Hi all! I've been lurking around these parts for a few months now and learning a ton, so first off: thanks!
With July 4th being the most American holiday in all of America, I decided to do one of the most American things out there..Go on a CC spree!
A little about me:
24 years old, male, career in advertising/marketing. I've been renting an apartment for ~2 years out of school and am thinking a mortgage may be in line in a little over two years, so I decided to take a hit (inquiries and account age) on my credit now to be better off around that time. While checking my reports on creditkarma, creditsesame, etc I kept seeing notes saying that I had too little bankcard credit, so I decided to take care of that with this spree. Credit score estimated by various services in the past two months was usually 740-780 depending on date, model, and CRA pulled.
Current (Pre-Spree) Accounts/Limits:
USAA Platinum MC ($4k) - PIF monthly, oldest account at 6 years and a few months.
Restoration Hardware - Comenity ($4k) - PIF monthly with exception of promo purchases (interest-free for 12 months if purchase is over $1000).
Pottery Barn - Comentiy ($2.5k) - same as RH above, but their promo financing starts at $750.
Nordstrom Retail ($1k) - PIF monthly
Total Revolving = $11.5k
I also have a car loan through Chase (a little over $12k remaining).
The New Accounts
Barclay Arrival World MC - no annual fee version ($7.5k - Instant)
Penfed Platinum Rewards Visa Sig. ($14.5k - Instant)
FIA/Fidelity Investment Rewards AMEX (originally got 30 day message, called automated system and was told approved for $1.5k. Called on a non-holiday to talk to a credit analyst and was boosted to $4.5k)
Total New Revolving = $26.5k
After the new accounts were approved, I decided to maximize my current lines while doing as little damage as possible.
USAA Platinum MC upgraded to World MC with CLI of $4k (now $8k CL)
Nordstrom retail-only card converted to Nordstrom Visa Sig. with $6.5k CLI (now $7.5k CL)
LUV button hit on both Restoration Hardware and Pottery Barn websites, both resulting in $2k CLI (now $6k and $4.5k CL, respectively)
Total CLI = $14.5k
Overall Current Revolving CL = $52.5k
Overall, I'm pretty happy (no denials, yay!) and was honestly surprised that I got such a high instant limit with Penfed and such a comparatively low limit with FIA on the Fidelity card. The analyst stated that it was because I didn't have enough history with them and that most of my accounts were retail. I was planning on using the Fidelity card as my everyday (food, general stuff) card, so it'll be a bit of a pain (utilization-wise) to use. Hopefully I'll see a CLI after a few months. I plan to request a CLI (as long as it's a soft pull) probably at the 6 month mark.
I'm off to the garden for 2 years unless I see something shiny that I have to have before then!
All that said, what do y'all think? Did I do a good job in my first (and only foreseeable) spree? I know without a mortgage, a handful of revolving accounts and an auto loan my credit profile can only be so strong. I have a plan to use all of my cards in different ways to keep them active, but also keep utilization down. Do you see any likelihood of Barclays being sensitive to the spree and shutting down my Arrival card? Tips on FIA/Fidelity CL? Other random advice?
I'm all ears and would welcome any feedback!
Congrats on a successful spree! That's quite impressive. Now is the time to head to the garden and let everything age.
Wow, you're looking solid! Congrats on your CLIs and you're gonna be in the 800s soon.
Great job!! You have a great sense of cc strategy and acct management. I have no doubt you'll get into the 800 club soon enough!
Congrats! I'm curious about USAA CLI and upgrade... did you call and specifically request the upgrade to World MC? Did they HP?
I called to request the upgrade. Had to do one thing at a time since the CL for World starts at $5000, so first applied for CLI, then PC from Platinum to World.
It was an EQ HP, but I'd already suffered one from Penfed, so another within a day was worth it to me.
My name is Peterson and I am new to this panel. I like to discuss with different peoples and found this forum very rare. I just want to say thanks to the Admin for accepting me here. I hope to spend a good time with all of you. Thank you.