First app spree, success!

For just about anything you want to get off your chest about credit cards.
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BirthdayBoy
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First app spree, success!

Postby BirthdayBoy » Thu May 30, 2013 12:06 pm

To begin our story, I am 33 years old, make 60kish a year and have never in my life gotten into trouble with credit cards. I did however, make an absolute mess of my credit in my early 20's. As such, it wasn't until I began repairing my credit a few years ago, that I was even able to get the bottom of the barrel First Premier Rapecard, as well as a no-name secured card for $1000 (No, I do not pay 36% on the First Premier, I got in before they went nuts with interest).

Nowadays, I have removed absolutely anything negative from my credit reports, and kept a perfect payment history with my two crappy cards for almost three years. I've gotten a mortgage and had a great relationship with the lender on it for over a year... In short, the only way I could further improve my credit significantly, was to achieve higher limits with more reputable credit card companies.

A bit of research, and Chase Freedom seemed like a good starting place. I've maintained a checking and savings account with them for 5 years or so, and bank tellers have been bothering me about how I'm pre-approved for some time now, so I took the plunge....

7-10 day message... What to do?

A bit more research into my options led me here! MemberSince99 posted a helpful recon # in another thread, so I called them up and was approved for $500! It kinda seems like a low limit, and it is, but I was pleased as punch to get in with a more reputable lender.

Still, I needed higher limits in order to further boost my score, and there are quite a few rewards programs I could benefit substantially from. So I started combing through the forums here looking for clues as to what I might qualify for... And met with great success!

American Express Delta card- instant approval for $2000

Discover It card- $1500, but had to call and verify some stuff.

Capital One Cash Rewards- Had to call, seems that unlike everybody else, they have a hard time with my mailing address being a PO box. Approved, but unknown limit. To be honest, I kind of regret applying for this one. I didn't at the time know that I would see such great success with the others when I applied though.

All in all, I am hugely satisfied with this excursion. I really couldn't have done it without some of the fantastic information I found on these forums. I did, however, make a few mistakes:

Mistake # 1- I really should have researched my own score a little bit better. My credit scores were all hovering around 690 a year ago, when I got my mortgage. Since then, I've occasionally monitored free FAKO scores, and seen some improvement with them. I estimate that my proper FICO was somewhere around 720, but can't know for sure. If I knew where I stood, I would have had the information I needed to maybe negotiate a better CL with Chase.

Mistake # 2- I probably should not have applied for that Capital One card. Their customer service seems pretty awful, and if I had not made Mistake #1, I would have known that I really don't need them.

Mistake # 3- I should have stopped after I got the Delta approval, waited 61 days and gotten a 3x CLI and THEN applied for more cards once the 3x CLI was reported.

Mistake # 4- This is the biggest mistake, and the funniest (for you, for me it is not so funny). I really should have checked my credit report immediately before these apps, rather than a few weeks before. You see, I pay my existing credit cards off in full pretty regularly. I run them up, and then pay at the end of the month. I have occasionally carried a balance, but not often. Well, it just so happens that my payments and balance somehow got out of sync! I never missed a payment, but my balance was reported just before my last payment! As such, I made the terrible mistake of applying for my first real, good credit cards, with the only two cards I had ever had maxed out! What a terrible blunder, I very nearly could have sunk myself. Still, a part of me wonders just how well I could have done otherwise?

Anyways, thanks for all the great information! I really couldn't have done it without you guys. I don't think I'll be applying for anything new for quite some time. I'll just focus on increasing my credit limits with these existing cards.
Ficos:
Ex- 705 AMEX pull (5/13), Tu: 753, Eq:685

Cards:
First Premier Pimpcard 0.7k (01/10), Capital Bank (secured) 1.0k (02/11), Amex Delta 2.0k (5/13), Chase Freedom 1.5k (5/13), Discover It 5.0k (5/13), Capital One Cash Rewards 2.5k (5/13), DCU Platinum Visa 7k (12/13), Barclaycard Arrival World Mastercard 5.0k (01/14)


MemberSince99
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Location: WI

Postby MemberSince99 » Thu May 30, 2013 4:18 pm

Wow congratulations that's quite the haul you got there! Freedom does seem a bit low, but if you call them to recon the limit it will be a hard pull.
They told me you can ask for a CLI at any time (Chase) but I would expect a hard pull for it and feel very fortunate to get one with a soft only.
I agree about Cap One, and their customer "service" is a running joke. It's a bunch of semi-trained script readers.
I don't know that having the other cards and inquiries will hurt you with your Amex CLI. It's always YMMV so I wouldn't beat myself up too much over that one.
With these new cards you are set for a while. Work on the CLIs any auto you can get is great. Especially on that Freedom.
Congratulations again!

