topic Re: Check me in...I need help in Credit Cards

Check me in...I need help

Anonymous — Sun, 20 Jul 2008 19:20:22 GMT

Okay, so many this isn't as bad as some folks addictions, but I promised myself I would NOT apply for any other cards because I aim to buy a house in the 1st or 2nd quarter of 2009 and I didn't want to add any other inquiries. My credit is realitively young approx 3+ years, so average age is not too much of a concern, and I had not applied for any cards in 2 years until June when I received a Chase & PenFed. Anyway, I was pleased with those cards, and am firing my first premier crap card next month - I know it's stupid but I'm waiting until I can get just one more increase from them so that when I close out my account it has a higher CL showing on my report. Stupid...waste of 20 bucks or whateve, yeah, but it will make me feel better.

Anyway... I tossed the idea of apping for a Discover card around since before I opted for PenFed, but went with PenFed instead (and am hoping it pays off as people say, but I'm still skeptical about them after the hoops they made me jump through).

Got approved for the Discover more for $4k. My highest CL to date. I'm excited, but now having buyers remorse, if you will. The last two barely hurt me at all, I lost 7 points all together from inquiries and when Chase and PenFed started reporting. My little recommendations thingies on TrueCredit were telling me either EQ and TU or EX and TU said i needed more "premium bankcards" to add to my credit file. I use that as the excuse for the little voice in my head telling me to do it. So, I did...

ack....

Should I be happy about this, or should I be disappointed in my lack of will power? Be honest!

Re: Check me in...I need help

GFer — Sun, 20 Jul 2008 19:30:46 GMT

If you get the mortgage in June or July of 2009, your average age will have gone up because of three tradelines reporting 1yr anniversay.

Re: Check me in...I need help

Anonymous — Sun, 20 Jul 2008 19:32:12 GMT

TRUE! Thank you for that. It makes me feel less guilty. I will be most likely looking more towards the April - May mark because I aim to be in by end of summer though...

Re: Check me in...I need help

Anonymous — Sun, 20 Jul 2008 19:37:13 GMT

Be happy! You'll prob need a good card once you move into that new house. I'm happy for anyone who buys a home. Home ownership is a blessing - your money is working for you when you own a home. I am not a big Discover fan but LOVE PenFed. To each his own. Wish I'd known you wanted a Discover More card 'cause I would have signed mine over to you (has a zero balance).

Re: Check me in...I need help

Anonymous — Sun, 20 Jul 2008 19:45:39 GMT

MsQueenB wrote:
Be happy! You'll prob need a good card once you move into that new house. I'm happy for anyone who buys a home. Home ownership is a blessing - your money is working for you when you own a home. I am not a big Discover fan but LOVE PenFed. To each his own. Wish I'd known you wanted a Discover More card 'cause I would have signed mine over to you (has a zero balance).

Hey, Thanks! I can not wait to be a homeowner! I know discover is kinda a pain in the sense that they are not accepted at many places, but I liked that they have the alternating rewards every 3 months, and really just wanted to have it, I don't know, for stupid reason. LOL

Darn, I should have posted before I pulled the trigger, I would have gladly taken over yours and not wasted an inquiry. hehe. As for PenFed, I am self employed and it took them a week and a billion phone calls and faxes of everything besides thumbprints before they'd approve me a whopping $1,000. They made it VERY clear and so did their customer service supervisor that they are not too keen on the self-employed. So, after that, we didn't get off to a good start, but I'm hoping the relationship will take a different turn.

I think I am set now though, when it comes to prime cards. I have had BofA for a few years, and then recently obtained Chase, PenFed and Discover.

Re: Check me in...I need help

Anonymous — Sun, 20 Jul 2008 19:49:11 GMT

Discover isn't taken many places? Since when? I don't see many places at all around where I live that don't accept all four. Even taco bell for cripes sake! If anybody isn't accepted, it's usually amex, then discover. But its rare.

Re: Check me in...I need help

Anonymous — Sun, 20 Jul 2008 19:50:10 GMT

You know, now that I think about it, PenFed wasn't that good to me way back when I first applied. They gave me a measley 500 dollar limit. When I called a few months later to increase it, the rep was like, "Gosh, why is the limit so low"? That was my question. Now, they LOVE me and are always trying to give me increases and car loans. What a difference, uh?

Re: Check me in...I need help

Anonymous — Sun, 20 Jul 2008 19:52:58 GMT

thrasher865 wrote:
Discover isn't taken many places? Since when? I don't see many places at all around where I live that don't accept all four. Even taco bell for cripes sake! If anybody isn't accepted, it's usually amex, then discover. But its rare.

You know what, you may be right. There are a few mom and pop shops I frequent that don't take discover or amex, but most large places do take discover I'm sure. I bet you, I don't take notice as much because I never had one before....So, I take that comment back.

