Ok, ive had pretty decent cards that I rebuilt with going back about 3 years. Ive always added a few in batches and feel good about my overall progress. This time, I went on a little spree netting me huge increases across the board and 5 new cards (one last month and 4 this month) Suprisingly, I didn't take too many hits because they were spread out. I do have alot of hits within 24 months but alot are due to fall off in a couple months. For reference my signature is up to date. This is the first time ive tried for anything in 12 months.
My new cards withing the last couple weeks:
Capital One Savor - SL 300 (April)
Citi Simplicity - SL 500 (May)
City Custom Cash - SL 4300 (May)
PenFed Power Cash Rewards - SL 3500 (May)
US Bank Platinum -SL 600 (May)
In addition to the new cards, I joined Navy Federal to start that relationship, and US bank (after getting approved for the Credit Card)
In addition to that, I was able to get a CLI via Soft Pull on
Lowes +7,000
PayPal MC +1,500
PayPal Credit +200
Discount Tire / Synchrony Car Care +500
CLI via HP
Home Depot +10,000
BestBuy +8,000
Im very excited about where im at now however, what have I done? The new CLI helped my Utilization tremendously which is a plus. The inquiries and new accounts will hurt. How much will it hurt. Im worried ive done too much at once. Thinking that someone like citi or synchrony could soft pull in a month or two and see the CL went way up or the 5 new accounts and get spooked. From a reporting stand point I think that the new utilization might offset most of the hit from the new accounts. I was around 50% and now im at 20%. I carry 0 balance on all cards except 3. those have a combined balance of 13.6k and are 0% intrest promos (Home depot, Lowes, BestBuy)
Other questions: I'm considering chopping the Walmart and Quicksilver card. They dont do much for me and are stuck at 300/750 CL. Should I close these or sock drawer them? I have no need for them anymore.
Any advice or help on my situation? there are alot of parts to this and a long post, but any info is appreciated. I have no short term needs for credit. My only goal for the next couple years is to grow my limits and add new, better cards while my score keeps tracking up to mid 700's.
Last App: May 9, 2022 | Last HP: May 9, 2022 | Gardening since: May 9, 2022 | Last updated: May 15, 2022
@Arcreactors wrote:Ok, ive had pretty decent cards that I rebuilt with going back about 3 years. Ive always added a few in batches and feel good about my overall progress. This time, I went on a little spree netting me huge increases across the board and 5 (maybe 6) new cards. Suprisingly, I didn't take too many hits because they were spread out. I do have alot of hits within 24 months but alot are due to fall off in a couple months. For reference my signature is up to date. This is the first time ive tried for anything in 12 months.
My new cards withing the last couple weeks:
Capital One Savor - SL 300 You mean Savor One?
Citi Simplicity - SL 500
City Custom Cash - SL 4300
PenFed Power Cash Rewards - SL 3500
US Bank Platinum -SL 600 (Recon SL Pending Review)
US Bank Cash + (Pending Review)
In addition to the new cards, I joined Navy Federal to start that relationship, and US bank (after getting approved for the Credit Card) Thought they were pending?
In addition to that, I was able to get a CLI via Soft Pull on
Home Depot +10,000
Lowes +7,000
PayPal MC +1,500
PayPal Credit +200
Discount Tire / Synchrony Car Care +500
BestBuy +8,000
Im very excited about where im at now however, what have I done? The new CLI helped my Utilization tremendously which is a plus. The inquiries and new accounts will hurt. How much will it hurt. Im worried ive done too much at once. Thinking that someone like citi or synchrony could soft pull in a month or two and see the CL went way up or the 5 new accounts and get spooked. From a reporting stand point I think that the new utilization might offset most of the hit from the new accounts. I was around 50% and now im at 20%. I carry 0 balance on all cards except 3. those have a combined balance of 13.6k and are 0% intrest promos (Home depot, Lowes, BestBuy)
Now the.. I cant stop part. I want so bad to apply for the Navy card but I think all would agree to garden for 6-12 months before doing so. I highly doubt the US Bank Cash + will be approved, but should I have them withdraw the app (if they can) before UW looks at it?
Other questions: I'm considering chopping the Walmart and Quicksilver card. They dont do much for me and are stuck at 300/750 CL. Should I close these or sock drawer them? I have no need for them anymore.
Any advice or help on my situation? there are alot of parts to this and a long post, but any info is appreciated. I have no short term needs for credit. My only goal for the next couple years is to grow my limits and add new, better cards while my score keeps tracking up to mid 700's.
