Lending Club and new app question

[danghost]

Greetings! I posted this in the Gardening area but it may be more appropriate here: 

I have been gardening for over 2 1/2 years. In June of 2013 I went on a major spree acquiring 2 am ex, 3 Chase, Discover It, local CU Visa and Pen Fed Visa. All with pretty good limits. Total CL up to 70k. I had several others as well. Also bought a new bike and did a refi with Pen Fed. I went on a spending spree modding my bike but also one of my businesses slowed down at this time so I relied on CCs to keep another biz going.

I racked up about 35k including the bike. After a few months Am Ex, Chase and Discover all lowered my CL. Overall down to about 60k.

This month I decided to look into a lending tree loan and was approved for $28,800 at 6.24%. So I took it and this week paid off all my cards. (except for 1% of my CL).

2 cards (out of 9) have reported and my FICO went up 14 points to 718.

From what I have read, Lending Club may be slow to report my loan. 

My question is...would it be a wise time to go on a mini app spree after my CCs report and before the loan reports? I'm interested in getting a better rewards card like the Venture, (or what others might recommend) and possibly request some CLIs. Any thoughts? My businesses are in great shape and I am very fine not going on any spending sprees, just obssessed like everyone here.

Thanks in advance! Sorry I don't have the abbreviation thing down very well.

[Anonymous]

You went on an app spree 2 1/2 years ago, racked up a bunch of debt, took out a consolidation loan to pay off that debt, and are now considering another app spree? My opinion is keep your finger off the button.

[Anonymous]

Wonders never cease. I am just shocked OP that you would even contemplate doing the very thing that helped rack up $35K in CC debt. I don't know how long you have been on the forum or lurked, but it seems that you learned next to nothing about building a great credit profile and sound foundation.

Once your other accounts update, I'm sure you'll pick up another20-40 points. Be happy with that and nice 700 scores, and then go on a pay down your debt spree, particularly since your business is doing well. At most, apply for 1-2 cards. Nothing more. You have confused good credit with getting new credit cards, and have thus learned the wrong lessons. 

Honestly I am very sad to read your post. Please rethink your approach to credit. You don't need and can't afford to go on a credit card spree. Sorry but I can't support you, though I'm sure you'll find a number of people here with great cards to recommend. 

[danghost]

Thanks for your replies.

Mini app spree was the wrong term to use, I would like to get the best rewards card I can and would like to get CLIs on the cards that lowered them.

The 35k was mostly for one of the businesses which is excelling now. Would have folded had I not had the credit line.

No need for the condescension.

[lhcole77]

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@danghost wrote:

Thanks for your replies.

Mini app spree was the wrong term to use, I would like to get the best rewards card I can and would like to get CLIs on the cards that lowered them.

The 35k was mostly for one of the businesses which is excelling now. Would have folded had I not had the credit line.

No need for the condescension.

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Agreed. OP was asking for advice, not requesting a myFico spanking of snark.

Do you travel? How often? Do you fly much? Stay at hotels much? What type of rewards are you looking for?

ETA: nice APR with LC. I know someone who works there and those rates are rare!

[danghost]

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@lhcole77 wrote:

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@danghost wrote:

Thanks for your replies.

Mini app spree was the wrong term to use, I would like to get the best rewards card I can and would like to get CLIs on the cards that lowered them.

The 35k was mostly for one of the businesses which is excelling now. Would have folded had I not had the credit line.

No need for the condescension.

---

Agreed. OP was asking for advice, not requesting a myFico spanking of snark.

Do you travel? How often? Do you fly much? Stay at hotels much? What type of rewards are you looking for?

ETA: nice APR with LC. I know someone who works there and those rates are rare!

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Thanks Ihcole77,

My main business for 25 years has been owning a recording studio so I rarely even know if it was sunny outside.

I am now beginning to travel, road trips on my bike, trips to Vallarta and the North Shore of Oahu etc. So what I have gathered is that the Venture is a good match for rewards. I may be wrong. Which is why I am seeking advice. I can manage my debt just fine and have learned greatly from this site.

Thanks for restoring my faith in humans.

