I have been an avid reader...or lurker...in this forum for some time now. I have never had much revolving credit, though I always figured I had decent credit since I've financed three $45,000 sports cars with relatively low interest rates over the past 10 years or so.
Prior to about 10 days ago, I only had two credit cards. One is a BOA Visa with a meager $500 credit limit. I have had that card for about 10 years and never even knew to ask for a credit line increase since one was never offered. My other card was a Victoria's Secret credit card that started at $300 about two years ago and now has a SL of $3,450. All of the credit increases were automatic, as I really didn't know to ask for an increase. Nonetheless, I nurtured these two cards and paid them on time, not always PIF but neither carried a balance of more than $100. I just paid them close to 0 just to keep them open since the interest was minimal.
Well...after piddling around in this forum, I decided to see if I could improve my credit life...to see if the credit gods thought me worthy of more credit. My Fico score through my bank, BOA, was 743 so I decided to just go fishing to see if I could catch anything. Here's what I did:
I applied for AMEX BCE. The approval was not instant so I thought that one was a bust. Nonetheless, I applied for another card, this time with Discover. Again, I got the 7 to 10 day message. I was batting 0 for 2 now. Discouraged, I stopped applying. Two hard pulls and nothing to show for it had me about to cry. Fast forward two days and I got a text message from AMEX congratulating me on my approval for the BCE and an $8,000 SL! Whoo hoo!!! I was at 50%! That renewed my hope. I still hadn't heard from Discover but that was okay. I was too afraid to call them so I thought I'd just wait it out. A couple days later I applied for a second AMEX card since I already had the hard pull. I applied for the Hilton Honors card. It was instantly approved for $1,000. It wasn't much but it wasn't a no. All was well with the world. I was at 2/3. Pretty good odds for a girl who only had a $500 Visa in her credit arsenal. I have two AMEX cards! Wow!
I checked my email later that day and Discover had made a decision. I was approved for a $5,400 SL! Now I am at 100% approval on my 3 applications.
Feeling lucky and having read good things about PenFED, I opened a savings account with them. The next day, I felt the itch and scratched it with an application for a PenFed Cash Rewards. Once again, I was given the delay message. I felt like perhaps I had pressed my luck and was applying for too many cards in such a short span of time. If it was denied, I would have understood. A day later though, I got an email congratulating me on my approval for a card with a $10,000 SL, my largest SL EVER! To say I was happy doesn't quite describe how good I felt about that approval and the SL. I wasn't expecting that much of a SL if I was to be approved at all.
In the mail I received an offer for a Harley Davidson Signature Visa. I ride a Harley Street Glide and fell in love with look of the card (I know. How superficial of me.). I applied and got my customary 7 to 10 day message. Fast forward, I got an email approving the card. I haven't received it yet so I don't know the SL. Whatever it is, I am okay with it. I am just glad it's been approved. Now I am at 5/5!
I applied for a Capital One Venture card. You know the routine. It wasn't instantly approved. I finally received a call from them and they verified my name and address. I was told that they would continue consideration for the card and I would get a decision, one way or the other, in about 10 days. Two days later, I got an email congratulating me on the approval. I haven't received that card either so I don't know the limit yet. At this point, I am done! I have a good mix of cards and I am just thankful for the approvals and generous limits. I am headed to the garden to just nurture these cards and let my credit score recover from the activity. My credit report had never seen this kind of activity...EVER!! I am sure it is in shock.
But...The Chase Sapphire Preferred was in the back of my mind. I'd read so much about that card and how desired it was. I checked online to see if I had any offers from Chase and lo and behold, I had 3! I teetered back and forth for three days on whether to apply or not and I teetered towards pulling the trigger on an application. Wouldn't you know I got an instant approval for $20,600! I am in shock. After I picked my mouth up off of the floor, I am done applying for cards for at least a year or two now...if ever. I have more than what I need. I finished my spree at 7 for 7 with limits ranging from $1,000 to $20,600. I owe so much to this forum and the candid and sound advice offered. It took me nearly a year to garner the courage to apply for my first card in nearly 10 years. I now have all I need and more.
A few data points: BOA Fico score was at 743 when I started my spree. I am afraid to look at it just yet. I will give it a few months before I peek at it again. My salary is $125,000+. I have one motorcyce loan with Harley Credit and a student loan payment of $113 a month. I paid off a Compass BVA car loan for a Corvette C6 in early August. I don't include the BOA Visa since the balance is always negligible. I will probably leave it open just because. The BCE will become my everyday card and the others will get little use...just enough to keep them open and active. I'd like to see the limits grow for the ones under $10,000. I don't need much but I feel some relief that I won't have to use up my cash reserves in the event of a dire emergency.
Again, thatnks Forum folk. You all did me a solid. I am grateful.
