Do I App or Keep Gardening?

[Anonymous]

I just checked my reports this AM and all my scores went up by 2-3 points each, can't get why TU is so much lower, but that's for another day........

All 3 bureaus say that the reason (including the obvious ch7) for a negative impact is two few accounts.  My overall utilization reported is 13%

Here is what's reporting with the score changes:

Cap 1 @ $7k (increase of 3K since last score pull)

Cap 1 @ 3K

Pier 1 @ $750

Closed Auto Loan

My AAoA is 5.8 years to 6.3 years depending on bureau pulled

Here's what is not reporting:

Cap 1 @ 10K (first statement just closed)

Cap 1 @ 5K (first statement won't close until 10/7 per C1 rep)

Pier 1 CLI to $1,500

New/Refinanced Auto Loan for $18K

So my question is, with my reports as is, would I even be able to get approved for a Barclay's right now - of course CK says it's a very good chance, but I trust them as much as their fako scores.  I'm also looking at a Pottery Barn card, but not sure that another store card is a great idea.  I was also looking at a Banana Republic card but I'd only want the MC product.  I burned GE Capital with a Gap Visa, so I'm assuming that Syncrony will know that and I'd be declined anyway.

Any thoughts - do I just stay in the garden until the first of the year and then give Barclays a try?  BofA also offered me a secured card, is that the only way in with them?  I did not burn them (thankfully...........), not sure I want a HP for a secured card?!?

Any help or insight would be appreciated (I do plan on consolidating 2 of the cap1 cards in December once the QS1 reaches the 6 month mark).

[Anonymous]

You should garden as your current cards are enough.  Also, with your line up you don't need a secure card in my opinion.  Why would you want it anyway?  Do you need BOA that bad?

[Anonymous]

Not that I want BofA so badly, it's just that I'm going to need someone other than cap1, eventually right?

My ch7 was due to a small business failure so I burned Chase (business Marriott), Citi (Hilton visa), bb&t, DSNB/Macy's Amex, GE capital and Discover - pretty much all of the big ones. I figured it might be helpful to get in with BofA somehow, just wasn't sure if taking the HP was worth it. Now as I type I think that I would rather take the HP with Barclays in the future and try to get in with them eventually.

[creditwraith]

I agree with Yes, head for the garden. You have lots of great lines reporting. Personally I'm a big fan of Cap One post BK 7, and you may want to make them your go to for a while. Chase and Amex have a long memory when burned in BK.

[Anonymous]

You're in the rebuilding phase so that means you need to be cautious. Don't go applying for tons of cards just because you could possibly get approved. Wait. Learn to be patient and do things in reasonable and balanced steps. When you get the chance to restart, do it the right way, which is have a plan. When people encourage you to stop and garden. Stop and garden. Most people will clamor for you to apply and apply again. I say stop and enjoy what you have accomplished so far. 

It is a journey and not a mad dash. Be in control of your credit profile. Enjoy the journey knowing that there is absolutely no reason you have to randomly apply. Let your new cards show up on your credit record. Pay them on time. Build your profile, and later this year reevaluate what card(s) best fit your profile. 

Congrats...enjoy...and garden away. You have some veggies to till. 

[ddemari]

OP- you should take the advice and garden. I definitely know what is like to have a string of approvals and want to keep on going.

If I would have let some cards age before applying for more constantly. I am sure my results would have been better. 

[Anonymous]

Ok, I will take this advice and garden. I'll take a look at where I am at the beginning of the year and make sure my shirt term strategy lines up with my overall goal to be house hunting at the beginning of 2018.

[Anonymous]

Gardening sounds like a good idea, you already have some great lines and your AAoA is good. Far better than mine atleast. Gardening is fun though I'm finding. Banks start liking you and giving you auto cli!

[Anonymous]

Garden

[kdm31091]

Take the advice. Garden.

PS - 99% of the time, when someone asks if they should be gardening, they know the answer is yes