@W261w261 wrote:I'd appreciate any advice on moving through 5k. It's like everyone got together and said "5k for you bro." I'm thinking given my recent mini-spree, it would be a good idea to head to the bushes for awhile. But for how long? And when I return to the field, what would be the best course of action? Perhaps another card with Navy, which I gather could come with a higher limit (I'm working on my Navy relationship, have SSL, savings account 5 figures, just opened checking, plus the Flagship). Or just try for a CLI on the Flagship? I don't really need another card for day-to-day. Also, I think it's going to be difficult to do nothing for 6 months.
Prior to Apr 1:
USAA 4+ years 5k
Amex ED 4+ yrs -> EDP since Jan 21. stuck at 1k
Target Red 500
April 1 - pres: * = not on CRAs yet exc for Navy, Synch, Chase HPs
Amex Gold no preset limit
Amex Delta Res 5k *
Navy Flagship 5k *
Lowes Synch 4.5k*
Marriott entry level: Waiting for Chase "14 days" which is supposed to be good, "7 days" being not so good. Not sure what Chase does during that 14 days, but since I kind of accidentally apped the Lowe's card in the middle of the 14, I'm hoping that Chase will rely on the HP they did a week or so ago, which was before the Synch HP.
No rejections so far, except for decline May 1 for a CLI on the Amex EDP
EX 3 inquiries
TU 2
EQ 1
F8 721, F9 a little higher, AZE2 (AU on 2 long-term store cards), good spend across Amex Gold, Delta and Flagship. SD for the EDP until I make the 9k spend on the Amex SUBs. Income >100
Does this sound like a lot of new cards in a short time? It does to me, but then I read of some people with many more (in a short time). So, do I wait, and how long? When I come back, I think I'd like to do something with Navy. If so, CLI or another card? If I can get someone to give me more than 5k, from what I read the rest might be more inclined to follow?
Agree with @Anonymous that adding five new cards in less than two months is a LOT. It's a lot for any profile, but you also need to realize that the ability to add a lot of new cards successfully and with less FICO impact is profile-specific. While your file is getting thicker and your accounts are aging, that was a LOT of cards to add to a profile like yours. We see some add that many cards or more but they may have decades-old credit files with 3x or 4x the existing accounts before the spree than you did, so the impact is relatively minor to them. Plus, they may have incomes much much higher. Comparing yourself to what others are doing on My Fico can be dangerous since you don't see all the factors on their profiles. So I would definitely suggest a long period of gardening, probably one year or longer.
You're also looking for guidance on breaking the $5K level. Keep in mind that less frequent new accounts typically leads to higher limits for any profile. Adding five accounts at once is not a good way to try to get higher limits. Ever. For anybody. A good pace is about one new account every six months or less. Gardening longer may help you get a higher limit on your next application. Patience and time are your best allies.
I would also suggest pursuing CLIs on your Navy account. But getting a higher limit from Navy FCU may or may not help you break through $5K with other lenders. Their limits are often out-of-line (high) with other limits so it appears that other banks may not automatically follow them. In general, though, that is a good strategy on your cards as a whole. I've "leveraged" my credit lines towards higher limits by growing the ones I can, closing lower and less useful ones, and slowly moving my average credit limits higher.
I would not suggest asking for a CLI on your Lowe's account anytime in the near future. Along with the recent credit-seeking, Synchrony seems prone to shut down accounts when members have asked for CLIs. Don't make them nervous.
