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Newbie, Wanted to say Hi and thank you!

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93stallion302
Member

Newbie, Wanted to say Hi and thank you!

Hey guys, I have been lurking on here for a few months now, reading threads and taking in information. Im 25 and interested in starting to build my credit it to make some moves in life. 

 

My credit background:

2 school loans

1 Cap1 Platinum 3+ Years old

1 BestBUy Store Card <1yr old

No baddies

No Inquiries(Until I joined here)

 

I have had ok luck with my Plat Cap1 started at 500, grew to 1250 then to 2250. Its been there for about 2 years. I here people with many more years with them stuck at 500 or 750CL. That was my only card until Last christmas i got a best buy card was instantly approved for 1500 and CLI to 2200 a few weeks later online. That is my limited credit history until I found Myfico.

 

After a ton of reading and knowing my CR was good but limited. EX score: 690 

I couldnt help but go on an app spree after reading about so many of them on here. 

 

~1 month ago

Bankamericard Cash Rewards: Approved after 14day wait for them to decide.2500 CL

This was nerve wrecking. After that  I was a bit scared as I thought well maybe my chances arent as good as I thought. 

 

FFW This WeekSmiley SadTemptaion got the best of me)

Citi Simplicity: Instant Approval 2000CL

 

Discover IT: Instant Approval no posted limit. Morning after saw that my status changed and was asking for me to call. I was nervous that they might have reversed their decision. I search everywhere and couldnt find a similar scenario. Called in CSR immediately informed me that I had been approved with a 6500CL, and my card was on the way.  

 

Citi Thank You Preffered: Instant Approval 2000CL.(Applied two days later, just couldnt help but stay away, I had to see if I could get another card.)

 

and I have also PC my Cap1 Plat to Quicksilver. Not sure how much PC I really got though. Same super high interest. I noticed for new apps its not that high. 

 

All this thanks to this forum. Its addicting to be on here. Thanks to you guys I have improved my interest rates by 10% or more im about ready to sock drawer my CAP1 card. It is by far my worst card. I have much more reasonable terms on all the new cards. Enough of the long intro. 

 

Thanks and let me know what you think. I think I need to garden!



Gardening Until 3/31/14
Message 1 of 7
6 REPLIES 6
93stallion302
Member

Re: Newbie, Wanted to say Hi and thank you!

and both Citi and Discover I applied through their check if you are prequalified links. 

 

Discover said I was pre-approved, Citi said I was prequalified to apply. 



Gardening Until 3/31/14
Message 2 of 7
Crashem
Valued Contributor

Re: Newbie, Wanted to say Hi and thank you!

OP,

 

Congrats and good progress.  Are you holding balances on your cards?  Quicksilver is decent rewards as it is 1.5% cash back.  But ANY Rewards card only makes sense if you PIF and pay no interest.  In other words, no need to SD the Quicksilver as based on your outlined cards, you still have a use for it if you PIF and pay no interest.

               LIMITS IN CARD DESCRIPTIONS
Message 3 of 7
93stallion302
Member

Re: Newbie, Wanted to say Hi and thank you!

my BOA has my old CAP1 balance on it I transfered it for better interest rate. 8% less. Plus no interest for 14months.Which will be transfered in a few month to the simplicity which has 18months 0% then an even lower rate than my BOA. I plan to use simplicity to carry a balance until I can get a better deal. 

 

My Best buy has a balance but at 0% due to their finiacing options. UTIL is at 57% and coming down before the current app spree. 

 

I have been using my quicksilver for everyday purchases and have PIF this last month, as I have no interest in carrying a balance on that card. I get what you mean. I figure if I stop using them for awhile they might give me a better deal.



Gardening Until 3/31/14
Message 4 of 7
Crashem
Valued Contributor

Re: Newbie, Wanted to say Hi and thank you!


@93stallion302 wrote:

my BOA has my old CAP1 balance on it I transfered it for better interest rate. 8% less. Plus no interest for 14months.Which will be transfered in a few month to the simplicity which has 18months 0% then an even lower rate than my BOA. I plan to use simplicity to carry a balance until I can get a better deal. 

 

My Best buy has a balance but at 0% due to their finiacing options. UTIL is at 57% and coming down before the current app spree. 

 

I have been using my quicksilver for everyday purchases and have PIF this last month, as I have no interest in carrying a balance on that card. I get what you mean. I figure if I stop using them for awhile they might give me a better deal.


Doubtful. High credit score and call to EO might do it.

 

But I would highly consider looking at your finances.  While 0% deals look free, you are paying a BT fee which is charged right away whenever you move your balance.  Additionally, look at the 0% terms carefully.  Some of them will backdate interest to day one if you have balance at end of 0% period.  Additionally, you are early in your credit history.  There is a pattern with 0% offers where someone enters one with every intention of being clear of balance by time 0% if over.  However, a mistake is made (e.g. late payment that negates the 0%), an emergency happens, or they just get used to spending beyond their means.  The result is that they get themselves in credit card problems.  So please be a bit careful of taking advantage of the "free" money the card issuers are "giving" you.

               LIMITS IN CARD DESCRIPTIONS
Message 5 of 7
93stallion302
Member

Re: Newbie, Wanted to say Hi and thank you!


@Crashem wrote:

@93stallion302 wrote:

my BOA has my old CAP1 balance on it I transfered it for better interest rate. 8% less. Plus no interest for 14months.Which will be transfered in a few month to the simplicity which has 18months 0% then an even lower rate than my BOA. I plan to use simplicity to carry a balance until I can get a better deal. 

 

My Best buy has a balance but at 0% due to their finiacing options. UTIL is at 57% and coming down before the current app spree. 

 

I have been using my quicksilver for everyday purchases and have PIF this last month, as I have no interest in carrying a balance on that card. I get what you mean. I figure if I stop using them for awhile they might give me a better deal.


Doubtful. High credit score and call to EO might do it.

 

But I would highly consider looking at your finances.  While 0% deals look free, you are paying a BT fee which is charged right away whenever you move your balance.  Additionally, look at the 0% terms carefully.  Some of them will backdate interest to day one if you have balance at end of 0% period.  Additionally, you are early in your credit history.  There is a pattern with 0% offers where someone enters one with every intention of being clear of balance by time 0% if over.  However, a mistake is made (e.g. late payment that negates the 0%), an emergency happens, or they just get used to spending beyond their means.  The result is that they get themselves in credit card problems.  So please be a bit careful of taking advantage of the "free" money the card issuers are "giving" you.


My original transfer for from CAP1 to BOA was 100% worth it, in two months I would have paid more interest than the BT fee. I havent dont the math yet, but you may be right, it may not be worth the transfer to the simplicity card. I am guilty of living beyond my means, that is what I am starting to settle up now. my BBY card is one of those that if its not PIF by the time the grace period runs out, it charges interest retroactivly. but I am well on my way to PIF before that time even gets close as long as no mistake gets made, at which point its on me. Im aware of the perils and am proactively trying to stay out of trouble.



Gardening Until 3/31/14
Message 6 of 7
09Lexie
Moderator Emerita

Re: Newbie, Wanted to say Hi and thank you!

Welcome to the forum and congratulations on your approvals. As Crashem pointed out, BTs and 0% promo financing can quickly get out of hand. It might be difficult but its best to think of your charge cards as debit cards. so that what you charged can be paid for in full. Promo financing is convenient but when you are obtaining more promo or interest free financing - it can be hard to finally pay off multiple accounts when the terms end.
Message 7 of 7
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