Did I over Do It?

[Anonymous]

Hello All! I just discovered this site a few days ago and I am stoked about the great 411 I have found on here. I wanted to add some positive TLs and so I decided to do some applying. The results were decent all low CLs, but I'll take 'em for now. Best Buy MC($300), Wal Mart ($400), Credit One($400), and Cap One($300) all unsecured. I also have a USAA AMEX secured($1500) and a CAP ONE Platinum($500) that I have been using and PIF every month. I plan on gardening for the next 6-8 months. I know having so many low CL cards may hurt my score in the short term, but if I keep balances/utilization low will it boost me in the long term?

[Repo-ed]

Heck of a start, that's for sure!  Grats.

I would certainly keep an eye on your overall util% and garden for a while!

[Anonymous]

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@Repo-ed wrote:

Heck of a start, that's for sure!  Grats.

I would certainly keep an eye on your overall util% and garden for a while!

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Thanks! I plan to keep the utilization low, by only using what I can afford to PIF. My next down the road goal is to get a refi on my 15.9% auto loan.

[Anonymous]

Yeah, you probably did, but it's not too bad.  Let your accounts age for atleast a year and then you should be able to apply for 1-2 cards that are more prime.  If approved, ditch a couple of your old cards with low limits and/or high fees.

There's really not too much need to worry about utilization while you are gardening.  Just make sure you show low utilization when you are ready for a few applications again.

[Anonymous]

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@Anonymous wrote:

Hello All! I just discovered this site a few days ago and I am stoked about the great 411 I have found on here. I wanted to add some positive TLs and so I decided to do some applying. The results were decent all low CLs, but I'll take 'em for now. Best Buy MC($300), Wal Mart ($400), Credit One($400), and Cap One($300) all unsecured. I also have a USAA AMEX secured($1500) and a CAP ONE Platinum($500) that I have been using and PIF every month. I plan on gardening for the next 6-8 months. I know having so many low CL cards may hurt my score in the short term, but if I keep balances/utilization low will it boost me in the long term?

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Congrats on the approvals! The low credit limits may be a nuisance for now, but what really matters is the history that you develop with them. Keep your reported balances low, and always, always, always pay on time. Garden these cards for a year or so and you'll find that they will help pave the way for better cards. Happy gardening!

[bichonmom]

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@Anonymous wrote:

Hello All! I just discovered this site a few days ago and I am stoked about the great 411 I have found on here. I wanted to add some positive TLs and so I decided to do some applying. The results were decent all low CLs, but I'll take 'em for now. Best Buy MC($300), Wal Mart ($400), Credit One($400), and Cap One($300) all unsecured. I also have a USAA AMEX secured($1500) and a CAP ONE Platinum($500) that I have been using and PIF every month. I plan on gardening for the next 6-8 months. I know having so many low CL cards may hurt my score in the short term, but if I keep balances/utilization low will it boost me in the long term?

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Congrats. Definitely stop apping for a while. Otherwise, you'll end up with a bunch of toy-limit cards, stuck in toy-limit limbo.

Remember that you can ask for a CLI w/Walmart after 4 mos w/a SP. Also, once you get your card, you can set up your online acct. and sign up for your TU FICO.

With the number of card you have, you might want to consider closing your Credit One if it has an AF, since they're a sub-prime lender.

If your Cap Ones are in the step program, then you'll get an auto-CLI after a given number of months and payments. You can log in to your acct and read the letter for each card, which will tell you if you're in the step program and what you need to do to get your auto-CLI. Cap One's rebuilder cards don't go beyond the pre-approved CL 99% of the time.

[LS2982]

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@Anonymous wrote:

Hello All! I just discovered this site a few days ago and I am stoked about the great 411 I have found on here. I wanted to add some positive TLs and so I decided to do some applying. The results were decent all low CLs, but I'll take 'em for now. Best Buy MC($300), Wal Mart ($400), Credit One($400), and Cap One($300) all unsecured. I also have a USAA AMEX secured($1500) and a CAP ONE Platinum($500) that I have been using and PIF every month. I plan on gardening for the next 6-8 months. I know having so many low CL cards may hurt my score in the short term, but if I keep balances/utilization low will it boost me in the long term?

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Welcome to the forums!!!

I would recommend gardening for a full year. All of the impact from the INQ's and new accounts will be gone by then.

[score_building]

slow down turbo, don't app and add any more low limit cards,

garden and kill Credit One before AF comes due (if there are mnthly fees maybe nuke it now)

[LS2982]

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@score_building wrote:

slow down turbo, don't app and add any more low limit cards,

garden and kill Credit One before AF comes due (if there are mnthly fees maybe nuke it now)

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+1,000!!!!

[annielorie]

Rumrunner stay the course everyone is in the know garden in 4 months see which cards you can get credit limit increase without a hardpull  Congrats on the new cc welcome to cell block