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Getting approvals, but how aggressive should i be?

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Established Member

Re: Getting approvals, but how aggressive should i be?


@rmduhon wrote:
Currently a Cap1 secured card can't be PC'd. According to a post made here by a member, it appears Cap1 may be rolling out the option to unsecure the card but obviously I don't know what the time frame for that would be. As for the QS1, yes there's an annual fee, but depending on how you use the card you can get more than the fee back from the cash back. I've gotten roughly 100 cash back which more than offsets the annual fee

good catch

I guess i'll hide it somewhere until i figure out how/when to usecure it - hate to lose my oldest by canceling it, for sure

Message 21 of 32
Super Contributor

Re: Getting approvals, but how aggressive should i be?


@jonfive wrote:

As stated in the title, I'm finally at a place where i'm getting approvals. But how aggressive should I be on applying?

 

Alternatively:

 

Should I do one then wait for a while? Or stick with my best current approval and hang out until i can get even better rates/lines? (Year or two?)

 

I've said in earlier posts, I wasn't given the 'credit talk' as a teenager and made some mistakes. I'm finally clearing it up and things are looking better. 

Really, I'd like to optimize my current situation. Whether that would be more or less open credit - whatever is better Smiley Happy

 

EX: 653 TU: 623 EQ: 631

CapitalOne secured for 500  23% -7yrs (late one month 6 years ago, everything else on time)

Credit One unsecured 1750, 24% with a kinda bad annual fee- been advised to drop them, will do so next billing cycle -5yrs

CapitalOne unsecured 1000 23% - new

Citi Doublecash 1000 23% - new

↑ organized by credit age

 

Thanks again guys,

Your incompetent man-child of credit-

Jonfive


No you should not be aggressive.

 

You should pay off, and then close, the Credit One account.

 

The other 3 cards are enough for now.

 

You should wait unitl your scores are a little better then apply, perhaps, for an NFCU card.

 

 


Total revolving limits 720500 (594000 reporting) 10/2/19 FICO 8 scores: EQ 744 TU 782 EX 746
Message 22 of 32
Established Member

Re: Getting approvals, but how aggressive should i be?


@SouthJamaica wrote:

 

No you should not be aggressive.

You should pay off, and then close, the Credit One account.

The other 3 cards are enough for now.

You should wait unitl your scores are a little better then apply, perhaps, for an NFCU card.


Thanks!

 

Seems to be what I've gathered through these posts; 

Close CreditOne,

Keep the cards I have,

Wait until I'm 700+,

PC Cap1 to QS,

Try to graduate Cap1Secured to Plat or cancel,

Start Gardening,

 

NFCU: unfortunately I wasn't able to join the military - Had a tumor surgery when I was 15 leaving me with several plates/pins/screws - i'm a walking hardware store from the neck up. But hey, not many can say they've got a built-in helmet Smiley Tongue

 

I live near a 'People's First CU' - But I haven't heard much about them on these forums.

Currently i'm with PNC because I get free interest checking through my job, but i wouldn't be opposed to going to a reputable CU.

Message 23 of 32
Regular Contributor

Re: Getting approvals, but how aggressive should i be?

I use to believe that the few cards that I own were never enough. I went on many apping sprees so I can get an ego boost for all the approvals I was getting. It was actually very addicting and fun until it came to a hault. I started getting rejected for my applications. I continued to want more and more. I'm telling you this because it can go either way for you. Personally, what I've learned now is that I'm no longer approved for new credit because I have too much. That's what will happen if you become too aggressive. Find a happy medium and don't be too aggressive is my choice if I could do it again. I hope this helps. 

Message 24 of 32
Valued Contributor

Re: Getting approvals, but how aggressive should i be?


@jonfive wrote:

@SouthJamaica wrote:

 

No you should not be aggressive.

You should pay off, and then close, the Credit One account.

The other 3 cards are enough for now.

You should wait unitl your scores are a little better then apply, perhaps, for an NFCU card.


Thanks!

