Should I apply for another card or wait?

[myjourney]

You have received great advice about aging your cards and not applying for anything else so I can only add two things

Welcome to the forum

And see you in the Garden

[09Lexie]

+1

[Bsong]

Thanks everyone for the replys! I really do appreciate it. I've joined many forums before but this is by far the most beneficial one. A lot of great info and helpful people!

Ive decided against the credit line but was really close to having my wife apply for either the Chase Saphire or Amex BCE and just adding me but I just didn't understand why or how a lender would even consider that being a good thing. To be honest, I've been itching to apply for another card. Just one more with another $5k limit so that I can always stay below 10% utilization for highest scores. But I've held off and keep telling my self it's gonna be a waste of an inquiry if I get denied. Maybe BoA will give me another card??? Ughhhh.... . This being patient to grow my credit is driving me nuts but I know it's the only way......

[FinStar]

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@Bsong wrote:
Thanks everyone for the replys! I really do appreciate it. I've joined many forums before but this is by far the most beneficial one. A lot of great info and helpful people!

Ive decided against the credit line but was really close to having my wife apply for either the Chase Saphire or Amex BCE and just adding me but I just didn't understand why or how a lender would even consider that being a good thing. To be honest, I've been itching to apply for another card. Just one more with another $5k limit so that I can always stay below 10% utilization for highest scores. But I've held off and keep telling my self it's gonna be a waste of an inquiry if I get denied. Maybe BoA will give me another card??? Ughhhh.... . This being patient to grow my credit is driving me nuts but I know it's the only way......

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Very valuable advice provided by the previous posters on a gardening strategy and not applying for anything else.  An item to keep in mind though, utilization should be kept in check and well-managed with what you have already.  At his point, if you apply, you're setting an expectation that may be disappointing (i.e. a lower limit CC or unfavorable terms, or denial).

With that in mind, if your income and spending habits grow over time where you foresee the need for additional credit (i.e. maximize rewards or other benefits that fit your lifestyle); then you can evaluate such decision in the future.  Simply obtaining credit cards with higher limits to manage utilization is not very sound financial discipline if you intend on carrying balances or debt for long periods of time.

[Bsong]

Hi guys!

I know you all mentioned to wait (and I was willing too) but I could not let the HP go with Citi. I dialed their application line at least once a day and researched all over the net to find a way to have my app reconsidered. Well after finding their "executive team" info on the net I HAVE FINALLY FOUND SUCCESS with my recon. After reviewing some of my info with a real analyst (someone not just going by script) he told me that he will review my app and will call me back. After a few hours I got a call from his assistant and said "congratulations we were able to approve you for the Citi Diamond Preferred but with your limited history's the credit limit we can only grant you at this time is $1000". I had mixed emotions, happy that I got approved but disappointed with the credit limit. But hey! At least I'm in and my inquiry didn't go to waste.

Also. While I was really disappointed about my initial denial from Citi I also called BoA and asked if it would be possible for them to see if I qualify for another card (123 cash rewards) without a credit inquiry but the application specialist said "no, a new credit pull will be needed to review your application". After a bit of convincing from her I caved in and said "I'll sacrifice one last inquiry to try and get the card". Well after running my credit I was denied! She tried to end the convo by saying "wait for our letter in the mail". I told her no and that I want a decision today. She then forwarded me to the credit analyst. After going over my info she offered to approve the card but will need to take credit limit from my other card and add it to the new card. I told her how I've been with BoA for many years as a customer and have no plans ruining my relationship with them. I said if at all possible to just grant me a $1000 credit limit to start. After a bit of convincing her she agreed!!!

I don't really know this whole experience was a success by means of credit line but ill sure be in the garden for awhile with these new credit cards. I have put a freeze on my reports to keep me away from applying for anything else.

Stats:
BoA Platinum Plus $5000 cl 1 mo old
BoA 123 Rewards Platinum $1000 cl (brand spankin new)
Citi Diamond Preferred $1000 cl (brand spankin new)
Cap1 $500 cl 3 mo old.

Moral of the story: don't give up or put a hard inquiry to waste!!! Keep calling and calling and calling till you speak to the right person! I just hope all that hard work will payoff on my credit report in the long term.

[JonStur]

Good for you, your persistence paid off. Now no more apps!!! Trust me you WILL get the itch, but it is important to let your tradelines mature a little bit...

[ezdoesit]

Congrats I guess your persistence paid off.  Three prime cards which helps your score.  The only negative is with citi if your want a nice CLI it is usually a HP.  I don't much about BOA regarding this but I am sure there are many posts on the forum about this.

[kimmiller112]

Way to go on the two extra cards.  Garden and let some of those inquiries age.  Get and keep your utilization under 9%.   When the Cap One is 6 - 8 months old, I would send an email to the EO (you can do a google search for the email address) about a CLI, which should be a soft pull.  When they call you back, I would ask them for $5000 (they may match your BofA and when they ask if you will settle for a lower amount if they can't approve you for the higher amount, I would shoot for $2500).   A year from now, you may want to plan an app spree and consider companies like Chase, who likes a year history, Amex and Discover.

But you are off to a great start.  Watch those inquiries and resist the urge to app.

[Bsong]

On my cap one card it's the entry level platinum with a AF and high rate. Would it be worth keeping 6 months from now?