Should I stop?

[Anonymous]

I am new to the forum and just posted in the appovals section for the first time. I am fairly new to the whole credit thing but I got 2 student cards when I turned 18 (Capital One Journey & and Citi Dividend Platinum Select). I have used them for 4 years now and paid them off in full each month. My utilization has been kind of high in the past due to low CL of 750 & 700, but I recently got my Cap1 upped to 1,750. Also I have never had a baddie & no inq's (until this spree of course).

Anyway after this forum gave me so much motivation to go on a spree I decided to do just that yesterday and today! I got 4/4 (Capital One Venture, Citi Diamond Preferred, Chase Freedom, & Discover IT). My CL is now 10x what it was a couple days ago and I have some great new cards I can use now! 

I really should stop now... BUT the more I read here the more it makes me want to keep going.. Anyway give me the little nudge I need to stop! Or if there is just one more card you would add to the mix what would it be? Let me know what you guys think!!!

[Anonymous]

Take a breather and let the new accounts age a bit.  Otherwise, you will be getting lousy limits for your next cards if not denials...  Nurture the ones you have now, show responsible behavior and then enjoy the fruit of your patience later as you are young..

[Anonymous]

That's all I needed to hear! I'm very responsible financially, but with my lousy credit cards I just wanted something better... That turned into 4 apps, which I really didn't want or plan to do but good to know I am done for a long time! I'm thinking about closing my Citi Divident Platinum Select as I really never use it because it has such a low limit and lousy reward system. I would like to keep my Capital One Journey for AAoA purposes and use my new Capital One Venture and Chase Freedom for my daily cards. What do you think about closing the Citi?

In hindsight I shouldn't have app'd for the Citi Diamond Preferred as I have no balance to transfer haha. Anyway time to stay clean for the next few years and let these grow as this is plenty for me and should serve me well! Thank you all for this wonderful forum and all the useful information here!

[tonyjones]

What is your income?

[Anonymous]

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@tonyjones wrote:

What is your income?

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Currently I am a part student and part time employed. My income is around 21k. I don't include my other sources of income besides my part time employment for the purposes of credit. All my apps were submitted with this 21k income from my part time job.

[Santi78342]

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@Anonymous wrote:

That's all I needed to hear! I'm very responsible financially, but with my lousy credit cards I just wanted something better... That turned into 4 apps, which I really didn't want or plan to do but good to know I am done for a long time! I'm thinking about closing my Citi Divident Platinum Select as I really never use it because it has such a low limit and lousy reward system. I would like to keep my Capital One Journey for AAoA purposes and use my new Capital One Venture and Chase Freedom for my daily cards. What do you think about closing the Citi?

In hindsight I shouldn't have app'd for the Citi Diamond Preferred as I have no balance to transfer haha. Anyway time to stay clean for the next few years and let these grow as this is plenty for me and should serve me well! Thank you all for this wonderful forum and all the useful information here!

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I would suggest trying to PC your CITI card into something that may be of more use to you. Otherwise, with no annual fee, may as well keep it open for a positive trade line that continues to age. I should also note, when you close a card the account stays on your reports for 10 years so it won't effect your AAoA until then. It would only effect your utilization right away.

Anyways, you're doing well and are on a great path to excellent credit. Keep it up & good luck!

[Santi78342]

I see you've since added the BCE :-P My advice would be to quit while you're ahead and stop applying for anymore credit for at least 6 months! Hopefully you have put thought into any minimum spends that need to be met to receive any signup bonuses.

[Anonymous]

If you don't want to apply for more cards, you can send a quick message on the Capital One website to convert your Journey to a Quicksilver card. Pretty painless and quick process. You don't have to fill anything out. They'll see if you're qualified, and if you are, a conversion will follow. My little cousin (19 years old, student, part-time income) had his Journey card less than two years and sent a message in last week and had it converted to a Quicksilver card right away. It's a 0.25% cashback difference, but if the option's available, why not? You're pretty much getting a new card right?

It won't require a pull (not a hard pull at least) and you'll keep your account's age. Your accrued cashback will be maintained as well. Plus, with the Quicksilver, you can potentially achieve a higher limit than you would with a Journey. Just my $0.02. Best of luck though dude.

[Anonymous]

Thank you all for the input! Also yes I just added the BCE after some pressure from fellow members. This was more than I expected to do in such a short time although I am happy I did. I am looking to get in good with some of these lenders and being responsible with my finances I am sure I will be able to establish some great credit in the years to come. Don't worry I am done apping for now. Looking to garden for a few years and grow my accounts!

[Anonymous]

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@Anonymous wrote:

If you don't want to apply for more cards, you can send a quick message on the Capital One website to convert your Journey to a Quicksilver card. Pretty painless and quick process. You don't have to fill anything out. They'll see if you're qualified, and if you are, a conversion will follow. My little cousin (19 years old, student, part-time income) had his Journey card less than two years and sent a message in last week and had it converted to a Quicksilver card right away. It's a 0.25% cashback difference, but if the option's available, why not? You're pretty much getting a new card right?

It won't require a pull (not a hard pull at least) and you'll keep your account's age. Your accrued cashback will be maintained as well. Plus, with the Quicksilver, you can potentially achieve a higher limit than you would with a Journey. Just my $0.02. Best of luck though dude.

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Thanks for the advice! Yeah I wanted a QS but I really don't want to apply for anything more at this point. I really want to wait at least 1-2 years, as I really don't need any more credit at this point. I'll ask for a PC though as that seems like a great idea. Thanks again.