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I May Have Gone Overboard...

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Anonymous
Not applicable

I May Have Gone Overboard...

Hi all!

 

Before today, I had a PayPal Credit account and a Kohl's credit card. I'm also an authorized user on my mother's Chase credit card. That was it. I've had my Kohls card 4 years - I've asked twice for a CLI from my SL of $300 and they told me no both times (really stung, because my mother waltzed in with no income and was given a SL of $1,000 but I digress). I applied for a credit card through my credit union, but was told I'd have to pay off a debt before they'd give me a card.

 

Today, my first day browsing the wonderful forums of My FICO (you're all amazing by the way), I went for it and applied for the PayPal Mastercard 2% Cashback - approved for $2,000! Only an hour or so later, I applied for the AmEx Blue Everyday card - approved for $500! 

 

I plan to pay my credit union so I can get the credit card through them (for the added interest rate to my Checking account), but then I plan to call it quits for a while. Nothing but denials until today - I'm ecstatic! Last I checked my Experian score was 649, but I'm not positive about TU and Equifax.

 

Most of these cards will probably sit and collect dust because my spending is pretty minimal from month-to-month, but I'm still excited! I've read about the Gardening Club, and as soon as I get my credit union card that's where I'm headed!

 

 

Message 1 of 14
13 REPLIES 13
CorporalAv
Established Member

Re: I May Have Gone Overboard...

Congrats on your approvals! It feels good, don't it?! Were there any incentives with your new cards that you can take advantage of? Maybe utilize your spending on a particular card so it can grow with you and PIF every month to maximize any specific incentives that may have been offered to you.

Capital One QS $1,100 | Capital One QS ONE $1,200 | NFCU Cash Back Visa Signature $7,000 | USAA Platinum $1,000 | Discover IT $3,900 | Barclaycard - Apple $2,000 | AMEX PRG | Care Credit $7,000

As of 11/23:657 EX FICO
Message 2 of 14
Anonymous
Not applicable

Re: I May Have Gone Overboard...

Thank you! It feels darn good! I'm a mixture of shock and inner screams because I was starting to believe "no" was just a thing stamped on my forehead.
My credit union (Consumers credit union) offers 4.59% on Checking account balances if you spend $1k a month on their credit card. My monthly expenses are barely above that, but depending on activities I'm going to try to split anything over $1k between the two cards to take advantage of the cash back and hopefully grow the credit limits.
I never thought I'd be in a spot where I Need to spend more money!
Message 3 of 14
Anonymous
Not applicable

Re: I May Have Gone Overboard...

This is great news! Congratulations! Enjoy your new cards and limits. Charge wisely.
Message 4 of 14
Anonymous
Not applicable

Re: I May Have Gone Overboard...

I’m happy to read about your success. Congrats. Also, welcome to the board!
Message 5 of 14
Anonymous
Not applicable

Re: I May Have Gone Overboard...

Congrats on the approvals and welcom to the forums!  Those are both great cards.  So great, in fact, I don't know if you'd actually benefit from the CCU card.  Unless you keep $5k+ in your checking account at all times, the extra interest on that checking account may be less than the potential rewards you'd receive by focusing the spend on the two new cards.  You'll have to do the math, but keep in mind the checking account interest is APY(Annual Percentage Yield), whereas the rewards are a percentage of your spend directly.  So receiving 2% on you PayPal card would be worth $240/year with a $1k monthly spend.  In order to earn that in checking account interest, you'd need to ensure you have that $5k sitting in that account all year and you hit that $1k spend every month.  Throw in the fact that you get 3% on groceries and the $150 signup bonus and the benefits start to add up on those new cards.  The other thing would be that if you do have $5k just sitting in your account all year, there may be better places for that money, further narrowing the gap.  Food for thought though.  Enjoy the new cards and manage them wisely!

Message 6 of 14
Anonymous
Not applicable

Re: I May Have Gone Overboard...

Do you have any derogs on your report? Which bureau did they pull? I just got approved for Paypal Credit and I was thinking about their 2% Mastercard in the future but idk

Message 7 of 14
Anonymous
Not applicable

Re: I May Have Gone Overboard...

 


@Anonymous wrote:

Do you have any derogs on your report? Which bureau did they pull? I just got approved for Paypal Credit and I was thinking about their 2% Mastercard in the future but idk



Amex pulled Experian and PayPal pulled TU. No recent derogs - had a c/o and a few lates but those were about 4 years ago. Current utilization on the other cards is 60%.

Message 8 of 14
Anonymous
Not applicable

Re: I May Have Gone Overboard...


@Anonymous wrote:

Congrats on the approvals and welcom to the forums!  Those are both great cards.  So great, in fact, I don't know if you'd actually benefit from the CCU card.  Unless you keep $5k+ in your checking account at all times, the extra interest on that checking account may be less than the potential rewards you'd receive by focusing the spend on the two new cards.  You'll have to do the math, but keep in mind the checking account interest is APY(Annual Percentage Yield), whereas the rewards are a percentage of your spend directly.  So receiving 2% on you PayPal card would be worth $240/year with a $1k monthly spend.  In order to earn that in checking account interest, you'd need to ensure you have that $5k sitting in that account all year and you hit that $1k spend every month.  Throw in the fact that you get 3% on groceries and the $150 signup bonus and the benefits start to add up on those new cards.  The other thing would be that if you do have $5k just sitting in your account all year, there may be better places for that money, further narrowing the gap.  Food for thought though.  Enjoy the new cards and manage them wisely!


I gave this a lot of thought and decided to get the credit union card because I maxed out the 3.09% offer. I use the account as a savings account and I'm not at the $20k limit for 4.59% yet, but that's the goal!

 

I haven't even begun to dabble in investments (aside from 401ks), but if you have suggestions I'd love to hear them!

Message 9 of 14
Kree
Established Contributor

Re: I May Have Gone Overboard...


@Anonymous wrote:
Thank you! It feels darn good! I'm a mixture of shock and inner screams because I was starting to believe "no" was just a thing stamped on my forehead.
My credit union (Consumers credit union) offers 4.59% on Checking account balances if you spend $1k a month on their credit card. My monthly expenses are barely above that, but depending on activities I'm going to try to split anything over $1k between the two cards to take advantage of the cash back and hopefully grow the credit limits.
I never thought I'd be in a spot where I Need to spend more money!

Huh, I will need to look into Consumer Credit Union.  I can pay my rent by credit card with a 3% processing fee.  As long as I have more money sitting in my checkings than I spend on rent I would be getting a net. Is there a limit? 4.59% is better than most savings accounts.

 

EDIT: should have read the rest of the thread. 20k limit is very generous.

Message 10 of 14
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