Did I go overboard?

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Did I go overboard?

Postby otter » Fri Aug 30, 2013 11:53 pm

When I first posted here last week, I said I was done with my initial credit rebuilding... but since then, I decided to apply for two more cards and was accepted for both: The WalMart Discover Card($800... which I only got because of the free TU FICO score and plus I know GE is generous with increases) and the Discover IT card($750... for the rotating categories). When I first applied for my first card, I had no idea I would be so successful with so many applications (6 out of seven approvals).

One worry I have is did I go too far? I do plan on buying a new car, but that's probably 6-9 months in the future. The hard pulls seem to be spread out among the big three. Also, I figured since I had a "clean slate", it doesn't really affect my average age since that's pretty much at zero right now anyway(and in the future opening so many initially will help as they all age together- five years from now, having a bunch of five year accounts won't bring the AAoA down that much if I get a new card). I do plan on keeping utilization less than 10% and PIF every month. I don't plan on spending anything I don't have(and actually, since I got my new job and have a sweet living arrangement which includes utilities, I have been able to save up close to 40% of my income). So is there any down side to what I've done?
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

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Postby AMEXPlatino86 » Sat Aug 31, 2013 8:30 am

Otter, you haven't done anything that the average person hasn't done when starting off. But at this point if you want to be ready when you get your car in the time period you seek, you have to stop applying for apps and let the account age for the minimum six months. But lucky enough when they fall off in two years, they all fall off at once.
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
EQ: unknown
EX: 776
TU: 774

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Postby takeshi » Sat Aug 31, 2013 9:47 am

otter wrote:One worry I have is did I go too far? I do plan on buying a new car, but that's probably 6-9 months in the future.

No but you're cutting it a bit close if you're planning on buying a car with that timeframe. At this point it's probably too late anyway if you did anything as the negative impact has already happened or things are already in motion (i.e. it will hit when they report).

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