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I've been bad!

New Contributor

I've been bad!

I came out of the garden a month ago and got a Amex Everyday, Sync Spree (Jcp, Marvel, Amazon Prime, Paypal), Chase Unlimited, and Cap 1 Platinum. I was also denied some cards I felt I qualified for, but was rejected. My TU has 5 inquiries in the past month, Ex has 4 in the past month, and Eq also has 2 in the past month. I know I should got out while the gettin was good, but it's addicting, and I figured I already dug myself a hole, so I might as well dig a hole so deep I can garden and all my inquries will fall off at the same time in 2 years. I accumlated way too many inquiries, and that is the reason I was denied by Discover, Blispay, Barclay, and Citi. I did manage to increase my total credit by almost 30,000.  I was just wondering if card inquiries have a effect on auto loans? I'm not in the market for a new car, but in two years I will be ready when my insurance costs drop a little. 

4 REPLIES
Valued Contributor

Re: I've been bad!

My advice is to stop applying for CC's.  The biggest mistake people seem to make is applying for cards before they are qualified for them and racking up a bunch of inquires so when they really need credit they hurt their chances of getting approved or have to pay higher interest in some cases because evidence of looking for credit is viewed as a potential sign of distress.   Having said that in a year it really won't matter.  Keep your utlization down, pay everything on time and if you don't have an installment loan history consider a share secured loan with a credit union to get that history and help get the best rates possible.  Finally build a relationship with a good credit union like Penfed, NFCU or DCU so when your ready to shop for a car you can get preapproved and avoid the crap at the dealer with financing.   You'll be in great shape just slow down on the applications and be a little more strategic. 

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698
Valued Contributor

Re: I've been bad!


workingfor850 wrote:

My advice is to stop applying for CC's.  The biggest mistake people seem to make is applying for cards before they are qualified for them and racking up a bunch of inquires so when they really need credit they hurt their chances of getting approved or have to pay higher interest in some cases because evidence of looking for credit is viewed as a potential sign of distress.   Having said that in a year it really won't matter.  Keep your utlization down, pay everything on time and if you don't have an installment loan history consider a share secured loan with a credit union to get that history and help get the best rates possible.  Finally build a relationship with a good credit union like Penfed, NFCU or DCU so when your ready to shop for a car you can get preapproved and avoid the crap at the dealer with financing.   You'll be in great shape just slow down on the applications and be a little more strategic. 


+1

AmexPlat(NPSL) Amex BCP(26k) BofA CR Siggy(15k) NFCU CLOC(15K) NFCU VS Cash(12.5K) Venture WMC(10.25k) Walmart(10k) BofA BBR(10k) Lowes(10K) Discover(8.5k) Chase FU(7k) Pier 1(6.5k) BB Visa(6k) Care Credit (6k) J Crew(5.9k) Citi Diamond(5.5k) Barclaycard(5k) PenFed PCR(5K) Kohls(3k) Mortgage May 2017 - 2 Penfed auto loans May 2017

FICO 8 Scores EX 680(15) EQ 669(17)TU 692(18) AAOA 3.0yrs TCL=167,150
New Contributor

Re: I've been bad!

Yeah I am done applying for now, and I'm not in need of an auto loan at the moment thank God. I already have a new car I've financed for my parents and a beater I use to commute to work. I'm only going to get another car when I pay off my current car, which will be done in the next 3 years and that is when my insurance costs will lower due to my length of being on the road. I have my eyes on the new Toyota C-HR and thankfully it's in a realistic price range for how attractive (to me) it is. I'm joining a credit union and opening a savings with them which will hopefully allow them to trust me with some credit. My goal was to just get a card from each company, but since Chase, and Capital One both like me a lot, I'll just stick with their products and grow them. How do you manage to get a 15k+ credit card? Is it based on relationship or income?

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Valued Contributor

Re: I've been bad!


Jacinto wrote:

Yeah I am done applying for now, and I'm not in need of an auto loan at the moment thank God. I already have a new car I've financed for my parents and a beater I use to commute to work. I'm only going to get another car when I pay off my current car, which will be done in the next 3 years and that is when my insurance costs will lower due to my length of being on the road. I have my eyes on the new Toyota C-HR and thankfully it's in a realistic price range for how attractive (to me) it is. I'm joining a credit union and opening a savings with them which will hopefully allow them to trust me with some credit. My goal was to just get a card from each company, but since Chase, and Capital One both like me a lot, I'll just stick with their products and grow them. How do you manage to get a 15k+ credit card? Is it based on relationship or income?


Check out the credit card section for specifics but lenders vary CC limits on various factors, some are more generous than others.  NFCU is perhaps the most generous so there are many NFCU fans.   Scores are probably the single biggest factors in getting higher limits but income, track record with the lender are important factors also.  Without the scores income doesn't do you much good, prior to my rebuild my limits were low despite having 120k plus of income, once my scores made their way over 660 or so the limits grew quickly.  Waiting on a nice CLI from NFCU next month (hopefully looking at a 25k limit on a card)

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698