Applying for Credit Cards

I wrote in a previous post that I needed to roll over one of my credit cards immediately, and another one by November. I talked about my sister’s terrible credit rating in January and shared that I’d co-signed for her on a credit card that allowed her to have dental work done for her son. She paid that card on time every month, and paid it off in full a couple of months ago.

We were told that my co-signing for her would help to build HER credit. She called me a couple of days ago and told me she needed to use the card again, now her youngest daughter has a serious issues with her molars and needs to wear braces for 3-6 months. Apparently a previous dentist pulled a baby molar and neglected to put in a spacer, and the teeth on either side grew in sideways to the point that the replacement for the baby molar cannot come in and is causing her a lot of pain.

When she told me she had to use the card again, I asked her to see if she could have me taken off the card. So she did a three way call and we talked to the company. They told us that I was joint owner on the account, and the only way I could get off the card was if they deleted the account.

Well, to make a long story short, when they tried to increase the amount on the card since the braces are going to run $3000, they could not. Until they used me. I agreed to have the card increased, so that she can get the dental work done. I was feeling very horrible about it – I know if she can’t make the payments for whatever reason, Mr. A and I will be responsible. That would be horrible. But my sister was responsible with the card previously, and there was another issue that she also resolved (she was late paying me for her phone which is also in my name, but she set up an automatic payment from her checking account about six months ago). AND on top of it all, her credit is not much better now than when I signed up with her for that card. I told her she MUST take $300 the next time she gets paid and go down to the bank and get a secured credit card so she can begin building her credit!

Giving my permission to increase the amount on her card meant my credit score would be affected. That forced me to apply for more cards later that very day. Why you say? Well, Madison says when you have to rollover your cards, it’s best to apply for all the cards you need on the same day.

I took advantage of the Costco/American Express card offer that Madison told us about – I’ll see a $25 rebate on my statement with my first purchase. I applied for five cards at the same time.

Of the five, I had varying responses…

  • The Costco/AMEX card said if I qualified my card would arrive within 14 days
  • The Blue Cash AMEX card said I would be notified of their decision by mail within 14 days
  • The Discover card told me my cards would be mailed shortly
  • The VISA card said my application had been approved
  • The offer that came by mail that was $0 transfer fee, $0 interest for up to 15 months… they will notify me within 30 days if I’m approved

I’m not sure if this is good, or bad. I’m a little horrified by applying for this many cards in one evening, to be honest. I’m scared to look at my credit scores. I wanted to apply for several so that I’d be sure to have enough to transfer the balances of the cards that need to be moved. Two of the cards I applied for, I already have cards with the company, so I’m hoping at least one is approved, and I can reallocate money from the one card that is at zero.

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Yours Truly,

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4 comments to Applying for Credit Cards

  • GoliathDebtor

    My wife had a couple of hits to her credit back before we got married, and so her credit was hovering at about 625… I added her to a few of my already estabilished credit accounts, and now she’s a 690.

    I think the key was that those cards have my name on them, and have been established. By linking her to an already existing account, we improved her rating. If I had put my name on a new card along with her, the only way her credit will improve is by charging things to the card, and repaying them over time, developing a history on the account.

    so that’s less advice, and just some general knowledge for you… 🙂 I’m with you, I don’t like the idea of having somebody living based on my credit, especially somebody who isn’t my dependent. But, from the sound of it, neither you or I are in such a position that we could just give them the money, which is what I’d prefer to do… 🙁

    [Reply]

  • Mrs. Accountability

    Hi Goliathdebtor, you are right, I am not in a position to help my sister with that kind of money at this point in time. I am curious, does your wife have any credit cards established in her name at this time? It’s really important for each spouse to have their own cards. We’re trying to build Mr. A’s credit score by having him use a card for gasoline. Thanks for visiting and commenting!

    [Reply]

  • […] The time since your most recent account opening is very recent. […]

  • […] credit file in the last twelve months.” The last time I applied for any credit was back in September 2008, when I applied for several cards at once.  So, I’d hoped since it’s been over twelve months, it would go […]

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