First App spree w/ many successes...Need Advice!

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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First App spree w/ many successes...Need Advice!

Postby Rembrandt » Wed Oct 15, 2014 11:21 am

I haven't used any form of credit since paying my last payment on a 36 month auto loan when I was 21. I'm not nearly 30. Five months ago I applied for a credit card to build my credit. I received a whopping $300 CL on the CapOne platinum visa. At the time I applied I believe my score used was approximately 600 TU. I've used the card all five months since opening it, keeping my util% down and watching my score grow. I use the usual places to monitor my credit. Yesterday scores were CK 704, CS 777 and CapOne Credit Tracker of 704 so I was growing impatient waiting to apply for decent cards and went a little nuts.

First I applied to Discover and received a $1000 CL with 0% for 14 months then 22.99%. I was happy with it being my first app for a somewhat decent card was an instant approval.

Second I applied to Cabela's (I am a frequent customer). I was approved but when I called they couldn't tell me the terms yet although I am already able to purchase things online... Seemed strange but we'll see what comes of it.

Third I applied for Citi Double Cash approved for $2500 CL with 0% for 15 months and 22.99% after.

Fouth I applied for Chase Freedom approved for $4500 with 18.99% APR. I am going to call when the card gets here and try to get them to bump me to a 5K CL so I can get a Visa Signature card.

Last I applied for a CapOne Quicksilver received instant approval. I called to see CL and terms. Received $5000 CL with 0% for 15 months then 17.99% after.

I also applied for an LL Bean card from Barclay Bank just to get my feet in the door but did not receive an instant approval. I keep checking back and have not yet been denied but really can't figure this one out.

I am wondering if I should actually open all these cards. I have no need to carry any real debt on them but I am trying to capitalize on rewards and also avoid ever paying for anything with a card that is directly linked to my checking accounts for security purposes. Is it a bad idea credit wise to go from 1 card to 5 or 6? Also will having 5 or 6 positive on time payments a month make my profile stronger than only 1 or 2 positive payments a month? As these cards begin trickling through my mail slot I would like some advice on whether I should open all of these accounts or just a few. Which ones you folks have had good luck with. Thank you for all your help.

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Postby lobbythis » Wed Oct 15, 2014 1:51 pm

Personally, I think all of the cards are great with the exception of the Quicksilver. I actually have one, but I don't have all of those other cards you have which offer much better benefits than the 1.5% cash back. But, it seems they also gave you the lowest interest rates, so that helps.

You are in with three prime lenders and all are great limits. Discover is tough so even though it's only $1k, it's good you're accepted. I'd definitely stick with all of them and build great relationships.

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Postby CarefulBuilder14 » Wed Oct 15, 2014 2:56 pm

I have heard Chase requires a Platinum Freedom to be open for 13 months before they will consider making it a Signature. Even as a Platinum, though, it's a great card. So is Discover IT.

Barclaycard is more sensitive to inquiries and new accounts than other issuers often are. Don't be shocked if you get declined, and don't be shocked if they approve you but later close the account or reduce your CL once your other cards start reporting. It's unlikely to happen, but it occasionally does.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

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Postby Vattené » Wed Oct 15, 2014 2:57 pm

The only one I have is Discover and I love it! It is a lot of apps but you have some great cards and are in with prime lenders now.

I think you should open all of them, get all of the introductory bonuses (or all you can if that requires too much spending), and then use them however you best see fit for your needs. Just remember the cardinal rule of credit cards: always ALWAYS pay in full! Don't let all these new credit limits impact your spending and don't buy anything if you aren't confident you can pay it off within the month.

From a credit score perspective, all the damage is already done. The inquiries you took are a sunk cost - you are stuck with them for two years no matter what so you might as well enjoy the cards. It won't hurt you at all to use them and the improved credit limits and utilization will help you. Again, use all of them you want to maximize your rewards, but I would recommend only letting one of them report a balance and keeping that balance around 10%. You just have to time your payments around this to do so.
FICO-8: EX - 827 (5/17) | TU - 824 (5/17)
My Cards: Barclay Arrival+ | Discover it | Amex ED
AU:: Discover Miles | BofA BBR | Barclay Commence (SD'd)

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Postby Berk » Wed Oct 15, 2014 3:10 pm

You got some great cards with some great limits. I have found that Barclay Bank can be a bit difficult with how they issue cards and CLIs. Like others have said - your report will take a hit because of all the new apps. Open them, use them. And with the interest rates on those cards you most assuredly always without exception better pay in full. Keep your utilization down and your scores will be up in no time.

Good job and good luck.
Fico Scores 05/25/2015
Equifax 766
TransUnion 788
Experian 797

Over $140,000 in credit across 12 cards.

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Postby Elijahmex » Wed Oct 15, 2014 3:19 pm

You've got yourself a nice fleet of cards. NJoy

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