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App spree Citi Costco BOA Penfed and CLI

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New Contributor

App spree Citi Costco BOA Penfed and CLI

First post.Pardon any mistakes in posting.
 
Here is my story.
 
Closed on 2 investment properties in 2 LLCs[50% member] sep 2016- 895K Mortgages .
Closed on refinance of  primary residence October 2016 with -455K Mortgage .
Heloc primary residence -98K with local credit union nov 2016.
 
FICO after closings 793.No other loans.
Income 150,000 a year.
 
Total credit limits before CLI and spree:94,100
AoAA;9 years
 
Personal :
citi 23000;amex blue 8800;amex 7500;chase freedom 6300;discover 3500;discover au 9500;chase au 6500;
 
Business 1:
amex platinum charge;
amex business 5500
Business 2;
TD business solutions 23500
 
All PIF every month.No derogs.
 
Read these Forums last month and these are my results of cli and apps;
All done within 36 hour span.
 
CLIs;[with updated income]
1.citi online cli- $1800 online instant
2.chase freedom phone cli request-csr said will have to HP- said no thank you.
3.discover cli-$7000 online instant
4.amex business cli-$4000 instant [asked for only 4000]
 
New Apps;
1.Citi costco business 0% APR-$12000 instant
2.BOA  mastercard 21 month 0% apr-$10000 instant [BOA mailer code entered]
3.PENFED membership online,called for credit card next morning- $17500 Platinum 11.1% apr
[csr put me on hold a couple of times to speak with LO]
 
Total new cli $52300
 
Goal: $275,000 credit lines by september 2017. 
 
Need advice and feedback.
1. Is the goal too aggressive?
2.Should i apply for NFCU right away of after 3 months.
3.Should I request CLIs on amex personals?
4.Should i apply for any other personal/business cards[have 4 small businesses] ,ploc?
5.How much utilization will work best?
6. should i open an installment account?
7.which product should i use to monitor my credit/fico.?
8.How and when to try CLI/additional cards with Penfed?[or not!]
9. Any other mistakes to be avoided..
 
Thank you.
20 REPLIES 20
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Valued Contributor

Re: App spree Citi Costco BOA Penfed and CLI

Congrats and welcome.

 

Need advice and feedback.
1. Is the goal too aggressive? Adding another $128K in available credit in 9 months...it could look agressive to some creditors, but others here have done that without issues
2.Should i apply for NFCU right away of after 3 months. For membership or a card, or both? RIght away. Usually a TU for membership and TU or EQ for card, EQ for CLOC. Join NFCU now just in case they ever close this NLUS San Diego Council side door. (Not saying it will happen, but you never know)
3.Should I request CLIs on amex personals? This would be an easy way to meet your goal; many here report success with the 3X CLI's. I would recommend not exceeding $25K on either card. Also, be very honest, to the penny, with AMEX regarding your salary just in case they ever want to dig deeper.
4.Should i apply for any other personal/business cards[have 4 small businesses] ,ploc? Chase INK could be good, but do you need more business credit?
5.How much utilization will work best? Most here say stay 30% and under on each card, across all cards. And no, I am not recommending carrying a balance and not recommending having a balnace of under 30% on each of your cards. 
6. should i open an installment account? Do you need one? If you have a mortgage, you really don't need an installment. 
7.which product should i use to monitor my credit/fico.? You could use Credit Karma or Credit Sesame for free, their scores aren't real, but they can help you monitor changes. There are also products that MyFico offers as well as the three credit bureaus, Trans Union, Experian and Equifax.
8.How and when to try CLI/additional cards with Penfed?[or not!] I would wait until you get pre-approvals from PenFed, once you become a member, they often offer preapprovals on your homepage when you log in. They are usually quarterly, so January, April, July and October. This is, of course, no guaratnee. You can either get a second card with them on this pre-approval (usually no hard pull) or use the pre-approval to increase the limit on your existing card.
9. Any other mistakes to be avoided. Overdoing it! It seems like you are a kid in a candy store right now with credit. We've all been there, but I would recommend you slow down a bit. Your AAoA is 9 years now, with too many new accounts, that age will drop and age is a huge part of your FICO score. 
 
Focus on getting an NFCU card, getting that card's limit up to $25K after 90 days and an account review; and then get your personal AMEX limits raised first. 

Message 2 of 21
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Community Leader
Mega Contributor

Re: App spree Citi Costco BOA Penfed and CLI

Credit Karma scores are real , they are just Vantage Score 3.0 , not Fico 8. Just because a score is not Fico 8 doesnt mean they are not realSmiley Happy.
Message 3 of 21
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Established Member

Re: App spree Citi Costco BOA Penfed and CLI

what is your line of work? I'm asking because I was A branch manager of the largest private mortgage company in the nation before the collapse, and I honestly feel sorry for working there and what I was a part if. last Friday I decided to go on a spree as well opened 3 cc 10k each. yesterday I decided there has to be a smarter way to get a higher cl. so I call Penfed. Was on the phone with a nice girl, long story short, I ended up on the phone with the LO for about an hr shooting the breese. End result I was approved for 2 cards cash rewards, and Siggy for 15k cl each but after I spent time just communicating with the LO who makes the decisions those 15k cl turned to 25k each when I ended my call. So if u have any background in Mortgage/ Underwriting/wall street or any other interpersonal communication skills that is a huge asset as well for u to help accomplish your goals. Ya and join the CUs now to get those inquiries over and done with.
Message 4 of 21
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New Contributor

Re: App spree Citi Costco BOA Penfed and CLI

Thank you 

 

 

 

 

 

Message 5 of 21
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New Contributor

Re: App spree Citi Costco BOA Penfed and CLI

I am in real estate investing,contracting and property management..Thanks for the inputs.

Message 6 of 21
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Valued Contributor

Re: App spree Citi Costco BOA Penfed and CLI


@choices2017 wrote:

Thank you 

 

 

 

 

 


Chase Ink does not report on your personal credit report. There have been a few cases where they have shown up, but a call to Chase can rectify that. 

 

As far as NFCU; if this household member is a roomate, I would recommend joining via the NLUS. There have been, in the past, horror stories of people that joined through a roommate and get approved only to have their accounts frozen and membership rejected. I believe with a roommate scenario they are going to want a utility or lease agreement with names on it etc establishing residency. If you are the homeowner and all utilities are in your name, it could be dififcult to prove that the roommate resides there. Going into a branch with a current member to join through them is different than NLUS. NLUS is mostly handled via email, fax or snail mail. If this housemember is a close relative, than by all means join through them. 


Message 7 of 21
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New Contributor

Re: App spree Citi Costco BOA Penfed and CLI

Thanks. Is it okay to go NLUS way even if one qualifies through a close relative?

Just to speed up the process.And keep things independent

Message 8 of 21
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New Contributor

Re: App spree Citi Costco BOA Penfed and CLI

Folks,

navy fed app is done.

Should I follow up by Friday or next week.?

 

Meanwhile , i responded to an offer and enrolled in pay over time [ $100 plus charges]for my business platinum amex charge card.

Got a letter of thanks today with 0% apr for 9 months and a limit of 33,000 on pay over time balance.

 

Sitting tight now..

 

Message 9 of 21
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New Contributor

Re: App spree Citi Costco BOA Penfed and CLI

Update.

Called NFCU. They found my app and walked me through and set up the accounts.

Gorewards for 19,000 approved.

Platinum denied-reason will come in the mail.

CSR said maybe because I just opened the account.

 

Folks,

Should I revisit the denied card later or sit tight?

Message 10 of 21
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