cancel
Showing results for 
Search instead for 
Did you mean: 

The itch wont stop.. but it must.. what now? Advice

Arcreactors
Valued Member

The itch wont stop.. but it must.. what now? Advice

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.

Credit Cards

Store Cards


Last App: May 9, 2022 | Last HP: May 9, 2022 | Gardening since: May 9, 2022 | Last updated: May 15, 2022
Message 1 of 17
16 REPLIES 16
Hex
Established Contributor

Re: The itch wont stop.. but it must.. what now? Advice

It looks like you just got a lot of great cards with not so great limits. You also asked for and received a bunch of Sync credit limit increases. I think you shouldn't apply for anything for at least a year and hopefully your  new small limit cards will grow. I wouldn't poke the Sync bear (request CLI's) for at least a year either. Apply for Navy in a year. 

Message 2 of 17
FireMedic1
Super Contributor

Re: The itch wont stop.. but it must.. what now? Advice


@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! Smiley Happy





Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 3 of 17
bigseegar
Established Contributor

Re: The itch wont stop.. but it must.. what now? Advice

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.

Message 4 of 17
SouthJamaica
Mega Contributor

Re: The itch wont stop.. but it must.. what now? Advice


@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.


Total revolving limits 699000 (597000 reporting) FICO 8: EQ 718 TU 721 EX 698

Message 5 of 17
Mdowning30
Regular Contributor

Re: The itch wont stop.. but it must.. what now? Advice

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.

(CLOSED) Capital One Platinum Secured (5/2021): $300 | Chase Freedom Unlimited (1/2022): $500 | Discover It Chrome (5/2022): $2000 | Charles Schwab Investor Card AmEx (5/2022): $6000 | Chase Sapphire Preferred (6/2022): $5000
Total Credit Limit : $13800
As of 4/2022: Experian FICO 8 : 657 | Experian Vantage : 690 | Equifax FICO 8 : 622 | MyEquifax : 630 | TransUnion FICO 8 : 650 | TransUnion Vantage : 674
Starting Score: 512
Current Score: 657
Goal Score: 670+

Take the myFICO Fitness Challenge
Message 6 of 17
sarux3
Frequent Contributor

Re: The itch wont stop.. but it must.. what now? Advice

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.

CH7 Filed Dec 31, 2018; DC Apr 9, 2019
FICO 8 at DC (Apr 15, 2019):
FICO 8 current (June 29, 2022):
Total revolving credit limit: $149,150 Utilization: 9% Inquiries:

Who I've burnt: Amex / Discover / Chase / Wells Fargo / CapOne / Barclays / Citi / DSNB / US Bank / NASA FCU / Apple FCU / Synch / Comenity
Who let me back in: CapOne / Citi (Retail) / DSNB / Synchrony / Comenity
Message 7 of 17
Anonymalous
Frequent Contributor

Re: The itch wont stop.. but it must.. what now? Advice


@Arcreactors wrote:

 

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.


With 5 possibly 6 new cards in a few weeks, I think you're definitely right to worry about adverse action. You could see cards closed or CLs decreased. But ultimately, you have limited control over what the FIs will do. So the best approach right now may be to avoid setting off any other warning signs. That 6 months to a year without applying for any new credit would be an absolute minimum, for me. Reducing your balances may also help, though you have to weight that against the value of the 0% introductory APRs.

 

If your goal is to grow your limits and increase your scores, then adding a lot of new cards may be counterproductive. You have more than enough cards to improve your credit file, all you really need is time.

Message 8 of 17
fantic
Regular Contributor

Re: The itch wont stop.. but it must.. what now? Advice

@Arcreactors you got Penfed? Congrats that's a good card which many members have, but thought it required excellent credit(750~) according to Wallethub, etc. Maybe it's profile dependent. 

 

Btw I'm also suffering from severe itching lol but have been gardening for 3 months, just waiting for auto CLs for my existing cards.

Apr/21 CO Plat. SC(500->700), Aug; CITI DC(1000->1500), Sep; CFF(500), Oct; Amazon store card(2100->4000), CITI Best Buy store card(2000), Nov; Tomo(2000->3000), Jan/22; CO SO(2000), Feb/22; Disco It CB(3000)
Next cards; travel card(Delta Gold?), CITI CC? Credit Union card(PenFed?)
FICO8 EX 717 EQ 731 TU 735 util 2%(of 16700)
AAoA 8m AoOA 1y2m AoYA 4m Cards 2/6 7/12 8/24 Inq EX 10/6 24/12 EQ 1/6 3/12 TU 3/6 5/12
Message 9 of 17
Arcreactors
Valued Member

Re: The itch wont stop.. but it must.. what now? Advice

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.

Credit Cards

Store Cards


Last App: May 9, 2022 | Last HP: May 9, 2022 | Gardening since: May 9, 2022 | Last updated: May 15, 2022
Message 10 of 17
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.