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Garden for awhile or apply for one more?

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Member

Garden for awhile or apply for one more?

Hi all,

 

So I'm new here and have a pretty thing profile as far as credit. I have 5 cards total, two Wells Fargo cards, one Amex, one Capital one mastercard, and Discover IT. My FICO is 690 and I went to apply for one more- Chase Sapphire and did not get approved! ugh. But they said it was because I have opened up credit cards and auto loan just recently, which is true. I got a 15,000 car loan from GMC and opened up the amex, Discover, and one of the Wells Fargo cards within just six months.

 

My question is should I slow down and garden for awhile or try Bank of America for my 5th card, even though I really want the Chase card!

 

Any advice from seasoned folks would be great. (Or just anyone maybe in a similar boat). Thanks!

Message 1 of 18
17 REPLIES
Member

Re: Garden for awhile or apply for one more?

I am new too. I don't have any advice for you. I just wanted to say I was doing so well, and still am, but I applied for a Quicksilver One card and was approved and kind of regret it. I was supposed to be gardening until November. Everything was going up, up, up. I applied am glad I was approved since my Experian scoree took a 17 point hit, but I didn't need this card. My utilization is low and this card has an annual fee. Just my experience. Good luck with your choice!

December 2017 all FICO 8 scores under 575
July 2018 FICO8:
EX 702
EQ 673
TU 682
Discover IT $1200 -> $1700 (increase after 90 days)
AMEX BCE $500
Capital One Secured $200 -> $500 (increase after 5 months)
Target RED Card $300

Rebuilding
Message 2 of 18
Senior Contributor

Re: Garden for awhile or apply for one more?

Chase has a 5/24 rule. They won't approve you if you've been approved for 5 cards in a 24 month period. In addition to that, they dont like thin profiles and require a year of history on the majority of your cards. If you really want the chase, don't get another card, garden until you can get it. The soonest would be once your oldest card is 25 months old






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Message 3 of 18
Valued Contributor

Re: Garden for awhile or apply for one more?

OP, if you have to ask, the answer is almost always "garden", you've done plenty of apping plus the car loan, time to age them and let your score recover. Also, the reason you were denied by Chase is because you broke their 5/25 rule, 5 new accounts in last 24 month.

 


@Scifives wrote:

I am new too. I don't have any advice for you. I just wanted to say I was doing so well, and still am, but I applied for a Quicksilver One card and was approved and kind of regret it. I was supposed to be gardening until November. Everything was going up, up, up. I applied am glad I was approved since my Experian scoree took a 17 point hit, but I didn't need this card. My utilization is low and this card has an annual fee. Just my experience. Good luck with your choice!


Have you not read all the threads with people trying to get out of QS1? Smiley Tongue

Message 4 of 18
Contributor

Re: Garden for awhile or apply for one more?

Think you should garden! You got a good group of cards to tide you over, let that Chase card be your reward after you’ve finished gardening.

07.18 -
08.09 -

Current cards: AMEX Blue Sky, PayPal 2% Cashback, Discover It, Capital One Quicksilver, Capital One Quicksilver, Lendup Arrow, Merrick Bank

Future Card wants: USAA
Message 5 of 18
New Contributor

Re: Garden for awhile or apply for one more?

BofA doesn't like a lot of recent accounts either

Message 6 of 18
New Contributor

Re: Garden for awhile or apply for one more?

My rule of thumb is to stop apping and garden after the first denial I get. Helps to prevent a bunch of wasted HPs.

Bank of America doesn’t like thin files, and they especially don’t like a ton of recently-opened accounts (They’ve denied me for both reasons in the past).

How old is your oldest card? If it is under two years, to get the Sapphire you will need to garden for 2 years minus the age of the oldest account to be under 5/24.
Message 7 of 18
Valued Member

Re: Garden for awhile or apply for one more?


@JST2021 wrote:
My rule of thumb is to stop apping and garden after the first denial I get. Helps to prevent a bunch of wasted HPs.

Bank of America doesn’t like thin files, and they especially don’t like a ton of recently-opened accounts (They’ve denied me for both reasons in the past).

How old is your oldest card? If it is under two years, to get the Sapphire you will need to garden for 2 years minus the age of the oldest account to be under 5/24.

OK, I guess I am getting myself confused on here. If you garden for two years, wouldn't you automatically be under 5/24? I was under the impression that 5/24 meant 5 accounts in 24 months. So if you garden for two years you would be at 0/24 wouldn't you? What part of that equation am I missing? 


Message 8 of 18
Senior Contributor

Re: Garden for awhile or apply for one more?


@CerebralZulu wrote:

@JST2021 wrote:
My rule of thumb is to stop apping and garden after the first denial I get. Helps to prevent a bunch of wasted HPs.

Bank of America doesn’t like thin files, and they especially don’t like a ton of recently-opened accounts (They’ve denied me for both reasons in the past).

How old is your oldest card? If it is under two years, to get the Sapphire you will need to garden for 2 years minus the age of the oldest account to be under 5/24.

OK, I guess I am getting myself confused on here. If you garden for two years, wouldn't you automatically be under 5/24? I was under the impression that 5/24 meant 5 accounts in 24 months. So if you garden for two years you would be at 0/24 wouldn't you? What part of that equation am I missing? 


The open date for the first card isn't mentioned so he's starting the 2 year countdown now, minus the start date of the first card. If the op got their first card 6 months ago 24-6=18 months to wait, 12 months ago 24-12=12 months to wait, etc.






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Message 9 of 18
New Contributor

Re: Garden for awhile or apply for one more?

@CerebralZulu Yes, you would be at 0/24 if you gardened for 2 years. But if you have 5 cards under 2 years, and you wait for the oldest one to hit two years, you are at 4/24, which opens you up a slot to add one chase card, if you don’t want to wait two whole years.
Message 10 of 18