Done apping till next year-Some success-THANK YOU!

anderl · ‎08-25-2009

Just finished my apping for the year-won't even think about more credit till a year from now. Here's what I app'd for: Ficos as of May 09- 527EQ and 540TU, w/510 Exp First Premiere Visa-approved,$250CL WellsFargoVisa(secured)-2K NFCU Flagship Visa-approved,15K NFCU LOC-approved,15K Macys-approved,$800 JC Penney-approved,$800 Dillards-approved, 1k Declines-Amex Starwood and Delta,Discover More=HSBC@1.2K,BofA Visa=secured BofA Visa@2K, National City,US Bank-decline=US Bank secured@1.5K=DONE! 660EQ,700TU and 680EXP

Message Edited by anderl on 08-25-2009 12:48 PM

Message Edited by anderl on 08-25-2009 12:50 PM

Amex Platinum Charge(NPSL); Starwood Amex Preferred CC(20K CL); Diners Club ELITE MC(20K);Diners Club Premier MC(20K,could've sworn the rep said 25k, oh well lol);Delta Amex Reserve CC(21K CL); Amex PRG Charge(NPSL); United Presidential Plus Chase World Elite MC (15K CL); AARP Chase Visa Signature(35K CL); NFCU Visa Platinum(20K CL) NFCU LOC(15K); NFCU Go Rewards MC(17.5K); Disover IT 7.8K;
First Tech Federal Visa Platinum(15K CL); Simmons First Visa Platinum(9K CL); Wells Fargo Visa Platinum(7.5K CL); CitiBank Sears MC(6K CL); JCPenney Card(7.5K CL); Lowes(2.5K CL);Barclays Mile & More Lufthansa 12.5K.

creditwherecreditisdue · ‎08-25-2009

Looks like you did a pretty good job. Congrats!

Anonymous · ‎08-25-2009

I'll add my own thanks to this too.

I only have a 6 year credit history, but it is spotless as far as derogs. After finding this forum I now have a 500% better understanding of how credit works. Here's what I applied for over the last 2 months:

Chevron/Texaco Visa (for fuel discounts): Approved 2.5k

PenFed Cash Rewards Visa (general purpose high cash back): Approved 2.5k

Best Buy RZ Mastercard (buying a laptop and tv soon, want rewards): Approved ??k

US Bank Cashback Visa: Declined, haha. Guess I hit my short-term application limit. But I'm glad now since the PenFed card is actually better in every way so I wouldn't have used this card.

So I realize these will temporarily lower my FICOs, but as they age, I'll be better off in the long run. And I'm done applying since I have everything I need really. I only use credit cards for what they offer *me*, not to finance my stuff at ridiculous rates, so I'm very satisfied with what I have now. In a year or so, I'm planning on buying a new car, so 3 more accounts of on-time payments should look good on my report. And thanks to this place, I also know to only have half of my cards report a balance each month, and to keep the ones that do, under 9% util.

creditwherecreditisdue · ‎08-25-2009

@Anonymous wrote:
I'll add my own thanks to this too.

I only have a 6 year credit history, but it is spotless as far as derogs. After finding this forum I now have a 500% better understanding of how credit works. Here's what I applied for over the last 2 months:

Chevron/Texaco Visa (for fuel discounts): Approved 2.5k
PenFed Cash Rewards Visa (general purpose high cash back): Approved 2.5k
Best Buy RZ Mastercard (buying a laptop and tv soon, want rewards): Approved ??k
US Bank Cashback Visa: Declined, haha. Guess I hit my short-term application limit. But I'm glad now since the PenFed card is actually better in every way so I wouldn't have used this card.

So I realize these will temporarily lower my FICOs, but as they age, I'll be better off in the long run. And I'm done applying since I have everything I need really. I only use credit cards for what they offer *me*, not to finance my stuff at ridiculous rates, so I'm very satisfied with what I have now. In a year or so, I'm planning on buying a new car, so 3 more accounts of on-time payments should look good on my report. And thanks to this place, I also know to only have half of my cards report a balance each month, and to keep the ones that do, under 9% util.

Stay tuned on PenFed. Hopefully around the one year point they will slide you some nice pre-approved offers. They will show up without fanfare on the website when they are available.

It is less that half of your revolving accounts and half or less of all your tradelines; total UTIL > 0% and < 9%, the lower the better; and total UTIL is a lot more inportant than individual UTIL.

Anonymous · ‎08-25-2009

Good info. I've got 5 cards total, so I'll probably only have my Chevron and PenFed cards post a (small) balance. If I use any of the other 3 on a given month, I'll make sure they're PIF before the statement cuts.