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Too Many CCs

February 25th, 2018 at 01:22 pm

Oy Vey. Apparently I have applied for too many credit cards the past two years. Not only did Chase deny me, but US Bank. Seriously. I'm not even a serious cc churner!

I have a score in the excellent range.

Ugh!

I really wanted to take advantage of the 5% utilities - esp since both our gas and electric budget billing have gone up, up, up!

I probably should close some of the cards and then just wait til January to try again. So annoying.

(dh's score won't qualify for either of the cards I want - though it's getting close.)

I'll just have to focus on bank bonuses for the next year or so.

----
We're having our budget meeting tonight. One thing we'll need to discuss is whether or not we'll get a Costco or Sam's membership. Sam's is half of Costco's, and we have 4 Sam's vs 1 Costco. But I like Costco so much more.

In reality it may be better to do neither.

I see myself getting cat litter, oatmeal, bulk beans and spices ...at Costco. DH gas, meat products???

I pay $10/30lbs of cat litter at Petco and we go through around 60 - 70lbs/month

I get old fashioned oatmeal $2.29 for 32 oz at Aldi's or steal cut for $2.79 16oz. I go through a canister about every 6 - 8 weeks.

spices - I just paid $3.49 for 8 oz of turmeric at Walmart. That might last six weeks?

I'd only get there at most 1 x per month due to distance (20+ minute drive)

As for Sam's, there's one on my way home from work (sort of) so I could get gas there too more than 1 x a month.

You can get a refund on your membership if you find it's not working for you right? (Costco)

7 Responses to “Too Many CCs ”

  1. creditcardfree Says:

    Darn! I haven't added to many new ones for us in the last two years. Sticking with what we have for the most part. Probably a good idea to check your credit report to make sure everything is accurate. I'll have to let you know if that 5% off utilities extends past June on the US Bank Visa..I think it will but I suppose it is subject to change.

  2. FrugalTexan75 Says:

    Thanks CCF. I did check my report and everything looks correct. I think I'll close a couple of the newer cards to help my average age. I hope the 5% does go past June!

  3. snafu Says:

    Would you consider calling a supervisor to politely challenge their decision and ask for a reconsideration in the most pleasant way? I would have been so surprised to be denied, I'd likely do that from shear shock.

  4. FrugalTexan75 Says:

    I like that Snafu! Would just have to figure out who to call. Smile

  5. MonkeyMama Says:

    Chase has been pretty strict with their 5/24 rule. (They will deny you if you have opened 5 cards in past 24 months). I believe they have a "reconsideration line" to call but have been very strict with this. To the point I wouldn't even bother. US Bank might be worth a call.

    I am sure there is more to their formula (Chase) because they denied me and I hadn't even opened 5 cards! (For reference, I only opened 3 new credit cards in the past 24 months. I would not consider myself a "big churner" in the slightest). I think it's fair enough as to sign up bonuses and churning, but short-sighted as to cards with ongoing rewards. I always always always tell these credit card companies that I'd keep my cards open if they offered anything more than just a sign up bonus.

  6. MonkeyMama Says:

    P.S. I last applied with Chase a year or two ago. I don't remember what excuse they told me when I was denied. I suppose it could be that you do have too many cards open.

  7. FrugalTexan75 Says:

    Mm,
    I agree there must be more to it. This Chase card would’ve been #4 in 2 years for any card and 3 for Chase.

    I’m going to try us banks good graces and see what happens - it’s the one I’d prefer long term anyway.

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