Credit Card Application Rehab Thread

[Anonymous]

@KCGal512 - Welcome! I know there are many people here who can relate to your story. While I never declared BK, I did play hide-n-seek with many creditors/collection agencies for many many years. Back then I thought paying creditors was supposed to be the same way I paid my other bills - you know, wait until you get the disconnect notice and pay it before it gets shut off - LOL. Boy did I learn about credit the hard way! So once I finally figured it all out and started rebuilding, I got my first instant approval & then I just couldn't stop - that is, until reality hit that I had app'd way too much 

[Anonymous]

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@Anonymous wrote:

@Anonymous - Welcome! I know there are many people here who can relate to your story. While I never declared BK, I did play hide-n-seek with many creditors/collection agencies for many many years. Back then I thought paying creditors was supposed to be the same way I paid my other bills - you know, wait until you get the disconnect notice and pay it before it gets shut off - LOL. Boy did I learn about credit the hard way! So once I finally figured it all out and started rebuilding, I got my first instant approval I then I just couldn't stop - that is, until reality hit that I had app'd way too much 

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All too true... That is totally what happened to me... I wish I would have found this community MUCH earlier... I probably would not be sitting with all these inquires.

[Anonymous]

Kudos to you! Sound like a better strategy.

[Anonymous]

very similar with mine, all instant approvals (7 total) and Citi declined even after EO recon, snapped me back to the real world Gardening for 2 years, I hope. AAOA and new accounts will hurt my score but will try to look past that and move on. Good luck!

[Anonymous]

I am 2 years post BK7 and I have sooooo many inquiries. So difficult to stop when you receive those first few approvals. I have 30 some odd inquiries. I really need to stop for at least a year. Ideally wait two and let them all fall off. I'm just sooooo weak 

[Anonymous]

I know exactly where you are coming from. Dec will be 1 year for me and I have tons of inquiries on my 3 reports. I need to not app for 2 more years! I do have lots of open credit accounts and my scores are looking good now so I just need to grow some of these smaller lines.

[Chrisla2077]

I NEED this thread. I've been promising myself I was going to garden forever..I opened 9 accounts in 1 month and 1 secured 2 mos later...and my dumb tail has still been apping. Combined with my car purchase from last year my EQ has 50 inquiries...I have to STOP!

[Anonymous]

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@Chrisla2077 wrote:

I NEED this thread. I've been promising myself I was going to garden forever..I opened 9 accounts in 1 month and 1 secured 2 mos later...and my dumb tail has still been apping. Combined with my car purchase from last year my EQ has 50 inquiries...I have to STOP!

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I feel you. I have 37 EQ 39 TU. I gardened for a freaking week before I caved again. I was denied so that should be my sign that I need to lay off for a good year. I think crack would be an easier habit to kick right about now!

[Anonymous]

I brought up this topic awhile back and received backlash about credit apping being an addiction.  I am pleased to see so much support of this thread.  I applied for 4 credit cards this year after receiving a mailer for a chase sapphire preferred card in December.  It set off a frenzy of activity, including finding myfico.com.  I also canceled 4 cards, reopened one of them (an AMEX senior gold card with 24 years of history thanks to backdating AMEX used to do) and was denied a line of credit from NFCU which also did a hard pull just to join.  I finally quit after receiving a Discover mailer in June.  I did not need the card and did not get the terms offered in the mailer-a low limit, a short 0% interest period followed by the max interest rate.  I have a poor credit history due to huge spending sprees and years of compulsive gambling (slot machines-my true addiction).  I amassed a $200,000+ debt at one point because of this and have 46 late payments (I stopped paying everything in 2010 and don't remember any of it).  My last late payment was in September 2013 (60 days).  My debt is down to $113,000 (home equity line of credit $112000 rest is new credit card charges) and my credit score is in the 660-670 range.  I am a disabled veteran who is fortunate to have good income (50K), so I can afford to keep a roof over my head and travel.  The CSP really helped me achieve my travel goals this year and I added an AMEX everday card that came with a generous $15K line and 0% interest for 15 months.  I used it to buy my mother's teeth when it came in May.  I got a NFCU cashrewards (10K) card in January at the suggestion of creditaddict (appropriate name, eh?) and fought to get my amex senior gold card back that I canceled in June at the suggestion of an AMEX CSR.  My score was 667 at the time of the request a few weeks ago and was denied but was granted it upon recon.  I spent hours on the phone to get it restored, though I will hardly use it since I have the everday but will pay $65/year for its history for whatever that is worth.  When I got the $1K discover card in June I signed an electronic opt-out for further credit card offers in the mail. I was particularly susceptible to those and used to collect them in my apartment.  Lots of Citi offers that I never went for.  I went for Discover instead and got burned.  That was the end for me, a "bottom" if you will.  I have also been in intensive counseling for my credit card obsession and am celebrating a year of abstinence from gambling on Sunday.  All my accounts are current: home equity (account suspended, $112000 balance), six credit cards (35K CL, $1000 balance), one AMEX charge card.  My home equity line of credit goes into repayment in April 2017 and I will be 56 when it does.  I will have to pay $1000/month for the next 17 years because of what I have done. I cannot file bankruptcy and can only hope that the owner of the property dies or sells the condo that was used as collateral.  What I did was wrong but not illegal.  Many have gone to jail for what I did to finance my gambling and spending habits.  I'm just a small single aging man living in a tiny apartment in a retirement community.  I am very fortunate but hope my my story helps prevent those struggling with the credit habit not to fall into the same trap I did.  I assume most of you are young and just starting out.  Be careful but enjoy.

[Anonymous]

analog9 Sir, first and foremost, THANK you for your service! Secondly, for your generosity in sharing your story. We never stop learning in life. Each has a story to tell, no judgment, only support and encouragement. Live life and live well!