Is it time to stop?

[Milano]

I think it may be. 

In October, I paid down a whole bunch of credit cards as my total utilization was around 74%.

My FICOs were all low to mid 600s. Today, everything is between 713 and 753.

Now I'm at 21% utilization (thanks to AMZN on colombus day)

The cards that I've had already are:

Discover It Cash Back $5000 cl

Local Credit Union Visa Platinum  $1500 cl

Local Credit Union Visa Secured $500 cl

Care Credit $4000 cl

Since the beginning of the month, I've:

Refinanced my mortgage

Opened AMEX BCP $1000

Opened Citi Double Cash $6800

Closed Local Credit Union Secured Visa

Denied for BoA Cash Rewards

Denied for Chase Freedom Unlimited 

Pending Approval for US Bank Cash Plus

Added as Authorized User on my wife's Chase FU $3100

Increased CL on Local Credit Union Visa by $500 (now $2000) and interest dropped from 17.99 to 10.99

My largest paydown on my credit cards didn't hit my credit reports until the 8th or so.... So I should have waited, I was too eager. Maybe I wouldve gotten the BoA because the letter states my Nov 4 report said too much overall utilization. 

I should give it a rest now, right?? 

[Anonymous]

In a word, yes.

That's a great haul, but I'd let your reports cool and accounts age for 6-12 months (12 is better) and let things settle. 

[M_Smart007]

Ummmmm, YES!

[Meanmchine]

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@Milano wrote:

I should give it a rest now, right?? 

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If you have to ask the question, then you already know the answer

[Milano]

Sigh. Okayyyyyyyy. 

I thought so... But then I started reading threads about backdoor numbers and plans of attack and and and and... 

But I agree. I just needed to hear it from people more experienced in this game. 

Thank you!

I'm so excited to be on the trajectory I'm on.. I've been using a great zero based budgeting app since August and personally it's really kept me in line. I'm ocd with every penny now and it's a nice way to be! 

[Anonymous]

Advantageous, but YES. Give it a little rest... let the CRs reset and reflect recent payments and lower Util. Might even be a good to bring your Util under 10% to increase overall chances, and app in the next 3-6 months.

[coldfusion]

2 denials back-to-back (unfortunately it wouldn't surprise me if the Cash+ ended up as a denial too depending on at what point in the spree you applied) is a clear indicator that you need to hit the brakes and hold off applying for additional credit for a while.

[AllZero]

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@Milano wrote:
My largest paydown on my credit cards didn't hit my credit reports until the 8th or so.... So I should have waited, I was too eager. Maybe I wouldve gotten the BoA because the letter states my Nov 4 report said too much overall utilization.

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Now you know. Best to optimize your reports before seeking credit. Read the letters. It will state the reasons for denial. They may provide information on the areas you need to address before applying again.

[Anonymous]

@Milano Congrats on the approvals! I agree with everyone else that it is time to stop. With that being said, I would still try to recon BOA.

Keep in mind even if you do recon, you might have to explain the recent additions.

Good luck on that US bank app, I hope you get approved (I hear they are really strict on recent inquires/account)!

[Conceptual23]

Yeah, It might be time for a nice six-month break.