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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.


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:

    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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