January 2016 Garden Club

For just about anything you want to get off your chest about credit cards.
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kdm31091
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Re: January 2016 Garden Club

Postby kdm31091 » Sat Jan 02, 2016 12:06 pm

Good to see disciplined people on here...on MF, it's apply apply apply and then whine about AA. New year, new AA threads lol.

I really don't get the point of AA threads in most cases. The forum can't tell you why it happened, only speculate and feed your (in most cases) entitlement. There's no point in giving a forum a sob story about it. In most cases the reason is clear and obvious and the person doesn't want to face it. Then the forum extrapolates the AA experience into memes and "rules": "Don't carry a balance with amex! Don't request consolidation with Chase they will cut your limits upon review!" (that's the newest one)..it's just absurd. Why have credit cards if you are going to live in fear of what an issuer may do (and is only likely to do if you app for 50 cards a month and do other risky things)?


Nixon
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Re: January 2016 Garden Club

Postby Nixon » Sat Jan 02, 2016 12:53 pm

For all the talk of 50 cards a day, week, month. I'd like to actually see someone do that.
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kdm31091
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Re: January 2016 Garden Club

Postby kdm31091 » Sat Jan 02, 2016 1:21 pm

Nixon wrote:For all the talk of 50 cards a day, week, month. I'd like to actually see someone do that.


It's of course an exaggeration but most of them app far more often than they should lol

JonE
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Re: January 2016 Garden Club

Postby JonE » Sat Jan 02, 2016 3:38 pm

Nixon wrote:For all the talk of 50 cards a day, week, month. I'd like to actually see someone do that.


They are very few and far between, but I have seen it. Mostly in the MyFico approvals section.


As mentioned previously, I have added an Ally bank savings account, and will start posting recurring transfers to it from my Chase Checking starting next payday. I'll also be posting to my Chase Savings account (even though the rates stink) to keep some accessible money around, where the Ally bank will be my emergency fund. Next move is getting the 401k up to $1000 and establishing a brokerage account (looking at Scottrade or E*Trade, whatever is cheapest).
Current Cards: Chase Freedom, Discover IT
Future: TBD

kdm31091
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Re: January 2016 Garden Club

Postby kdm31091 » Sat Jan 02, 2016 4:14 pm

I have a somewhat similar setup. Since I use TD for banking I have a savings with them with enough money for an emergency, but the rate is pathetic, so most of my "real" savings go into my Sallie Mae savings.

Elijahmex
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Re: January 2016 Garden Club

Postby Elijahmex » Sat Jan 02, 2016 6:29 pm

My file is very thin. I will soon be hitting the 1 year credit history mark and I'm in the 730s TU. Since getting rid of my derog I've seen my CS jump upwards of 38 points while keeping a low balance. With that being said I will keep doing what I've been doing for the past couple of months hopefully by May/June I should be damn near close to 800 or maybe even above and that is when I will app for EDP, Platinum & CSP. For now that's all I am looking forward to this year along with the CLIs.
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CarefulBuilder14
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Re: January 2016 Garden Club

Postby CarefulBuilder14 » Sat Jan 02, 2016 7:43 pm

Elijahmex wrote:My file is very thin. I will soon be hitting the 1 year credit history mark and I'm in the 730s TU. Since getting rid of my derog I've seen my CS jump upwards of 38 points while keeping a low balance. With that being said I will keep doing what I've been doing for the past couple of months hopefully by May/June I should be damn near close to 800 or maybe even above and that is when I will app for EDP, Platinum & CSP. For now that's all I am looking forward to this year along with the CLIs.

It will take more than four or five months to hit the 800s. That said, those cards usually don't require very high FICOs.

I had around a 755 on a very thin EX file when I got my PRG (which has similar risk criteria to Platinum). I was around a 740 on a slightly thicker file for EDP and CSP. No baddies, just a lot of new accounts. :ppp

You've also listed cards from Amex and Chase. They sometimes will pull multiple reports, but usually at least pull EX.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

Elijahmex
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Re: January 2016 Garden Club

Postby Elijahmex » Sat Jan 02, 2016 8:59 pm

CarefulBuilder14 wrote:
Elijahmex wrote:My file is very thin. I will soon be hitting the 1 year credit history mark and I'm in the 730s TU. Since getting rid of my derog I've seen my CS jump upwards of 38 points while keeping a low balance. With that being said I will keep doing what I've been doing for the past couple of months hopefully by May/June I should be damn near close to 800 or maybe even above and that is when I will app for EDP, Platinum & CSP. For now that's all I am looking forward to this year along with the CLIs.

It will take more than four or five months to hit the 800s. That said, those cards usually don't require very high FICOs.

I had around a 755 on a very thin EX file when I got my PRG (which has similar risk criteria to Platinum). I was around a 740 on a slightly thicker file for EDP and CSP. No baddies, just a lot of new accounts. :ppp

You've also listed cards from Amex and Chase. They sometimes will pull multiple reports, but usually at least pull EX.


I just assumed it would be possible since in 10-11 months I went from a TU of 580 to a 730. You really think 70 points isn't possible in 5-6 months?

I'm really not in any rush to get those cards. My primary focus is to increase my score and only then I'll app.
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CarefulBuilder14
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Re: January 2016 Garden Club

Postby CarefulBuilder14 » Sat Jan 02, 2016 9:31 pm

Elijahmex wrote:I just assumed it would be possible since in 10-11 months I went from a TU of 580 to a 730. You really think 70 points isn't possible in 5-6 months?

I'm really not in any rush to get those cards. My primary focus is to increase my score and only then I'll app.

FICO scores don't increase at a linear rate like that. You went from 580 to 730 mostly because you removed a baddie.

You'll get a little boost as inquiries age and die...and a little boost from accounts no longer being considered "new"...but to reach 800+ you need some serious account history...in the ballpark of maybe 3-6 years.

Expect your FICOs to rise steadily...but slowly.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

Elijahmex
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Re: January 2016 Garden Club

Postby Elijahmex » Sat Jan 02, 2016 9:50 pm

CarefulBuilder14 wrote:
Elijahmex wrote:I just assumed it would be possible since in 10-11 months I went from a TU of 580 to a 730. You really think 70 points isn't possible in 5-6 months?

I'm really not in any rush to get those cards. My primary focus is to increase my score and only then I'll app.

FICO scores don't increase at a linear rate like that. You went from 580 to 730 mostly because you removed a baddie.

You'll get a little boost as inquiries age and die...and a little boost from accounts no longer being considered "new"...but to reach 800+ you need some serious account history...in the ballpark of maybe 3-6 years.

Expect your FICOs to rise steadily...but slowly.


Ahaaa gotcha. I learn something new everyday on this forum. Thanks :cheers:
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