@AverageJoesCredit wrote:
@josian10 wrote:When I started with Navy Fed I was only preapproved for the secured card, opened up 3 pledge loans and direct deposit of a couple thousand. Checked the prequal last night and was pre approved for all their cards even after going on an application spree and getting multiple Amex cards, the GM rewards, Discover IT cash back, Chase freedom flex and unlimited (was over 5/24 and got denied because of overdrawn charges but called in and was approved after verifying some info) and the X1 credit card invite finally came through so I applied and got approved after sending in bank statements. I was approved for the Navy Fed Flagship for $18k.
I joined on January 29, don’t even have 3 full months with NFCU. Also got approved for CLOC
Just turned 20 in December and I’m liking where my progress is going so far. But my goal since the start has been to get as many lines opened now so I can just enter the garden and have them age 2 years and increase my score and credit worthiness so when the time comes for me to really need credit it won't be a problem. I was at 4/24 and was waiting for my credit profile to get more attractive before getting the freedom flex but the temptation for the AMEX gold got to me and I got it. I read somewhere that if it hadn’t been reported on my credit report then I was in the clear to get the chase card still. I was waiting to get the freedom flex before I applied for more cards so after I got denied for it I thought the Amex gold card must’ve finally showed up on my report and got denied because I was over 5/24, I looked on the reason for denial and showed that it was due to the service fee on my checking account made it overdrawn. Called and told them that my account was positive and they reviewed it and got approved for it. I applied for the freedom unlimited and got the same reason for denial. Called and got approved. These cards got me at 7/24. I applied for the Amazon visa and got the same reason for denial, I called and got second denial which didn’t surprise me, I got 3 cards with them in just 6 months, the CSP in August and the Flex and Unlimited the same day two days earlier. They just said they couldn’t extend more credit since I’ve opened too many accounts in the past 6 months.
Since I was approved for the chase trifecta I applied for a lot of the cards on my list and got approved. My plan is to enter the garden for the next year and a half to two years now that I have the main chase cards plenty of medium to high limit ones and age these babies up.
Was surprised at being approved for the chase cards but that might help someone waiting to be under 5/24. Call and explain yourself, if your reason for denial does not say too many accounts opened in the past 24 months. Call and you have a high chance of getting approved if you go in with a plan on the reason why you want the card, I messed that part up when I called for the Amazon visa with chase because I didn’t have a specific reason to have it the guy didn’t seem convinced, I called again and other analysts after seeing reason for second denial by the first analyst we’re sticking with the decision. So the first time is the charm here, you only have one shot, it’ll get much harder to convince the other analysts if the first one denies you for a valid reason. But I still would’ve been denied either way since I had relatively opened a lot of cards with them in 6 months.
Keep in mind that although on my report it might not say I'm over 5/24 chase knows that since they're the bank that approved me for the freedom flex. So I got approved for the freedom unlimited even being at 6/24 because when I got the flex the Amex gold hadn't shown up yet, when I applied for the unlimited a day later it was on there.
I have 9 new credit card accounts that will report as new accounts in a month or two, Ik it will impact my average age dramatically but my over all credit limit that will report will be almost $50k (I don’t count the X1 into that since supposedly it hasn’t reported to the bureaus since it began approving people.)
That being said my questions are these, was I too aggressive? Did I get too many cards at once? Will AMEX or Chase or any other bank soft pull me even if I freeze all of my accounts and take an adverse action against the card I currently have and the ones I was just approved for?
I now have 14 credit cards that will report 168 on time payments in the next 12 months with a CL of $47k. $65k if X1 ever begins reporting to Bureaus. 3 pledge loans that will be payed off in 6 months. Now that I have entered the garden I was planning on taking out a larger pledge loan of $5k-$10k in 6 months and pay down 90% then pay the rest off over a year term. Any thoughts on that?
Should I add 1 or 2 AU’s with many years of history to try and alleviate the impact to my average age? It’s only 6 months rn because of the AMEX gold that just reported. Idk if new accounts or credit age will trigger the AAs. Or am I fine and should leave it alone and stop adding new accounts all together.
