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Double approval plus my credit history

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Moderator

Re: Double approval plus my credit history

Congrats to all your success Smiley Happy

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 11 of 29
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Valued Contributor

Re: Double approval plus my credit history

Congrats on the great work and continued success!

Message 12 of 29
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Valued Contributor

Re: Double approval plus my credit history

Congratulations @eleven_eighteen!

 

Given your recent approvals (& denial), it's time to hit the garden for one year. Work on building your scores and nurturing your current cards. Also, make sure to work out a budget to pay off your balances. Continuously applying for BTs to shuffle around your debt is a red flag. Use the cards as a debit card and only spend money you have. 0% offers are great until you start spending money with no working plan to pay it off. This is especially difficult on a low income (been there done that). Your initial journey reminds me a lot of mine (back in the late 90s / early 2000s), so I can relate. Don't waste this second chance!!





Message 13 of 29
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Re: Double approval plus my credit history


@dogmeat wrote:

Thanks for the story, and you've made great progress - congrats!

 

I think the ideal (for me) is that I only ever apply for credit when I decide to do so - independent of any "approval odds" or "curiosity getting the better of me" or "the offer might go away" type of temptations - with exceptions of perhaps some extraordinary deals or pre-qualify offers.  It's an ideal, perhaps not always achieveable, but a goal.

 

A denial can make the best of us a bit sad, sure, but it can also be interpreted as an indicator that it's time to stop.  If you let your new accounts age a year, the world will be your credit oyster.


That is definitely a big part of the reason for joining this forum. I realized I was going at it with no plan, just applying for whatever. It has worked so far but I fully understand that it probably looks bad to potential lenders. In a year and a half I've gone from only a car loan to a credit line that's nearly half my income, so while the denial stings overall I am very happy.

Discover it Miles - Dec '18 - $2200 | Chase Freedom Unlimited - Dec '19 - $2,500 | Capital One Platinum - Dec '19 - $500
Citi Double Cash - Jul '20 - $1,600 | Chase Marriott Bonvoy Bold - Jul '20 - $6,400 | Total $13,200
Message 14 of 29
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Re: Double approval plus my credit history


@KLEXH25 wrote:

Congratulations @eleven_eighteen!

 

Given your recent approvals (& denial), it's time to hit the garden for one year. Work on building your scores and nurturing your current cards. Also, make sure to work out a budget to pay off your balances. Continuously applying for BTs to shuffle around your debt is a red flag. Use the cards as a debit card and only spend money you have. 0% offers are great until you start spending money with no working plan to pay it off. This is especially difficult on a low income (been there done that). Your initial journey reminds me a lot of mine (back in the late 90s / early 2000s), so I can relate. Don't waste this second chance!!


 I do use my cards like debit, just haven't been able to get out of that hole that I fell in a year ago. I'm only down a few hundred on the BT card from what I initially owed, but that's partly because I'm now putting normal spending through it, too.  I've only paid $3 in interest on the Discover due to problems getting paid by unemployment when my state was locked down - my employer hadn't reported my wages for most of last year and took over a month to get it sorted. I had the money but being charged $3 was the better option than maybe not having that money to buy food, or using it to pay the card but then possibly having to put more on the card and being right back in the same situation.

 

Once unemployment got sorted, I paid down the Discover to zero, so only had one statement with a balance on a card that doesn't have 0% interest. Other than that, I pay in full every month for the non-BT cards, and the BT card I pay the minimum a day or two after the statement closes so that is taken care of for the month no matter what, and then pay more when I can until the last payday before the next statement close, when I again hold back the minimum payment so I know with 100% certainty that I will be able to pay at least that much.

 

Without COVID I would probably have just paid the BT card off entirely. But just being very cautious right now. I didn't apply for the Double Cash because it was a BT card, mainly because it is now my best rewards card, and I'm not planning on moving it off the FU for now, but it was just a nice bonus to know it is available if I need it. I know lenders don't know intent, but if I never transfer anything and just keep the balance at zero on the DC then I hope it wouldn't be seen as too risky.

 

Overall I'm happy. The one thing I haven't done and probably should have before getting these last cards is to try to find a better car loan. If I can get a decent one and keep paying what I have been paying, I can have it paid off in less than two years, which would then free up a good amount of money that I could start putting in savings. So by the end of 2021 or early 2022, I should be totally debt free with some cards that have aged for a while. Can't wait!

Discover it Miles - Dec '18 - $2200 | Chase Freedom Unlimited - Dec '19 - $2,500 | Capital One Platinum - Dec '19 - $500
Citi Double Cash - Jul '20 - $1,600 | Chase Marriott Bonvoy Bold - Jul '20 - $6,400 | Total $13,200
Message 15 of 29
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Valued Contributor

Re: Double approval plus my credit history

@eleven_eighteen That's great to hear! Keep reading the forums. There is so much great information here to help you form a strategy. Sounds like you're off to a great start!





Message 16 of 29
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Regular Contributor

Re: Double approval plus my credit history

Congrats and keep up the hard work, credit is a marathon!








Capital one 500, Discover 2100. UMB Signature visa 10k.
AAOA 1y8m, oldest 2y5m. 0 collections. Util 1% inq 1/12. 1/24. 30/60/90 = 0, NO BK, judgments, clean record. Rebuilding started 2.5 years ago.
Starting Score: 560
Current Score: 774
Goal Score: 850


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Message 17 of 29
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Contributor

Re: Double approval plus my credit history

Congrats on your approvals. Sounds like the start of. Great journey! 

Message 18 of 29
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Valued Contributor

Re: Double approval plus my credit history

@eleven_eighteen 

Congratulations you have made a great success thru achievement with your new cc. I wouldn't worry about the decline with Amx as it a sign that you are applying for alot of cc. Relax and enjoy what you have accomplished go to the garden and in a year or so then reapply for the Amx Blue!👍

Message 19 of 29
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Established Member

Re: Double approval plus my credit history

Congrats on your credit success! You have some really nice cards. I just wanted to bring up that you should be able to pc your Capital One Platinum to the no annual fee Capital One Quicksilver. 

 

If you do a search on the forum,  you should see the link to check. Just something to think about.

Message 20 of 29
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