and grow my score then apply again in a few months or a year.

Re: Need To Quit Applying!

Anonymous — Wed, 15 Oct 2014 16:07:18 GMT

I feel ya!

Toss a seedling in your sig(se the first opost of the gardening meeting), set a goal for yourself (ie. no apping for 6 months or until you reach a particular score ect) and keep to your goals! Freeze up the bureaus if you really can't stick to your goals any other way. Good luck!

I'm loosing my mind and it's only been 2 months for me ><

Re: Need To Quit Applying!

Anonymous — Wed, 15 Oct 2014 16:08:34 GMT

Yes I have been, and that's the problem. It's like a gambler who loses all of his money but still continues to dig a deeper hole for himself lol. I know I just need to stop when I get declined because of too many recent accounts / inquiries. But every once in a while another will approve me. At this point I'm going to stop, I'm just curious as to how long I should wait before I applied for an increase or applied for any new cards? I feel OK for now, but there are certain cards like the Chase Freedom card that I'm really interested in having, or the BoA visa.

Re: Need To Quit Applying!

AvadaKedavra — Wed, 15 Oct 2014 16:10:34 GMT

@Anonymous wrote:
Yes I have been, and that's the problem. It's like a gambler who loses all of his money but still continues to dig a deeper hole for himself lol. I know I just need to stop when I get declined because of too many recent accounts / inquiries. But every once in a while another will approve me. At this point I'm going to stop, I'm just curious as to how long I should wait before I applied for an increase or applied for any new cards? I feel OK for now, but there are certain cards like the Chase Freedom card that I'm really interested in having, or the BoA visa.

With the exception of AMEX, you typically have to wait at least 6 months for a CLI.

Re: Need To Quit Applying!

lisat009 — Wed, 15 Oct 2014 16:16:30 GMT

@Anonymous wrote:
Yes I have been, and that's the problem. It's like a gambler who loses all of his money but still continues to dig a deeper hole for himself lol. I know I just need to stop when I get declined because of too many recent accounts / inquiries. But every once in a while another will approve me. At this point I'm going to stop, I'm just curious as to how long I should wait before I applied for an increase or applied for any new cards? I feel OK for now, but there are certain cards like the Chase Freedom card that I'm really interested in having, or the BoA visa.

Hey Have you tried the pre-approval for Chase? that is how i got mine and they are very accurate.

Re: Need To Quit Applying!

Anonymous — Wed, 15 Oct 2014 16:18:35 GMT

The standard advice it 6 months. Last time I tried, I wimped out at 3 months. I got an approval, but I had to recon twice(I got real lucky there!) and the second card I applied for was just denied regardless of recons. I should have waited 6 months ><. This time I want an even harder to get card, and my AAoA is lower and number of inquiries is higher, so should definitely wait the 6months (I don't wanna though T^T). With your new accounts and inquiries and score I'd a year if you can!

As for cli request, some places will give auto increases at 6 months and it's ill advised to ask for one before then, but asking earlier has worked for some people.

Re: Need To Quit Applying!

1GaDawg85 — Wed, 15 Oct 2014 16:17:13 GMT

Give yourself a year before apping again

Re: Need To Quit Applying!

Jerry45 — Wed, 15 Oct 2014 16:24:14 GMT

Try to think of it like going to Vegas. Have a plan to stay ahead if you win. You have won big at Credit, and now you need to step back and garden.

Re: Need To Quit Applying!

MissMoni223 — Wed, 15 Oct 2014 16:58:40 GMT

You sound exactly like I did back in March. The only difference is that I didn't discover this forum until AFTER my big App Spree. I added 14 cards in March 2014 alone and then 2 more in July 2014, which is why I'm gardening indefinitely. There are no other cards that I really need. I want a real AMEX, but it's definitely something that I can live without. Take a deep breath and let your current cards GROW. There's still joy in getting SP CLI's!!!

Re: Need To Quit Applying!

Anonymous — Wed, 15 Oct 2014 18:23:35 GMT

@Anonymous wrote:
@Anonymous wrote:
you probably need to stop applying for cards for at least 6 months. getting approved might be addicting but it might get you into trouble for few different things. let the credit cards you have grow little bit, and get your credit score up, and apply later with higher credit score and get approved for huge limit credit cards with prime lenders than many cards with tiny limits.
Heh.

I got approved for 5 cards in the last two months as well.

Me too, we have so much in common. Lmao.

Seriously though, OP, garden for a while and watch your scores jump.

Re: Need To Quit Applying!

waters — Thu, 16 Oct 2014 03:14:55 GMT

The problem isn't applying.. It's myfico... Normal people don't have the same addiction we do..Normal people are good with their 3-4 cards...

The common denominator is myfico.com!

Re: Need To Quit Applying!

wacdenney — Thu, 16 Oct 2014 03:22:30 GMT

@waters wrote:
The problem isn't applying.. It's myfico... Normal people don't have the same addiction we do..Normal people are good with their 3-4 cards...

The common denominator is myfico.com!

Agreed!! When I get to busy to come here and read, I find myself without urges to apply. I think we have all been through what the OP is going through at some point. If you can't figure it out on your own, eventually the denials will let you know when it's time to stop. But then again... A few weeks ago I was DONE and had a couple of months behind me. Now I'm waiting to find out whether or not I get approved for a Diners Club card.

Once you've lived for as long as I did with messed up credit it can be hard once its repaired and the approvals start rolling in!