app spree—credit tanked? advice.

[Anonymous]

Hi all.
This is my first post though I’ve been obsessively lurking for the past week.

Wish I had read before I applied for 5 cards over 2 days.

Credit scores—Exp went from 700 to 692
Trans 728 to 715
Eq went from 745 to 712

I was looking to do a balance transfer of 7k to a no interest card.
BankAmericard went to review—denial letter said accepted partner offer and high util
Amex Everyday—instant approval for 2k. Called to cancel right away. Later reinstated after I was told to app a second time. Now I have two Amex Everyday cards, one with a 500 limit and one with 2k. Both pretty useless. 25.49 apr
DiscoverIt—approved for 8k, when I called in to do the bt, they upped the limit to 15k, so I transferred my paypal credit balance also. now this card has 78% util. 25.49 apr
Chaseslate—went to review. denial said too many recent inquiries.
CapitalOne (?)—denial said too many inquiries.

After reading the boards I apped for the NFCU CLOC, asked for 5k and was approved. 13.9% apr.
Also got the limit on cashrewards moved from 13,300 to 21,300 and my interest rate decreased from 16.65 to 13.15%.
If I had just dealt with Navy in the first place I would have mostly achieved my goals, angry at self!!!

Besides chill out with the apps, and pay down the Discover balance, what can I do to mitigate the damage? I froze all 3 bureaus today.

Should I ask for a CLI on the nfcu CLOC soon, or is that more foolishness?

Someone please help me feel better about being stupid.

[Anonymous]

If you want to increase your scores, I would go with a personal loan and consolidate. Prosper and lending club are good but interest rates are high and there is a funding fee of 1-5%.

If you want to raise your credit score again I mean.

Otherwise I'd be happy with those score.

[Anonymous]

Thanks. Nooooo on the loan. You’re right. Gratitude is a good thing.

[Anonymous]

Need to have a strategy going into the app spree to be the most efficient.  Understand which cards are priority, reasons you need/want them, and what order to app. 

[Gmood1]

The score dip is temporary. Once your utilization is back in check. Your scores will rebound. It's not the end of the world. Your scores are still higher than probably 70% of the US population.
When Navy offers another 0% promo. I'd transfer half your Discover BT to it.

[Meanmchine]

".......DiscoverIt—approved for 8k, when I called in to do the bt, they upped the limit to 15k, so I transferred my paypal credit balance also. now this card has 78% util. 24.49 apr"

Your new Discover card has a 24.49 apr ?   Why pick this card?  You transfered $12k to this card?????  I hope you moved the balances to Navy.

Good luck

[12njoy]

Mistakes happen.  Don't beat yourself up.  We've all been there/done that.  As Gmood said, it's temporary. 

[Anonymous]

It’s 0% for 18 months.

[Anonymous]

Thanks for the tip—Navy does seem to offer that once a year. I feel better already.

[joltdude]

Re: Miss Discover

Worry about the APR less on the discover. Once your promo period is done...

First thing you can do at the end of the promo period is ask for an APR reduction.. even if you might get one *anyways* if your score improves by then.......

Good chance you might see another increase on paying it down significently/off as well.. if not, trigger one yourself with the luv button once its almost paid off/paid off...

Your scores will rebound slightly after 3-6 months.. And if your paying stuff down/off, even moreso...

Also your probably not stuck with the APR on the Amex either... but that might take longer to get them to say Yes....

Its not as bad as you think it is..

-J