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Thinking I may need to stop CC apps

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heyarrnold
Valued Contributor

Re: Thinking I may need to stop CC apps


@Anonymous wrote:

@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.


I agree! You're doing quite well! Keep it up Smiley Happy

Message 11 of 21
lg8302ch
Senior Contributor

Re: Thinking I may need to stop CC apps

I join the same boat Smiley Happy  In the past  21 months I added 9 new cards and went from 8,5K to the  present CLs. It was also 100% approval success so far.  Unfortunately there are 2-3 cards I still have on my wishlist but I am fully aware that I need to slow down. After all I do not want to scare any lender .... and these cards will not be gone in the future. Smiley Happy

Message 12 of 21
lhcole77
Valued Contributor

Re: Thinking I may need to stop CC apps


@lg8302ch wrote:

I join the same boat Smiley Happy  In the past  21 months I added 9 new cards and went from 8,5K to the  present CLs. It was also 100% approval success so far.  Unfortunately there are 2-3 cards I still have on my wishlist but I am fully aware that I need to slow down. After all I do not want to scare any lender .... and these cards will not be gone in the future. Smiley Happy


^this

 

YASSSS!

Message 13 of 21
BUN
Established Contributor

Re: Thinking I may need to stop CC apps

I am now obsessed with the 800 CS club which can only be attained by gardening the cards I have. Important lesson indeed! I got seriously tempted when an offer for double cash arrived in the mail. I was so excited because it's my first offer since my rebuild, so I was caught up. But at least I now have the attention of the banks because I am now creditworthy, and that is something to be proud of! Smiley Happy 800 club here we come!

Starting Score : 575 May, 2013
Current Scores: EQ 716 6 INQ TU 745 4 INQ EX 726 3 INQ Last INQ December 2015, In the GC until Jan 2017.
Message 14 of 21
BUN
Established Contributor

Re: Thinking I may need to stop CC apps


@lg8302ch wrote:

I join the same boat Smiley Happy  In the past  21 months I added 9 new cards and went from 8,5K to the  present CLs. It was also 100% approval success so far.  Unfortunately there are 2-3 cards I still have on my wishlist but I am fully aware that I need to slow down. After all I do not want to scare any lender .... and these cards will not be gone in the future. Smiley Happy


What cards are you interested in? You have all my wish list cards, so curious what might be missing! Smiley Happy

Starting Score : 575 May, 2013
Current Scores: EQ 716 6 INQ TU 745 4 INQ EX 726 3 INQ Last INQ December 2015, In the GC until Jan 2017.
Message 15 of 21
HiLine
Blogger

Re: Thinking I may need to stop CC apps


@BUN wrote:

I am now obsessed with the 800 CS club which can only be attained by gardening the cards I have. Important lesson indeed! I got seriously tempted when an offer for double cash arrived in the mail. I was so excited because it's my first offer since my rebuild, so I was caught up. But at least I now have the attention of the banks because I am now creditworthy, and that is something to be proud of! Smiley Happy 800 club here we come!


Welcome to the club! Let's do this adventure together! Cat LOL http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/HiLine-s-quest-to-800-FICO/m-p/3386379

Message 16 of 21
fot1
Established Contributor

Re: Thinking I may need to stop CC apps


@lhcole77 wrote:

@lg8302ch wrote:

I join the same boat Smiley Happy  In the past  21 months I added 9 new cards and went from 8,5K to the  present CLs. It was also 100% approval success so far.  Unfortunately there are 2-3 cards I still have on my wishlist but I am fully aware that I need to slow down. After all I do not want to scare any lender .... and these cards will not be gone in the future. Smiley Happy


^this

 

YASSSS!


To play devils advocate here.. We have seen cards get knerfed on more then a few occasions.. I wish I was grandfathered in on a few cards right now

 

Too many to list..
Message 17 of 21
Anonymous
Not applicable

Re: Thinking I may need to stop CC apps


@fot1 wrote:

@lhcole77 wrote:

@lg8302ch wrote:

I join the same boat Smiley Happy  In the past  21 months I added 9 new cards and went from 8,5K to the  present CLs. It was also 100% approval success so far.  Unfortunately there are 2-3 cards I still have on my wishlist but I am fully aware that I need to slow down. After all I do not want to scare any lender .... and these cards will not be gone in the future. Smiley Happy


^this

 

YASSSS!


To play devils advocate here.. We have seen cards get knerfed on more then a few occasions.. I wish I was grandfathered in on a few cards right now

 


That's what I was thinking too!  My guideline is if you see a card that seems too good to be true, get it as early as possible and hit it as hard as possible!   So in recent history this includes:

 

Amex BCP uncapped

Citi 5x TYP  (and to a lesser extent, Citi 5x Forward)

US Bank Cash Plus uncapped, with Bill Pay and unlimited bonuses

 

And while at least the first and last still have supporters in the nerfed form, delaying apps would have missed the glory days of these cards

 

Message 18 of 21
Anonymous
Not applicable

Re: Thinking I may need to stop CC apps


@lhcole77 wrote:

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!


"I am thinking, therefore I exist..."

 

As much importance we give our Credit Apps... to know the time to call for a break is as important.

 

I had a mini-spree and now will keep gardening for atleast 6 months and review at that time if there is a need of any cards. If not will continue to garden... and plan to hopefully get a good auto loan some time next year.

 

Kudos and All the best !

Message 19 of 21
lg8302ch
Senior Contributor

Re: Thinking I may need to stop CC apps


@BUN wrote:

@lg8302ch wrote:

I join the same boat Smiley Happy  In the past  21 months I added 9 new cards and went from 8,5K to the  present CLs. It was also 100% approval success so far.  Unfortunately there are 2-3 cards I still have on my wishlist but I am fully aware that I need to slow down. After all I do not want to scare any lender .... and these cards will not be gone in the future. Smiley Happy


What cards are you interested in? You have all my wish list cards, so curious what might be missing! Smiley Happy


On top of my wishlist is certainly Cash+ but unfortunately I am not able to apply until US Bank will change their terms Smiley Sad   

Also plans for Fidelity AX and SPG.  Now the new Citi double cash back is getting my attention as well  and who knows what else will pop up on the market until next year. 

Message 20 of 21
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