New cards recommend?

Anonymous · ‎12-17-2018

Hi,

I've got a lot of HP on my credit report recently: 6 in 6mos, 12 in 24mos. And alot of new account: 6/6mos, 12/24mos. But I would like to apply for a new card with 0% apr for their 1st year. I did some research but couldn't find answer for these cards: Penfed Cash Rewards Visa, and Wells Fargo Rewards (the grey one, I got tons of snailmail offers from WF for this card). My question are:

1. Are they HP/new account sensitive?

2. Is it possible to get approved when I've got total about $70 CL in 14 accounts and utilization total ~10%?

3. What CR do they pull?

Thanks!

Anonymous · ‎12-17-2018

Wells pulls Experian.

IMHO, you have way too many cards with very short AAoA, probably should be gardening for a year minimum.

Anonymous · ‎12-17-2018

I can’t speak for WF but PenFed is a definite no with that many new accounts, they’re crazy sensitive to them.

I’m going to have to echo the garden suggestion.

UpperNwGuy · ‎12-17-2018

I recommend you seek no new cards for a year.

Daily Carry: PenFed Power Cash • NFCU Flagship • NFCU More Rewards • Chase Freedom
Sock Drawer: PenFed Promise • NFCU cashRewards • Chase Sapphire Preferred • Chase Freedom Unlimited • United Explorer • UNFCU Azure

NRB525 · ‎12-17-2018

OP which cards do you have already?
What are the limits of each, what is the balance on each, and what is the APR? If a promo APR, when does it expire, and what is the purchase APR that will kick in?

With the number of new accounts, there may be some balance transfer possibilities with those existing cards.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

Anonymous · ‎12-17-2018

Thanks all for the reply I appreciate that! I'll have to garden for another year so that I can get approved for the Chase 524 cards

Anonymous · ‎12-18-2018

@NRB525 wrote:
OP which cards do you have already?
What are the limits of each, what is the balance on each, and what is the APR? If a promo APR, when does it expire, and what is the purchase APR that will kick in?

With the number of new accounts, there may be some balance transfer possibilities with those existing cards.

I do have some cards w/ BT offer. Like BofA Travel Rewards and Discover it, they offer me 0% apr BT at 3% BT fee so I used one of them. As well as Best Buy Visa, I made use of its intro 0% for a new camera. I do have a saving account with balance that can pay them down right away but since they are 0% apr I don't have to. I just wanted a new card for some purchase so that don't have to pay 3% BT fee, in the mean while I could earn some SUB. I tried to apply for BofA Alaska and 123 but got declined with reason "recently opened too many accounts".

It seems that gardening is what I should do now. So, no more new app, and no more reading all the fantastic SUB ads