Re: Check me in...I need help

Anonymous — Sun, 20 Jul 2008 19:54:31 GMT

MsQueenB wrote:
You know, now that I think about it, PenFed wasn't that good to me way back when I first applied. They gave me a measley 500 dollar limit. When I called a few months later to increase it, the rep was like, "Gosh, why is the limit so low"? That was my question. Now, they LOVE me and are always trying to give me increases and car loans. What a difference, uh?

Oh man, thank you for saving my sanity with that post. Everyone seems to love them and rave about them and I about wanted to tell them to take that card it and show it in a nasty place when I finally got approved.

How generous have they been on the limits since you had some history with them? I'm really hoping they will reward my good behavior in 6 months or so. Do you recall if they pulled another hard on you to give you CLI?

Re: Check me in...I need help

haulingthescoreup — Sun, 20 Jul 2008 19:59:07 GMT

@Anonymous wrote:

Okay, so many this isn't as bad as some folks addictions, but I promised myself I would NOT apply for any other cards because I aim to buy a house in the 1st or 2nd quarter of 2009 and I didn't want to add any other inquiries. My credit is realitively young approx 3+ years, so average age is not too much of a concern, and I had not applied for any cards in 2 years until June when I received a Chase & PenFed....

Stop now. You're OK with these two, but stop now. Cut out a picture of a house and tape it on your computer screen if you need to. Just stop now. You're going to be in great shape come mortgage time.

Believe me, I hear ya. I have some final tweaking to do next January and March, and I'm bored and restless, which is always a bit dangerous with me!

Gardening time.

Re: Check me in...I need help

Anonymous — Sun, 20 Jul 2008 20:06:04 GMT

@haulingthescoreup wrote:
@Anonymous wrote:
Okay, so many this isn't as bad as some folks addictions, but I promised myself I would NOT apply for any other cards because I aim to buy a house in the 1st or 2nd quarter of 2009 and I didn't want to add any other inquiries. My credit is realitively young approx 3+ years, so average age is not too much of a concern, and I had not applied for any cards in 2 years until June when I received a Chase & PenFed....

Stop now. You're OK with these two, but stop now. Cut out a picture of a house and tape it on your computer screen if you need to. Just stop now. You're going to be in great shape come mortgage time.

Believe me, I hear ya. I have some final tweaking to do next January and March, and I'm bored and restless, which is always a bit dangerous with me!

Gardening time.

Yes, I think you hit it. I did my fixing and now I'm getting bored. I will tape up house pictures. Great idea! I hope this doesn't hurt me. So scared.

I guess the plus side is that they gave me the highest CL I currently have. Hopefully my other cards will follow suit.

Message Edited by UpUpUp on 07-20-2008 04:06 PM

Re: Check me in...I need help

haulingthescoreup — Sun, 20 Jul 2008 20:09:10 GMT

@Anonymous wrote:

Yes, I think you hit it. I did my fixing and now I'm getting bored. I will tape up house pictures. Great idea! I hope this doesn't hurt me. So scared.

Really, you'll be fine. It's unreasonable to expect people with short credit histories to go into the deep freeze for 12 months before a mortgage. What if they get a job transfer and need a new house? What if they get a raise? So you haven't hurt yourself, and probably getting two good cards will wind up helping. You just don't need any more newness dings after these.

I typed out my plan on Notepad for where I wanted to go with my credit, and I made myself read it every time before I logged on the forums, just so I wouldn't get caught up in the frenzy. Everyone comes up with a different solution, or everyone who manages to stick to their plan!

Crocheting is starting to look pretty good to me.

Re: Check me in...I need help

Anonymous — Sun, 20 Jul 2008 20:13:46 GMT

Let's see: after I called the rep, they gave me a 3k credit limit (what a joke from 500 to 3000,uh?) Shortly after, I saw it was 5k. I have never asked for an increase at all. Since I wasn't as knowledgeable about FICO and "pulls", etc. I really don't know if it was hard or soft. That was about 3 years ago.

Now, I have a gold card (10K) and a plat one (23k) (they offered both and did do a hard). Plus I had a car loan 4 years ago which I immediately paid off with equity from my house (another perk of being a homeowner). They prob didn't like that too much because they didn't make any interest off that car loan!

But, as someone said, cool it for now since you're getting a home. Good luck with that!

Re: Check me in...I need help

Anonymous — Sun, 20 Jul 2008 20:46:17 GMT

Wow. That's great! Yeah, I really am done with all my cc's. It was almost a stupid game of seeing "if" I could get it. Which was dumb, but it's done...what can I do.

Thanks for the luck on the home. My scores are in the 740-750 range right now. Might take a hit for this latest cc addition, but hopefully in the 9 months or so before I apply, I'll make that back and then some.

Message Edited by UpUpUp on 07-20-2008 04:46 PM

Re: Check me in...I need help

Anonymous — Wed, 23 Jul 2008 19:00:24 GMT

HOLY COW. Discover is already on my Experian report. I only apped this past weekend and the card isn't even here yet.