randeman wrote:Those who have approved you thus far will not reneg if they see you've applied for a lot of credit at one time. It will affect you on future applications, but usually only in the short term.
From what I have read here and on other credit boards, US Bank cards are a b***h to get. One of the things that is hurting you is your aaoa (average age of accounts). They are too new. From what you have described, that's your biggest hurdle. Second is the app spree, but that seems to have less of an impact at least right now.
Everyone here is right about telling you to hold off on your applications. I would wait for the next six months to a year, and, if it were me, only apply for one card every six months or so until you are where you want to be. Until then, use what you have and show you're responsible. I have learned the hard way that frequent applications in a short period of time will hurt you.
Also, for future reference, you should throw an installment line or two in the mix. I don't know if you have a car or student loan, but future creditors like to see installment (fixed payment loan) experience as well as revolving (credit cards).
I'm not planning on any more applications in the immediate term. Definitely not another until 2015.
I have a car but I just own it outright. It's only worth about 5 or 6K. I rent, don't have a mortgage. Paid half of college through internships and work, parents paid the other half, never had a loan. I don't need to borrow money for anything, and I only want the credit cards for rewards. A debit version of the same thing would be just as useful to me. I not confident enough that I'll be in the area long enough to justify buying a house, and for me a car is just to get from A to B, I'll drive this one into the ground which should be a while to come.
I could try for a personal loan in 6 months but I'd only use it for investing,and am unsure if the interest rate would be worth it. I'm putting 15K into a something high yield (forex signals) but risky, but if that works out the only thing I'd want to get a loan for is to put into that. Is this allowed? Anything less than 20K is kind of useless to me though, and based on my credit limits it seems like it may be hard to get a loan like that.
So basically, I really have no use for any loan.
Alternative, is there anywhere that sells a service of increasing credit this way. Like maybe they offer you a loan but force you to put it in some escrow account so you can't use it, and have you make initial payments on your own and the rest of the payments from that escrow account, and maybe they just charge 1% interest or something? Something like $2000 paid back over 2 years, should be a cheap way to gain credit?
My plan was to, in 9 months-1 year, do another spree of:
US Bank Cash+ (have savings/checking account there now, should help)
Some travel Card (Maybe Chase Sapphire Preferred, maybe Barclaycard Arrival Plus, maybe something else, not sure yet)
Sallie Mae Mastercard
Maybe something else if a new card comes up that can do me some good
Would you say it's better to try to apply for 1 in 6 months, wait 6 months and apply for another and so on? If I get rejected from one should I then apply for another or what?
I figured the app spree was the best way to get a bunch of cards quick. Like, that's the point of it.