BirthdayBoy
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Postby BirthdayBoy » Thu May 30, 2013 6:08 pm

Yeah, I am a little bit worried what Amex will think in two months, when they see three other new accounts. That said, I haven't had any other inquiries at all in the last 12 mos. In the last 24 mos, I had a few mortgage related inquiries though.

All four new accounts each pulled all three reports too, which is somewhat annoying. Still, it's far less annoying than being declined!

I wonder though, if Capital One comes through with an insultingly low limit, would it be worthwhile to politely ask that they take their card back, and remove their inquiry? I really don't need another $500 card.
Ficos:

Ex- 705 AMEX pull (5/13), Tu: 753, Eq:685



Cards:

First Premier Pimpcard 0.7k (01/10), Capital Bank (secured) 1.0k (02/11), Amex Delta 2.0k (5/13), Chase Freedom 1.5k (5/13), Discover It 5.0k (5/13), Capital One Cash Rewards 2.5k (5/13), DCU Platinum Visa 7k (12/13), Barclaycard Arrival World Mastercard 5.0k (01/14)

MemberSince99
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Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Thu May 30, 2013 7:51 pm

You can ask, but your odds of success are to say the least, not very good. More than likely they will tell you to go pound sand, politely of course.

rockyrock
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Location: Ventura, CA

Postby rockyrock » Fri May 31, 2013 2:02 am

It looks like you are on your way.

Of all the cards you have now, what are the ones with AF? Those are the ones you may want to consider closing before it's too late. I have a Cap1 card with a $29 AF that I will pay forever just because it is my oldest card and it is good for my AAOA.

As for low limits, use them a lot and pay them off a lot. Consider making two regular payments a month if you can. The last time I called to get a CLI the rep led me to believe my score was only a one of a few factors when considering a CLI.

Good luck!
American Express (2005): Premier Rewards Gold & Blue Cash Preferred
Chase: Freedom & UA Club USAA: Signature Visa & American Express
Discover it Bank of Hawaii Hawaiian Airlines WEMC Synchrony Sam's MC
Navy FCU Platinum Visa Citi Double Cash & AT&T Access MC

sblfilms
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Postby sblfilms » Mon Jun 03, 2013 12:20 am

I just finished an app spree of sorts. I posted about the first part of it on the Discover board.

I have an average of 710 credit score, one credit account (Kay Jewlers for $450) and only 8 months of credit history. No AUs to boost my lines or AAoA.

I app'd for:

Amex Delta Gold - $2000 limit
Discover IT - $5000 limit
Amex PRG - NPSL
Chase Slate - $1000 limit (recon after initial rejection)

I'm happy to have established credit lines with three reputable lenders. The Amex cards will be my main ones, and will be easy utilize with my business to score some big rewards. Now I'm going to sit back, use these accounts, PIF every month and push my credit scores to the mid-high 700s over the next year and then buy a car. 2-3 years after that I'll be looking to purchase a home. Hopefully I can send my scores into the 800s by that point.

MemberSince99
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Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Mon Jun 03, 2013 9:23 pm

Congrats you did great those are some very nice cards you have!

BirthdayBoy
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Posts: 35
Joined: Mon May 27, 2013 4:16 pm
Location: Monterey, CA

Postby BirthdayBoy » Thu Jun 06, 2013 11:12 pm

Well dang, Capital One came through with a $2000 limit! For me, this is a very nice limit.
Ficos:

Ex- 705 AMEX pull (5/13), Tu: 753, Eq:685



Cards:

First Premier Pimpcard 0.7k (01/10), Capital Bank (secured) 1.0k (02/11), Amex Delta 2.0k (5/13), Chase Freedom 1.5k (5/13), Discover It 5.0k (5/13), Capital One Cash Rewards 2.5k (5/13), DCU Platinum Visa 7k (12/13), Barclaycard Arrival World Mastercard 5.0k (01/14)



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