 

Seems to be what I've gathered through these posts; 

Close CreditOne,

Keep the cards I have,

Wait until I'm 700+,

PC Cap1 to QS,

Try to graduate Cap1Secured to Plat or cancel,

Start Gardening,

 

NFCU: unfortunately I wasn't able to join the military - Had a tumor surgery when I was 15 leaving me with several plates/pins/screws - i'm a walking hardware store from the neck up. But hey, not many can say they've got a built-in helmet Smiley Tongue

 

I live near a 'People's First CU' - But I haven't heard much about them on these forums.

Currently i'm with PNC because I get free interest checking through my job, but i wouldn't be opposed to going to a reputable CU.



You've received great advice from everyone!. Just wanted to tell you that you do not need to be military affiliated to joing NFCU. Here  is a link to a thread about it from the Personal Finance section of MyFico.

 

http://ficoforums.myfico.com/t5/Personal-Finance/NLUS-San-Diego-alive-and-well/td-p/4640823

"Hover mouse over cards to see CL and APR info"


Message 25 of 32
Established Member

Re: Getting approvals, but how aggressive should i be?


@ItsPossible wrote:
You've received great advice from everyone!. Just wanted to tell you that you do not need to be military affiliated to joing NFCU. Here  is a link to a thread about it from the Personal Finance section of MyFico.

http://ficoforums.myfico.com/t5/Personal-Finance/NLUS-San-Diego-alive-and-well/td-p/4640823


Darn right i have!

 

Reading it all right now! Thank you! Smiley Happy

Message 26 of 32
Established Member

Re: Getting approvals, but how aggressive should i be?


@ItsPossible wrote:
You've received great advice from everyone!. Just wanted to tell you that you do not need to be military affiliated to joing NFCU. Here  is a link to a thread about it from the Personal Finance section of MyFico.

http://ficoforums.myfico.com/t5/Personal-Finance/NLUS-San-Diego-alive-and-well/td-p/4640823


I've read through 15 20 pages, many said there was a HP through TU on applying, with little explanation

 

Should I wait for scores to improve before applying for membership? Or is it an identity verification thing?

 

I wouldn't apply for a product right away, I just don't want to hamper my chances given my current situation.

Message 27 of 32
Established Member

Re: Getting approvals, but how aggressive should i be?

Got an answer from @UncleB

 

"The HP on TU is just for identity verification; I've never heard of anybody being denied membership because of anything on their TU report.

 

FWIW, they also do a SP on EQ for new memberships, but it's rarely mentioned on here (probably because it's an SP).  They use some obscure code that lets you know it was for ID purposes as well."

 

 

Linked here Post #887: http://ficoforums.myfico.com/t5/Personal-Finance/NLUS-San-Diego-alive-and-well/m-p/4815799/highlight...

Message 28 of 32
Established Member

Re: Getting approvals, but how aggressive should i be?

I've done the 'deed' Smiley Tongue

 

Got an auto-reply, just waiting on a response!

 

Kind of exciting re-taking my financials, couldn't have done a thing without you guys Smiley Wink

Message 29 of 32
Super Contributor

Re: Getting approvals, but how aggressive should i be?


@jonfive wrote:

@SouthJamaica wrote:

 

No you should not be aggressive.

You should pay off, and then close, the Credit One account.

The other 3 cards are enough for now.

You should wait unitl your scores are a little better then apply, perhaps, for an NFCU card.


Thanks!

 

Seems to be what I've gathered through these posts; 

Close CreditOne,

Keep the cards I have,

Wait until I'm 700+,

PC Cap1 to QS,

Try to graduate Cap1Secured to Plat or cancel,

Start Gardening,

 

NFCU: unfortunately I wasn't able to join the military - Had a tumor surgery when I was 15 leaving me with several plates/pins/screws - i'm a walking hardware store from the neck up. But hey, not many can say they've got a built-in helmet Smiley Tongue

 

I live near a 'People's First CU' - But I haven't heard much about them on these forums.

Currently i'm with PNC because I get free interest checking through my job, but i wouldn't be opposed to going to a reputable CU.


You can satisfy eligibility for NFCU by (a) joining San Diego council of US Navy League for $25, then (b) applying to NFCU by fax.

 

 


Total revolving limits 720500 (594000 reporting) 10/2/19 FICO 8 scores: EQ 744 TU 782 EX 746
Message 30 of 32
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