I was sure I thought everything through but kind of second guessing myself now that I’ve gotten everything approved and looking at all of it from afar. Did I make the right moves? Am in the right spot for the next 2 years? Was all this a mistake and will drop my score dramatically for no reason and get shut down left and right? Been taking care of my credit just to make this move and enter the garden. Need opinions and advice. Thank you 🙏🏼
I'm actually impressed with the amount of approvals in the time frame given, the quality of the cards, and at only 20yo. Getting a Navy FS at 18k is also very impressive considering many more seasoned profiles do not. I'm going to venture you have an adequate income that may have helped in some of these approvals. Aggressive yes, lucky maybe, but if these stick, what a way to build your profile. Bravo Zulu
I thought it was a well planned out strategy! Definitely overlooked that I was planning a very risky gamble 😩. Thank you! I hope it works out 🙏🏼
@GApeachy wrote:
@josian10 wrote:Was all this a mistake and will drop my score dramatically for no reason and get shut down left and right?
Fico scores don't drop for "no reason". Btw, what are your scores?
So you mean even if I get shut down by all the lenders there was a purpose for me to have my scores drop so much? That's what I mean by drop for no reason, I'm well aware why my scores will inevitably drop, the new accounts posting, AAoA being cut, couple new inquiries on my report. That's not what I mean by dropping for no reason. The context in which I said that was me taking an action in order to achieve an objective that in the end was not obtained. A phrase commonly used in this case would be "in vain".
@NRB525 wrote:Wow.
Don't close any of the cards.
No more apps for your two year stated In The Garden phase.
Please update with results, either bank silence or the closed accounts. It's just credit, it's not life or death, but still interesting.
I do hope everything stays open. It's no fun when we have accounts closed.
I won't close any of them, they might or not close it. Hopefully the fact that my utilization will definitely not go up at all it might help.
@ChargedUp wrote:Go big or go home!
On one hand, congrats on pulling off a massive amount of approvals in a short time... On the other hand...
NOW!
You're likely going to raise some eyebrows over at Chase, but to lessen the chances of AR, make sure to keep your reporting balances low. Practice AZEO as much as possible. The biggest fears that adding all these accounts in a short time gives to lenders is someone getting ready to "bust out" (Max all their CL's after acting normal for a while, then straight up stop paying.), or signs of pyramiding debt where someone is in financial hardship and start relying on credit cards to make ends meet. This is where balances continue to climb without being paid off within a few months or even years. Having a bank account with Chase holding a substantial balance *might* help here as well.
Definitely wait at least 18 - 24 months before attempting any new credit and even then, keep it to 2 - 3 apps every 9 - 12 months or so. Once your new accounts hit about 6 years of age, you'll be able to get away with some app'ing shenanigans as your AAoA will be pretty hard to bend with 12 accounts all dated within a couple months. Even then, I wouldn't try for a dozen new accounts at once again...
Welcome to MyFICO btw!
Yes! I hate that I've been so diligent with educating myself in every aspect of credit EXCEPT Adverse Action by lenders. I read about it everywhere and thought it wouldn't apply to me at all because I wasn't doing MS or anything agains their terms and conditions. I thought this through for so long and it was after the fact that I came across a thread that spoke about application sprees and risk of shut down by chase and then I went into panic mode.
I just learned about AZEO and did a balance transfer on all the cards that had a balance on them onto the Navy FS, total it was only like 1,300 from 3 cards with low utilization on them. I hope they'll see that my utilization will stay low and not take any action against me.
Thank you for the congrats and the advice!! Been waiting a long time to make this move for the sole purpose of entering the garden with as many cards as I can so that in 2 years my accounts all grow together and not have to devastate my AAoA everytime I open a card.
The only thing I'm worried about is me trying to get a small car loan from navy federal 6 months down the line. I don't need the loan. I have a truck that my dad paid off about 2 years ago and instead of just not paying him for it I rather give him a couple grand for it but I rather do it through an auto loan and say it's for a private seller and not a dealership. I can do it cash but building auto credit would be great since a big reason I began my credit journey was because I wanted a Q60 so bad and kept seeing offers for 0% interest for "well qualified" buyers and I knew interest would eat me up if I got a new car right now. So I set on becoming that "well qualified" buyer instead. Thought about buying a cheap car but I have no need for it since my F150 looks brand new and is great condition and is paid for. Giving my pops a few grand for it through an auto loan and pay it off in a year or two is something I recently thought of. I can help him financially, not feel like I'm being given something I didn't work for and on top of that I can build credit through an auto loan and help that aspect of my credit profile.
Glad to be here, loving MyFICO and its wisdom!
