Went on a Spree...Now what?

[Anonymous]

Credit unions should become your BFF's.

Open a checking and/or savings accounts at credit unions that are known for easy approvals and large starting credit lines and interest rates that are HALF of what you have with the cards you mention like...

PenFed

NFCU

RBFCU

NASA

Alliant

BECU

[SouthJamaica]

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@jrmalvarez wrote:

Hello, I am fairly new to this board as well as the credit world. 

Heres a little background on my credit history. I am 19 and opned 2 credit cards from subprime lenders since I bank with Chase and they declined me when I turned 18. 

Capital One Secured SL-$200 which was CLI to $500

Credit One SL-$300 which was CLI to $700

I recently went on a spree after my accounts turned exaclty 12 months old. 

I was approved for

Amazon Store Card-2200

Amazon Visa-2500

Citi Thank You MC- 2300

Discover It-2500

Amex BCE-1000

I did close my two oldest accounts due to the low limits, horrible interest rates and annual fees. I do know my credit will be taking a hit since I closed these accounts and added so many new inquirires. I am ok with this as I am not going to need credit for anything anytime sooon.

I didn't expect to be approved for the Amazon store card and just decided to try for the Amazon Visa for the hell of it and was really not expecting that approval at all!!!! I don't really want the store card anymore, not sure if I should close it or not? 

My scores have greatly increased since last year. I was in the mid 500's and currently, I am sitting at 

TU-731

EQ-721

EX-723 

Not sure if I should garden for a while or if I should app any other credit cards and just let my credit suffer now and then garden later. I have been reading a lot of good things about barclays and really want another chase card but i know i am over the 5/24 rule...

ANY ADVICE IS WELCOMED!!!

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1. First, congratulations. Great job.

2. On the Amazon store card my advice would be not to close it, and to use it once in a while to keep it open.

3. With the selection you presently have, I would say you should stand pat and let your portfolio age.

4. I have been very happy with Barclays cards, especially the Ring, which is my favorite credit card of all. But, I wouldn't apply there just yet because Barclays is hyper-sensitive about (a) new accounts, and (b) recent inquiries. I would wait at least 3 months before applying for a Barclays card. Their cash forward and Jet Blue cards are also excellent, in my opinion but the Ring is my baby.

[Vegas4Play]

Congrats on your approval !!!

[Anonymous]

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@jrmalvarez wrote:

Hello, I am fairly new to this board as well as the credit world. 

Heres a little background on my credit history. I am 19 and opned 2 credit cards from subprime lenders since I bank with Chase and they declined me when I turned 18. 

Capital One Secured SL-$200 which was CLI to $500

Credit One SL-$300 which was CLI to $700

I recently went on a spree after my accounts turned exaclty 12 months old. 

I was approved for

Amazon Store Card-2200 -> Probably TU pull

Amazon Visa-2500 -> Probably EX + TU pull

Citi Thank You MC- 2300 -> Probably EX pull

Discover It-2500 -> Probably EQ & TU pulls

Amex BCE-1000 -> EX pull

I did close my two oldest accounts due to the low limits, horrible interest rates and annual fees. I do know my credit will be taking a hit since I closed these accounts and added so many new inquirires. I am ok with this as I am not going to need credit for anything anytime sooon.

I didn't expect to be approved for the Amazon store card and just decided to try for the Amazon Visa for the hell of it and was really not expecting that approval at all!!!! I don't really want the store card anymore, not sure if I should close it or not? 

My scores have greatly increased since last year. I was in the mid 500's and currently, I am sitting at 

TU-731

EQ-721

EX-723 

Not sure if I should garden for a while or if I should app any other credit cards and just let my credit suffer now and then garden later. I have been reading a lot of good things about barclays and really want another chase card but i know i am over the 5/24 rule...

ANY ADVICE IS WELCOMED!!!

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1.) Closing the starter cards is not a bad idea by anymeans. Positive trade lines and will continue to report for ~10yrs. Which will help maintain your AAoA

2.) Pull a 3 Bureau Report (Myfico) and check where your inquiries are at before applying for any further credit, that would help with picking maybe 1 more card. You should try Capital One's PreQualifier, it's based on EQ and I'm betting that has the fewest INQ's. If you get a PreApproval for Venture with a specific rate, take that. It's atleast a $5000 Starting Line. Cap One will pull all three usually, they use EQ FICO 5 as deciding factor. This would give you a great miles card and significant CLI. You don't need a QS.

3.) Garden. Use the Amex BCE as much as possible and make multiple payments to keep it under $300 when the account statments close. I'd say after your 2nd statement (must be a minimum of 61 days) you can request a Credit Line Increase up to 3x your original limit. 

4.) Once you've got the Amex 3x CLI you could probably grab a PRG Charge with another EX HP (if approved) since they'll use the Soft Pull from the CLI usually to determine if you're approved and only record the Hard Pull Inquiry if they issue you the card.

5.) Garden - switch to using your Discover, charge everything you can and make multiple payment to keep it at 29% or less when statements cut.  After 2- 3 statements of this type of usage, you should be able to get a pretty good credit line increase from them. Keep going with Discover, usually 31 days between CLI requests nets a decent increase, Search the forums for Discover CLI for more details.

Great Job, you are on the right track! Best way to use Credit Cards is for the Bonuses/CashBack/Miles and never cary a balance. Find a local credit union and join, open a checking account and run a few transactions / deposits through them each month so you can develop a relationship financially with them.  If you ever need to borrow money for a longer time frame, Credit Unions usually will give the best rates and most flexible approval on short to medium term installment loans. Not to mention some of the best approvals on new and use car loans