[lhcole77]

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@danghost wrote:

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Thanks Ihcole77,

My main business for 25 years has been owning a recording studio so I rarely even know if it was sunny outside.

I am now beginning to travel, road trips on my bike, trips to Vallarta and the North Shore of Oahu etc. So what I have gathered is that the Venture is a good match for rewards. I may be wrong. Which is why I am seeking advice. I can manage my debt just fine and have learned greatly from this site.

Thanks for restoring my faith in humans.

---

My pleasure. With a 6.24% APR on a nearly 30K loan, your reports and app indicate that you are clearly doing something right.

I can't speak of CO Venture--I don't have that card.

What I do have/know is this:

1. BofA Alaska card comes with 25K bonus signup w/out spend requirement. That's enough for RT flight to US or Canada or to Hawaii from West Coast. AND you get a $99 companion ticket every year, good for anywhere Alaska flies--which includes Hawaii, Mexico, Costa Rica and even East Coast cities. Annual fee I think is $75 or $89. I forget because I don't care.

2. Barclays Arrival+ comes with $400 bonus after $3000 spend. I love this card. I use airbnb all over the world and those costs can be paid with the rewards from Arrival. It gives 2% on all charges and can be used on flights, hotels, trains, any travel, airbnb. No FTF and chip and pin. $89 annual fee.

3. Depending on who you fly when you go to Hawaii and Vallarta, there are decent sign ups for American, Delta and Southwest but I don't think the offers are as high as they have been in the past.

I also know this: For me it would be silly not to have some travel cards because I travel and the benefits are huge in my experience.

I'm off to the gym but I can chime in more later.

[danghost]

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@lhcole77 wrote:

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@danghost wrote:

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Thanks Ihcole77,

My main business for 25 years has been owning a recording studio so I rarely even know if it was sunny outside.

I am now beginning to travel, road trips on my bike, trips to Vallarta and the North Shore of Oahu etc. So what I have gathered is that the Venture is a good match for rewards. I may be wrong. Which is why I am seeking advice. I can manage my debt just fine and have learned greatly from this site.

Thanks for restoring my faith in humans.

---

My pleasure. With a 6.24% APR on a nearly 30K loan, your reports and app indicate that you are clearly doing something right.

I can't speak of CO Venture--I don't have that card.

What I do have/know is this:

1. BofA Alaska card comes with 25K bonus signup w/out spend requirement. That's enough for RT flight to US or Canada or to Hawaii from West Coast. AND you get a $99 companion ticket every year, good for anywhere Alaska flies--which includes Hawaii, Mexico, Costa Rica and even East Coast cities. Annual fee I think is $75 or $89. I forget because I don't care.

2. Barclays Arrival+ comes with $400 bonus after $3000 spend. I love this card. I use airbnb all over the world and those costs can be paid with the rewards from Arrival. It gives 2% on all charges and can be used on flights, hotels, trains, any travel, airbnb. No FTF and chip and pin. $89 annual fee.

3. Depending on who you fly when you go to Hawaii and Vallarta, there are decent sign ups for American, Delta and Southwest but I don't think the offers are as high as they have been in the past.

I also know this: For me it would be silly not to have some travel cards because I travel and the benefits are huge in my experience.

I'm off to the gym but I can chime in more later.

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Thanks so much, this is EXACTLY the kind of info I was hoping for. Next time I'll leave the backstory out of it. It's time to do some traveling.

[bk510]

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@Anonymous wrote:

You went on an app spree 2 1/2 years ago, racked up a bunch of debt, took out a consolidation loan to pay off that debt, and are now considering another app spree? My opinion is keep your finger off the button.

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+++1,

[lhcole77]

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@danghost wrote:

Thanks for your replies.

Mini app spree was the wrong term to use, I would like to get the best rewards card I can and would like to get CLIs on the cards that lowered them.

The 35k was mostly for one of the businesses which is excelling now. Would have folded had I not had the credit line.

No need for the condescension.

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Stay strong, OP. I hear what you're saying.

Now, let's address this: would like to get CLIs on the cards that lowered them.

If you care to share, who lowered you and when?