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Thinking I may need to stop CC apps

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lhcole77
Valued Contributor

Thinking I may need to stop CC apps

In the last three years I have managed to build my credit profile to something bigger and better than I ever thought possible.

 

I've gone from $0 to almost $85K in credit limits. Have gotten 100% instant approvals since rebuilding began 12/2011. A lot of this is thanks to all the education I have learned here.

 

I'm starting to think I may need to take a break, though.

 

My concern is that I will start getting diminishing returns on apps, either through higher APR or lower starting CLs. I also don't want to just get cards for the sake of getting another card. And I don't want to get the dreaded "Your application has been denied" verdict either. Not after all the rebuilding I have done.

 

I'm sure others are in this boat or have been there. Curious to hear your thoughts and experience. Thanks in advance!

Message 1 of 21
20 REPLIES 20
HiLine
Blogger

Re: Thinking I may need to stop CC apps

I'm on the same boat. The last time I applied for a credit card was in February, and I plan to garden at least till the end of the year. There is no point in applying for credit cards if you don't need another one.
Message 2 of 21
jamesdwi
Valued Contributor

Re: Thinking I may need to stop CC apps

Its always good to garden when you feel like you aren't getting the CL's and APR's that you think you deserve. Take a 6 months vacation in the garden and things will improve. 

 

 

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 3 of 21
heyarrnold
Valued Contributor

Re: Thinking I may need to stop CC apps

From the beginning, I applied to cards that would actually benefit me in some way. That's what has helped me so far. I only have 5 CC's, but they all provide value via their rewards structure, travel benefits, customer protection etc. Are there other cards out there that I want and provide value to me? Yes, but I applied to three cards this year. I'll wait until next year to apply for others Smiley Happy

Message 4 of 21
lhcole77
Valued Contributor

Re: Thinking I may need to stop CC apps

Good feedback, guys!

 

I've already racked up so many rewards too. I have 3 RT flights waiting to be cashed in, already cashed one in, have $500 credit waiting on Arrival card and already used another $300 credit.

 

No need to stock pile more rewards until I start working my way through the ones I already have. Smiley Surprised Smiley Very Happy

Message 5 of 21
HiLine
Blogger

Re: Thinking I may need to stop CC apps

I got all my 10+ credit cards in the span of 24 months, and most of these I feel comfortable keeping permanently for different reasons. For credit building purposes, I'm done. For rewards, I also have pretty much all I need. There is no compelling reason to keep applying now. I'm onto something else these days: The FICO 800 challenge. 😊
Message 6 of 21
baller4life
Super Contributor

Re: Thinking I may need to stop CC apps

I agree wholeheartedly. No longer feel the need to app for anymore cards. I've gotten all cards I have in the last year. So I have plenty to use to rebuild with. I'll pick up 4 or 5 more when my reports are clean fall next yr. Then be done for good.
Message 7 of 21
Anonymous
Not applicable

Re: Thinking I may need to stop CC apps


@heyarrnold wrote:

From the beginning, I applied to cards that would actually benefit me in some way. That's what has helped me so far. I only have 5 CC's, but they all provide value via their rewards structure, travel benefits, customer protection etc. Are there other cards out there that I want and provide value to me? Yes, but I applied to three cards this year. I'll wait until next year to apply for others Smiley Happy


I sincerely wish this had been my strategy when I first started my journey two months ago. Thankfully it didnt take long to come around to this way of thinking. I've narrowed it down to six cards that all serve a purpose and suit my spending habits. Two of which I already have so Im 1/3 of the way to my goal. Smiley Happy Patience is key, and there's no standard one size fits all method of accomplishing individual credit goals. I've learned that from many helpful individuals here.

Message 8 of 21
barbaralee
Established Contributor

Re: Thinking I may need to stop CC apps

Same. I get All pumped, am approved and I am over the moon, and then reality sets in. Do I need this card? What would I use it for? That hit me hardest just recently when I applied (for my husband) for his USAA Amex. At first it was like YES! Then..... Ehhh, what are we going to do with it? I was thinking of using it for paying our monthly bills but our PNC Cashbuilder (which is what we use now) is 1.70% cash back which blows USAA out of the water. 

 

Moral of the story: no more apps for us. We have all that we need, and husband is tired of credit cards, lol.

Message 9 of 21
lhcole77
Valued Contributor

Re: Thinking I may need to stop CC apps


@barbaralee wrote:

Same. I get All pumped, am approved and I am over the moon, and then reality sets in. Do I need this card? What would I use it for? That hit me hardest just recently when I applied (for my husband) for his USAA Amex. At first it was like YES! Then..... Ehhh, what are we going to do with it? I was thinking of using it for paying our monthly bills but our PNC Cashbuilder (which is what we use now) is 1.70% cash back which blows USAA out of the water. 

 

Moral of the story: no more apps for us. We have all that we need, and husband is tired of credit cards, lol.


I can TOTALLY relate! I just a USAA Amex and then the next day I was like "I should get the Citi DC" (even though I didn't need it.....)

 

GULP!

 

I feel as though this is yet another powerful lesson I'm learning in my credit journey.

Message 10 of 21
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