Time to head to the garden for a year. The approval high doesnt last long as you posted: what have I done? It hit you after the spree. Comes a time when you have to get the scores up higher for future credit decisions. Or you'll be stuck in the 600's for a while. I always say keep cards open regadless what they are. They help you build a profile. Place a charge on them every 6 months and PIF to keep them open. If you would have waited till you were in the 700 range. Those starting lines could have been higher. Congrats on the approvals and CLI's. Work on keeping util %'s low. More credit doesnt gain higher scores. Time does without applying. Enjoy what you got now. See ya next year! 
Looks like you went way too hard too soon and the result was 5 new credit cards 3 of which have terrible very low CL's while your Reports now show a a heavy amount of new accounts in a short period opened as a result. Like said you need to stay in the garden at least 6 months and really a year and let them age.
@Arcreactors wrote:Ok, ive had pretty decent cards that I rebuilt with going back about 3 years. Ive always added a few in batches and feel good about my overall progress. This time, I went on a little spree netting me huge increases across the board and 5 (maybe 6) new cards. Suprisingly, I didn't take too many hits because they were spread out. I do have alot of hits within 24 months but alot are due to fall off in a couple months. For reference my signature is up to date. This is the first time ive tried for anything in 12 months.
My new cards withing the last couple weeks:
Capital One Savor - SL 300
Citi Simplicity - SL 500
City Custom Cash - SL 4300
PenFed Power Cash Rewards - SL 3500
US Bank Platinum -SL 600 (Recon SL Pending Review)
US Bank Cash + (Pending Review)
In addition to the new cards, I joined Navy Federal to start that relationship, and US bank (after getting approved for the Credit Card)
In addition to that, I was able to get a CLI via Soft Pull on
Home Depot +10,000
Lowes +7,000
PayPal MC +1,500
PayPal Credit +200
Discount Tire / Synchrony Car Care +500
BestBuy +8,000
Im very excited about where im at now however, what have I done? The new CLI helped my Utilization tremendously which is a plus. The inquiries and new accounts will hurt. How much will it hurt. Im worried ive done too much at once. Thinking that someone like citi or synchrony could soft pull in a month or two and see the CL went way up or the 5 new accounts and get spooked. From a reporting stand point I think that the new utilization might offset most of the hit from the new accounts. I was around 50% and now im at 20%. I carry 0 balance on all cards except 3. those have a combined balance of 13.6k and are 0% intrest promos (Home depot, Lowes, BestBuy)
Now the.. I cant stop part. I want so bad to apply for the Navy card but I think all would agree to garden for 6-12 months before doing so. I highly doubt the US Bank Cash + will be approved, but should I have them withdraw the app (if they can) before UW looks at it?
Other questions: I'm considering chopping the Walmart and Quicksilver card. They dont do much for me and are stuck at 300/750 CL. Should I close these or sock drawer them? I have no need for them anymore.
Any advice or help on my situation? there are alot of parts to this and a long post, but any info is appreciated. I have no short term needs for credit. My only goal for the next couple years is to grow my limits and add new, better cards while my score keeps tracking up to mid 700's.
You know what you need to do. Follow your own advice. Chill.
Like what the others said you applied for too many accounts and you have more store cards than major bank cards, thats why you dont have the score you're seeking right now.
I went against others advise to garden and grow and applied for 2 new cards at the same time, luckily was instantly approved for good starting limits. But im making sure i have GOOD cards and not a bunch of store cards. I went from toy limits to something usuable now and very grateful.
Starting Score: 512
I agree with the other posters -- you did good with 5 approvals, but now it's time to hit the brakes and park yourself in the garden for a while. Fortunately, the new cards that you were approved for are all pretty nice that should grow over time with responsible use (well, that CapOne Savor may be bucketed...). I'd hold onto those low-limit Walmart and Quicksilver cards for now, as you could use the account aging they will provide and, who knows, maybe they'll throw you a bone with some CLI as your profile improves.
I do have a question -- you said you got a $10k CLI on your Home Depot card, and that it was a SP? Was that an auto-CLI or did you initiate? Can you confirm it was SP? I ask because my HD card is sitting at its $500 SL but I haven't wanted to incur an HP for it to grow.
Thanks for the responses.. Yes, I know what I need to do. I will sit quietly for a year. As for the SP CLI, I will fix my post. Both home depot and Best Buy are HP. Always have been in my experience. I will say this as a data point... On home depot I asked for 5k. They hard pulled and approved. About an hour later I called and asked for 5K more to give total of 20k limit so my utilization on that card would be down. They approved using the same HP as before. Thanks all. I will hope to grow these limits over the next year. In my defense on the new apps, I was looking for a decent SL on the simplicity or the US bank platinum so that i could balance transfer. Thoose two started me out way low but the others 3500, 4300 I am happy with. I have no doubt these will grow soon. Thanks again.